Inflation Falls, Exclusive With NFL Commissioner Goodell, Rough Day for Delta 7/11/24

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 Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber, at post night of the New York Stock Exchange. Futures tried to erase some morning losses as June CPI gives us our first month on month deflation in more than four years. Shelter slows down dramatically. 10 year yield drops to the lowest level since March.

Our roadmap begins with a rate cut outlook. Inflation does fall in June. What does it mean for the Fed's policy path?

David Faber (0:31)

Plus, Delta shares are tumbling this morning. The outlook for the company falling short of estimates, despite what is, of course, very strong summer travel demand.

Pepsi shares also under a bit of pressure. This is a sign of weakening US demand. And yeah, that guy, he's gonna join us as well. NFL Commissioner Roger Goodell.

Carl Quintanilla (0:50)

Let's begin with a market reaction to CPI after yesterday's sixth record close in a row, Jim. Everyone's pointing to Supercore down two straight months, Core X Shelter down two straight months.

Jim Cramer (1:01)

Look, these numbers are the kind of numbers that if you were Jay Powell, you'd say, listen, I'm there, I'm ready. I've said that we have to be a little bit more worried about balancing things.

And looking at these numbers, I think that unlike Delta, which has got a lot of turbulence, this thing is perfect. Look, it's okay to say it's perfect, Dave. It's okay. Because so many things are not perfect.

David Faber (1:25)

So many.

Jim Cramer (1:26)

Okay, you want to know the line that's not perfect? Indoor plants and flowers, much higher than I thought.

David Faber (1:33)

I thought when you were talking about things are not perfect, you were talking in a broader sense, but sure, indoor plants and flowers do not do as well.

Jim Cramer (1:38)

But don't worry, clocks were okay.

David Faber (1:39)

Clocks were okay?

Jim Cramer (1:40)

Yeah, you buy a clock.

David Faber (1:41)

They do get very granular there. All right, do we get a cut before September?

Jim Cramer (1:45)

Okay, see, that speaks to panic, and I don't think there's a need for panic. I think that these numbers, we're all going back, and we're gonna talk about food today.

David, we're going back to, it's the end of hyperinflation, it's the end of COVID. We're back to where we were for many lines, and then other lines obviously were not, and we need things to be pushed back. But I like these numbers, and I think anyone that does like these numbers, right now is saying, I gotta talk this market down because my investors are saying, what are you doing?

David Faber (2:13)

Right, well, we just looked at the tenure. It is hovering and now below 4.2%.

Jim Cramer (2:18)

And how about how much money you made on a 10-year auction? I even, those are, these are the days.

I mean, like, you know, Carl, I gotta emphasize, I mean, you see, okay, here's a good one. I watched the tape, David doesn't like that. Apple's down $1.28. Well, I saw a very nice piece this morning about Bank of America raising numbers. Do you think that that's gonna be down $1.28 by the end of the day? I mean, I don't know.

David Faber (2:39)

Well, not necessarily with rates but falling the way that they are as well. One would anticipate that would have a positive impact.

Jim Cramer (2:44)

You're selling it to somebody at Robinhood, trying to knock it down because there's zero options?

David Faber (2:47)

Maybe there's some other names as opposed to just the same five names that go up every day lately.

Jim Cramer (2:53)

The names that are going down are the names you want to go down if you are president of the United States because what the president was railing against was shrinkflation and I think we're gonna have to have a little shrinkflation when it comes to the, I think ConAgra is turned the corner.

Volumes were up. PepsiCo, I'm looking at volumes here, but PepsiCo, no. PepsiCo, I think that they raised price too much and the consumer is balking at the price of potato chips.

Carl Quintanilla (3:23)

Pepsi volume down three five, Frito volume down four, but they made it up. They made it all up in price.

Jim Cramer (3:30)

And I've got to tell you that I think that they're going to have, I think they may be out of value. I think they literally have to kind of make it so that they do cut price a little bit.