JPM Raises Recession Odds, Lilly Blows Past Estimates, Warner Bros. Discovery Disappoints 8/8/24

Squawk on the Street

David Faber and Jim Cramer began the hour by breaking down another volatile day for the markets, with the major indices coming off their 4th negative session in 5. JPMorgan also raised their odds of a U.S. recession by year end to 35%. A big earnings mover today included Eli Lilly; shares of the stock surged after the company blew past estimates and hiked its outlook following strong sales from its weight-loss drug. Faber also wrapped up the quarterly results from Warner Bros. Discovery, after shares of the media company plunged following its $9.1 billion impairment charge on its tv networks.

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