Inflation Data Rally, Trump Ditches Canada Talks, Intel Jumps on Q3 Results 10/24/25

SPEAKER_1 (0:00)

Introducing Fidelity Trader Plus. With customizable tools and charts you can access across all your devices. Try our most powerful trading platform yet at fidelity.com/traderplus. Investing involves risk, including risk of loss. Fidelity Broker Services LLC, member NYSE SIPC.

SPEAKER_2 (0:16)

Huge savings on Dell AI PCs with Intel Core Ultra processors are here, and they are newly designed to help you do more faster. They can generate code, edit images, multitask without lag, draft emails, summarize documents, create live translations, and even extend your battery life. That's the power of Dell AI with Intel inside. Upgrade today by visiting dell.com/ai-pc.

Jim Cramer (0:45)

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.

Carl Quintanilla (0:52)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Faber's on assignment. Stocks do look to add to about a 2% gain for the week as we finally get some government data. September CPI comes in about a 10th light, although both headline and core year on year now have a three-handle. Yields haven't quite taken out Thursday's lows. A roadmap begins with the first major economic number since the government shut down. Latest CPI number slightly lower than expected. The president terminating all trade talks with Canada over this ad featuring the voice of Reagan. And shares of Intel rallying in the pre-market, did a sales beat in its first earnings number since the government became a top shareholder. Let's begin, though, with market reaction to CPI. Jim Shelter doing quite a bit of heavy lifting on this one.

Jim Cramer (1:37)

Oh, gee. Look, I find that some of these things, when we listen, you listen to Phil LeBowen. Airlines are booming, so there you go, airline fairs. You know, you look at Taylor Swift with the biggest tour ever, and there you go again. And you got recreation. I mean, there's just everything, single thing has a problem. Steak, poultry, but it's not out of control. And I regard this as a not out of control CPI, and that may be enough.

Carl Quintanilla (2:06)

So for the Fed, they can do an insurance cut next week, hopefully by the end of the year, shutdowns over, and this hasn't gotten worse?

Jim Cramer (2:15)

I don't think so.

Carl Quintanilla (2:16)

That's the hope.

Jim Cramer (2:17)

That's the hope. And I, look, when you listen to Mr. Moller from Procter & Gamble, what is the main theme of it? It's not necessarily the growth, which is fine. It's that the tariffs didn't cost that much. I had Richard Tobin on from Dover. It's a real diversified company. Tariffs didn't cost that much. These are things that are working. And then you've got the president on True Social saying, congratulating himself on GM and Ford doing so well because of the tariffs. So suddenly you've got this, remember, this is my year of magical investing. You just keep getting these things that work in favor of the bulls. And then you see some people come on and they're incredibly bearish, but they don't have the horses.

Carl Quintanilla (3:00)

I mean, Ford's impact is still a billion, but that's billion dollars. I thought it might be more. And GM's is more.

Jim Cramer (3:04)

Well, actually, Ford, to be fair, is that they have a reason not to do a lot of EVs and they make Ford trucks and best-selling and they did much better than people thought. I think Ford can actually have a rompier.

Carl Quintanilla (3:18)

Yeah.

Jim Cramer (3:18)

I really do. GM's, good numbers.

Carl Quintanilla (3:20)

Yep. Meantime, P&G, which we'll get to in a minute, did sort of address how tariffs are, the impact is a little bit, maybe less than it was prior in the year. This is John Moller on Squawk Today.

Jon Moeller (3:32)

We've said in the past that we will have to price a little bit for some of the tariffs. That need has actually decreased the retaliatory tariffs in Canada, which were one of our bigger issues. Helped a lot, and we reversed price increases that we'd taken, or we rescinded price, the plans to take price increases in Canada, which is a good thing for everyone.

Carl Quintanilla (3:57)

It's a good thing for everyone.

Jim Cramer (3:59)

Good thing, especially the Canadians. Beauty's back. I've been worried about beauty. It's 6%. That's terrific. Healthcare, maybe not that's important, not that great.

Gors Morgans were down, so I'm surprised that the stock is as strong as it is, baby, feminine, family care, unchanged. But beauty does matter, and I think what really mattered was, hey, listen, tariffs, we thought we were going to bang it. We're not. You're going to be okay. This theme of tariffs not hurting people as much is directly opposite of what we thought after Liberation Day. I keep searching for someone other than perhaps Gary Friedman for RH, so Restoration Harbour, where they really got hurt. And otherwise, Procter is really in the driver's seat, but I just don't see a lot of companies that got hurt. I do always like to see what Walmart says, because Walmart doesn't like to pass things on. Costco, too. But those are why they're kings.