9AM HOUR: Bessent and Warsh at G20, Oil Spikes, Tim Cook's Last Day As Apple CEO 8/31/26

**SPEAKER_1** (0:00)
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**Jim Cramer** (0:44)
It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

**David Faber** (0:59)
Good Monday morning, welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live from Post 9 up in New York Stock Exchange. Carl has the morning off. Let's give you another look at futures. You just saw them on SquawkBots. Of course, Andrew mentioned oil. That's certainly one of the reasons why we are looking for a down open when we get started with trading a half hour from now. And our roadmap does start in that general region, geopolitical risk. It's back in focus. The US and Iran exchange strikes for the first time since July in a major escalation.
Treasury Secretary Bessent signals more sanctions as well against that country. We're going to hear from the secretary and Fed Chairman Kevin Warsh as well this hour.

**Scott Bessent** (1:35)
That's driving.

**David Faber** (1:36)
Plus oil prices, as I just said, back above 90 for Brent. That is renewed concerns about supply disruptions. And it is the end of an era at Apple. It's Tim Cook's last day as CEO after 15 years.
AI expected to become the first big challenge for the company's new CEO, John Ternus. All right. Let's start y'all for the markets as we get things going here on a Monday morning. It was a positive week for stocks last week. The G20 meetings, of course, will be in focus today. Sara Eisen is going to be speaking with the Treasury Secretary. That'll be live from that event. That'll be in the next hour of Squawk on the Street. But you had some time, my friend, for quiet reflection, as I know you like to do during the weekend. And typically, your thoughts are of the markets and the economy and business, because you can't really think about much else knowing you as I do. So any new conclusions for us?

**Jim Cramer** (2:33)
Well, I do do a think piece on Sunday, because it does create a, let's say, a big chunk of time being used for the club. Look, I was going over the trading in Nvidia on Friday, and the moment that we were certain that Warsh was being harsh and tough, it's when the stock began to go down. The stock was in 229, the stock just lost its value, hour by hour by hour, never really up checked. And there were many others that similarly followed.
And that matters, because those are interest rate sensitive.
Because they're big cap stocks, and they move with the market. I think that we're not making enough of the impact of Warsh on stocks, which are very negative. Because suddenly you'd be fighting the Fed if you are buying, and the late Marty Swig always explained to us, you don't fight the Fed, and you don't fight the tape. And we are absolutely fighting the Fed now. And that is very, I'd say that's, I don't want to say how negative that is, but let's put it this way, it's a double whammy going in September.

**David Faber** (3:41)
It's not a positive, I guess.

**SPEAKER_7** (3:42)
No, there's no way it's positive.

**David Faber** (3:43)
I know you take a look at the tenure, we are now at 4.75, again, that gets people's attention, typically Jim. We mentioned oil, of course, which is looking up on the latest...

**Jim Cramer** (3:54)
Yeah, and this time really up. I mean, Chevron is my barometer.
It's a 204 really flying. Chevron also beneficiary conceivably of Venezuela.

**David Faber** (4:02)
Conceivably, although the Venezuela situation is an interesting one because it does appear the US, at least according to reporting from the Journal and others, is taking a significant equity stake in a new company that is going to be given a lot of the rights to develop those 65-plus billion in reserves.

**Jim Cramer** (4:18)
Ten years.

**David Faber** (4:19)
And compete against the likes of Chevron or Conoco.