After the Sell-off: Cramer's Six Reasons, iPhone 15 Hits Stores, UAW Deadline 9/22/23

SPEAKER_1 (0:00)

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SPEAKER_2 (0:02)

She's talking about a cake pop mural.

SPEAKER_3 (0:05)

Ah, exciting.

SPEAKER_2 (0:07)

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SPEAKER_3 (0:12)

Well, you only get married once or twice. The three time stops.

SPEAKER_4 (0:16)

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Carl Quintanilla (0:31)

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 Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at the New York Stock Exchange. Stock's trying to stabilize here after the worst S&P day since March. First one and a half percent sell off in more than 100 sessions. Busy Friday, Global PMIs watching for a possible expansion of the auto strike. A road map's gonna begin with Wall Street's no good, very bad week.

Stock's poised for some steep losses. S&P, NASDAQ both on track for their worst week since March.

David Faber (1:06)

Plus Apple shares their rallying a bit. This is its flagship iPhone 15 hit stores worldwide. Tim Cook at the GM building in Midtown today. Greeting people.

Questions though about demands, they'll remember. All right, well, I'd set it there so I read it.

Jim Cramer (1:20)

You have to just, I mean, what do you need? What is it at that, what kind of demand do you have to have to have a, not, nevermind.

David Faber (1:27)

We're keeping an eye on strikes. Hollywood Studios and the writers are gonna be again today, the UAW, preparing to possibly expand its walkout from Detroit's big three.

Carl Quintanilla (1:38)

Let's begin with the markets after Thursday's sell-off gym. Selling, Rosh Hashanah definitely worked. Do you buy Yom Kippur?

Jim Cramer (1:45)

Actually, I came out last night with a piece by Larry Williams, who I think is the foremost market historian, who said, be careful, September's gonna be terrible. And he came into me this week and he said, okay, cover your shorts yesterday, buy today.

He looked at cycles for short, medium, and long, and they all say that today, next week, we bought them. Look, when you come in and you say September's gonna be awful, and then suddenly you say it's time to buy, I think that guy has gravitas.

David Faber (2:16)

Okay, if you say so.

Jim Cramer (2:17)

He looks like Harvey Keitel, doesn't he? Ah.

David Faber (2:22)

Anyway, I'll do a little Keitel for you later. I gotta hear him.

Jim Cramer (2:26)

30 minutes, I'll be there in 10

Yes, I think that Larry Williams, who was the market's foremost historian, is saying bye. And I love the fact that we went out on the show and you said, look, September's gonna be awful. And boy, September has been hideous. And now, David, time to buy.

David Faber (2:43)

Time to buy. Yeah.

Jim Cramer (2:45)

I don't know, but the Yom Kippur, I must shut up because the cycles didn't turn but that holiday, because it's a lunar, doesn't always live in cycles. But I think that this was a very poor...

David Faber (2:55)

It doesn't always agree with the Fed calendar where the chairman's gonna say some things that conceivably get people a bit concerned that it's gonna be longer.

Jim Cramer (3:06)

Yeah, the few's next.

David Faber (3:08)

What did the Fed chair say to Abraham 5,000 years? I don't know.

Carl Quintanilla (3:12)

Speaking of which, Fed blackout window is now...

The window's now reopened. We got Cook on the tape. And we'll get Cascagheri and Daly later on.

Jim Cramer (3:20)

Yes, Cascagheri's talking. Well, actually, these guys are pretty thoughtful people. But I would say that...

I'm gonna make a point. I thought yesterday was one of the worst days I've seen in Stockport in a long time. I mean, it was just everything, anything that was positive just went down less than things that were negative. And the market was cascading. And the give up that I saw between three and four was extraordinary. And there were people, particularly, say, in the Real Estate Investment Trust, who just said, you know what, I gotta get out of this prologue so badly. I mean, honestly, I have Federal Related on tonight, which is the only one in the utility. They've recently raised a dividend for more than 50 consecutive years.

The give up yesterday was as if something huge was going to happen.