Market Momentum, Apple's Apology, EV Watch 5/10/24

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)

Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. After a 5% drawdown, the SMP takes aim at all time highs once again. 52, 54 is the record close to watch.

As the bulls whisper whether CPI will come in friendly next week, a roadmap begins with the markets. Dow aims for eight straight days of gains, and the SMP is at a five-week high.

David Faber (0:30)

Also had a lot to discuss on the EV front, including the Chinese EV maker, Zeekr. It's making its debut right here at the NYSE, and new data shows Tesla is losing market share in China.

Plus, Apple apologizes for its controversial new iPad ad, saying, quote, we missed the mark.

Carl Quintanilla (0:50)

Let's begin with the markets. We mentioned the SMP, Jim, trying to make some all-time highs. Was that 5% pullback?

It got digested?

Jim Cramer (0:58)

Well, I'll tell you, it got digested, and then the money didn't go back to tech. It might happen today, because Taiwan Semi had its month of importance really strong. But no, I mean, the rally brought into all sorts of crazy names.

And some people would say it had to falter, because in the end, we got an upgrade of none other than...

Carl Quintanilla (1:17)

3M.

Jim Cramer (1:18)

Well, I'll take that. This is Losers' Win Day.

Warner Bros.

Carl Quintanilla (1:22)

Discovery. WBD, yes.

Jim Cramer (1:23)

Bumble?

Holy cow. I mean, today is like, forgiveness day. But the Warner Bros., I just ride up David's alley. I put you right in Porterhouse, and you're having the Cristal, with that one. That's Zaslav.

David Zaslav, he goes to Porterhouse.

David Faber (1:38)

Oh, I'm lost all along the way there. There was also an upgrade, wasn't there, of Roblox, actually?

Jim Cramer (1:44)

Roblox, but that was from Cell to Hold.

David Faber (1:46)

Oh, was it?

Jim Cramer (1:47)

Loppin Nathanson, one of the better calls. And David, I'm gonna give David the call of a lifetime. This is from Get City.

David?

David Faber (1:55)

Tell me, Jim, what?

Jim Cramer (1:55)

Okay, we're upgrading India. We're downgrading China.

David Faber (1:59)

Uh-oh, they upgraded India.

Jim Cramer (2:01)

Upgrade Philly, downgrade Atlanta.

David Faber (2:03)

Wow.

They must do a lot of work in India before they do that. You think they travel the entire country? India, China, sort of go through all of it?

Jim Cramer (2:10)

Oh, so then therefore, because they underweighted Latin America, they really, the Brazilian operation was bad?

David Faber (2:15)

It's a lot of travel time. Just to upgrade countries.

Carl Quintanilla (2:18)

They're underweight Latin America. They say, Jim, even though the FXI is positive now on 12 months, this rally is not supported by fundamentals.

Jim Cramer (2:27)

I thought that that was a shame that they said that because in truth, India should have been upgraded about three months ago and China, well, China's actually, China's making a little comeback.

Although that the trip to Europe was, wow. I mean, it's like, oh, Malco's to France.

David Faber (2:44)

You're talking about, she's trip to Europe.

Jim Cramer (2:48)

Yeah, that was a different kind of experience there.

David Faber (2:51)

Yeah. Think anything's gonna come out of it that will be positive for China?

Jim Cramer (2:56)

Well, how about, it's about as good as war. Nothing, absolutely nothing. They already, they've got their friends and then, I don't know, they got the people who are surprisingly pro-US that I don't think they count on.

Like France, France is pro-US.

Carl Quintanilla (3:13)

And now you got Putin headed to China, where he'll visit a couple of different cities. To your point, though, Jim, KBW, Banks, New Highs, Goldman, Highs.

The only fly might be whether you think utilities are a cautionary tale right now.

Jim Cramer (3:28)

I'm not doing that anymore because I've now decided if I'm reading Constellation Energy, remember, there's only 15 stocks in the utility index, which were started in January in 1929, inauspicious. But those companies have growth.

I mean, it's so, okay, I'm gonna give David, this is a quiz for David, because he's an older gentleman. This, the utilities are doing so well that what nuclear power plant may be reopened for Constellation Energy? Come on, it's Jeopardy. You have to answer a certain form of question.

David Faber (3:58)

Indian Point, no, I don't know. Three Mile Island.

Jim Cramer (4:01)

I'm gonna put it back, it was a video. See, it was a video Jeopardy question.