FedEx Beats, Super Micro Plummets, Cramer: Markets Are Oversold 3/23/26

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Jim Cramer (0:58)

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

David Faber (1:09)

Good Monday morning and welcome to Squawk on the Street. I'm David Faber. That's Jim Cramer. We are live from Post 9 at the New York Stock Exchange on this Monday morning. Carl has that morning or this morning off. Let's give you a look at stock futures, of course, as you well know, having watched Squawk Box, they are surging and oil prices are down. This after President Trump said he is postponing US attacks on Iranian energy infrastructure. And you can see what's happening there. Let's start with this morning's Truth Social, social post from the president saying he has instructed the Defense Department to, quote, postpone any and all military strikes against Iranian power plants and energy infrastructure for a five-day period, depending on how talks progress between the US and Iran. The president says both sides have had, quote, very good and productive conversations regarding a complete and total resolution of our hostilities in the Middle East. Now in response, Iran's state media said the president has backed down on targeting the country's power plants amid threats from Tehran. And perhaps even more importantly, they say there have been no direct or indirect communications with the US.

Asked about that on another network, Jim, the president said he's not sure what the Iranians are referring to because the most recent talks happened, in fact last night, with Steve Whitkoff and Jared Kushner and their counterparts. So that's what we have in terms of trying to understand what talks, if any, have taken place, but what we do know is the futures are up sharply, oil is down sharply, and there certainly seems to be a belief amongst investors that perhaps hostilities could come to a swifter conclusion that might have been the case if we were moving ahead with bombing Iran's power infrastructure.

Jim Cramer (3:02)

Most definitely. I mean, obviously, we need a little more detail about Fagabor.

I've been looking at the bonds as maybe the truth teller here. Interest rates were up pretty badly last night. They immediately reversed this morning, and now they're kind of playing it close to the vest. The reason why I say that is because I think a lot more of the problems than we ever talk about have to do with the fact that interest rates have been relentless. And if you can get oil to go down, that's big. If you can get interest rates to go down, that's incredible.

David Faber (3:36)

Right. Well, neither had been going down until we're watching oil, obviously, with a very significant decline. You can see their WTI down perhaps as much as 9% ice. Brent crude down even more. Energy prices for Europe, for example, have soared. Natural gas prices, we can see at the bottom of the screen there, have soared. And there has been overall a concern that as this continues into another week, with oil prices significantly elevated, what would it mean for the worldwide economy?

Jim Cramer (4:05)

I think that it's all been a measure of how many months or weeks before Europe gets in recession. And then does it carry over here? I know a lot of people want to say because we're self-sufficient, continental, we're, let's say, somewhat protected, but I think that that's a sense of security. I think that it's not long before people realize, you know what, the Fed can't cut and the economy is slowing down. Suddenly, we have a reversal. But David, how are you going to say that the president didn't have the talks? Obviously, he can't do that. He's got intermediaries.