Relief Rally: Stocks Surge and Oil Prices Plunge on U.S.-Iran 2-Week Ceasefire 4/8/26

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David Faber (0:43)

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

Carl Quintanilla (0:55)

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. Worldwide relief rally on the back of Tuesday's two-week ceasefire. S&P futures up nearly 3%, Europe's up 4%, Japan up 5% overnight, and emerging market ETFs looking at 5+.

Oil plunges, but is actually off the lows of 91% last night as Israel continues to strike Lebanon, and now reports that the Saudi East-West pipeline has been attacked with a drone. We'll get a White House briefing at 1 p.m. Eastern. Let's begin with the relief rally around the globe on news of this two-week ceasefire. This morning on Truth Social, the president posted the US will work closely with Iran and that there will be no enrichment of uranium. He adds the US is and will be talking tariffs and sanctions relief with Iran. Kind of some asymmetry between a 15-point plan and a 10-point plan. Jim, we never get all clears on this kind of stuff, but is this good enough for you?

Jim Cramer (1:54)

Yes. Okay, yes. And I think it is because the fact that there was a plan is something that the Iranians probably wish they didn't say. Now, if you look at– I usually don't use this term, David, mainstream media. Mainstream media just says it's total capitulation. He was outsmarted by Iran. I don't find that to be the case. I think that they did something which just basically said, we're crazier than you.

We're crazier than you, Mark.

David Faber (2:25)

What we did.

Jim Cramer (2:26)

Well, I mean, I thought that the wipeout of civilization, I thought that was some of the turning point.

David Faber (2:30)

Kind of, you don't– yeah, it's kind of– that's a 10 out of 10 there in terms of the meter of– Stone Age, not Stone Age, Bronze. Okay, but the market yesterday seemed to, or investors seemed to believe, that that wasn't going to take place.

Jim Cramer (2:44)

Right, and boy, there was a lot of money out of the market, which really was extraordinary.

David Faber (2:48)

Yes, and then even later in the day, there were people's– Meaning the oil wrong. Yeah, and obviously, that was a correct assumption. But to Carl's point, now we've got two weeks. Do you have to be on alert every day? Can you make an assumption here at least the next two weeks, which we start to move into earning season and things like that? We've got the all clear?

Jim Cramer (3:08)

Well, I think if they– if Iranians start saying, listen, we're not going to let that ship through, but we'll let that ship through, I think that doesn't work. But, I mean, let's think about the fact that a drone hit the most important pipeline, the savior, the 5 million going to 7 million per day pipeline. And it just seems like that maybe Iran is kind of like the Confederacy, where people fought on for– because they didn't know, you know. It's like Juneteenth for those guys. It's like, hey, jeez, this thing ended either in Juneteenth.

Carl Quintanilla (3:37)

It's actually a very salient point. In the briefing a few moments ago, the defense secretary said Iran should probably let their guys know that there's a ceasefire in place, because the word doesn't necessarily flow down when you're a multi-headed hydra.

Jim Cramer (3:50)

Well, I think that that's true. Look, there's a lot of things– let me just back up for a sec. There's a lot of things which indicate that this may not be real, except for the amount of money that's being paid at this very moment. You said something interesting, which is that oil is coming back. I'm watching Chevron. The whole time I'm watching Chevron. Chevron's been right. Chevron's right. Chevron's not coming back. Look, David, I think that this is one of those where, when you can get a win or claim you have a win, well then, you know…