Inflation Watch and Record Highs for Stocks, Hurricane Milton Impact, Pfizer Activism Saga 10/10/24

Jim Cramer (0:00)

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.

Carl Quintanilla (0:07)

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber, a post-night of the New York Stock Exchange. Coming off the 44th S&P all-time high of the year, futures are lower as Core CPI does come in a 10th hot, although annual headline slows for the sixth consecutive month, the lowest since 2021 Our roadmap begins with the markets making history, the S&P 500 and Dow at record closing highs going into today's session.

David Faber (0:33)

On the earnings front, we are watching shares of Delta, the airline's revenue guidance and quarterly results did come in below consensus. Also ahead, we're going to bring you the latest on Hurricane Milton after it slammed into Florida, causing catastrophic damage and still leading millions without power.

Carl Quintanilla (0:51)

Let's begin with this morning's CPI print, Jim. 2.4 year on year is the lowest as we said since 2021, down six straight months.

Jim Cramer (1:00)

I think the new thing to talk about is that it's lower, but not fast enough lower or lower, but not as low as we'd like. Interest rates bobbing and weaving all morning. Actually, it's almost like a small cap stock, a red chip, so to speak. I think that, David, this is one of those where they've been pressing the market down for days because the long rates have kind of gone up and people thought maybe this was going to be the culprit. But anyway, the market's fallen still, I mean, because the bias, for whatever reason, seems to always favor the bears. And I don't understand it because we are in a very big, powerful bull market for more than two years.

David Faber (1:45)

But we've had a nice little rally in things like Nvidia, haven't we?

Jim Cramer (1:51)

Yes, I mean, as a matter of fact, I'm glad you mentioned Nvidia because today they're ringing the opening bell over at the other place.

David Faber (1:58)

I didn't want to let it go two minutes without mentioning it.

Jim Cramer (2:01)

Did you sign?

David Faber (2:01)

You unloaded your Nvidia bag as well, filled with your endless amounts of just, I mean, look at this.

Jim Cramer (2:11)

Stock was down 99 cents at 4 o'clock, and it rallied to being plus as people saw that Goldman recommended the stock, thank you, and now it's back down by $1.27, but this is to Jim, and it's signed by Jensen, because this is a very big day, 25 years since the G-Force. This is the legacy, it's all got started.

David Faber (2:32)

25 years ago, it's when it got started.

Jim Cramer (2:34)

No, not the company, but the key.

David Faber (2:36)

The key.

Jim Cramer (2:37)

Yeah.

David Faber (2:38)

Technology, what would you call it?

Jim Cramer (2:39)

Yeah, technology, technology.

Carl Quintanilla (2:41)

You mentioned Goldman. NVIDIA is on their list of top picks going into earnings, along with Citi, Gap, what else? Dell, Broadcom, ADT.

Jim Cramer (2:52)

No, that was a very strange list. And we're seeing these things, these tactical lists. And, sorry, what is that about? So I guess that was screaming about yesterday's game. And I think that when you look at the list, I come back and I said, well, this is kind of an oddball list, ASIC, which is a decking, a good company, Jesse Singh runs that, and monday.com, I don't know, Dell, obviously, you're no stranger to Michael Dell. Well, I come fit all-time highest today. So it's eclectic, eclectic list.

David Faber (3:25)

It is. I'm sorry, I know we're a podcast, I'm supposed to talk and not just sit here looking at you blankly.

Jim Cramer (3:34)

It's okay.

David Faber (3:36)

I got a couple of things I've been working on this morning.

Jim Cramer (3:38)

You have a grand slam? You have a grand slam?

David Faber (3:43)

It was a good day. It was a good night. And it will be good days ahead. It will be good days ahead. There's our best player, Francisco Lindor. All you Mets fans out there, sorry for those of you who aren't. But we're having a bit of a magical run here.

And it comes up with key clutch hits like that one. Of course, we'd left a lot of men on base in the early innings. And sadly, for you, your Phillies are done.

Jim Cramer (4:10)

We'll be back.

David Faber (4:10)

I never liked to, you know, listen, I don't like to see that. I've been in that position so many times.