9AM Hour: Trump Declares Iran Ceasefire "Over": Stocks Fall, Oil Spikes 7/8/26

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The board recommends approving.

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Regarding that seat on the committee, we're promoting.

SPEAKER_3 (0:02)

To boost quarterly earnings.

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David Faber (1:00)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:05)

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. Pre-market's trying to burn off some of this early morning selling, as the president did call the ceasefire over and a waste of time. Following last night's retaliatory strikes, South Korea now in a bear market. Oil's up 5%.

This could be Brent's biggest one-day gain since about the beginning of May. Yields are on the move too. Ten-year yield, about a one-month high. Let's begin with the president's comments on Iran, that ceasefire being over, resulting in oil prices spiking, stocks falling around the globe. Jim, you did say at least when it comes to some of these semi names, we're in a bit of a no-man's land.

Jim Cramer (1:43)

Yeah, well, I think that they're the ones that are experiencing a lot of people think it's bear market behavior, obviously Korea, perhaps bear market behavior.

In an atmosphere like this, you can't say, you know what, this is the bottom. Isn't that just like sticking your finger in the air? In the same way, by the way, when I was looking at the pre-market in Delta, and United, it was like, oh, hold it, that's the bottom. No, these stocks have come up from a very, very far away. David, I've got to tell you, when you see the market down in pre-market trading, the way it was, say, five hours ago, and then it looks like it's starting to go up, I always wait to see if those levels of early warning aren't retested. Don't get too bullish.

David Faber (2:26)

Well, you were warning about that yesterday in terms of at least other opportunities in the market, and I remember we talked Kimberly Clark, we talked Boeing, but the rotation over these last few days has been, to use the words I've heard a couple of times from people I've spoken to this morning, brutal. Brutal, and no shortage of some investors on the wrong end of that as you watch AMD. Again, we have to remember where they're coming from. So the declines are significant, but of course the move up has been far more, and there it is. I mean, wouldn't anybody be happy to have owned that over the last year? Of course.

But you can take a look, even over the last week, you're talking almost 6 percent. Yesterday was brutal, and we are on the wrong side of that. It can get ugly. Meanwhile, you watch names like Morgan Stanley, up 25 percent for the year, for example. There's been a rotation going on into any number of the names, some of which you've mentioned.

Jim Cramer (3:22)

Yeah, look, I mean, Goldman Sachs, you see all this debt being issued.

David Faber (3:25)

Yeah.

Jim Cramer (3:25)

I mean, Goldman makes a fortune on that debt.

Obviously, the amount of debt, you talked about Amazon yesterday, the amount of debt that's being done sub-rows almost is really incredible. That group remains in bull market mode, but Carl, when I look at what I call the no man's land, I had a meeting with Jeff Marks from the Travel Trust today. We're up huge on some of these. So the question has always been, we paired back, but we always pair back into parabolic moves. Do we get rid of the last bit because we have doubles? Where do we wait?

I am leaning toward, let's just cut.