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Squawk on the Street

Wildfire Smoke Impact, Tech and AI After the Nasdaq Sell-off, Shakeup at GameStop 6/8/23

Squawk on the Street

CNBC

Business, Investing, News

4.1567 Ratings

🗓️ 8 June 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber discussed the impact of the Canada wildfire smoke on tens of millions of Americans, as well as air travel and several industries. Coverage included a report from on the ground at Philadelphia International Airport. The anchors also discussed what's ahead for the markets and the AI trade one day after the Nasdaq’s worst trading session since April. Also in focus: GameStop tumbles after firing CEO Matt Furlong and naming Ryan Cohen executive chairman, Carvana surges, soccer superstar Lionel Messi to join MLS' Miami club. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street.

0:08.9

Good Thursday morning, welcome to Squawk on the Street. I'm Carl Kintanaia with Jim Kramer, David Faber, post-9 of the New York Stock Exchange.

0:14.5

Pre-market continues in a range, although rates did reverse lower as jobless claims popped to the highest level in 20 months.

0:21.6

A market also grappling with the fallout from these wildfires in Canada, more FAA ground stops today.

0:26.6

In fact, roadmap begins with the smoke warnings and the economic impact.

0:29.6

Air quality alerts issued from much of the eastern seaboard to as far west as Ohio and Kansas.

0:36.6

Millions urged to stay indoors, airline traffic slowed, and outdoor events canceled.

0:41.2

Plus GameStop shares, they are tumbling ahead of the open.

0:44.6

That retailer ousts its CEO and names Ryan Cohen as its executive channel.

0:49.8

Oh, good.

0:51.2

And Tesla, will it make it 10 straight daily gain days?

0:56.6

We shall see.

0:59.3

Let's begin, though, with a Canada wildfire smoke that continues to blank of the northeast

1:02.9

and other parts of the United States.

1:04.5

New York City experiencing the worst air quality in the world yesterday.

1:08.7

Today, Philly surpasses it.

1:10.7

Officials urging residents to limit

1:12.2

outdoor activity, wear high quality masks if they must go outside. The FAA says reduced visibility

1:18.3

will continue to impact air travel today and adding it'll need to take steps to manage the flow of

1:23.3

traffic safely into New York City, D.C., Philadelphia, and Charlotte. Jim, we're starting to talk

1:29.6

about what this will mean for the overall economy, mobility, and the consumer. Look, I think that,

1:36.5

you know, this is one of those moments we haven't talked about it, but there's a series of notes

...

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