Markets Extend Rally, Boeing CEO Exclusive, Musk’s DOGE Comments Overshadow Tesla's Miss 04/23/25

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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.

Carl Quintanilla (0:58)

Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Stocks continue to soar, as the president on Tuesday says he won't try to fire the Fed chief and sees de-escalation with China, saying we're gonna be very nice, and they're gonna be very nice. Gold plunges more than 100 bucks, 10 year below 4.3. Our roadmap begins with the street's reaction as the president appears to soften that stance on Powell and China.

David Faber (1:22)

Plus, Tesla has a big earnings miss and a slew of price target cuts, but the stock's rallying ahead of the open. This after CEO Elon Musk said his time at Doge is going to drop significantly beginning next month. And Boeing shares, you just saw them as well on Squawk Box. They're on the rise, better than expected Q1 results. CEO Kelly Ortberg is going to join us in just a few minutes.

Carl Quintanilla (1:45)

Let's begin with the markets poised to extend their rebound rally among the catalysts, of course, the comments by the president yesterday about the Fed chair. Take a listen.

Donald Trump (1:55)

I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates. This is a perfect time to lower interest rates. If he doesn't, is it the end? No, it's not. But it would be good timing. It would be, it could have taken place earlier. But no, I have no intention to fire him.

Carl Quintanilla (2:18)

Jim, what do you think accounts for that change of rhetoric?

Jim Cramer (2:21)

Well, I think that if you go back to Monday's stock market, that was one of the worst days in my career that I've ever seen. You had that comparison to 1932 A lot of people just say, look, let's just forget about this. Let's turn it off. I don't want to be in this anymore. David, there seemed to me on Monday to be a belief that we're really one around, doing every one, tariff away. We don't need anybody. Interest rates go in the wrong way, gold go in the wrong way. It was just a hideous day.

David Faber (2:55)

Although I'm surprised to hear you say it was one of the worst in your career, you had a long career, not just in broadcasting, but in level of despair. Level of despair. Not necessarily what we saw in the market.

Jim Cramer (3:05)

No, no, no, because we've got a lot of, I'm just saying the level of despair on Monday when I left.

David Faber (3:09)

But we pointed that out yesterday. In fact, how negative everybody was. Exactly what we discussed here at 901 yesterday.

Jim Cramer (3:16)

Everyone said bear market rally yesterday. Well, those people have been pants. There was a guy on this morning, I was talking about tariffs. He said, I was really hammered. I said, geez, it's early in the morning.

Carl Quintanilla (3:28)

But to your point, there were desk notes Monday night saying it's so quiet and we can see buying panic buying, but this is not panic selling. I think JP Morgan called it a wholesale divorce from dollar denominated assets.

Jim Cramer (3:43)

Yeah, I felt like that I could go very easily into pretty much any market in the world and be better than ours.

David Faber (3:50)

And so getting back to it, you think the president has that in mind when he says, by the way, when he says, I'm not going to fire him or have no intention of doing so. We can go this time. It was not a subject we were discussing. So he only introduced it as a possibility, really in a significant way last Thursday, I believe it was, only to now take it back on Tuesday. And here we are. And then we're up as well, I guess, on the prospect of a potential deal with China, even though there's no talks with China.