SOTS 2nd Hour: Return of The Tariff Man, Mag-7 Now Lag-7, and Fundstrat’s Tom Lee Talks Stocks 03/11/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 11 March 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Leslie Picker, and Michael Santoli discussed the latest for stocks – as new Jobs data (JOLTS) crossed the tape alongside a fresh announcement from Trump on tariffs: promising to raise all charges on Canadian Steel and Aluminum to 50% from 25%. What it means for the automakers, packaged food companies, and the broader markets. Plus, Fundstrat’s Tom Lee broke down why he thinks stocks are massively oversold here, and Citi’s Head of Commodities Research gave his take on the tariffs news. Additionally, the team talked big tech and what to do with stocks like Meta and Nvidia here - with one portfolio manager who oversees more than $9 billion in funds. Also in focus – the odds of a recession, what elections have to do with it, and how small businesses are viewing the economy; Bitcoin tries to hold on above $80K; Oracle slumps on disappointing guidance and numbers Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:11.6	Good Tuesday morning. Welcome to another hour of Squawk on the Street. I'm Carl Kinkton here with Leslie Picker and Michael Santoli, live at Post 9 of the New York Stock Exchange.
0:18.9	David and Sarah on assignment. Bulls hoping for a Tuesday turnaround. Nasdaq trying to get to work on that up about half a percent.
0:26.4	Some of the corporate guidance coming in a little bit soft, especially regarding travel, but it's not all red and the tenure just around four and a quarter.
0:34.2	Unfortunately, the movers were watching this morning, not experiencing that rebound. We're about 30 minutes into the trading session, and here are those movers. Dix, sporting
0:42.2	goods and coals under pressure after disappointing guidance from both names. Dix down about half a percent,
0:48.0	coals down about 15 percent. A similar story for the airlines, Delta shares dropping after cutting
0:53.5	its profit forecast.
0:54.8	American also slashing guidance.
0:56.7	And Southwest lowering its outlook and announcing plans to charge a fee for check bags for the first time.
1:03.1	We'll dig deeper into the airlines later this hour.
1:06.7	And Oracle under pressure after missing earnings estimates, the company also issuing weak revenue guidance.
1:12.1	More in the street's reaction and the big tech trade coming up.
1:16.0	Let's get some joltz data just crossing the tape with Rick Santelli.
1:18.8	Morning, Rick.
1:20.1	Good morning, Carl.
1:21.8	If you look at the markets, you're looking at interest rates at the highs of the session and equity markets
1:28.5	doing better.
1:29.3	Why?
1:29.9	Because job openings and labor turnover, known as jolts, comes in better than expected.
1:35.2	January read, expected to be around $7.6 million, comes at $7,7,740,000.
1:42.0	Now, the good news is, of course, that this is a bit better sequentially than the slightly
	...

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