S&P 500 Correction, A Week to Forget for Apple, 20 Years of "Mad Money" 3/14/25

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SPEAKER_3 (1:29)

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

Carl Quintanilla (1:35)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. David Faber's on assignment. Bull's trying to salvage some of this 4% down week on the S&P and the fastest 10% correction since COVID. Government shutdown looks to be averted. We set up for a Fed meeting next week. Our roadmap begins with the S&P wiping out $5 trillion in value in 3 weeks. As the president says, he will not bend on tariffs. Apple down 12% for the week. That's the worst week in 5 years. And Tesla warning the White House that retaliatory tariffs could increase the costs of making vehicles in the US and make them less competitive overseas. Let's begin that with the markets about to end another volatile week. Jim, we were just saying we can't believe we've made it this far.

Jim Cramer (2:19)

No, it's been a very tumultuous week. And one of the reasons it's tumultuous, I just had a personal anecdote. I had to do my conference call yesterday with Jeff Marks. It was 12 o'clock. Market was starting to rally. And I knew that there would be a gratuitous reference by the president, who now is in a mode that's really quite interesting. He's creating pain and then saying, listen, I'm sorry, there has to be pain. Gratuitous is the word that I think of. I was thinking more recurial before and arbitrary, judgmental. No, it's not that. And I find it very disturbing that the president could be gratuitous in his post. Let's have some pain. He killed the rally. He turned to, I mean, Apple had already been going down, but that's now a given. But he took stocks that had been going up and reversed them. So, I mean, yes, if you want to cause pain and then say there has to be pain, you do his playbook. But I'm still trying to figure out where the playbook gets us.

Carl Quintanilla (3:14)

Well, now you're getting to the parlor game, which is if he really is not going to bend on tariffs, whether or not the bond market, why isn't the bond market, if the issue, if the intent is to get the 10 year down, why hasn't the bond market responded?

Jim Cramer (3:29)

Well, I mean, we had that auction yesterday that didn't go well. People are kind of so on edge, but it's not a flight to quality on edge. It's more of a flight to cash. I mean, this idea of a flight to quality does include that there's parts of the curve you want to be on. Now, when I was a hedge fund manager, there were these moments where you hear flight to quality, and that meant that you really wanted to be in 30-day paper. We're kind of back to that because that's safe. 30 days is very safe. It's safe from the president. And look, the president's interesting. He's intriguing. But I've never really felt that we really were in a moment where stocks should go down. When I was close to President Biden, when he would ride the train and I'd see him in Washington, he would always say, I would have the page in stock prices. He would come over and say, I don't care about any of those. Well, the president does. He wants them lower.