Apple Slumps, Meta Soars, Amazon Surges, Jobs Blowout, Chevron CEO "First on CNBC" 2/2/24

Jim Cramer (0:00)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:07)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Stocks weathering some cross-currency here as the jobs number has its hottest print in a year, 353K upward revisions.

Even as wages rise above estimates, 10-year is a little suspicious, just flirting with four. Our roadmap begins with all of these super six-pack earnings now and we're going to break down results from Apple, Meta and Amazon.

David Faber (0:31)

Plus, we got that latest jobs report and it did show the US economy added 353,000 jobs in January. That was far higher than expected.

Later this hour, we're going to talk with Chevron CEO Mike Wirth. That'll be a first on CNBC interview. Of course, the company reported earnings along with the other US giant, Exxon.

Carl Quintanilla (0:51)

Let's get first to the big tech earnings starting with Apple moving lower now, despite this quarterly beat ending four straight quarters of revenue declines year on year. China did miss that overshadows some growth and services in the iPhone.

And then Jim has been busy on this Vision Pro rollout.

Jim Cramer (1:06)

Well, I wanted very much to in my little chance, the window I have with Tim Cook this morning when they unveiled the Vision Pro, to talk to him what really matter. And I said, look, all of this is really terrific. But how about that first hour in China in April 1, what's that going to do? I mean, the juxtaposition, David, you have to understand.

You're a cynical older guy. I, on the other hand, welcome the wonderment.

Carl Quintanilla (1:31)

Naive and hopeful.

Jim Cramer (1:33)

And so when I see something that's as exciting as this, I don't say, oh, that's an asterisk, I'm going to sell 160,000.

I say maybe my life is different, which I shared to Tim. I said, you know what, Tim? Because of course, it's Tim. Of course. In the same way that it's, I don't know, sure, right? Or lady, like in God. Oh my God. What do you think of the hat, my wife put me the hat.

David Faber (1:53)

Did you get your special time with him? Because he did do these selfies with virtually anybody who walked up to him.

Jim Cramer (1:59)

Look at what he just did to me. That's horrible. He just made me seem small.

You know, I was the only exclusive just for the record.

David Faber (2:08)

You weren't right in front of the store. All right, come on. Let's get to Apple's earnings.

Jim Cramer (2:12)

All right, did you read? Oh, the earnings?

David Faber (2:15)

Yeah.

Jim Cramer (2:15)

Oh, jeez, what a buzz kill. Okay, look, if you...

China is one in five. You need to see China up. The...

David Faber (2:24)

China is now 13%.

Jim Cramer (2:26)

You sold the stock.

David Faber (2:27)

Do they have a problem in China?

Jim Cramer (2:29)

Okay, so that's a great question. And I would tell you, if I were working at Estee Lauder or working at Nike, if I were working at Starbucks, well, these have similar problems. And that is that the consumer in China is experiencing a once in a post-mal lifetime lack of capital to buy things.

And that's what's happening. I mean, Apple's customer satisfaction is very high.

David Faber (2:54)

It is very high and it's still the leader in terms of market share. That said, Huawei has a more competitive product on the market. You do have these government crackdowns that we hear about, at least in terms of government employees being able to own Apple iPhones.

Jim Cramer (3:07)

Well, we know that of the largest cities, Apple stole the four of the six in terms of payment. No, look, it's so hard, Carl, it's so hard even for a moment to understand that the Chinese may not have enough money to buy an Apple or that they may not have enough money to buy a triple cappuccino with skim whey.

If we had Luxman Nair Simen here from Starbucks, I think he'd be talking about how there's a lot of guys who sell much cheaper coffee and we're being hurt by them. So it's everything from a cup of coffee to an Apple.

Carl Quintanilla (3:42)

To cars.

Jim Cramer (3:43)

Yeah, oh, cars. I mean, terrible. We have to, and of course everybody who has an apartment feels like their apartment goes down. They have a deflationary problem where you do believe that if you just wait, the price comes down. This is not unlike Germany in the mid 20s.