History on Wall Street: Record Highs for the S&P 500 and Nasdaq 6/27/25

SPEAKER_1 (0:00)

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David Faber (0:47)

Market insight and analysis. You're listening to the opening bell of CNBC Squawk on the Street.

SPEAKER_2 (0:53)

Good morning.

David Faber (0:53)

Welcome to Squawk on the Street. I'm David Faber. He is Jim Cramer and we are live from Postland for New York Stock Exchange. Carl has the morning off. Let's give you a look at futures before we get started with trading for the last day of the trading week. Happy Friday, everybody. We're looking for another higher open on a week where we are headed towards records. And that is where our roadmap begins, Jim, with that record run, the S&P and the Nasdaq on the verge of hitting new highs. Poor PCE, that is the Fed's preferred inflation gauge, slightly hotter than expected. Plus, the race to 4 trillion, NVIDIA and Microsoft both pushing to new highs and they are both getting closer to that market cap milestone. And shares of Nike, they're up on the back of the latest earnings and commentary from the company. Its guidance, the fact that the worst may be behind it, has the stock at least up a few percentage points, Jim. Let's start with the S&P and the Nasdaq because we are right here at record highs.

I was watching the show last night. Your show, Ed Money, you're welcome. I thought it was interesting because you were talking not just about tech, but the fact that when you go through some of the best performers, it's not just tech. That said, it's where we spend most of our time for obvious reasons and certainly we are focused on the NVIDIAs and the Microsofts which continue to move higher.

Jim Cramer (2:21)

I think that we're at a period where it's kind of the old days. Try to spend, this is what I do, Amazon up three. Guys, what story Amazon? What's going on with Amazon? Alphabet up five. What is that? Apple up two. We are back to that moment where there is no explanation. There's just money in. Remember the money in, the trance of money that we had in the 90s?

So, it's only a question of whether it's 95, 96, 97, 98 or 99 And the money that's coming in over the transom is extraordinary. It's very different from what we've had in the last decade. It's individuals. But they're buying ETFs. Thank you, Michael Harnett, who does great work back in America. And I just see it and I just marvel because how did it happen that we got back to just wave of money that's not like the institutional money everywhere. Ooh, Amazon, up down, up down. Maybe we should sell Amazon. This is just concentrated buying of winning stocks.

David Faber (3:21)

And you think it's a lot of it is retail fueled.

Jim Cramer (3:24)

Yes.

David Faber (3:25)

Through purchases of ETFs, which are then turning around and often just buying the indexes themselves and or particular parts.

Jim Cramer (3:31)

Well, that's part of what I see when I see a group move before the market starts, that's ETFs. And it's very exciting and very excited people. So you get the situation, David, where there'll be maybe a question about whether you should buy or not. And the tie goes to the buyer. And I think it's not like what we're used to for the last decade of a discerning market, where, well, wait a second, who's doing really well? It's more like, hey, I got to get in. No, I don't want to go with the FOMO stuff. That is not what I'm talking about. I'm talking about what feels like generational.

David Faber (4:06)

Right. Although the other day, again, we're having a similar conversation. You did express some concern about momentum. Well, which is part of what you're describing right now.

Jim Cramer (4:18)

Right. I mean, look, the president will sign some proclamations saying you can have federal lands to do data centers, and we're going to find new ways to power things. Well, go buy Okla. I remember when I first got in the market, it would be like, oh, sunny day, let's buy straw hats, cover it. There are people who are buying the same thesis over and over and over again, and that doesn't end well. But if I look at Okla, which is a real company, and I believe in nuclear, what's, why not buy it? Why not buy it if you're a young person, and you believe nuclear power is coming back?