Big Bank Beats, $40B AI Deal, Bessent and Miran at CNBC's Invest In America Forum 10/15/25

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Carl Quintanilla (1:00)

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 Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber at Post 9 of the New York Stock Exchange. Cramer's in San Francisco following his interview with Marc Benioff last night at Dreamforce. Meantime stocks look to reclaim some of Tuesday's late day fade as banks add to strength. Plenty of news and chips in AI. Even luxury is finding some new legs. Ten year 402 gold, 4200 today. Our roadmap begins with trade troubles and rates. The president firing off a new threat at China. Powell signaling the Fed's tightening program may soon come to an end.

David Faber (1:39)

We've also got more earnings from the big banks. Morgan Stanley posted a big beat. Stock looks like it's going to be higher. Investment banking revenue also surging at Bank of America. And CNBC's invest in America forum is underway in DC. You're taking a look at it right there. We just heard from the Treasury Secretary, of course, right now.

You're looking at the CEOs of Pfizer, Wells Fargo. There's Charlie Sharp talking right now. Northrop Grumman as well. All on stage with our colleague, Sara. Fed Governor Stephen Miran is also going to speak this hour. We'll bring you some of the highlights.

Carl Quintanilla (2:10)

Let's begin with the markets on the day we were originally due to get a report on CPI. Of course, that release has been postponed until October 24th due to the government shutdown. Jim, the Treasury Secretary with Sara this morning talking about how this is beginning to bite into the real economy. I've seen a couple of notes today saying that because of the paycheck miss today and tomorrow, you might begin to see some non-linear impacts of the shutdown on the economy.

Jim Cramer (2:36)

Yeah, but look, I think that J-PAL totally understands this. He also seems to understand that tariffs are coming to be only like one time, and one time plus this possibility of hiring and employment going down shockingly, I think, because of this makes it so that you feel that the PAL has your back. And that was why I felt that the market was doing so well yesterday until the soybean incident. It does kind of feel like K. Mutiny at this point.

I really think that if we're going to take every true social post and decide that that should determine what we do with stocks, we're going to end up missing the big picture, which is that the banking industry is leading this rally and a Rally David that is led by the banking industry, including some spectacular performance from Morgan Stanley today. Fantastic from Bank of America. David, these are the defining elements, not soybeans.

David Faber (3:28)

Yeah. Well, we'll get to, we're going to get to both of those. You take a look, Morgan Stanley, although I had seen it up even more perhaps in the pre-market when we get started with trading about 27 minutes from now. But what's the soybean incident you're referring to, Jim?

Jim Cramer (3:41)

No, I'm just saying that the president, he's talking about farmers, he's talking about what the government, you know, about oil, but not the kind of oil that matters, a new kind of oil, you know, he's talking about cooking oil. If he was talking about real oil, I would be worried. But the cooking oil issue, it's kind of like the Yellowstone incident I'm referring to. And Carl definitely knows what that's talking about.

David Faber (4:03)

By the way, I didn't know we'd be starting with cooking oil, Carl, at three minutes into the show. The cooking oil incident.