3-Year Bull Market, Fed Final Five, Paramount-WBD Talks 10/10/25

SPEAKER_1 (0:00)

Hey, Fidelity, what's it cost to invest with the Fidelity app?

SPEAKER_2 (0:04)

Start with as little as one dollar, with no account fees or trade commissions on US stocks and ETFs.

SPEAKER_1 (0:12)

That's music to my ears.

SPEAKER_2 (0:14)

I can only talk.

Carl Quintanilla (0:17)

Investing involves risk, including risk of loss. Zero account fees apply to retail brokerage accounts only. Zero dollar commission applies to online US equity trades and ETFs and retail Fidelity accounts. Sell order assessment fee not included. Some account types and securities excluded.

David Faber (0:25)

Details at fidelity.com/commissions.

SPEAKER_5 (0:26)

Fidelity Brokerage Services LLC member NYSE SIPC.

SPEAKER_6 (0:32)

Huge savings on Dell AI PCs with Intel Core Ultra processors are here, and they are newly designed to help you do more faster. They can generate code, edit images, multitask without lag, draft emails, summarize documents, create live translations, and even extend your battery life. That's the power of Dell AI with Intel Inside. Upgrade today by visiting dell.com/ai-pc.

Carl Quintanilla (1:01)

Market Moving Insight and Analysis join Jim Cramer, David Faber, and me Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures trying to steady after the Dow's worst session since September 23rd. Government shut down in day 10, although it looks like we might get CPI in time for the next Fed meeting. Ten year back below 4-1 on continued consumer jitters. Our roadmap begins with the record run for stocks as this bull market does turn three years old. We'll discuss how much further it might run.

David Faber (1:35)

Newsflash. NVIDIA is one of the stocks that has led the way in this rally. The stock is hitting new highs. It's in fact getting kind of close to that $5 trillion market cap number.

And the list of candidates for the next Fed chair is down to five from 11 This is after a number of interviews with the Treasury Secretary Scott Bessent, who will be a key in that decision. Of course, the president is the first key.

Carl Quintanilla (2:03)

Let's begin with the markets as we approach the third anniversary of the bull run here on Wall Street. Jim, we've crunched some numbers and we can take a look at how much things have gained in that time.

Jim Cramer (2:11)

Right. I think that we're back, unfortunately, in that period where we started. We're in bottom, we're the hyperscalers. Now, what we were saying the other day, the hyperscalers are still there. We still care tremendously.

Then there's the companies in Silicon Valley, we would say, pre-revenue. Then there's the vast majority of the market that actually did bottom, but is now finding its way back to those levels, quietly giving up the goals. So you'll have like an advanced micro that is just up dramatically, but then you'll have the homebuilders, which are really threatening to completely roll. The retailers act so badly. Most of the drug stocks are horrendous. There's a huge percent of the market that I regard as a bear market now, which is really crazy. It's worth the average.

Carl Quintanilla (2:56)

I mean, Home Depot lows down about 12 from the highs. Homebuilders could actually put in their worst week since 22

Jim Cramer (3:04)

It's incredible how much of a reversal we have of what bottomed and we felt we got so optimistic about. Look, there are some technology stocks that have broadened in terms of tech. It's shrunk in terms of health care. David, there are companies, though, that now are, you just presume, they're going to be up today. Like Rocket Labs. You know what? Rocket Labs is up. Rigetti is going to be up. This is D-Wave Day. This is that part of the market that I just say Robinhood runs.

It's Sherwood Forest, that part of the market.

David Faber (3:37)

You've been talking about that part of the market for a while. It's been concerning to you for a bit of time. Sherwood Forest concerns. Here we are at more or less new highs. I mean, down yesterday, but nonetheless, right near them. It's worrisome. And there's Rigetti that you're talking about, Quantum Computing obviously, all the different names around quantum.

Jim Cramer (3:55)

I want you to add up their earnings, their combined earnings right now.

David Faber (3:58)

Well, I know very quickly what that number would be. It would be less than zero.

Jim Cramer (4:02)

It's the same amount as the offensive eagles. That's what I look at.

Carl Quintanilla (4:06)

You're wondering how long that would take.