Iran War Effect on Markets, March Misery for Meta, Cramer: Wall Street in "Denial" 3/26/26

SPEAKER_1 (0:00)

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SPEAKER_2 (0:28)

Oh, could this vintage store be any cuter?

SPEAKER_3 (0:31)

Right? And the best part? They accept Discover.

SPEAKER_5 (0:33)

Accept Discover? In a little place like this?

SPEAKER_2 (0:36)

I don't think so, Jennifer.

SPEAKER_6 (0:38)

Oh, yeah, huh.

SPEAKER_3 (0:39)

Discover is accepted where I like to shop.

SPEAKER_6 (0:41)

Come on, baby.

SPEAKER_7 (0:42)

Get with the times.

SPEAKER_5 (0:43)

Right. So we shouldn't get the parachute pants?

SPEAKER_3 (0:47)

These are making a comeback.

SPEAKER_7 (0:49)

I think.

SPEAKER_3 (0:51)

Discover is accepted at 99% of places that take credit cards nationwide. Based on the February 2025 Nielsen Report.

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.

Sara Eisen (1:05)

Good Thursday morning. Welcome to Squawk on the Street. I'm Sara. Did I scare you? I'm Sara Eisen with Jim Cramer here at Post 9 of the New York Stock Exchange. David's on assignment, Carl has the morning off. Take a look at futures this morning. We do have oil prices back on the rise and that's pressuring futures. Dow futures down 334, S&P futures down 51, Brent crude oil is marching toward 102 Again, it's up 4.5%.

Our roadmap begins with Wall Street pointing to another lower open as President Trump warns Iran negotiators to get serious before it's too late. Plus Meta is no good, very bad month, tracking to be the worst performing Mag-7 stock and continued warning signs for private credit with Jefferies quarterly results in focus this morning. We'll begin though with the stock and energy markets digesting the latest twists and turns surrounding the Iran war. Jim, I would also add that treasure yields are back on the rise. So we're in this pattern again where there are concerns that we're not sort of close to the end here as President Trump threatens them again on social media.

Jim Cramer (2:06)

Exactly. And at the same time, if this is my friend Stephanie Link this morning on Squawk Box, she says, look, this is when you have to make your move. This may be post-liberation day pre-rally. I find it very hard to make any big move because yesterday we came in and these numbers were exactly reversed, opened up way too high and then gave it up. Do you bet that it's going to be the other way this way? I have to tell you, we've got employment numbers, we have a possible weekend of something happening. So, Sara, I like to sit back here. I don't want to take action. I know a lot of the traders come on and they want to do this and they want to do that. And I don't know why they have any, how is there clarity?

Sara Eisen (2:46)

Well, I think there's one school of thought that says, you know, there's a Trump put in the market, right?

Jim Cramer (2:50)

And I came out with that hard yesterday.

Sara Eisen (2:52)

And you talked about that on the show, I know. And that, you know, if it gets bad, he will come in and sort of make a deal, which we did see. Although there's another school of thought that he needs to finish the job when it comes to Iran. Whatever that looks like, what it looks like is an escalation from here. And so here's what he posted on Truth Social. They better get serious soon before it's too late. He also said that the Iranian public statements are contradictory, different from the private comments. They are begging us to make a deal, Trump says, yet they publicly state that they are only looking at our proposal wrong. And then, you know, of course, the foreign minister in Iran on Wednesday says, we have no intention of negotiating. So it's kind of a he said, she said. But the bottom line is there are thousands more US troops going to the region.

Jim Cramer (3:36)

And why is Israel bombing more aggressively? I think it's because they're afraid there will be a peace treaty.

Sara Eisen (3:41)

They're also getting it more aggressively when it comes to the missiles.

Jim Cramer (3:45)

We just don't talk about the fact that they're still firing missiles all the time from Iran. We just talk about how degraded they are.