After The Fed-Fueled Sell-Off, Big Tech Earnings on Deck, Zuckerberg's "Meta Culpa" 2/1/24

Carl Quintanilla (0:00)

Market moving insight and analysis. Join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer. David Faber is back in post nine of the New York Stock Exchange. We kick off the month with stocks trying to claw back that ugly close to January. Some dovish macro data, hot jobless claims, better productivity has the tenure back below three nine. A roadmap begins with the fallout from the Fed as the chair says a March rate cut does look unlikely.

David Faber (0:30)

Plus Mark Zuckerberg's Meta culpa, the CEO apologizing to families. Thank you. That's our executive producer's wit there.

He did apologize yesterday, of course, at that Senate social media hearing. We'll give you the details. And speaking of big tech names, well, we are looking ahead to big results. We've got Meta, Amazon, and Apple all set to report after the vote.

Carl Quintanilla (0:56)

Let's talk about the markets after yesterday's Fed-fueled sell-off sparked by those comments from Chair Powell.

Jerome Powell (1:04)

Based on the meeting today, I would tell you that I don't think it's likely that the committee will reach a level of confidence by the time of the March meeting to identify March as the time to do that. But that's to be seen.

So, I wouldn't call, you know, when you say, when you ask me about in the near term, I'm hearing that as March, I would say I don't think that's probably not the most likely case or what we would call the base case.

Carl Quintanilla (1:32)

Goldman pushes back to May, Jim, B of A pushes back to June. Yes, they heard something.

Jim Cramer (1:38)

Yeah. You know, it's funny, these people who were wrong, they're paid a huge amount of money.

They should move to Texas so they can keep that pay package because honestly, Carl, when you make mistakes like that, when you're that wrong, in any other profession, people would say, you know what, I want a second opinion. I want to fire that offensive coordinator. I really want to question the CEO. In our business, we give them a raise because they generate even more excitement. Goldman Sachs, here's my advice to David Solomon right now, calls that guy in the old days, like when I was there, John Weinberg was there, and he goes, do you mind if I ask you what you were thinking?

Those were the days.

David Faber (2:18)

Those were, but it's marketing. You know that. It's all marketing.

That's what drives so much of what goes on on Wall Street.

Jim Cramer (2:26)

Just marketing.

David Faber (2:26)

Yeah, of course. So you get an idea out there. It may not be the right one, but it's one that we talk about, that clients will least engage with. You've done your job.

You've done your job.

Jim Cramer (2:35)

You're telling me that people are paid to get on, maybe to talk by us, and if they're wrong, it's just as exciting as the people who are right and get no notoriety?

Carl Quintanilla (2:48)

Have you watched ESPN in the past 30 years?

David Faber (2:51)

Shocking.

Jim Cramer (2:52)

Gambling?

David Faber (2:54)

Shocking.

Jim Cramer (2:54)

All right, you know what? Let's just be Donald Schefter to see whether it's May or not. All right.

David Faber (2:59)

That's the one guy who actually delivers facts.

Jim Cramer (3:02)

I'm calling him right now. We're going to find out whether it's May.

Do you want me to do this?

David Faber (3:06)

Don't call him during our show.

Jim Cramer (3:07)

During the break?

David Faber (3:08)

All right. Because it's not even the same corporation. There's no synergy at all there. Don't do that.

Jim Cramer (3:13)

The synergy is someone who can be right and helpful to our viewers versus people who dug in their heels. How about the six guys? The guys who are going to be six cuts?

David Faber (3:21)

Listen, don't you believe?

Every time we heard March, Carl, there were plenty of people who said no. Really, March?

Carl Quintanilla (3:29)

We had this discussion with Vince Reinhardt yesterday looking for March, looking for 250 jobs to print tomorrow. You can't have it both ways.

Jim Cramer (3:36)

No, you're right. Look, just because I want Belichick to replace that guy doesn't mean that's going to happen. I think the problem is, is that why do people, Jay Powell has been as transparent as anyone.

There is absolutely nothing in that guy's bones that would have indicated that he would do a March move. He's incredibly thoughtful. He is trying to cement his legacy. He happens to be a really nice guy. I don't know about the music taste, frankly.