Markets and Apple's Rally, Intel CEO Responds to Trump, the President's Fed Vacancy Pick 8/8/25

SPEAKER_1 (0:00)

Hey, Fidelity, what's it cost to invest with the Fidelity app?

SPEAKER_2 (0:04)

Start with as little as one dollar with no account fees or trade commissions on US stocks and ETFs.

SPEAKER_3 (0:11)

Hmm, that's music to my ears.

SPEAKER_2 (0:14)

I can only talk.

Carl Quintanilla (0:17)

Investing involves risk, including risk of loss.

SPEAKER_5 (0:18)

Zero account fees apply to retail brokerage accounts only.

Carl Quintanilla (0:20)

Zero dollar commission applies to online US equity trades and ETFs and retail Fidelity accounts. Sell order assessment fee not included. Some account types and securities excluded.

Sam Altman (0:25)

Details at fidelity.com/commissions.

SPEAKER_5 (0:26)

Fidelity Brokerage Services LLC, member NYSE SIPC.

SPEAKER_3 (0:32)

On WhatsApp, no one can see or hear your personal messages, whether it's a voice call, message or sending a password. To WhatsApp, it's all just this.

So whether you're sharing the streaming password in the family chat or trading those late night voice messages that could basically become a podcast, your personal messages stay between you, your friends and your family. No one else, not even us. WhatsApp, message privately.

Jim Cramer (1:02)

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 (1:10)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber and Mike Santoli at Post 9 of the New York Stock Exchange. Cramer has the morning off. Major indices do inch a little closer to those recent highs, although there's intense volatility beneath the surface on some single stock earnings. Double-digit moves on Under Armour, Trade Desk, Pins, Twilio, Sweetgreen and others. Our roadmap begins with the president naming a top economic advisor and loyalist to fill a vacancy at the Fed. JP Morgan makes a new rate call following that announcement.

David Faber (1:39)

Intel also responding to the president's call for its CEO to resign. What's at stake for that company and its investors? OpenAI by the way ramping up the AI arms rates. It's got a new version of ChetGPT out, ChetGPT 5 CEO Sam Altman was on CNBC earlier making comments about the possibility of staying private versus going public. We'll have that and a lot more.

Carl Quintanilla (2:04)

Let's begin with the markets overall. Pushing higher. S&P NASDAQ on track for a third positive week in four and the best week since June. Tech rallying and consumer discretionary on pace for the best week since late June. We've been talking a lot this morning about some movers, some to the upside, some to the down side, especially names that maybe don't raise guidance as much as some expected.

Mike Santoli (2:25)

Yeah. I mean, I think if you just look in aggregate for earning season, the stock reactions have been net negative with anything but completely blowout numbers in some of the mega caps. Yet, the overall market has hung in there within percent or two from the all-time highs. The weekly performance is all about Monday's snapback rally from Friday's drop. We spent literally the entire week between Thursday's high of last week and Friday's low. So, I think it's a matter of the market is riding this rotation and offsetting currents, and trying to separate out the either disrupted companies or the ones where the stock price got way ahead of what they could deliver, and mostly leaning on some of the usual suspects. I mean, Apple and Nvidia are by far the biggest week-to-date contributors to the S&P 500

Yesterday, tried to make a rally to the old highs, intraday selling, and yet, when you got to the end of the day, it was 50% of stocks up, 50% down. So, I think the market is trying to sneak its way through this August seasonal headwind period by sort of saying, let's let the hot parts of the market cool off without necessarily pulling back entirely. Obviously, it's tricky. You're trying to kind of dodge the raindrops, but that's the way it's been going so far.

Carl Quintanilla (3:40)

Apple, I think, is on pace for its, or just had its best two-day, third-best two-day out performance relative to the market. Thanks to Apollo today, NVIDIA now has the biggest weight on the S&P of any individual name going back to when data began in 81

Mike Santoli (3:55)

Yes. So like 8 percent-ish or more of the S&P 500 It's pretty much, you kind of run out of superlatives in terms of the concentration among whether it's the top four or six stocks. It's interesting too with NVIDIA because a lot of the kind of rationalization of that in the past has been, well, I mean, look, Amazon is really 10 big cap companies in one, and just because it's all under one corporate umbrella, it doesn't necessarily mean the overall market or the economy is more concentrated. NVIDIA is not like that. I mean, NVIDIA is essentially a couple product line pure play company, and yet it's going to have a quarter of a trillion dollars in revenue in the next fiscal year.