Win Streak on Wall Street, Adobe Rides the AI Rally, Cava's Double Delight 6/16/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 16 June 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Heading into the long holiday weekend, Jim Cramer and David Faber explored what to make of the stock markets' upward momentum. The S&P 500 and Nasdaq each in the midst of a six-day win streak and on track for their best week since March. Adobe among Friday's gainers after it posted a quarterly beat and raised guidance, highlighting cloud demand and a focus on AI. The anchors also discussed Cava's strong public debut: The Mediterranean fast-casual chain nearly doubling its IPO price at the close of trading on Thursday. How much of a boost could this give the IPO market? Also in focus: Disney's Christine McCarthy to step down as CFO, Humana warns, Fed Governor Christopher Waller weighs in on bank failures and monetary policy. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis.
0:02.1	Join Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street. Good Friday morning, and welcome to Squawk on the Street. I'm David Faber. He's a smiling Jim Kramer. We're live from Post 9 at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to wrap up. It's been a good week, right?
0:21.7	If you're long, stocks.
0:23.5	Yeah.
0:24.0	Yeah.
0:24.2	Or the S&P. change. Parle has the morning off. Let's give you a look at futures as we get ready to wrap up. It's been a good week, right?
0:21.7	If you're long, stocks.
0:23.5	Yeah.
0:23.9	Or the S&P or the NASDA. Yeah. And it looks like that may continue. But who knows? That's why you've got to stay tuned because a half hour from now it could all change. Let's get to our roadmap. It does start with those stocks right there.
0:35.4	The S&P is headed for what would be its best week since March.
0:38.8	Sheesh.
0:39.3	Both it and the NASDAQ coming off world. It does start with those stocks right there. The S&P is headed for what would be its best week since March.
0:38.8	Sheesh.
0:39.2	Both it and the NASDAQ coming off what are six straight positive sessions.
0:44.7	That's right.
0:45.4	Six straight.
0:47.5	Plus Adobe's AI boost shares are rallying on better than expected quarterly results.
0:52.2	There was a guidance boost.
0:53.7	Sean Noon to Ryan, the company's CEO, joined Jim last night on Matt.
0:57.2	Well, how much of that?
0:58.3	And there's a shakeup at Disney, CFO, long-time CFO.
1:03.9	Unexpectedly stepping down.
	...

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