New Market Week, Trump's Ultimatum, Dimon's Letter to Shareholders 4/6/26

SPEAKER_1 (0:00)

At Janice Henderson, we strive to deliver better outcomes through insight-led investing, innovation for clients, and a partnership approach that's core to our identity. I'm Jessica Leonsini, Head of Fixed Income Client Portfolio Management. I'm passionate about my role in investments. It allows me to partner with our clients, simplify fixed income, and support them in achieving better outcomes for their clients. Janice Henderson, investing in a brighter future together.

SPEAKER_2 (0:30)

She loves it hot. He loves it cold. However you sleep, the pod by 8 Sleep adapts to you. Personalized temperatures keep you in deep sleep longer. So you wake up refreshed. Learn more at 8sleep.com.

Carl Quintanilla (0:46)

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 Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. Oil prices that retreat a bit on hopes that a reported 45-day ceasefire draft could get some traction. WTI around 110 Equity futures, though, have given up some gains on reports of more Israeli strikes on the key petrochemical plants in Iran. Big week ahead, Q3 or Q4 earnings, GDP and inflation data for March. A roadmap begins with those last ditch ceasefire talks as the president threatens to attack Iran's bridges and power plants this week if the country doesn't open the Strait of Hormuz.

David Faber (1:31)

Plus, JPMorgan CEO Jamie Dimon is out with his annual letter to shareholders. He's speaking out on the risks in geopolitics, AI and the private markets. And we are always keeping an eye on OpenAI. This following reports the CEO and the CFO perhaps sending some mixed messages, at least on the timeline of that giant potential initial public offering for the company.

Carl Quintanilla (1:54)

Let's begin with the markets. Of course, oil in Iran today after stocks did snap a five week losing streak. Jim, we put together 3%. Some argue that maybe Monday was the lows.

Jim Cramer (2:06)

You know, look, I think that there's there's great trepidation to say that because the I have to use the word erratic. There was an erratic posting yesterday by the president. Interesting, Eamon Jabbers read the posting.

Carl Quintanilla (2:24)

As did many.

Jim Cramer (2:25)

Yeah.

Carl Quintanilla (2:25)

Tapper as well on CNN.

Jim Cramer (2:26)

It's a tough one for me to say. But that made me feel like, you know, trying to gain the president is simply too difficult. David, I do think that there comes a time where you can just say, there's no idea. I have no idea what's, I can't because you don't, I mean, I don't even want to say what he said, especially in the last part, because for all I could tell that was very, and you know, you could argue that if I were a Muslim, I would be completely insulted.

David Faber (3:00)

But I think more importantly, what you just said is what a lot of investors feel. And we've been discussing that for a while, which is you just can't, you just can't, you know, to the extent that you want to be making decisions every day and you want to do it based on news flow, it's very difficult to do so without an accurate gauge of where things stand and where they are going when it comes to the conflict in Iran. And it's very difficult to do that based on statements from the president that even within the statement itself can sometimes send conflicting messages, let alone ones that follow from another that are also in conflict.

Jim Cramer (3:42)

But I would say that the rally was centered on companies that do not use oil. So that there were a lot of people who just said, hell with it, I'm going to just proceed and just say, you know what, I'm going to start isolating. The way that the MAG 7 was isolated in March of 223, we just said, okay, what is not going to be impacted? And let's buy those. That's what I started seeing last week.

Carl Quintanilla (4:09)

What's an example of that? Dell. That's good today.

Jim Cramer (4:14)

Intel. Intel was an example.

Carl Quintanilla (4:16)

And today, Mizuho takes Delta 215

Jim Cramer (4:18)

I thought that was a significant call because Michael Dell has said over and over again, when are we going to get the multiple? And he's getting the multiple. The Intel's at 51 I think people just said, I'll just go by Intel. I mean, Intel's been a rocker.

SPEAKER_2 (4:33)

Rocker chip.

David Faber (4:34)