Stocks Extend Record Run, CoreWeave Falls Despite Beat, Bullish CEO on IPO 8/13/25

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Jim Cramer (1:01)

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 (1:08)

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber, and Post 9 of the New York Stock Exchange. Bulls remain on the hunt for some fresh all-time highs, as Bessent floats a potential half-point rate cut. Small caps come off one of their best days of the year, 10 years backing off to about four and a quarter. VIX with a year-to-date low. Our roadmap begins with the White House's push for lower rates. Treasury secretary suggests the Fed should consider a half-point in September.

David Faber (1:34)

Also ahead, CoreWeave's hot post IPO rallies taking a bit of a detour in the pre-market, despite guidance and quarterly revenue that exceeded analysts' estimates. And speaking of IPOs, Bullish is set to go public right here at the big board, the crypto exchange pricing its offering above the expected range. Its CEO, Tom Farley, no stranger to this building, by the way, he's the former president of the NYSE, is going to join us right here at Post9.

Carl Quintanilla (2:02)

Let's begin with stocks looking to extend their record run. Jim, yesterday, the action definitely suggests when you look at the small caps, that the race for a rate cut is picking up some steam.

Jim Cramer (2:12)

Yesterday was really an amazing day because people were split about how hot or cool the CPI was, but then suddenly people just, this wave of people just determined that it was not only cool, but perhaps we even could get a 50 base point, which I think is a little fantasy. But I saw stocks ignite when I saw the financials go crazy. David? Yes? I know it's a little controversial, but what financial just exploded yesterday?

David Faber (2:41)

Rocket mortgage.

Carl Quintanilla (2:43)

Goldman Sachs.

Jim Cramer (2:44)

Goldman Sachs.

Carl Quintanilla (2:45)

Yeah, all-time high yesterday.

David Faber (2:47)

Come on, guys. Rocket mortgage was up, too.

Jim Cramer (2:48)

Play it long, Mr. DJ.

David Faber (2:49)

What? Wasn't it? It was up a lot.

Jim Cramer (2:51)

No, but I'm talking about a more major financial. I'm just only pointing out because it's the same day that the president...

David Faber (2:56)

You mean the fact that the president asked for the resignation of his chief economist and tells its CEO to go back to being a DJ, which, by the way, he hasn't been doing, at least not publicly, in a long time.

Jim Cramer (3:04)

I just run what the president thinks of Costin, because Costin is very good work.

David Faber (3:07)

He'll be next. You never know.

Jim Cramer (3:09)

No, no, no. Costin's good. I think, actually, Hattie is pretty good. There's some guys who are much worse. I have a list of them.

David Faber (3:16)

Well, at some point, you may be the subject of a social media post from the president saying that you should be fired.

Jim Cramer (3:21)

Well, I hope that doesn't happen, but here's what you need to know.

David Faber (3:25)

Tell me.

Jim Cramer (3:26)

The reason I brought it up as opposed to your rocket mortgage is Goldman encapsulates everything, IPOs, right, M&A, trading volumes. This is the barometer for this stock market, and it took off in a way that I haven't seen in ages.

David Faber (3:39)

It is interesting. We have talked a lot about M&A. We actually we had the head of the investment bank, co-head of the investment bank for Morgan Stanley. Do you know how cool he was?

SPEAKER_10 (3:48)

How did you get that book?