SOTS 2nd Hour: Tesla Tanks, Apple Bear Fodder, This Hour: Constellation Energy CEO 03/10/25

SPEAKER_1 (0:00)

Are you still quoting 30-year-old movies? Have you said, cool beans in the past 90 days? Do you think Discover isn't widely accepted? If this sounds like you, you're stuck in the past. Discover is accepted at 99 percent of places that take credit cards nationwide. And every time you make a purchase with your card, you automatically earn cash back. Welcome to the now. It pays to Discover. Learn more at discover.com/creditcardbased on the February 2024 Nelson Report.

SPEAKER_2 (0:28)

Is it time to reimagine your future? The right business skills may make a difference in your career. At Capella University, we offer a relevant education that's designed to focus on what you need to know in the business world. We'll teach professional skills to help you pursue your goals, like business management, strategic planning and effective communication. And you can apply these skills right away. A different future is closer than you think with Capella University. Learn more at capella.edu.

Jim Cramer (0:59)

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 (1:13)

Good Monday morning. Welcome to another hour of Squawk on the Street. I'm Carl Quintanilla with Leslie Picker and Mike Santoli, live at Post 9 of the New York Stock Exchange. David and Sarah on assignment. It is an inside day. So far, S&P has managed to hold Friday's low of 56.66, but not the Nasdaq down 2.3%. It has taken out Friday's level. We'll take you all the way back to October. Yields are definitely lower, and the VIX holding 26

Leslie Picker (1:37)

We're about 30 minutes into trading. Here are three big movers we're watching this morning. Novo Nordisk shares dropping sharply after disappointing data from its next generation weight loss drug, exclusive comments from the company's head of development. Later this hour, those shares now down about 8.4%.

Apple delaying its AI improvements for Siri, saying they anticipate rollout sometime in the coming year. Citi removing the stock from its Positive Catalyst watch as a result. Those shares now down about seven. Oh, sorry, that's Tesla on the screen that you see here. We'll talk about Tesla. Those shares coming off their worst, longest weekly losing streak on record, down nearly 40% since Trump took office. UBS cutting its price target on Tesla to $225 and reaffirming its sell rating this morning. You can see those shares now down about 7.8% this morning.

Carl Quintanilla (2:31)

As we said, another sell off is in focus as stocks come off their worst week and months on these tariff fears. Financial is seeing their worst week since 2023 Semi is in the bear market. The dollar is posting its worst week since 2022 Mike, I know you've been looking for signs that some of this is getting washed out. Yeah. As we approach April, the beginning of April, and some tariff deadlines.

Michael Santoli (2:51)

Right in the crucible of the correction. You know, we're down 7% in the S&P in less than three weeks. It always turns to, has it gotten overdone at all on the downside? Is there a tactical conditions lining up that say you can at least have a relief rebound? I would say you have the plausible case for that, but not necessarily something that seems overwhelming to put the odds in the favor of a durable rally from here. A lot of what you want to see, believe it or not, is for it to become less orderly and a little more indiscriminate. And what's interesting about this period of time is obviously multiple things going on. So you had the growth scare. You had a hyper concentrated market driven by a lot of crowded momentum stocks. At the same time, you obviously have the policy, you know, kind of headline uncertainty. All that stuff coming together and pushing in the similar direction of let's take down our risk as we can, but let's not completely abandon the idea that earnings are coming through okay. And everyone feels like therefore there's going to be this new equilibrium we set. Carl, you mentioned getting back to Friday's high on the S&P. It was 5666 The high from July is 5667 We've been spending so much time in this 5700 zone for four or five days. And it made me, I asked over the weekend, does the market give you five days to buy the exact low? You know, I mean, so that's the kind of thinking that a tactical trader would have saying like, it's a little bit too cute that you get to an exact 10% pullback on the Nasdaq 100 You know, you get the 200 day moving average touch. So all that stuff to the side. I think what's really fascinating is underneath it, if you peeled it all away, there's really a rotational shift going on. Still, the equate S&P is flat year to date. Nasdaq 100 is down whatever it is, 5, 6%.