9am Hour: Stocks Hit Record Highs, Caterpillar and Palantir Surge, Wells Fargo CEO Exclusive 8/4/26

**SPEAKER_1** (0:00)
The board recommends approving...

**SPEAKER_2** (0:01)
Regarding that seat on the committee, we're promoting...

**SPEAKER_3** (0:02)
to most quarterly earnings...

**SPEAKER_4** (0:04)
Every day, shareholders meet to discuss important matters about the companies you invest in. Now you can easily make your voice heard. Vanguard Investor Choice gives you a say in the companies you invest in. With just a few taps, you can set your proxy voting preference for your index funds. Visit vanguard.com/investorchoice to learn more. Vanguard Investors own shares of our index funds which own shares of the companies they invest in. Available for Vanguard index funds that participate in Investor Choice, Vanguard Marketing Corporation Distributor.

**SPEAKER_5** (0:30)
Insurance isn't one size fits all. That's why drivers of trusted progressives name your price tool for years. Just tell Progressive what you want to pay, and they'll show you coverage options that fit your budget. Visit progressive.com to find a car insurance rate that works for you. Progressive Casualty Insurance Company and Affiliates. Price and coverage match limited by state law.

**Carl Quintanilla** (0:50)
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 Tuesday 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. Coming off record highs for the Dow, S&P is going to take aim at one of its own at the open. As August continues to kick off strong, results are solid at names like Palantir and Cat, SpaceX on deck, WTI 7658 this morning, lowest since July 13 As Secretary Bessent on Squawk says a deal for freedom of movement in the straight is possible in his words today or tomorrow. Our road map begins with earnings in the AI trade, Caterpillar surging on a blowout quarter, helped by data center demand.

**David Faber** (1:33)
Shows that Palantir are also getting an AI boost as well. That stock up double digits after the company raised its full year outlook and posted quarterly revenue that was almost double what it was a year ago.
We've gotten exclusive as well with Wells Fargo Chairman and CEO Charlie Scharf. We're going to talk about of course Wells Fargo's growth strategy, his outlook for the economy, and oh, a lot more. That's coming up in a few minutes.

**Carl Quintanilla** (1:57)
Let's begin with the markets though. Dow is poised to extend its record run, thanks in part to Caterpillar surging on its quarterly beat. Jim, what a story there in construction up 35 percent. Revenue 20 billion for the first time in a quarter.

**Jim Cramer** (2:11)
The turbine business, turbine using the G term, turbine.
I have to tell you the Caterpillar that I'm looking at left by the way, we got to be really, let's give Jim up what we used to do. I happen to think, I think a lot about Joe Creed, the new CEO, but how will we set this company up to be the data center company? And David, you can string their turbines together, you can string some of their engines together, and you know what, you can just generate as much wattage as you want. And I think that you put their machines next to the Marcellus Shale with a pipe, slush.

**David Faber** (2:50)
It's a solution.

**Jim Cramer** (2:52)
Power and energy. What a group. Remember these are all those new, new...

**David Faber** (2:56)
Power and energy has grown as a percentage of the overall revenues. I mean, enormous, I would assume.

**Jim Cramer** (3:01)
Oh my God, well, you know, it didn't even exist a few years ago.

**David Faber** (3:04)
Right.

**Carl Quintanilla** (3:05)
Although that's a print that was kind of just in line, Jim, power and energy.

**Jim Cramer** (3:09)
Well, look, I mean, I do think that you got higher sales volume in construction industries, Joseph, higher sales volume. You've kind of higher sales volume in everything.

**Carl Quintanilla** (3:20)
Yeah, I mean, nice tariff refund in the quarter. Dealer inventories, Jim, are elevating.

**Jim Cramer** (3:26)
Right, now, that's not good. I know. There will be people, remember, bear downgraded it and it's going to be on dealer inventories. But I, look, I look at Caterpillar and I just think, having met with Creed, that if you're a creative person, and you have hedge funds that are buying stuff, and hooking up to the Marcellus Shale, that's creative.

**David Faber** (3:48)
They're a beneficiary of that. We talked with Mike Worth, of course, about that plan, remember, down in, again, that area.

**Jim Cramer** (3:54)
Yeah.

**David Faber** (3:54)
The Permian Chevron and Microsoft GE, Vernova, the beneficiary there, but not dissimilar from the same kinds of things we're talking about here, where, again, they can get the natural gas, take it and power the machines that, or fuel the machines that power the future data centers that will be built.