Busy Week: Apple WWDC, Musk Pay Vote, Inflation and the Fed 6/10/24

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 Monday morning, welcome to Squawk on the Street. I'm Carl Quintanilla, Jim Cramer, at Post 9 of the New York Stock Exchange. David Faber as the morning off. We do set the table for a big week. CPI, Fed decision, Tesla's annual meeting. Futures getting dinged a bit by some higher yields in Europe after Sunday's parliamentary elections. Our roadmap's gonna begin with this big week on the street. Investors preparing for that batch of inflation data. Another big Fed meeting on Wednesday.

Apple holding its long-awaited Worldwide Developers Conference today. Expected to unveil some new AI products to take on Microsoft and Alphabet. And we will continue to monitor Musk and that major Tesla shareholder vote as one of the company's largest shareholders announced they will be voting against the $56 billion pay package.

Let's begin though with what we said will be a busy week for the markets, Jim. Fed, of course, in the middle of it, CPI tomorrow.

Jim Cramer (0:59)

Yeah, I mean, it's odd because it's June 10th. I mean, maybe it's before the end of the summer, but this is some week. And the Worldwide Developers Conference has been something that we follow periodically. This one has major import for reasons that have more to do with the new phone, but also with a sense of what happened to Vision Pro, which I believe there could be a business angle. I feel like I'm the lone believer in it, but I think it's exciting because we all kept our phones.

I don't know anyone who switched to the, although Best Buy says that Samsung phone is very popular, but they never lost that even though, so I think there's a loyalty involved. The Tesla, there's no loyalty involved. I mean, here we have a guy who built a company and its heads, the bears win and tails, he loses.

So I just find that it's unfathomable that this is a person who built this thing and he's gonna lose, I think. I mean, Bernstein had a really good piece.

Carl Quintanilla (2:01)

Tony did write a piece today in which they suggest he won't get it and that the stock could fall 5% plus if people are worried that he leaves.

Jim Cramer (2:09)

Yes, and I think that's interesting is that Tony puts in this very good analysis that the dilution that comes from him winning is horrendous. So you cut back on the dilution, but so what? If he leaves, it was a very interesting piece because it did make it pretty stark that it looks like he's gonna leave is the way I felt it.

And that would be devastating. I mean, there is no Tesla without Musk. I'm sorry, there isn't.

It's just nothing that I wanna see. The Fed, I think doesn't matter, although it only, there are still people who are holding out for more cuts than I think are realistic.

Carl Quintanilla (2:46)

We did see some forecasts trimmed last week. I know JP Morgan and Citi are now back to September, November. I think we only have a few firms that have no cuts.

Jefferies, Mizuho, SockGen, all first cut in 25

Jim Cramer (3:01)

I know, well, if you go over Friday's number, it was a nightmare for the bulls, and yet it didn't seem to matter in the stock market, it mattered in the bond market. The thing I thought was most disconcerting is that there's this whole cohort that's actually, the jobless is growing, and it's the cohort in their 20s.

It seems like if you make it to a certain level, you're good, if you don't, you're dead. And that's something that I think the fed's gonna have to be thinking about.

Carl Quintanilla (3:27)

It was really, actually a really interesting quirk in the data Friday. Some say maybe it's a one-off, but has all kinds of interesting political ramifications if in fact it's actually happening.

Jim Cramer (3:38)

It makes me feel good, it makes me go back to Larry Fink's incredible letter from Black Rock, which talks about this lost generation. Now I thought that generation was gonna be sitting pretty because baby boom inheritance.

In the interim though, they seem to be losing on the capital side, they're losing on the job, let's say the promotion side. And suddenly I realize we do have two classes. I don't wanna generalize too much to what happened with GameStop, but there just does seem to be this generation that says the man is letting us down or the man is sticking to us. And I saw that in the Friday numbers and I was like, wow, what happened to the upward mobility of a particular generation? And maybe Larry thinks right that there's just tremendous disillusion.