9am Hour: U.S.-Japan Yen Intervention, Stocks Rally As Oil Prices Slide, AstraZeneca-Bristol Myers M&A Buzz 8/3/26

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

**SPEAKER_6** (0:51)
Good morning.

**David Faber** (0:51)
Welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live from Postline at the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures before we start a new month of trading. How exciting. As you can see, we are looking for a higher open. What's going on with the NASDAQ there?

**Jim Cramer** (1:07)
Well, I mean, NASDAQ, that trades in Korea.

**SPEAKER_7** (1:11)
Right?

**Jim Cramer** (1:12)
The headquarters of that, isn't that a costly?

**SPEAKER_7** (1:15)
It's a slow, yeah.

**David Faber** (1:16)
All right, let's start with our roadmap this morning. It does begin with the US and Japan actually engaging in their first foreign operation to support the sagging yen for the first time since 1998
On the M&A front, these are reports in the FT, AstraZeneca in talks with Bristol Myers about buying that company. They'd have a combined market cap somewhere around 400 billion bucks. And of course, we're always keeping an eye on shares of SpaceX here at CNBC. What the first earnings report is going to look like, of course, as the stock trades around 107 a share in the pre-market. Jim, let's start with, I mean, a weird place for us because we don't talk a lot of FX, but let's hit it quickly and move on. But thoughts on this intervention because it is a major moment.

**Jim Cramer** (2:02)
Well, I do think that Japan is in trouble because of the war.
I mean, I look at it, it's very interesting to see their LNG 22 versus ours 2.8 dollars. You can't have a sustainable growth in the country with energy as expensive it is. I also obviously think that it's in our interest to have stronger yen. They own a lot of our bonds.

**David Faber** (2:26)
We should point out, of course, it was a joint intervention after the currency did fall to decade lows. I think it was four decade lows, in fact, 40 years. We also had the president saying some stuff about it on Air Force One. Take a listen.

**SPEAKER_7** (2:41)
We have a good relationship with Japan. We're very strong, very, very strong financially.
They have a weakening yen and they wanted a little bit of help. We're always there for Japan. Japan's been very good to us.

**Jim Cramer** (2:58)
Well, look, it's in our interest. Say this.
I do think that there are, among hedge funds, it's obviously a very big deal and among importers, exporters. We do import a lot of stuff from Japan, but not as much as I think people recognize. I think we're worried about them dumping our bonds.

**David Faber** (3:16)
Yes, that's got to be one of the key concerns, right? That they start to sell treasuries, this at least puts that aside perhaps for a while. By the way, we should come back to the bond market, Jim, because as you and I sat here on Friday, I think the 10-year was hitting recent highs, and we're talking quite a few months' highs.

**Jim Cramer** (3:36)
It's almost like it's a ceiling on our stock market. Now, interest rates are lowered today, so I think you get a pretty good situation to see why the Dow's up. Obviously, Nasdaq is very rooted and is still in the Leopold trade.
It doesn't seem to go away as fast as we thought.

**David Faber** (3:54)
No, we'll come back to where things stand in terms of the impact of the wrapping up of so many of their public equity trades at situational awareness and the impact that's had. But it's important to note that yields have backed off a bit because that was certainly a feature on Friday's trading coming off of, of course, the incredible Amazon numbers that you and I discussed.