Retail Sales Blowout Sparks Market Rally, Walmart Surges, Cisco CEO on Job Cuts, Earnings and AI 8/15/24

With the broader markets aiming for a 6-day win streak, Carl Quintanilla, Jim Cramer and David Faber discussed stocks in rally mode thanks to a number of catalysts: July retail sales blew past expectations with a 1% gain, Walmart shares jumped on a Q2 earnings beat and raised guidance, while weekly jobless claims came in below forecasts. Cisco was among the biggest gainers. CEO Chuck Robbins joined the anchors at Post 9 to discuss the company's plan to cut 7% of its global workforce as part of a restructuring, what drove its better-than-expected Q4 results -- and how Cisco plans to capitalize on the AI boom. Also in focus: Alibaba's miss and the cautious Chinese consumer, the “Warren Buffett effect” on Ulta Beauty. Squawk on the Street Disclaimer

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The opening hour of CNBC’s “Squawk on the Street” with Carl Quintanilla, Jim Cramer and David Faber is broadcast from the floor of the New York Stock Exchange, on site at the opening bell with the up-to-the-minute news investors need to know and interviews with the most influential Chief Executive Officers and greatest market minds.