The “Squawk on the Street” team digests the big swing for stocks as Wall Street looks to build on last week’s gains. Investors shrugging off record coronavirus cases in Florida & Texas. Goldman Sachs cutting its GDP outlook and says a pause in consumer activity in July & August should limit the expected Q3 growth rebound. Goldman’s forecast now implies a 4.6% GDP contraction in 2020 versus a 4.2% prior, on a full-year basis. Dealmaking boosting sentiment as Billionaire investor Warren Buffett’s Berkshire Hathaway buys the natural gas transmission and storage assets from Dominion Energy for about $10 billion including debt. Plus, shares of Uber surging after announcing its buying food-delivery app Postmates in an all-stock deal worth $2.65 billion. Plus, the “Squawk on the Street” team discuss Tesla’s Elon Musk mocking of short sellers, now selling actual silk shorts on his website for $69.420. JPM securities raising its price target for Tesla to a Street-high of $1500 per share from $1,050.
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Squawk on the Street