Stocks After the "Trump Rally," Oil Rebounds, Private Credit: Apollo and Ares Curb Redemptions 3/24/26

SPEAKER_1 (0:00)

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SPEAKER_2 (0:30)

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David Faber (0:53)

We were made for this market insight and analysis. You're listening to the opening bell of CNBC Squawk on the Street.

Good Tuesday morning, welcome to Squawk on the Street. I'm David Faber with Jim Cramer. We're live from Postline at the New York Stock Exchange. Carl has the morning off. Let's look at future, shall we? I'm kind of curious as well. I've been on the phone the whole time. Are we even up for it? Oh, look at that, we're gonna be down. We'd appear at least a half hour from now. What? I've been busy. A lot of phone calls. I didn't say anything. Yeah, no, you didn't. I'm just looking at our executive producer over there. All right. Our roadmap, though, this morning does start with that pullback you're looking at right there. Of course, after that significant rally yesterday, all three indices did post what were their best gains in more than a month. Chevron CEO Mike Wirth says that the war in Iran's impact is not fully priced into the oil market. Going on to say that the market is trading on, quote, scant information and perception. And Apollo, the latest firm to cap withdrawals from a flagship private credit fund, giving investors about 45 percent of the capital they requested. And yes, we will be checking in again on private credit, Jim. But let's start with the markets after yesterday's rally. Stocks coming off again. What was the best day since early February? That was sparked by the president's comments about those talks with Iran, the possibility of reaching a ceasefire. You heard a lot of it at the back half of this nine o'clock hour yesterday when he spoke to reporters as well. I don't know how you're supposed to trade this market though, Jim, with those kinds of comments coming at you all the time.

Jim Cramer (2:40)

I know we're kind of back today to playing it by looking at the bond market. Now, the bond market, you know, we had rates were down yesterday. It was nice. First time in a while.

SPEAKER_1 (2:49)

They're right back up.

Jim Cramer (2:51)

I think that the market has been trading off the rates here. It's very hard to trade off of what's going on.

As Michael Wirth says, the CEO of Chevron, look, he comes out, his stock is at an all time high. He's the best, I think. You know, I think he's fantastic.

David Faber (3:09)

I know you do.

Jim Cramer (3:10)

And, you know, he says the oil can go higher. Basically, I just find that if I'm going to trade off of oil, I'm a loser. If I trade off of interest rates, I have more gravitas. But if I trade off the fundamentals of stocks, then I kind of am inclined to do some buying now because I feel like we've got a Trump put.

David Faber (3:29)

Interesting. Yeah.

Jim Cramer (3:31)

What's so bad? It's a Trump put.

David Faber (3:33)

Well, when you say a Trump put, what do you mean?

Jim Cramer (3:35)

You mean, well, look, there's many parties who are talking between. Now we know that. Those are for real.

David Faber (3:40)

Well, the Journal had, I thought, good reporting on it. I don't know what you're relying on in terms of at least not the US, but Egypt and a number of other countries that had reached out. Still not clear who they're talking to in Iran.

Jim Cramer (3:52)

It's not clear, but it looks like a leader is developing. A hardliner.

David Faber (3:56)

A leader is developing. Think about just that sentence. What does that even mean?

Jim Cramer (4:00)

Well, I mean, it's not like they have an electoral college or anything right there.

David Faber (4:03)

No.

Jim Cramer (4:04)

But I do say, David, that if there is the possibility of the Saudis or Kuwait declaring war against Iran, that's the bulk word for Iran.

David Faber (4:16)

That is possible. As for Mike Wirth, of course, the chairman and CEO of Chevron talking about the oil market. Take a listen to what he had to say at Sara Week.