Inflation Report Fuels Stock rally, Disney's Price Hikes, $8.5B Luxury Retail Deal 8/10/23

SPEAKER_1 (0:00)

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Carl Quintanilla (0:31)

Market Moving Insight and Analysis join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC's Squawk on the Street.

Good Thursday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at post nine of the New York Stock Exchange. Pre-market's holding on to gains as July CPI remains tame, up two-tenths that's in line. Annual core inflation dips to four-seven. That's near a two-year low yet again. Our roadmap begins with CPI rising in July year-on-year. A bit milder though than Wall Street had feared.

David Faber (1:01)

Speaking of inflation, Disney is going to hike its streaming prices. It did also post quarterly results after the bell yesterday. We're going to discuss all of the news coming out of the Magic Kingdom.

Also ahead, the future for the company, formerly known as Twitter. Sarah Eisen's going to sit down exclusively with X-Corp's CEO, Linda Iaccarino. That'll be in the next hour when she's walking the street.

Carl Quintanilla (1:23)

Let's begin with the market's reaction to CPI. Ten-year did get down to 396, Jim. That's going to be the lows of the month.

Jim Cramer (1:30)

Yeah, look, these are numbers that you want to see if you're a bull. Obviously, Robert Frank had a fantastic piece this morning about how rents are the only sticky part. I mean, frankly, we could easily counteract that by saying earlier this week there were a number of articles about how we've over-billed apartments and they're about to come on. So, David, I mean, if that's the last sticking point, then I think the Fed can't declare victory because that's that Burns problem where you declare victory and then it comes back up.

But I mean, the Fed, I think, should do one more just because you want to be sure that the vampire doesn't rise up.

But this is going Jay's way, and I told you, it's not a soft landing or a hard landing. It's a glide. And the people who do that soft landing or hard landing, the dichotomy, I think that they're fanciful and they're thinking smacks more of fiction than fact.

David Faber (2:24)

Well, it will be welcome news to those who are long, for example, Fang or what we like to call the Magnificent Seven. It's not been a good week for the NASDAQ. No, look, look, we're down, I think, what, 4%?

Jim Cramer (2:34)

Right, and look, there's negative story out there for Nvidia, which is that one of the customers is saying that there is not, that they can't deliver all the chips. Now, Nvidia is in quiet period, and for people to understand that that means that you can call them and they're just not allowed to say, well, that story's true or false, there's super micro, you'll see that on the tape, just looking horrible. So, I mean, it is not a great week for Fang.

I do think the trade desk last night made me feel much better for Alphabet, so you should see Google up today.

David Faber (3:02)

Yeah.

Jim Cramer (3:03)

You like the trade desk?

David Faber (3:04)

No, I don't know about the trade desk. All I know is I had a couple of people who were long complaining to me this morning saying it's been a rough week.

And everyone's in the same stuff, and the Fang stocks are imploding, and to your point, there's a lot of, you know, Nvidia, if that doesn't go right.

Jim Cramer (3:18)

Nvidia's going lower, I said that. I said it last night on the show.

David Faber (3:20)

No, I'm saying when they do out of the quiet, when they come out of the quiet period and tell us.

Jim Cramer (3:24)

The stock had a 200%...

David Faber (3:26)

I know, my point is, you know, everybody's still in these things.

Jim Cramer (3:30)

Well, if they want to trade out of them and then come back, good luck.

David Faber (3:34)

I know.

Jim Cramer (3:34)

I mean, that's like Apple. It's very easy to trade out of Apple. But we have people who, at the price call of 18, said that Apple's best days are behind them.

I don't like to mention names because that puts me in that category that my wife says, why do you have to be so mean? And I don't want to do that. She says if I had a morning show, everything would be better instead of just having mad money.