Post-Selloff Markets, Steve Cohen on AI, Pivotal Day for Disney 4/3/24

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 (0:08)

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. Futures are red. Yields still a little bouncy here as ADP comes in the second hot number of the week. Powell speaks at noon. Bostic on Squawk just now reiterating one cut this year. A roadmap begins with this rough start to Q2, the Dow and the S&P coming off their worst day in about a month.

David Faber (0:29)

With that in mind, you're gonna hear what billionaire hedge fund manager Steve Cohen had to say about markets and AI especially. Plus it is a pivotal day for Disney. The company's battle with Nelson Peltz is set to conclude at its annual meeting.

That is set for this afternoon when we will get the vote totals. And tomorrow, 9 a.m. right here, don't miss it, exclusive with Bob Iger.

Jim Cramer (0:54)

Is it right here or is it out there?

David Faber (0:56)

It's out there. It's out there. I will be going out there hoping that the high winds that are blanketing the area won't prevent my travel to see Mr. Iger. And by the way, just to make a point here, this is not saying anything one way or the other about the vote.

He's going to do the interview.

Jim Cramer (1:14)

Either way.

David Faber (1:15)

Either way.

Jim Cramer (1:17)

Huh. Okay.

David Faber (1:20)

Is that okay with you?

Jim Cramer (1:21)

Well, I'd be more inclined to do the interview if I won. Yeah.

David Faber (1:25)

Well, I think that it's his expectation and or Disney's, as I've been saying all along, at least, they certainly have had a lot of confidence that they will win. Right. But I just wanted to make it clear that it is not.

Jim Cramer (1:35)

You share that confidence? I do.

David Faber (1:37)

You know, the reporting I've been able to do indicates that they're going to most likely win. I was saying this yesterday on Scott's show at on Halftime and it continues to be what I am hearing that they are going to win.

You know, where will they end up percentage wise? It's clearly above 50

Will it be high 50s? Could they even get as high as 60? We'll see. Other news organizations have been reporting on some of the large shareholders. You know, I'm just giving you sort of the overview that I'm getting in terms of your confidence.

Jim Cramer (2:10)

You're giving me the overview? More than an official overview.

Carl Quintanilla (2:13)

We'll wait for the official results.

David Faber (2:14)

Do you have an underview too or just the overview?

Jim Cramer (2:16)

No, I don't have an underview.

I don't and I'm not going to trade the whole team away because they're old and just get new players that I don't care about. I'm not doing that either.

David Faber (2:24)

I wanted to hear about Alonzo, man.

Jim Cramer (2:26)

And I want to hear about Alonco.

David Faber (2:28)

I want to hear about Alonzo. Anyway, we'll get to that one.

Carl Quintanilla (2:32)

It was a great interview with Andrew and Steve Cohen on Squawk. Let's get to the markets on track to extend these losses from yesterday's sell-off, Jim.

As Bostic said and as ADP says at 184, economy keeps the chug along here.

Jim Cramer (2:45)

It's a good economy. I mean, yesterday was really classic. Paychex was down 10 points because there was this line which says, look, we may not be able to do the number that people thought. Then it turned out it was just because of some change in the federal government program and business is quite good and the companies are still finding it hard to get the right people.

Now it's a little bit up. They're trying to get people with a little bit higher status. But there was absolutely no let up. I was surprised the South wasn't that strong, but the nation was strong.

The only real decline is because of the minimum wage law in California where a lot of companies have said, you know what, I'm going to get below the 50 restaurant threshold or I'm going to lay off people. I'm not paying them 20 bucks an hour. So there's a place where I heard of unemployment, California.

David Faber (3:34)

You did you I mean a decent story today in the journal about the discrepancy in terms of measuring where we are in terms of overall employment because of immigration and the household versus the employment and the difference in the surveys because we may simply be undercounting the number of immigrants.