Wrapping Up August Markets, PCE Inflation Watch, Big Spotlight on AI 8/30/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 30 August 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the final trading day of what has been a volatile August for stocks, David Faber and Wilfred Frost explored market reaction to the Fed's preferred inflation gauge: PCE held steady in July -- the data comes as investors expect a September Fed rate cut. Wharton Professor Jeremy Siegel joined the market discussion. AI also on the front burner: From Dell and Marvell shares jumping on results and guidance --to Apple and Nvidia reportedly in talks to invest in OpenAI. Also in focus: August's winners and losers, tech and retail movers dominate Friday's earnings parade. 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,
0:04.9	on the opening bell hour of CNBC Squawk on the Street. Good Friday morning and welcome the Squawk on the street. I'm David Faber with Wilfred Frost. We're live from Postline at the New York Stock Exchange. Jim and Carl have the morning off. Let's give you a look at futures and get ready to wrap up the week, wrap up the month of August, kind of wrap up the summer.
0:23.1	Sorry to say that.
0:24.2	You can see that we are. and get ready to wrap up the week, wrap up the month of August, kind of wrap up the summer.
0:22.6	Sorry to say that. You can see that we are headed for a good of a higher open.
0:26.6	You're going to Provence next week.
0:28.6	Yes, thank you for telling everybody you know my travel plans.
0:30.6	Well, let's get to our roadmap though. My summer's not over, but there's maybe.
0:35.6	Our roadmap begins with the Fed's preferred inflation
0:37.7	indicated. The PCE increased 0.2% in July. That was as expected. We're going to discuss that
0:43.5	with Wharton Professor Jeremy Siegel. He'll join us in just a moment. Plus Apple and NVIDIA
0:47.8	reportedly in talks to invest in Open AI. They would join Microsoft as well as Thrive Capital
0:52.9	in what is a significant funding round.
0:55.9	Of course, valuing that company at over $100 billion.
0:58.1	Speaking of AI, Shazadell, they are up in the pre-market company seeing its AI server sales soar by some 80%.
1:07.7	Let's start with that marker reaction to the PCs.
1:10.5	We head into the final trading session of the month.
1:12.5	Well, it looked like it more or less came in in line, so to speak, with what the market had anticipated.
1:17.8	Yeah, absolutely in line.
1:18.7	And it's why the market reaction is pretty muted.
1:21.5	2.5% year over year.
	...

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