Markets' Weekly Win Streak, Wegovy Data, Boeing Moves Skyward 11/13/23

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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 Squawk on the Street.

Good Monday 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 red as the bulls look to resume this two-week, seven percent gain for the S&P.

A busy news flow this week with CPI, retail sales, a Biden-Xi summit, and earnings from Walmart to Cisco. Our roadmap is going to begin with those two weeks of gains. S&P is pointing to a lower open as investors weigh this moody's downgrade with plenty of data on tap this week.

David Faber (1:05)

Plus, shares a Boeing are rallying. It's amongst the top performers in the S&P as Emirates announces a major new aircraft order. ExxonMobil's EV move, the oil giant is set to get into the lithium production business. That would be to provide lithium for EV batteries by 2027

Carl Quintanilla (1:24)

Let's begin with the market set today. It gets set for a very busy week, Jim. A lot of commentary over the weekend on how there's positioning getting done to prepare for a year-end rally.

Jim Cramer (1:33)

Yeah. I think that people felt that the last two weeks were a sign that it's trace the peak, that the big numbers estimates are too low after what happened last week.

Or don't worry about it. I find that this is one of those moments, and David, you can disagree on this, but when we look at what people were thinking about last year at this time, we had people who were very, very negative, and they're sticking with what's negative, except for they were very wrong last year.

David Faber (2:02)

I can't help but think that you're thinking about a gentleman named Mike Wilson. I don't want to say that I'm, I don't know that, but that's where I'm guessing.

Jim Cramer (2:10)

Well, you know, last year this week, he came out with a, we were 39.91 on the S&P. His base year-end case was, target was 3900 on the S&P. David, that's not right.

Okay, we're at 4400 So we could sit here and discuss all we want, what this man is saying. And I'm happy to do that.

David Faber (2:31)

Well, listen, we pointed out many times. First of all, he was right for a good portion of the downturn. Mike Wilson, the chief strategist at Morgan Stanley, and we gave him...

Jim Cramer (2:40)

A lot of air.

David Faber (2:41)

Yes, a lot of air, a lot of kudos for that.

But we also talked about how hard it is to be right twice. Like, you know, again, to sort of get the second call right is even more difficult. It's hard enough to get one good call.

Jim Cramer (2:54)

I was going over with my team, with Jeff Marks and Ben Stoddard, before I came up here. And of all the things they kind of felt that I shouldn't really talk about, well, Jeff felt, he works with me on the club.

Why bring it up? The only reason I bring it up is because once again, he's made what I think is a very tepid forecast that would make you stay out. And I'm saying the opposite. I'm saying that Costin over at Goldman is saying, stop worrying. The estimates are fine.

And I also think that Goldman's outlook, John, John has his kind of positive.

Carl Quintanilla (3:26)

I mean, we got a lot of 24 playbooks over the weekend. And it's funny, both Goldman and Morgan Stanley are pretty dovish when it comes to the econ research.

Jim Cramer (3:36)

Right.

Carl Quintanilla (3:36)

Looking for core PCE in the mid twos. Fed starts to cut in June.

Maybe you get a cut every quarter. Actually, MS is looking for eight cuts in 25

Jim Cramer (3:45)

I mean, I read that and I just said, you know what?

The late Marty Zweig always said, don't fight the tape. Don't fight the Fed. That's a recipe, what you just heard. And I know that Hotsia is saying very similar. David, a cut 25 basis points per quarter until second quarter of 2026, beginning last year, beginning next year. David, you know what that's like to have cut every single meeting? You'd be sitting here with me and saying, well, Jim, what do we do? And I'll say, well, I think the Fed's going to keep cutting.