November Markets and Fed Decision, AMD's AI Message, Musk on the Cybertruck and Zuckerberg 11/1/23

SPEAKER_1 (0:00)

What's on the horizon for financial markets?

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Jim Cramer (0:31)

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 (0:38)

Good Wednesday 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. It's Fed Day. Futures trim some losses, yields back off as the treasury refunding announcement and ADP come in a bit light. Plenty of corporates lowering guidance, including DuPont, Estee Lauder, and others.

Our roadmap begins with Fed and Market Watch. The central bank is expected to pause for the second consecutive month. Private payrolls come in light. Stocks coming off their first three month decline since 2020

David Faber (1:06)

Plus AMD delivers a soft quarter, fourth quarter guidance. It does say it expects to sell $2 billion worth of AI chips next year.

And we're gonna check in on what's been a rough ride for Tesla stock lately. It's the worst of the Magnificent 7 in terms of performance over the last quarter. Shares, though, look to be bouncing this morning as CEO Elon Musk helps his forecast for Cybertruck production.

Carl Quintanilla (1:35)

Let's begin, though, with the new month. Talk about the markets on this Fed decision day.

Jim, I wonder if you think the setup is any better for November than it was for October.

Jim Cramer (1:45)

I do, if only just because this time we know that things are going to be rough.

If it's tech, what we hear is about there's optimization, which means that the orders are slowing. If it's industrial, that means there's de-stocking, which means there's too much inventory. We're coming in with expectations that those are the two things that are happening.

And I like it when expectations are lowered. David, there's a piece this morning, maybe the most important piece I've read, Morgan Stanley figuring out fiscal policy, basically saying it's over, that the money coming from the federal government's over, the money from the state's over, we're set up for dark times. And when you're set up for dark times and you get dark times, it's not revelatory. It's not. We're in a not revelatory portion of this market. Right. So when you get something that's not good, like DuPont, it's good.

Because you expect it. I mean, Ed Breen, you speak to Ed Breen, who's probably the most seasoned CEO in the country, I believe. And it's like as bad as you thought, but maybe there's green shoots. I like that.

David Faber (2:54)

Green shoots, the economy, we just had a 4.9% GDP number. Unemployment is 3.8%, what?

Jim Cramer (3:02)

Well, the China, it's a big business. It's a big business in China. There's green shoots in China. There was a piece about jd.com today, they said buy JD, well, that's an invitation to your funeral. I'm just saying that when people are really negative, and we're seeing these numbers, some of these guys put great stuff in Twitter, it's 12% bulls.

It's harder to get, I'm just a buyer of DuPont right here, right now.

Trust owns it, we're waiting for the stock to go to 70 Put me up on 25,000 DuPont at 71 and take it to 71.5. Just take it, buy, bid and take.

David Faber (3:36)

You don't run a hedge fund anymore. Just letting you know there, all right?

Jim Cramer (3:40)

But I had a nightmare last night that I was low on a couple of stocks.

David Faber (3:42)

This is not Cramer-Burkowitz or whatever that was. Was that what it was called?

Jim Cramer (3:46)

It was Cramer for a really long time.

David Faber (3:47)

Cramer, just Cramer.

Jim Cramer (3:48)

Take Wingstop to 195

All right, well, you know what? I played the role. You never know. I could go back to that in a nanosecond.

David Faber (3:54)

I'm sure you could. And I think sometimes you still think you are.

Carl Quintanilla (3:58)

Stride right, 50K, take the top off. Isn't that how your book starts?

Jim Cramer (4:01)

What happened is, is that I said, I think stride right is going up here. So you want to see it go up? Buy 25,000 stride right, take the bid, take the bid. And I didn't realize that what happens, supply and demand, David, means just go take and bid.