SOTS 2nd Hour: Last Trading Day of Q1, Tech-Tonic Shifts, Live: Rocket Companies CEO 03/31/25

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Jim Cramer (1:29)

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

Carl Quintanilla (1:43)

Good Monday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber. Courtney Reagan's back here at Post 9 of the New York Stock Exchange. Sarah Eisen has the morning off. We are in the process of testing that earlier March low. Briefly fell below 5,500 this morning as we are setting up for a busy week, whether that's tariffs, a jobs number, some commentary from the Fed chair, and more.

Courtney Reagan (2:04)

Yeah, what a week this is gonna be. We are 30 minutes into the trading session on this Monday morning, so here are the three big movers that we are watching to cut us off. Another firm cutting its price target on Tesla, Stiefel, going from 474 to 455 And a new note this morning, citing a slowdown in the first quarter deliveries and headwinds from Tesla protests. You can see shares down 5%. Nvidia shares under pressure again, too, on pace for its worst quarter in more than two years. Down more than 20% year to date. We'll take a closer look at the chip giant. That, in just a moment, shares down by 4% and vaccine makers getting crushed following the resignation of the FDA's top vaccine regulator, Dr. Peter Marks, who went on to criticize Health and Human Services Secretary RFK in his resignation letter. You can see there Moderna down almost 13%.

Wow, those names are really getting hit.

David Faber (2:50)

Yeah, a lot of concern about vaccines in general, as our viewers likely know. All right, we're just a few days away from President Trump's new tariffs being announced and many going into effect, including what would be a 25% levy on all automobiles that are not made in the United States. Megan Cassella is tracking all of this action for us, of course. The market is very focused on it, Megan, as we count down to Wednesday.

Megan Cassella (3:15)

Absolutely, David. A long way to Wednesday. That auto parts tariff you mentioned already signed into law, but that leaves the biggest question for the week being what exactly those presidents' reciprocal tariffs are going to look like. And one thing that we do know now is just 48 hours from Trump's self-imposed April 2nd deadline for those is that the plans for Wednesday are still very much up in the air. Listen to what the president's economic advisor had to say yesterday on the path forward.

SPEAKER_9 (3:41)

I can't give you any forward looking guidance on what's going to happen this week. The president has got a heck of a lot of analysis before him and he's going to make the right choice, I'm sure.

Megan Cassella (3:52)

So a very clear signal there that the path has not yet been decided and only the president knows what is next. But we can expect four pieces to the tariff wave on Wednesday.

The still unknown reciprocal tariffs will be rolled out. That secondary tariff on buyers of Venezuelan oil will take effect. The auto tariffs of course will take effect. And the president will decide whether to let the pause on those Canadian and Mexican tariffs expire as scheduled. A White House official here told me the president has yet to make that call. And so with so much taking effect at once, Trump trade advisor Peter Navarro over the weekend said that he expects the tariffs to raise $600 billion in revenue every year. And that sparked widespread speculation that the president could be planning to go bigger with the reciprocal tariffs than we had recently been thinking. For comparison, $600 billion a year, that is more than the US took in in corporate taxes last year. That would be roughly the equivalent of a 20 percent tariff on everything that the US imports. We don't know that that's where they're going, but a lot of speculation there. That might be the end result. So the upshot, guys, I would just say is that April 2nd, that Wednesday, looks less and less likely to deliver the clarity that the market has been hoping for, guys.