Caterpillar CEO Exclusive, More 2024 Woes for Tesla and Musk, Meta's $200B Rally. 2/5/24

David Faber (0:00)

Market Insight and Analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (0:06)

Good Monday 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. Coming up, Friday's all-time closing high, futures lower, yields up as Powell reiterates on 60 Minutes.

The Fed wants more confidence before cutting rates. Busy week with a lot of consumer earnings in FedSpeak. That's where our roadmap is going to begin. Another big week for investors, now halfway through the earnings season. Dow comes off the best week of the year.

S&P, another fresh record close.

David Faber (0:31)

Plus more issues for Boeing. It is reporting another problem with its 737 jets. It may delay the deliveries of about 50 aircraft.

And Chose Caterpillar seem to be on track for what would be a record high at the open that is following its latest earnings, which seem to have been a beat. We're going to break down the quarter with the CEO. It's a CNBC exclusive and it will be later this hour.

Carl Quintanilla (0:54)

Let's begin though with the markets after that record setting week for stocks. Jim, some work being done. Sam Stovall is a good example of what happens when you notch all time highs in January and February.

Jim Cramer (1:04)

Well, look, yeah, I mean, we had an astounding week last week and it looks to continue and I think that people have to recognize that there have been very few shortfalls and some monster by big companies increases.

And it's kind of surprising because when you look at some total of the research today, almost every single thing is price target bump, price target bump, price target bump. And yet, of course, the averages are down, David, because the futures are loathed to be able to recognize what's underneath, which is that a rather extraordinary set of earnings considering that we've had 11, considering what we heard last night from Pat.

David Faber (1:46)

When you say rather extraordinary set of earnings, what set are you thinking of? A broader set or a particular?

Jim Cramer (1:54)

If you want to know what the strongest, I think stocks are the industrials, and then the technology, and then so far, retail, not a lot of retail yet.

These would have been the three that I would have shorted, looking at what the Fed's done. It would have made the most sense. They would have been the most crushed.

And it's the opposite, so that leaves us all trying to think of, well, what happened to this soft landing, hard landing? And the answer is there's no landing. And that was what he put to bed last night, Jay Powell. There's no landing. It's just a good economy. We're back to reality, David.

David Faber (2:31)

Right.

Yeah, I mean, we didn't learn anything new from that interview last night. No, but I'm just saying it was the same thing from the conference. Finally taped it, by the way, before we got the employment number, so.

Jim Cramer (2:41)

No, but I'm just, okay, I agree with that. Did I need to watch it? I was watching Masters of the Era, I had to switch, and I did, but that's because I didn't have my Vision Pro yet.

But what I'm just saying is, is that you get a situation where it's, maybe there's no, it's a new suit.

David Faber (2:58)

It's a beautiful tie.

Jim Cramer (2:58)

Stay focused.

David Faber (2:59)

It's a beautiful tie.

Jim Cramer (3:00)

No, it's a, like, Behar, it's a second-rate tie. It's half the price of my normal ties.

Just looks the same.

David Faber (3:05)

Oh, I like it.

Jim Cramer (3:07)

I went to Costco, they had great ties.

David Faber (3:08)

And it is a nice.

Carl Quintanilla (3:09)

I noticed, and you also said you can see the price is falling in real time.

Jim Cramer (3:13)

Yes, you can. I mean, it's rather extraordinary. We went in with guns blazing at Costco.

David Faber (3:17)

Really?

Jim Cramer (3:17)

Yeah, I mean, it was just.

David Faber (3:18)

Real time means like you're walking through the store and you come back to an aisle and the price is lower.

Jim Cramer (3:23)

I'm talking about an M&M package. M&M, back to reality. I've got the full circular.

Let's go back to Powell for a second before we go to Costco. By the way, the gold is not available at the store. That's what I wanted to get. You can only buy that online.

David Faber (3:41)

Right.

Jim Cramer (3:42)

But the shark vacuum cleaners, the price is just so through iRobot. The long knives are out for iRobot.