SOTS 2nd Hour: DC Tariffs Latest, Alphabet Results Breakdown, and A Fresh Read On The Consumer 4/25/25

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Jim Cramer (1:00)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:15)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Sara Eisen, David Faber, live at Post 9 of the New York Stock Exchange. Trying to close out the week on a strong note, although for the month of April, markets definitely testing the top of the range, although the Dow right now down about 200 points. 30 minutes into the trading session, some of the stories we're watching this morning. Google parent Alphabet, a top gainer after beating estimates. Overall revenue up 12% from a year ago, thanks to strength in search at YouTube ad sales. More on that in a moment. Intel going in the opposite direction, weak guidance hitting shares as their new CEO warns, there are no quick fixes here. Number of consumer names on the move after results out of names like Colgate, Sketchers, AutoNation, Boston Beer and more.

Sara Eisen (1:55)

We do have some economic data crossing the tape. Rick Santelli has it for us. Morning, Rick.

Rick Santelli (2:01)

Good morning, Sara, indeed. Remember, University of Michigan has been on a wild ride. These numbers have been very large, especially on inflation. So this April final read is going to be important to pay attention to. Mid-month read was 50.8 and that, by the way, was the lowest reading I have going back to 1977, but it moved up to 52.2. So a bit of an improvement. That's now the weakest since July of 22 If we look at current conditions, it moved up rather dramatically from 56.5 and that was basically the lowest level since 77 as well, and it moved up to 59.8. 47.3 on expectations. It moved up the smallest amount from 47.2 to 47.3, and that still remains at the lowest level since April of 80 Now, excuse me, at the highest level since April of 80 And if we could, lowest levels. I'm thinking of inflation here because I'm looking at these numbers coming up. 6.5 morphs from 6.7, and 4.4 remains on the 5-10 year. So even though we came down a bit on one year inflation and improved on every metric on confidence, we still see that these inflation numbers are sticky, and it makes many wonder if surveys are really the way to go at a time where so much uncertainty exists in the marketplace. Maybe some of the more hard quant numbers like CPI, PPI and PCE might give us a more accurate picture. David Faber, back to you.

David Faber (3:40)

Okay, thank you, Rick Santelli. President Trump speaking moments ago about tariffs and potential trade deals. Also an interview with Time magazine that many of us are somewhat befuddled by, but perhaps not you, Megan. Maybe you can clarify all of it for us.

Megan Casella (3:56)

A lot to sift through here, David. Just in the last hour, there's been a lot of back and forth this week and this morning about the exact status of trade talks between the US and China. This came up in the Time interview as well. But just in the last hour, reporters had been asking the president whether he's been in touch with President Xi, when exactly that last call had taken place, and if he's been in touch with him since the most recent tariffs were announced. Take a listen here to what the president said.

Chris Wright (4:21)

You said you spoke with President Xi.

Sylvana Hannaum (4:23)