Carl Quintanilla and Jim Cramer delved into the busiest day of earnings season by leading with better-than-expected quarterly results from Apple and Facebook -- both stocks up sharply on the news, resulting in new record intraday highs for both the S&P 500 and Nasdaq. Cramer says the Apple and Facebook numbers are proof that you shouldn't count the FAANG stocks out yet. Carl and Jim also reacted to what Apple CEO Tim Cook said on the company's earnings call about stronger demand -- as well as what he told CNBC about iMac sales in wake of work-from-home trends. Other earnings names in the spotlight included Dow components Caterpillar, McDonald's and Merck. The anchors also discussed Ford CEO Jim Farley telling CNBC that he thinks the chip shortage "may extend in the second half.” President Biden's Wednesday night address to a joint session of Congress also in focus: He pushed his idea of hiking taxes on the wealthy to pay for his economic agenda. His message for the richest Americans: "Pay your fair share." ServiceNow CEO Bill McDermott joined the program to discuss his company's quarterly results that beat analyst estimates but failed to lift the stock. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com
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Squawk on the Street