9AM HOUR: Oil and Yields Watch, Dell Surges, Chevron CEO "First on CNBC" in Venezuela 9/2/26

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**Carl Quintanilla** (1:00)
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 Wednesday 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. Bond yields backing off a bit this morning after a soft ADP, and that's helping equities, at least the Dow, move into the green. Dell up 9% pre-market doesn't hurt either after a stellar quartering guide, Broadcom tonight. Brent has moved from 85 to 95 in about a week. Pretty stable today, but diesel fuel near a fresh four-year high. A roadmap begins with the bond market, fears and the return of geopolitical risks front and center for investors. That 10-year did hit the highest level since November of 23

**David Faber** (1:43)
Plus AI profitability continues to be in the spotlight. Dell and Palo Alto both reporting earnings showed booming demand while OpenAI Sam Altman, he's making the case for stronger guardrails around some of their latest models. We'll get to that. Chevron planning to double oil production in Venezuela. It's a part of a $7 billion investment. Company CEO Mike Wirth will join us first on CNBC, as well as perhaps, no, I think we already heard from Chris Wright, the Energy Secretary, but we will hear from Mr. Wright. Excuse me, Mr. Wirth, Carl, later in the program.

**Carl Quintanilla** (2:18)
Busy day in Caracas with Brian Sullivan. Let's begin, though, with inflation concerns on a day in which the 10-year did get to some fresh multi-year highs. Last night at the G20, Treasury Secretary weighed in on higher oil prices.

**Scott Bessent** (2:33)
We have temporary elevated energy prices, and these prices will come down. I don't know whether it's today, tomorrow, or next week. We will get to the other side of this. The economy is strong. Interest rates will come down when we get on the other side of this. The economy will accelerate, and I would add, too, that right now we have what Alan Greenspan would have called a conundrum. That we have large borrowings by AI institutions.
There are businesses that are meeting these incredible cap X needs.

**Carl Quintanilla** (3:08)
Of course, the correlation, Jim, between oil and treasury is pretty tight at the moment. And starting Tuesday, treasury will have the open door to start their buybacks.

**Jim Cramer** (3:17)
Yeah, well, I think that, well, look, I'm optimistic that initially there could be, if we get more numbers like we had today, the softer unemployment number. But I think you can't have, like he says, the economy is terrific. I think it's going to be okay. But the most important thing is just that oil doesn't come down because the president responds to every right post of Iran.
So, I mean, Iran can shoot a missile at Jordan and then the oil goes up and then interest rates go up and then the soft one goes down. And David, there really is not much more to it. That's just what it is.

**David Faber** (3:51)
That's certainly what's front and center for many of the people who allocate assets these last few weeks and probably will continue for some period of time. First thing is the bond market and oil prices. That's what you're going to hear. Exactly right. Then you focus on the stock market. It may be in the hedge fund world again where I tend to talk to people. Shorting software has also been a very painful exercise lately. It has been. But it has been a difficult market certainly for many of those practitioners, at least to try to make money in.

**Jim Cramer** (4:17)
Right, it has. But the idea, we've got a Fed Chairman that demonstrated initially that he's not believing in the short-term theory about oil. He's believing in the long-term theory about inflation.