Huge Week Ahead, Trump’s Crypto Plans, McDonald’s Big Miss 7/29/24

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.

David Faber (0:08)

Good morning, good Monday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're at Postline of the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to start another week. The last week in the month of July, right? We turn to August already. What's happening to the summer?

Jim Cramer (0:26)

Come on, don't be existential.

David Faber (0:29)

I'm sorry. We're upbeat here. We're upbeat. So is our roadmap because it starts with the Fed and MegaCap Tech on deck, coming off a wild week of trading futures as you saw. Pointing, though, to those continued gains at the open. We're also going to talk McDonald's. Those shares are actually not moving that much.

Jim Cramer (0:45)

It's fine.

David Faber (0:46)

Given the numbers, falling same store sales, that was the first time they've seen that since the pandemic. Trump's crypto conversion, Bitcoin climbing back near 70,000, this after the former president pledges a national Bitcoin stockpile. Yeah. Also says he's going to fire Gary Gensler. We actually just covered what we were going to say. I don't know that we need to do that anymore. Yeah.

Jim Cramer (1:10)

We have a lot of stuff this week. We could dissect that.

David Faber (1:13)

Could we?

Jim Cramer (1:14)

All right.

David Faber (1:14)

Well, let's start with the markets. We have a big week ahead. We always say that, but it actually is true. We also have a Fed meeting.

Jim Cramer (1:20)

There's four big weeks here.

David Faber (1:21)

We've got a Fed meeting here. We've got some important, obviously, earnings this week from the likes of Microsoft and Meta, and we can go on from there. You can take a look at the board, what we got coming up. It really gets going there. You see midweek and then Amazon. There's Microsoft Tomorrow. Yeah, Jim, give me a roadmap here on the actual market, especially, of course, given really the historic rotation that we've seen now over these last few weeks. It continued, muted though it was, but still seemingly continued in terms of out performance of the smaller cap, the Russell versus the big cap.

Jim Cramer (1:58)

Yeah, let's look at On Semi, which is a company that makes very pedestrian analog chips go into autos versus NVIDIA, okay? On Semi is the kind of stock that could have said anything this morning and will go higher because it's been left behind. It's not a Semi that people are focused on. NVIDIA could say anything at once and it will end up lower because it's viewed as too big, too much capital, and if you look at the conundrum of Alphabet, if they had said they're going to continue to spend a lot, okay, they get dinged for spending too much. If they had said they're not going to spend as much, they would have been dinged for falling behind Amazon, falling behind Meta, and of course, by Microsoft. So the big cap tech can't do anything right, and the smaller cap tech can't do anything wrong. Service now, even though it's not really small, that's not small, that's 150 plus billion dollars. Well, but I'm just saying that they have a course to implement AI. But the other guys, it just seems like we just decide, we're going to hold these people to a higher standard. They don't have anything.

David Faber (3:04)

Look at that.

Jim Cramer (3:05)

Now, there's a stock that's up 100 quick.

David Faber (3:07)

We do head into again a week where we're going to get Microsoft, Meta, Amazon, Apple, to name four of the biggest companies in the world. Will that change the narrative at all in your opinion?

Jim Cramer (3:18)

I don't think so. Look, I mean, Microsoft does something revolutionary and say that PC sales have a real refresh and that there's great interest in copilot. That would be good. Amy Hood, the CFO of making those comments, she is not a hype artist and she did say good things about copilot last time. That's what has to happen in order to be able to get MAG whatever up. I mean, Adam Jonas came to the rescue of Tesla today. After that one being disappointing, no one's come to the rescue of Alphabet even though I could make a very good compelling case for Alphabet, no one wants to hear about it.

David Faber (3:52)

Right. Well, I assume it would start with just the multiple that Alphabet trades at. But back to the rotation and the new perspective on many of these companies. There's no doubt Microsoft's going to talk about how much money it's spending.