Moody's Cuts China Credit Outlook, Apple Rallies, Starbucks' Cold Brew: An 11-Day Losing Streak 12/5/23

<p>Carl Quintanilla, Jim Cramer and David Faber explored what to make of the markets extending losses after the worst day for stocks in almost a month. The anchors also reacted to Moody's cutting its China credit outlook to "negative" from "stable" -- and discussed the ramifications. The "Magnificent 7" in the spotlight: Apple jumps after Morgan Stanley says a smartphone recovery is "not yet priced into shares." Also in focus: Starbucks shares' eleven-day losing streak, "Investor Day" guidance from Johnson & Johnson and CVS Health, Nokia tumbles on news of an AT&T-Ericsson network deal, the new "Grand Theft Auto" trailer gets leaked.</p><p> </p><p><a href="https://www.cnbc.com/squawk-on-the-street-disclaimer/">Squawk on the Street Disclaimer</a></p>