Record Rally Rolls On, Cramer & Tim Cook Catch Up, FedEx Delivers Strong Results 9/19/25

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Carl Quintanilla (1:01)

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 Friday 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. Closing out another solid week for stocks with September's gains nearing 3% for the S&P. Busy morning as the president holds a phone call with Xi. Apple's iPhone does hit stores. Ten year did tick up again today to 414 It's about a two week high. Our roadmap begins with this record rally marching on. S&P coming off its 26th closing high of the year.

David Faber (1:35)

Plus President Trump and China's President Xi holding a call. They're discussing trade and that deal for TikTok. And Apple's new iPhones go on sales. Did you see Jim earlier on Squawk Box and on the Fifth Avenue store there with Tim Cook? Well, we'll find out what Cook's saying about the lines in China, not to mention the lines on Fifth Avenue and also, of course, that NVIDIA Intel deal.

Carl Quintanilla (2:00)

Let's get to the markets first, though, a day after all three major indices notched some record gains again, closing the Russell 2K, all joining the group, hitting its first record close in four years. Jim, I think IWM's up seven weeks straight.

Jim Cramer (2:12)

Yeah. Look, I think that we are owed a breather because of what you said right at the start, which is that rates are not going the way they're supposed to, so, I mean, we can continue to do this and expect that they're going to pivot. They have to pivot because we're seeing too much strength. And I understand Michael Hornet has a good piece today from Bank of America. I enjoy his stuff very much, David, but talking about the bubble can continue. I mean, I'd like to think that it's not a bubble. I'd like to think that there's enthusiasm now across the board. It's not just Mag-7, but rates are going to determine the next move, not enthusiasm.

David Faber (2:47)

You think so?

Jim Cramer (2:47)

Yeah, I do. If the long rate does go up...

David Faber (2:52)

Continue to take higher?

Jim Cramer (2:53)

Yeah, then you're going to have more Lenore's.

SPEAKER_6 (2:55)

I mean, look at Lenore, it's a great company.

Jim Cramer (2:58)

But Lenore had nothing that made me feel like I want to own the stock. It's a big housing company. It needs lower mortgage rates.

David Faber (3:04)

Right. Well, when you've talked about the market and the economy separate from, of course, the AI boom and everything associated with it, you have come back to housing often. And then we end up having a conversation about mortgage rates, which tend to be on the longer end of things. And therefore, if you're not seeing a move in the 10-year down on yield, it may not be great.

Jim Cramer (3:27)

But look, I dwell on housing if only just because it does, I mean, it's a, you know, I know a tack need, but it does punch above its weight, because it does infiltrate retail, which a lot of people care about, but also all the commodities that go into the home, and a lot of that has to do with labor. Look, I think that what we've seen in the last 24 hours, Carl, when you have an Nvidia huddled with Intel, with the government behind it, with Apple, with an actually, I think, way underestimated the new line of products. With Tesla today, we were now pivoting. David, it's the number one physical AI alphabet. We can justify where it's going. I mean, if I'm Andy Jassy, I'm saying, ooh, I got the new voice. If you talk to Alexa, maybe I get it up my game.