S&P Hits 5,000, Pepsi’s Revenue Slide, Conflicts of Pinterest 2/9/24

Carl Quintanilla (0:00)

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, Post 9 of the New York Stock Exchange. Future is pretty solid here. S&P looks to reclaim 5K after yesterday's pop. Those CPI revisions relatively painless.

Two-year yield drops to 443 Russell futures up a percent. Roadmap begins with a chips-fueled rally. The S&P is poised to open above 5K. Nvidia, the biggest driver on the year. More gains expected at the open.

David Faber (0:34)

Plus, we're keeping an eye on corporate results, of course. Pepsi's revenue sliding for the first time in nearly four years.

Expedia is blaming Boeing's 737 groundings for headwinds, and boy, were there headwinds. Pinterest, seeing pressures on ads. Of course, it is Super Bowl weekend. Near record ad revenue is expected, and the gain, of course, may also get a little boost from somebody named Taylor Swift.

Jim Cramer (1:00)

Hackneyed stuff. You come in at first.

5.59, the people tell me this from no, people came to the bar and told me that. That's information?

David Faber (1:09)

What?

Jim Cramer (1:09)

The Taylor Swift thing. You got to have another angle.

David Faber (1:12)

I, I, I, it's the only time in the show when I actually read something that fits there, okay?

Jim Cramer (1:18)

Hey, I just wanted to start early in, in, in, in needling you because you spend the whole show needling me up here. I get the little needle at the beginning and then we're ready to roll.

David Faber (1:26)

All right, we are ready to roll. Now I'm ready to roll.

Jim Cramer (1:28)

I bet you are.

David Faber (1:29)

Yeah.

Carl Quintanilla (1:30)

Let's begin with the markets. Above 5k yesterday for a brief moment. We're going to try to do it again today, Jim. People were sort of worried about these CPI revisions.

December actually trimmed down to 10

Jim Cramer (1:40)

Right, but it's funny. I mean, I can't tell you how many people told me if we don't go over this and hold it, well, this could be back in the wilderness, you know, the 2021 wilderness. Now, David, this is just, I know this is not the Dow, so it's actually more important to us to be.

David Faber (1:54)

Yes.

Jim Cramer (1:54)

But you know, I mean, this is not, look, you could call, I don't know, Dave Tepper and take it over $5,000. Right? Hey, Tepper, take it over $5,000.

David Faber (2:02)

Yeah.

Jim Cramer (2:03)

I mean, this is not something, Dave Tepper being a very big hedge fund manager who also owns the Caroline Panthers.

David Faber (2:09)

Yes.

Jim Cramer (2:09)

But, I mean, you could take this up. So let's just not make it so it's make or break, okay?

David Faber (2:14)

Okay. That's fine with me. I'm in agreement.

Jim Cramer (2:18)

Good.

And I have, tonight, I have Cloudflare. See you later.

David Faber (2:22)

Who do you have?

Jim Cramer (2:22)

I have Cloudflare. So good night. Oh, I have to do his bandage.

Carl Quintanilla (2:28)

Jim, last night Goldman puts up a chart looking at eras in which you had an S&P all-time high and the Russell in a bear market happened in 95, and S&P continued to outperform a month, three month, 12 months out.

Jim Cramer (2:40)

That was that strange period where it's trace go higher and the S&P still did well, and it was a very counterintuitive moment. I've always felt that it had much more to do with the X86, Wintel, because it was really just kind of a cool moment. Now look at this. This is so incredible. Now, if you look at.

What was one of the top five that moved the S&P from S&P 4,000, 5,000? The outlier, not tech, not pharma.

David Faber (3:13)

Not pharma.

Jim Cramer (3:14)

Yep.

David Faber (3:15)

And not tech.

Jim Cramer (3:15)

Yeah. Builders First Source.

Carl Quintanilla (3:19)

That is the weird one.

David Faber (3:21)

I never would have gotten that one.

Jim Cramer (3:23)

Florid Decor and Builders First Source, I'm going to take you, going to blow your mind.

David Faber (3:28)

Is that the decking? What do they got?

Jim Cramer (3:29)

Yeah, well, they have everything.

Yeah. I mean, like they're like mini Home Depot. Home Depot, by the way, we had Masco upgrades. We had tremendous numbers from ASIC and we had drift numbers from Trek. And yet people can't, they don't want to buy Home Depot. I think it's a big mistake, but this builder's force, so David, this is an exciting place.