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Squawk on the Street

Stocks Hit Record Highs on Jobs Report, Nvidia and the "Green" Chips, Apple's Unlucky Seven. 3/8/24

Squawk on the Street

CNBC

Business, News, Investing

4.1567 Ratings

🗓️ 8 March 2024

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber discussed the S&P 500 and Nasdaq rising to fresh all-time highs following the release of the government's February employment report. What does it all mean for the Fed? The anchors explored the big moves in tech: Nvidia leading the chip sector's record run and narrowing the valuation gap with Apple -- which entered Friday's trading session with a seven-day losing streak. Also in focus: A bullish call on GE, Lilly's obesity drug rally takes a detour, a tale of two retailers, Broadcom vs. Marvell, TikTok ban talk, "State of the Union" speech reaction. Squawk on the Street Disclaimer

Transcript

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0:00.0

It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street.

0:04.7

Don't miss a minute of the action.

0:08.0

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintanillo with Jim Kramer, David Fabry at Post 9 of the New York Stock. Exchange futures turned positive here as the job's number for February.

0:17.1

While a beat at 275 comes with big downward revisions in the highest unemployment rate in two years.

0:23.2

Ten year drops to 404 and a June cut is fully priced in once again.

0:27.6

A roadmap begins with that getting the Fed's attention.

0:30.4

Hiring is still strong, but unemployment coming in higher than expected what that means for the fate of rate cuts.

0:36.0

Plus, of course, we're always keeping an eye on tech.

0:38.2

For example, Apple shares, can they stem what has been a seven-day slide?

0:43.0

Chip stocks, though, continue to outperform.

0:46.4

And the other big story, that weight loss boom, Nova Nordisk overtakes Tesla's market valuation.

0:52.1

Meanwhile, Eli Lilly jabs at Hollywood for its ozempic craze.

0:57.0

Let's begin with some market reaction to the jobs number, not just the headline and the unemployment at 3-9 Jim,

1:03.0

but revision's taking about a third away the last couple of months.

1:06.0

Yeah, I think that those of us who are used to the precision of artificial intelligence, a degenerative

1:11.3

AI, and of course, cellular computing are just in shock that there could be a number that's

1:16.1

this far off.

1:18.0

This is the kind of thing that Jensen Wong could solve with his eyes closed.

1:23.0

It's a little embarrassing, but because why it's so important is that this takes away what was the hot

1:28.5

number that made us, had a great fret and took away, I would say, David, a spring rate cut,

1:34.7

whatever.

1:35.5

3.9, we know that those numbers, they remind me of the Dowell Jones average.

...

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