9AM HOUR: Wholesale Inflation Rises, AI Fears, Apple's Foldable iPhone Debut 9/10/26

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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 Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer here at Post 9 of the New York Stock Exchange. David Faber is on assignment. Another tough setup after three straight losses for the S&P. Bond market did not like PPI with the 10-year, now 491-ish, long bond news cycle high 534 WTI joins Brent above 100 as the Journal says Iran seeks to escalate this conflict. Oil is up eight straight days. That is the longest streak in about three years. Our roadmap begins with the latest read on the economy. B of A's Brian Moynihan says the consumer remains strong despite rising gas prices. Paul Tudor Jones in the latest to sound the AI alarm. We'll talk about his op-ed. And Apple's new chief John Turness unveiling the company's latest iPhone model. And it does come with a hefty price tag.

Let's begin though with market reaction to PPI, Jim. We're taking out some of these levels on the 10 and the 30 year today. Actually two year, four and a half.

Jim Cramer (2:05)

Yeah, it's funny that we often think of, we exclude oil, food and energy, okay?

Food's horrible and energy's horrible. Throw this number away.

You talk about diesel. Diesel is, it's up so much. It's jumped 24.1%.

Diesel's what's causing food. I mean, people have to recognize that we are a trucking nation, okay? We are not a train nation which uses 400 gallons of the model. I mean, 400 gallons for a full trip. What we have here is a surtax that's put on us throughout the chain. And we can't avoid it. And the surtax is 25% diesel and that's gonna be through everything. We all act as if, well, it's fine, it'll be over. But is it over after six months? At what point is it considered not temporal? And I think we are at that point. And I think that we are going to see, just if we don't get our $5,000, which of course was ludicrous. Just, I mean, no one ever said, well, that's not possible. No, that's ludicrous, okay. And I'm not talking about Ludacris, who might be a dream force texture. And I hope he would, because I know that usher's coming. But I do feel that when I look at this, I say, eventually it's going to run into the consumer. It hasn't yet, because the consumer has a job and consumer, the wages are running a little bit ahead of inflation, according to Brian Winahan, the CEO of Bank of America, who certainly knows a lot, because he's the second largest bank in the country.

Carl Quintanilla (3:30)

Yes, and Sharf told Sara similar things yesterday in Boston. But Jim, I mean, consumer discretionary names are off by a fifth in the last month. Restaurants, we just had Starbucks, that might be the one exception to restaurant week.

Jim Cramer (3:44)

As Brian Nichols spoke, and that's great, because it has not been. It's been a horrendous stock for the last three weeks. Very few stocks have been as horrible as the Discrash. Macy's put up numbers today. I kind of liked them, but they did miss one line. They missed one line, the stock's down 3%. They missed the revenue guidance. Yes. And that's all that mattered.

TGX came in.

Carl Quintanilla (4:04)

And that's with Bloomy's comps up 11

Jim Cramer (4:05)

Exactly, and Bloomy's is, of course, where Tony Springs from, the terrific CEO. But if you look at, can you put up a chart of TGX, because it's, you know, we talked about the stand yesterday. Here's an actual stand chart. And this is incredible, because while I was looking for 6%, they came in at 2%.