Fed Decision Day, Nvidia’s China Troubles, Live: StubHub CEO on IPO 9/17/25

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Jim Cramer (0:46)

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.

David Faber (0:59)

Good Wednesday morning and welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're at Postline of the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures. Big day ahead, of course, Fed meeting. If you haven't heard about it, bet you have. You can see not much, a bit of a mixed picture there, not looking like too much direction. Our roadmap, though, does begin with the Fed, of course. Front and center for investors. Powell and company are expected to cut rates today. It would be the first time we've seen that in about nine months.

Plus, Nvidia's CEO, Jensen Wong, saying he is, quote, disappointed on reports that China is telling its top technology companies to stop buying Nvidia's AI chips. And those shares are down just a bit in early trading. And another big IPO debut today right here at the New York Stock Exchange, StubHub, going to go public valuation, a little more than $8 billion. The company's CEO will join us first on CNBC. That will be a bit later in this hour. All right, let's start with the Fed expected to cut rates first time this year. And it's not like we haven't talked about this. It's not like you have not said in previous shows we talk way too much about the Fed. But today is a day where you kind of have to.

Jim Cramer (2:13)

I think it's like earnings. You got to talk about the company and reports earnings. David, look, everything's on the line here in that last year, this week, we saw something that we obviously don't want to see, which is that the long end interest rates went up, not down, which then kind of destroyed the mortgage story. And then we got to pause a couple months later.

David Faber (2:34)

Well, mortgage rates are at the lowest at least very recently in three years.

Jim Cramer (2:37)

Which is really interesting, isn't it?

David Faber (2:38)

Yeah.

Jim Cramer (2:39)

So it looks like the market's making a serious bet. You cut rates and then, boom, you get a long...

David Faber (2:46)

But I think your point is an important one. We have a steepening yield curve.

Jim Cramer (2:49)

Right, which the banks love.

David Faber (2:50)

Banks have been benefiting from that.

Jim Cramer (2:52)

That's why the banks are doing it so well. But David, look, the numbers that we're getting in mortgage is... They're indicative of two things. Housing market getting softer. But look, unemployment has really not been great. That is something that might trump prices. Even as we see things like Kroger, General Mills, where there's havoc being played in prices. General Mills, by the way, this morning, Various winning, because private label is hurting them. And you know, once private label gets entrenched, David, Yes. Especially with animals, because the animals do not say, Is this private label? They say, thank you.

David Faber (3:28)

Yeah.

Jim Cramer (3:29)

And they lick your face.

David Faber (3:30)

They typically eat it with great order. Yes, that is true. I'm looking at GIS right now. Yeah, it looks like it's down about a buck, maybe a buck and a half.

Jim Cramer (3:40)

Well, look, that group is to die here.

David Faber (3:43)

Look, it's still the kiss of death. And it hasn't been for a long time. I mean, General Mills is down 33% this year.

Jim Cramer (3:49)

I mean, this is the blue chip of the group, and it did well by Blue Buff, although, of course, they paid too much initially.

David Faber (3:55)

Look, but you made the point of General Mills, wow, because of private label, which says what?

Jim Cramer (4:02)

It's the consumer's product. I mean, because General Mills offers really good product. But now it seems like even though they offer really good product, the stores offer good product. Period. It's just a totally...