Stocks Hit Record Highs on Jobs Report, Nvidia and the "Green" Chips, Apple's Unlucky Seven. 3/8/24

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 (0:07)

Good Friday 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 turn positive here as the jobs number for February, while a beat at 275 comes with big downward revisions and the highest unemployment rate in two years.

Ten year drops to 404, and a June cut is fully priced in once again. A roadmap begins with that getting the Fed's attention, hiring still strong, but unemployment coming in higher than expected. What that means for the fate of rate cuts.

David Faber (0:35)

Plus, of course, we're always keeping an eye on tech. For example, Apple shares. Can they stem what has been a seven day slide? Chip stocks, though, continue to outperform.

And the other big story, that weight loss boom Nova Nordisk overtakes Tesla's market valuation. Meanwhile, Eli Lilly jabs at Hollywood for its ozempic craze.

Carl Quintanilla (0:58)

Let's begin with some market reaction to the jobs number, not just the headline and the unemployment at 3.9, Jim, but revisions taking about a third away the last couple of months.

Jim Cramer (1:06)

Yeah, I think that those of us who are used to the precision of artificial intelligence, the gender of our AI, and of course, accelerated computing are just in shock that there could be a number that's this far off.

This is the kind of thing that Jensen Wong could solve with his eyes closed. It's a little embarrassing, but because why it's so important is that this takes away what was the hot number that made us have a great threat and took away, I would say, David, a spring rate cut, whatever. 3.9, we know that those numbers, they remind me of the Dow Jones average. It's a very interesting headline, but it's not really what's at the guts of this. But in a political year, what that says is, hey, look, the economy's slowing, and maybe the Fed should have some pressure on it, especially after last night's State of the Union, which was about walking the picket line.

David Faber (1:55)

But isn't this a good number from the market's perspective and or from the economy's? I mean, almost a, dare I say, Goldilocks?

Jim Cramer (2:03)

No, I was gonna say perfect.

David Faber (2:05)

It is funny, because you're still strong. The wage growth is not that big. You've got the revisions down, to your point, about sort of, you know, at least no overheating, so to speak.

Jim Cramer (2:16)

If you're a Fed chief, you probably spent all your life trying to be able to have this economy.

The economy, you know, Carl, without a lot of inflation, it has good growth. And I know, I heard people this morning still talk about soft landing versus hard landing. It's very clear that those are, that's a dichotomy for a man like Powell. Powell's not talking about landing. He's talking about having consistent growth. A lot of people getting jobs, not being inflationary. If anyone's ever listed him or read anything about this man, he is not about, I got to cool the economy. He's about having an economy that's the greatest equal to the greatness of our country.

And I think he's been slagged by pretty much everybody, and maybe that's where he's really happy.

Carl Quintanilla (3:02)

There's the headline, really the word's not far from enough confidence to, that's what got at least the journal's attention during the testimony yesterday.

Jim Cramer (3:11)

I know that we had the full coverage other than Senator Warren, who is a firebrand and kind of a Mary Lee seagull back in time, they're like populist time. Other than that, I mean, geez, you know, David, I was able to catch, I think I caught maybe like a 45 minute nap.

David Faber (3:27)

Oh yeah, no, it's...

Jim Cramer (3:28)

I was tired, though. I had done an Old Nighter then I...

David Faber (3:31)

Two days of Powell with all those politicians is two days too many as far as I'm concerned.

Jim Cramer (3:37)

Do you know the alarm function on this thing? Where if you wait, it comes on a second time? That was really important because I think that there was a senator from Ohio, whom I will not mention, who once castigated me.

He was really worth taking a nap through. So I didn't mention his name, so I don't have to worry. Because Sherrod Brown would know that, too. Mrs. De...

I'm sorry.

Carl Quintanilla (3:57)