Amazon and Jassy, Apollo Global at Milken, GameStop's $56B Bid for eBay 5/4/26

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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 (1:06)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla, the post-9 of the New York Stock Exchange. Cramer is in Seattle today, where he'll have an exclusive with Amazon's Andy Jassy tonight on Mad Money. Faber is at Milken in Beverly Hills and he'll talk with top executives from Apollo Global, Blackstone, Aries, Morgan Stanley, and a lot more. Meantime, future is pretty volatile this morning on these various reports of traffic disruption in the Strait of Hormuz today. Brent is back to 110, retail gas 446 a gallon. Diesel actually starts to set some fresh record highs in some states.

Let's begin with the market's record run though. S&P is coming off the best month since 2020 B of A today says the strength of the earning cycle is outweighing these geopolitical tensions when it comes to market performance. Jim Goldman is saying the percentage of companies that are missing on earnings, 5% lowest in 25 years.

Jim Cramer (2:00)

Yeah, I read that piece. It's pretty interesting. Big gains, double digit gains for companies. I think that something happened this morning that I think is really apropos of what you were just discussing. Before this story that came out of Iran, that there were two warships that were fired on by satellites of ours, the market was really flying, and the ones that were really flying were once again, the memory shortage, some of the Mag-7 companies involved with semiconductors, and that all cooled and hasn't come back yet, even though I think that the denial was strong. But Carl, there's no doubt about it.

We care so much more about earnings than we care about the war. We didn't know how to factor in the war anymore. Before, do we ever know how to factor in what some of these companies are doing? David, I'm sure you're going to be talking to a lot of the companies out there that are in tech, but it's a halcyon time, and I think some of it's AI, and some of it's just because they're dominant, and they're flexing their dominance, and it's really pretty amazing to watch.

David Faber (2:56)

Yeah, well, we're coming off a week, of course, where we got earnings from obviously the largest companies the world has ever seen, Jim, and the numbers only continue to go higher when it comes to CapEx. We spent a lot of time talking about that, as we should have, of course, and what that does is it courses through the economy when all of these companies are spending at or even more than we might have anticipated even only a few months ago as they continue to pursue that race for AI dominance amongst each other and, of course, with China as well. But Jim, as we see the future is down, and we think about the Strait of Hormuz and the lack of natural gas that continues to not get through there for Europe and for Asia, I do wonder, is there going to be a point at which suddenly it is a story that does truly impact the way investors are thinking about day-to-day movements in the stock prices, or is it really only going to be, as you say, about what's going on here and with our own companies and their earnings?

Jim Cramer (3:55)

Well, eventually, it should impact because a lot of the companies that we talk about have some cyclicality to them, and the cyclicality includes not just the United States, but overseas.

But people are still using the reserves, countries are still using the reserves, and I think that when I look at what's possible, is that we are going to be a magnet for money, and there are only a couple of companies that are really being hurt here, whereas there are many companies being hurt there. Their consumption will be hurt. We, as President Trump correctly said when he came in, they don't buy a lot of stuff from us, and because they don't buy a lot of stuff from us, we will not be as hurt as they will. Carl, those are all export, almost everybody is an export economy except for us. We're an import economy, and that was one of the things that the president was trying to do when he did the tariffs. So we will be the last to be impacted, and hopefully, I think a lot of people feel if we're the last to be impacted, then we'll be in pretty good shape because it can't go on forever, Carl. It just can't.