Markets and Inflation, Shutdown Deadline Looms, FedEx Spinoff Plans, Nike’s Turnaround Push 12/20/24

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Carl Quintanilla (0:59)

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 Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures are off the pre-market lows as November PCE comes in pretty tame. It is a noisy Friday as we watch the government shutdown clock, triple witching, Nike FedEx, and the resumption of FedSpeak. 10 years right at four and a half. Our roadmap begins with these market jitters, futures off the lows, PCE a little cooler, and a federal government shutdown is looming.

David Faber (1:40)

FedEx and Nike shares are both on the move. FedEx is jumping this after announcing a spinoff of its freight unit and Nike shares are sinking as revenues fall and a CEO says the turnaround could take longer than expected. Plus, missing the mark, shares of Novo Nordisk are falling sharply this after investors are disappointed with results from a pivotal trial for its next generation of obesity treatments.

Carl Quintanilla (2:05)

Let's begin with the markets and the final important macro data point of the week, that's November PCE. The year on year Jim Core 2.8, looking for 2.9.

Jim Cramer (2:12)

Yeah, I think that this is somewhat reassuring because if we do get lowering inflation, I think it's certainly a possibility because we're starting to get our arms around what's really causing inflation, then it doesn't seem so devastating what happened on Wednesday. It doesn't reverse it because I think there's a lot of speculation system.

I don't think the Fed without particularly just naming it is after rampant Bitcoin speculation, after speculation nuclear power, after speculation in quantum computing, after speculation in what I regard as being these really kind of, I'll put them in commercial aerospace because of Musk. They don't want to see that. They didn't point blank say it. I wish they had. But that's what's going on here is the air going out of that balloon. In its place is some really interesting fundamental news. And I think that we are the most oversold we've been in Europe there in terms of the 10 year low. If you bought, and I've got some numbers to say, if you bought today, three months later, you made money in every, in every single case.

Carl Quintanilla (3:15)

I mean, it's really rather you're talking about a shutdown scenario.

Jim Cramer (3:18)

Yes. Now all shut. I studied shutdowns for my last book and every shutdown was a buying opportunity. They're always as frightening as the way we've been covering this morning. And they always end up being a buying opportunity because they are considered to be so frightening. So, David, what I'm saying, I know this is against the grain of what I'm hearing, but you're supposed to buy today, not sell it. All right. Yeah. All the data I have, all the data I have. I mean, I've got data for going back 10 years. Yeah. Oscillator, which is the S&P oscillator that I follow. When it's minus eight, thank you to the S&P people. You have a median gain three months later, 4.55, 60 days, 11.0. I mean, this is unassailable stuff. I couldn't believe it.

I asked him to calculate it. It took him all night to calculate, but, oh my, you buy today, you make money. I don't know what to say. The data is the data. The forecast is the forecast. The guidance is the guidance. Okay. Those are all Belichick-like statements, I think.

David Faber (4:15)

Well, there are a lot of people who want to wrap up their year with very good performance who've been a bit disappointed by these last couple of days. Yeah. Just hoping they've gotten out and finished things up a few days earlier. And they didn't. What are you looking at?