Fed Decision Day, BofA Sees S&P 4600, Apple and Goldman Planned iPhone Stock Trading Feature 9/20/23

SPEAKER_1 (0:00)

Who's up for Bora Bora?

SPEAKER_2 (0:03)

You know I want to, but I'd have to dip into my emergency fund, and you know how it goes.

David Solomon (0:08)

Come on, live a little.

SPEAKER_4 (0:10)

Self-care is an emergency, so.

SPEAKER_5 (0:14)

Right.

SPEAKER_6 (0:16)

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Jim Cramer (0:31)

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.

Good Wednesday morning.

Carl Quintanilla (0:40)

Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Fed Day has arrived, decision at 2 p.m. Eastern, and with it some optimism for Equity Bulls. Futures are green as yields come off of these cycle highs. 10-year 434, oil's down, UK CPI runs cool.

Our roadmap begins with the Fed expected to stand pat on rates today, but what will the chair say about the road ahead?

David Faber (1:03)

And speaking of forecast, Bank of America hiking its year-end S&P target to 4,600, it had been 4,300.

Also, sources are telling CNBC that Apple and Goldman Sachs had been planning the launch of a stock trading feature for the iPhone. The project was shelved last year until the markets did turn south.

Jim Cramer (1:25)

I've worked on it myself, man.

David Faber (1:27)

You've worked on it yourself?

Jim Cramer (1:29)

No, I'm just gonna make up a series of things because that's exactly what it's called for.

Carl Quintanilla (1:35)

We'll get to it with Kate Rooney in a minute. Let's begin, though, with the markets ahead of the Fed decision later on today. Jim, are you encouraged at all by some of the action this morning?

Jim Cramer (1:45)

Look, I think that if you don't have a rate hike and he talks tough, everyone's okay. So if he talks anything less than tough, then we go back to that scenario where there's that holy 13% you get when they're done.

I think that there's a perspective that longer, higher, whatever, take off the higher, maybe a little bit longer, but there's a sense that don't worry, be happy. S&P 500 Target, a piece by Bank of America, which made me feel so great. This was like, Dave, this was like a gummy. You know what a gummy is? A gummy? Yeah, a gummy.

I decided I was not gonna go with the NFL reference.

Carl Quintanilla (2:25)

I mean, you could do endorphin drip, something like that.

Jim Cramer (2:27)

Okay, endorphin drip, all right? I don't know what these are, but you know.

Carl Quintanilla (2:31)

Yeah, Savita has a way of making you feel like everything's gonna be okay.

Jim Cramer (2:34)

Well, I just read this and I said, well, you know, this is kind of, it's not like Tylenol extra strength, it's better than that. Oh yeah, yeah.

Carl Quintanilla (2:43)

She goes from 4,300 to 4,600. Basically, she says you want the SPW, you want the equal weight, because that's where sentiment has been, has stalled out the most.

Jim Cramer (2:54)

I mean, let's talk about this, everyone hates stocks. I mean, I've been with probably, I don't know, literally 10 CEOs, and man, am I tired, 10 CEOs in the last week. And all of them said the same thing, which what's wrong with the marketing? I really kind of hate it.

And this really captured this piece. This piece is good research. And now she was on, Savita was on.

David Faber (3:17)

She's on sports, yeah.

Jim Cramer (3:18)

What? She's very strong. I think she's a strong piece. And, you know, US. Manufacturing Manasance, I was talking to the people in Commerce Department, you definitely have that. Luckily, Drexler was surprised to deposit that, I'm not sure, because I still don't like this, what's happening with the strike.

If they cave, you know, you got a remarkable situation, immediately wages go up for a lot, for a couple hundred thousand people.

David Faber (3:37)

I'm gonna see the Greygift piece today on the productivity of the factory workers' manufacturing and how it has not been particularly good in the United States versus so many other countries.

Jim Cramer (3:47)

Yes.

David Faber (3:48)

I thought it was an interesting addition to the debate here, as we, as obviously the back and forth continues over higher wages.

Carl Quintanilla (3:53)

Not to mention.