Bears Rule Q1, Buffett's Market Message, Exclusive With Nvidia and Marvell CEOs 3/31/26

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Jim Cramer (0:59)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:12)

Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber here at Post 9 of the New York Stock Exchange. In a few moments, we're gonna talk to Nvidia's Jensen Huang and Marvell's Matt Murphy about their AI partnership, including Nvidia's $2 billion investment in Marvell. Meantime, final day of March and Q1, US crude oil does hit 104 Retail gas averages $4 a gallon for the first time since 2022 Stock's trying to close out the worst month for stocks in almost four years with some green arrows, as the president suggests other countries like the UK, quote, go get your own oil from the Strait of Hormuz as Iran sets another tanker ablaze. Let's begin with the markets, though, on track to snap this three quarter wind streak. This is what Berkshire's Warren Buffett did tell Becky Quick a few moments ago on Squawk about this market environment.

Warren Buffett (2:01)

Three times since I've taken over Berkshire, it's gone down more than 50 percent. But, I mean, if you look at the markets of, oh, the worst probably was the 2007-8 period, although there was that one Monday when you had 21 percent in a day. I mean, uh.

Carl Quintanilla (2:29)

Jimmy did say they bought some treasuries, probably sold Apple too soon, doesn't know if he would cut if he were at the Fed.

Jim Cramer (2:36)

Well, look, these are all the reasons why you... I'm not saying we're in a bear market, but there's just not a lot of reasons to be in the market. The main reason to be in would be if the president came out and said, look, we're done, we won. And then you'd see oil go from 103 West Texas, maybe down to 60 And that would be the end of what the biggest fears are now, which inflation, we saw that, by the way, in the Eurozone. The Eurozone suddenly out of nowhere has got an inflationary problem. David, I think that that's coming our way if things stay up here.

David Faber (3:10)

And it's hard to know whether they will.

Jim Cramer (3:12)

Right.

David Faber (3:13)

Right? Because it's hard to gauge at this point what our posture really is, I guess, when it comes to the war. We hear a number of different things. And obviously we hear different things having to do with the Strait of Hormuz as well, which is such an important component of this underlying potential inflation you're talking about.

Jim Cramer (3:32)

Right. Well, I mean, it is kind of a, it's a crux moment because the president had been insisting that the Strait be opened, and now it looks like, Carl, that's off the table. If that's off the table, then oil shouldn't be up this morning, it should be reversing as it is right now. We did see an important reversal in our own oil stocks in the last two hours.

Carl Quintanilla (3:51)

You were writing about Chevron last night.

Jim Cramer (3:52)

Yeah, Chevron has been the big tell. Chevron was at 114, and it just plummeted. I'm not saying that Chevron, I'm just saying the oil stocks have always anticipated the futures, and I think that the oil stocks are looking slightly down. They've had parabolic moves, I think they can come back. But the idea that nothing happened last night is ridiculous. I mean, there's obvious off the... If you can just declare victory without the straight, and you tell everyone else to fend for yourself, I mean, our oil is not straight oil. Our oil comes from the Gulf and doesn't need this straight of her moves. I think that this was something that would be unforeseen, that in the end, Iran gets a big coal, they end up making a lot of money. It would be something I think, I guess, people just say, listen, that's, if you poke the bear, this is what happens. And it's not what I thought the president wanted. I told this morning, I thought the president insisted that the straight be open. That's off the table. That's really significant. It says you should sell oil, you should sell oil aggressively. Right now?