Markets Slide, Big Banks Kick Off Earnings Season, Exclusive With BlackRock CEO Fink 10/14/25

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David Faber (1:01)

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

Carl Quintanilla (1:06)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber here at Post 9 of the New York Stock Exchange, Cramer's in San Francisco as Dreamforce gets underway today. Futures giving back most of Monday's bounce as China rhetoric heats up. Besant says the shutdown is starting to hit the real economy and the commentary from banks this morning is mixed on this first busy day of Q3 earnings, 10-year 402 Our roadmap begins with earnings season underway with the banks. JPMorgan's trading revenue hits the record. Goldman and Wells also beating the street.

David Faber (1:35)

Plus we have more deals. What else is new, of course, in the AI industry? It has a number of chip stocks that are on the move this morning. We'll try and break all those down for you. And BlackRock's assets hit a record of almost 13, excuse me, $1.5 trillion. BlackRock's CEO Larry Fink will join us exclusively right here at Post 9 We'll talk about the results and get his outlook for the markets.

Carl Quintanilla (1:58)

Let's begin with the big banks kicking off earning season today, including JPMorgan Chase posting a quarterly beat, helped by Strength and Trading and IB. Jim, a lot to dig through this morning. I don't know if you want to start with the banks themselves or some of your commentary on how speculative parts of the market are. As you say, wagging the dog.

Jim Cramer (2:15)

Right. Well, I do think that I want to start with speculation for only just because speculation seems to be driving what happened even early in the morning. When you wake up and you see crypto down and you see the quantum stocks down and you see the stocks that are related to flying cars, Dave and I always like to make fun of those, or nuclear, what happens is you just say, wow, did something just go wrong last night? And then you start working backward to what Treasury Secretary Besson said, or you work backward to maybe something in the Middle East. And frankly, I'm not working backward. I just think right now that what matters, and it's just the craziest thing, David, is that the speculation bubble was, and it was a bubble yesterday, somehow burst. We don't know yet why. It has nothing to do with treasuries. But David, it's just gotten to the point where it's nauseating. And I think that even a Jamie Dimon would tell you, it's just too excessive at this point.

David Faber (3:06)

Well, I want you to be more specific when you say something has burst. You're talking about a speculative. What are you talking about specifically there? I mean, I heard you say flying cars and things like that. You've talked a lot about sort of the peripherals of the market, I guess.

That's what you're referring to, Jim?

Jim Cramer (3:24)

Well, yeah. I mean, look, there's a con. We don't want to say it's the Palantir's, because Palantir is actually making real good money. And we don't want to say it's the Robinhood, because Robin itself is making a lot of money. But it's the kind of stocks that we would describe as being hope and prayer stocks, that we hope that quantum grows into something. We hope that their nuclear power plants put everywhere because it's cleaner power. We'd like to think that every single version of Bitcoin would move up, all crypto, Ethereum. We'll talk to Larry Fink about that. But David, these are the things that trade at 4 a.m., they trade at 3m, and suddenly the futures are down. Now, you could also say, listen, the futures are down because there's some sort of deflationary thing. Look at oil. But you know, there was a time when if oil were down to 57, we would be exuberant.