Inflation and Tariff Watch, CoreWeave's IPO and AI, Lululemon Tumbles 3/28/25

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Carl Quintanilla (0:44)

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 Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post9 of the New York Stock Exchange. Futures are lower. S&P is trying to hold its gains for the week after personal spending comes in solid, but progress on inflation stalls out a bit. CorePCE up 2.8 year on year. That's a tenth hotter than expected, hottest of the year. Our roadmap begins with the president. This warning for automakers reportedly telling the executives that they better not raise car prices because of tariffs.

David Faber (1:19)

Plus Elon Musk's self-described revolution, the Tesla CEO and, of course, leader of Doge, says he expects to cut the federal deficit by a trillion dollars on the end of May. I looked at the calendar, May is close.

Carl Quintanilla (1:33)

Is it?

David Faber (1:33)

Yeah. It's also a major test this morning for the IPO market. We've been talking about this for a couple of days, of course. CoreWeave comes public and it's downsized public debut. Will it be enough to engage investor interest?

Jim Cramer (1:49)

It depends how hard you're going to hit it, my friend.

David Faber (1:51)

We'll talk about it, of course.

Jim Cramer (1:52)

There were many people who said, I'm afraid to buy because of Faber. I'm just pointing it out.

David Faber (1:57)

Well, I was just reflecting the concerns of those who I spoke to.

Sara Eisen (2:01)

No, you were just doing the work as opposed to the other people.

David Faber (2:04)

Yeah.

Carl Quintanilla (2:05)

In the meantime, let's begin with the market's tariffs and PCE, Jim. Despite the warm print, the bond market's reaction was to press yields a bit lower.

Jim Cramer (2:14)

Yeah. Look, the spend factor, there's a lot of fear that we're just becoming frozen, and I think we're going to have to relate that to what Calvin Thomas says at Lululemon, which was actually quite difficult. I have some secret numbers. David, you're not dealing with secret numbers, but you talk about how much this cost of tariff is going to be for cars. Per car. And it's not going to be fun.

You said something yesterday, Carl. You said that the German cars are going to be too expensive. You said, well, you raise a Beamer, 10 Gs. That's a lot. Suddenly you're looking at that and you're saying, you know what, that's right. The Jaguar Land Rover? I think that if you're not an oligarch, you can forget about it. David, look at this. This is an oligarch number, 24,000.

David Faber (2:58)

Yeah.

Jim Cramer (2:58)

Secret numbers. You don't have the numbers.

David Faber (3:01)

No, I don't have the numbers. You have the numbers.

Jim Cramer (3:02)

I have the numbers.

David Faber (3:03)

You have the beans.

Jim Cramer (3:05)

I have the secret numbers. Now, you can get a large premium. I mean, some of these things, you can say that the large premium SUVs are all going up $12,000. Now, I think that these are sticker shops, like you wouldn't believe. And I think that the president may not want anyone to raise, and that's true, but this is how much is going to go up. And I think that people are going to be...

David Faber (3:24)

How do you stop automakers from raising prices? What do you threaten them with?

Jim Cramer (3:29)

I don't know. You do what you did to Paul Weiss and Skadden? I don't know.

David Faber (3:32)

Well, Skadden is preemptively settling. Right. Or Jenner Block.

Jim Cramer (3:37)

Hey, just call him out.

David Faber (3:38)

Or Hale or Perkins Cooey. Yeah.

Jim Cramer (3:40)

I think you threaten them. Right. You threaten them. And this isn't-

David Faber (3:44)

With an executive order?