What Inflation? The S&P's Record Run and Wild Week for the "Meme Stocks", COVID and Cruise Blues for Royal Caribbean, What's Behind SPACs' Upward Momentum, A Chinese Rival to Uber Revs Up IPO Plans, And Biogen Extends Red-Hot Rally on Alzheimer's Drug App

Squawk on the Street

The morning after the S&P 500 posted a record closing high and shrugged off inflation fears, Carl Quintanilla, Jim Cramer and David Faber looked at what's next for the historic run-up in stocks and the "meme stock madness" -- as well as why investors have refused to "get out of growth" names such as Caterpillar and Amazon despite the jump in CPI and the fall in bond yields. On the flip side, shares of Royal Caribbean and other cruise stocks took a hit after the company's Celebrity Cruises division announced that two passengers tested positive for COVID-19 on its "Celebrity Millennium" ship. After a double-digit percentage gain for the CNBC SPAC Post-Deal Index over the past month, David took an in-depth look at what's sparking SPAC performance and upward momentum. On the cyberthreat front, McDonald's says a data breach in South Korea and Taiwan has exposed some customer and employee information. Speaking of Asia, Chinese ride-hailing giant "Didi Chuxing" has made its U.S. IPO filing public -- reports say it may raise about $10-billion and be valued at close to $100-billion. Also in focus: Biogen continues to rally on FDA approval of its Alzheimer's drug, why it's been such a strong week for shares of Amazon, a tough day for Snowflake's stock, a upbeat Wall Street call on Zoom Video, and why Cramer tweeted about billionaire surtaxes.