Squawk on the Street
S&P 500 Kicks Off Q2 With A New Milestone, Pres. Biden's $2T Infrastructure Plan: From Electric Vehicles And Taxes To China And Chips, Pfizer And J&J COVID Vaccine Developments, And An Exclusive With The CEO Of AMC Entertainment
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Show notes
On the first trading day of the second quarter, Carl Quintanilla and Jim Cramer discussed the S&P 500 surpassing the 4,000 mark for the first time. The move comes one day after President Biden outlined his $2T infrastructure plan, which includes point-of-sale rebates when buying a new electric vehicle and funding for 500,000 EV charging stations. The anchors explored what such a development could mean for automakers and EV SPACs, and reacted to what President Biden said about hiking corporate taxes to pay for the plan -- plus Commerce Secretary Gina Raimondo's comments to Jim explaining why the package is about competing with China. Semiconductors also part of the infrastructure/China discussion as well, inculding Micron's better-than-expected quarterly results. On the COVID front: Pfizer and BioNTech out with new data showing 91% efficacy for its vaccine after six months, adding it is effective against the South African variant -- and Johnson & Johnson announcing a batch of its of its covid-19 vaccine produced at an Emergent Biosciences factory in Baltimore did not meet quality standards and will not be distributed. AMC Entertainment Chairman & CEO Adam Aron spoke exclusively with Jim and Carl, discussing the movie theater chain's reopening plans. Aron also announced that AMC is asking shareholders to approve a 500 million share offering. Also in focus – CEOs speak out: Highlights from Wednesday night’s CNBC special “Race and Opportunity In America.” Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com
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