Tame CPI Fuels Rally, Home Depot Beats, Biden-Xi One Day Away 11/14/23

SPEAKER_1 (0:00)

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Jim Cramer (0:31)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:39)

Good Tuesday 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. Future soar as we got a goose egg on monthly CPI of 0.10, lowest monthly gain in a year. Annual readings also come in cool.

Good news for the Fed, 10-year back below 4.5. Our roadmap begins with that macro picture. Yields fall and futures are surging as annual core hits its lowest level since September of 21

David Faber (1:03)

Plus, Home Depot's tepid outlook, the retailer is saying it sees consumers scaling back home improvement projects, and we are keeping an eye on shares of NVIDIA.

Those shares seeing their longest winning streak in seven years and certainly given the open. Looks like there may be more to come, but it's a long day, Carl.

Carl Quintanilla (1:23)

Let's get it started. Begin with market reaction, of course, to CPI, Jim. We mentioned the headline numbers. Core goods down to 10th, used cars, hotels, airfare all down.

Jim Cramer (1:32)

Look, it's a win for the anti-inflationistas. I mean, I think that when you look at what's not great, it's stuff like pipe natural gas. I mean, that can change.

I do think that the good news here is used cars. We flagged that earlier. Apparel is not going anywhere.

Shelter, I don't know, shelter is not bad, 0.3. Transport is 0.8. That's a little hot. But you know what this says, David, to me?

David Faber (1:57)

What?

Jim Cramer (1:58)

Pay more. It says I didn't have it in the fine print, but it says pay more for stocks of companies doing well.

I read that. That was like an annotated version.

David Faber (2:08)

Is that in there somewhere in that?

Jim Cramer (2:09)

Yeah, it is. Yeah, it says that right in the CPI. It tells you.

Pay more.

David Faber (2:15)

Jim, not that you needed help telling people when you're right.

Jim Cramer (2:18)

Yes.

David Faber (2:18)

But you've largely been, not totally been, in the campus. This Powell's going to get it right. And this is certainly another example, at least, of added evidence that...

Jim Cramer (2:28)

Well, you're very kind to say that. You're welcome. Plus, you saved me. My coffee cup had the cup, the top wasn't on, and it would have been one of those areas burned that I just can't even fathom.

David Faber (2:37)

It would have been a scalding, the likes of which we've rarely seen on this set. So I am here for you and made sure.

Jim Cramer (2:42)

The opposite of what Costanza experienced. But I will tell you, David, this is very important.

J-PAL has been doubted, sometimes ridiculed, often thought of as someone who was over his head. You know what?

David Faber (2:56)

It's shameful.

Jim Cramer (2:59)

Shameful. Carl the man has done so many masterful things.

And by the way, he also knows how to close the door.

Carl Quintanilla (3:07)

Yes, he does, or he has others close the door.

David Faber (3:11)

He tells them emphatically.

Jim Cramer (3:12)

We find out who he is. I mean, the guy is actually, you know, he's a human being and the last bed chiefs weren't.

He's human. Oh, yeah, one guy was like his drug store's dad. Hey, listen, my dad was a salesman. I mean, hey, that makes me great. I mean, come on, give me a break.

Carl Quintanilla (3:27)

You have, I would say your enthusiasm for a year end rally has been tempered lately.

Jim Cramer (3:32)

We're up so much.

Carl Quintanilla (3:34)

Does this remove any of that?

Jim Cramer (3:35)

Well, I just think that the Magnificent Seven, of course, Nvidia hasn't reported yet, get to have even higher, you know, you have a group of companies like that Alphabet selling at 21 times earnings. You got Metis selling a little bit more times that. You have Amazon putting up a great quarter and nobody seems to care.

Nvidia, I've got price targets that are so boosted. I mean, we could just talk, we could have the Nvidia show.