Final Trading Day of July, The Bulls Winning Again, Musk Puts an "X" on Twitter 7/31/23

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Jim Cramer (0:28)

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.

David Faber (0:40)

Good Monday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. And we are live. This is not a drill. We're live. Post 9 here at the New York Stock Exchange.

Carl has the morning off. He'll be back soon. Take a look at futures.

You just heard Becky talking about it. We're up now. We're kind of turning around a little bit.

And we are looking like we're going to have a bit of a higher open. We're going to start, of course, on our roadmap with stocks as they close out a strong July. Even if we end down today, it'll probably still be a strong July. Wall Street's eyeing what would be a five-month winning streak.

Jim Cramer (1:16)

That's very impressive.

David Faber (1:18)

We also have some downgrades today, though, on the research front. Ford, GE, CSX, UPS, Salesforce, that's just a few. We will dig in to some of the reasons why.

And Twitter left its heart in San Francisco, but Elon Musk's saying the newly branded company, X, will still call that city home, despite its downward spiral.

Jim Cramer (1:41)

Yeah, I'll be out there next month.

David Faber (1:43)

You will?

Jim Cramer (1:44)

Well, September for Dreamforce.

David Faber (1:46)

Oh, Dreamforce.

Jim Cramer (1:47)

You know, look, I'm a big believer in the city and was out there in September and was, I don't say it's horrified. I'm just saying it's not the city I remember.

David Faber (1:55)

We're going to talk more about that, but I want to get to the markets as we start off our coverage for the week, Jim.

And again, today is our last day of July. As we said, fifth straight month. We're coming off what was a fairly strong week.

Jim Cramer (2:11)

Sure.

David Faber (2:12)

And what seems to have been, generally speaking, and of course, we got a lot more earnings to come. You can see Amazon later in the week in terms of sort of the end of the mega cap tech names.

But we got Uber, Merck, Pfizer, plenty of others. But so far, it feels like the response has been generally pretty good.

Jim Cramer (2:31)

I think it's really important that there's this undercurrent. There's a very important downgrade. I'm going to bring it up right from the beginning because it's a key position. Keith White is downgrading Salesforce. You know, they like Adobe, but it is this kind of ennui of greatness, ennui of AI.

You know what? It's going to take a long time, and don't get too excited about it. The stock's all starting, David, with the poor reaction to Microsoft's quarter. And that's got people thinking, okay, let's rotate into other areas that are not as hyped.

Now, I don't mind that, but we don't have a lot of areas that have that kind of growth.

David Faber (3:13)

No.

But they also, I mean, I think what investors may be appreciating is the amount of money that's going to be spent by these companies in order to secure that growth. Now, fewer questioning whether it will ultimately be there or who the leaders will be, but it's still going to cost a lot.

Jim Cramer (3:32)

It is. And Adobe got upgraded. Adobe looks like it's further ahead.

I think that the monthly gainers of the Dow, the adabistic revisionists, whatever you call it.

David Faber (3:44)

Synachronistic.

Jim Cramer (3:45)

Right. But the Dow winners speak so loudly. I'm just going to just quickly read them down.

David Faber (3:50)

Sure.

Jim Cramer (3:51)

Boeing, 13%, 3M, 11%, Goldman, 9%, Intel, 9%.

David, these were four companies that we regarded as being on the back nine. And no, not only are they not back nine, but a lot of great management moves here, a lot of what I think is very telling in terms of trying to tell a new narrative. Goldman Sachs getting out of the retail. Who even knows that Apple credit card could be in debt? We don't know.

Boeing, Calhoun delivering superb performance, 3M, Roman actually making a deal to get rid of some of the big litigation. And then Intel. And I'm going to praise Pat Gelsinger. I went over that court a couple of times.