9am Hour: Inflation Watch, Tech Extends June Swoon, Sen. Warren vs. SpaceX IPO 6/10/26

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Jim Cramer (0:57)

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.

Carl Quintanilla (1:05)

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. David Faber is on assignment. Selling pressure does continue after Tuesday's upside reversal. Futures, though, are off the lows as May CPI at least isn't worse than expected. Still the first 4% headline print in more than three years. Oil is holding some gains as the president says Iran has taken too long on talks and will now quote have to pay the price as Iran once again targets Kuwait and Bahrain. Our roadmap begins with investors navigating this volatility, digesting CPI and that sharp downturn for tech. Plus, speaking of tech, we'll get you ready for Oracle tonight after the bell. Stocks already down 20% since the highs. And just a few days away from that SpaceX debut, a report that the IPO demand is already four times oversubscribed.

First, though, let's get some reaction to CPI this morning. Jim, SuperCore a little elevated, a lot of this was fuel, gasoline, airfares.

Jim Cramer (2:01)

I like the number. The number is pretty good. I mean, the things that were outliers are all related, I think, in one way or another to Iran. And I don't know, the president is not focused on that, which is fine. But when I look at it, I say, all right, you get this war over in two, three days, whatever was the prediction, then I think that you're going to look pretty good. I was very surprised.

Some of the really good numbers that you got in food. I was concerned about food. I thought food would be up more because there's a lot of food guys raising their price because of the cost of actually just making food when it has to do with gasoline.

Carl Quintanilla (2:36)

So fruits and vegetables up six year on year, you think is okay.

Jim Cramer (2:40)

Yes, because I thought they would be up more.

My point is that there were things that, ancillary things that I thought to energy that would be worse. Now maybe the prices come through later, but I didn't mind them at all. I'm not a hawk, I'm not a hawk.

Carl Quintanilla (2:56)

Well, you literally begged Hassan for rate cuts the other day.

Jim Cramer (2:59)

Absolutely, because again, I keep coming back to this notion of the two countries, and I come up with the two countries, more and more you get really just positive information. I think Casey General being as good as it is, it's two countries. That's the way to be able to have a meal, breakfast and lunch. I've had the breakfast pizza, you get filled up. It does matter. You want to have two meals if you're not wealthy.

Carl Quintanilla (3:22)

Meantime, a piece on the tape today, traders piling into positions targeting multiple hikes, some as early as September.

Jim Cramer (3:31)

Well, go ahead, go on Cal Sheets, see if you have inside information. I mean, no, I'm not buying into those people at all. I'm buying into a short sharp drop if this war ends. And I don't think people realize that not just our country, but all over the world, the reason why oil is not going up is there's a lot of oil coming to the market.

Like, oil should be at 120 I mean, really. I mean, when you look at the trajectory.

Carl Quintanilla (3:55)

Chinese have dipped way deep into their inventories.

Jim Cramer (3:59)

Well, I mean, you know, I just think that there's a lot of oil that can roll immediately. And we're, you know, we're at about 13.7.

We're not having any problems. And by the way, remember, natural gas is not even up at all despite its air conditioning season.