Stocks Hit Record Highs, Oil Tumbles on Iran Deal Hopes, AMD CEO Exclusive 5/6/26

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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 (1:13)

Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber's back at Post 9 of the New York Stock Exchange. Oil is plunging this morning, down 10% plus of the session lows on hopes that Iran will agree to this reported proposal to reopen the Strait of Hormuz. Futures sharply higher as well on the best ADP print in more than a year, 109K, plus strong results from Disney, Uber, and tons of news and semis.

Our roadmap begins with futures rallying, oil plunging, as the US and Iran reportedly considering an agreement to end the war.

David Faber (1:45)

Plus Disney's out with its first earnings under new CEO Josh Demaro. Getting a boost from its streaming and theme park units. We're going to dig through the quarter. And it is the mover of the morning. AMD shares. They are up a lot.

Earnings beat, hitting another all-time high as well for the stock. We're going to speak exclusively to that lady right there. Of course, Lisa Su. That's just a few minutes from now.

Carl Quintanilla (2:09)

Let's begin with the developments with the war. Axios reporting the White House believes it's nearing an agreement with Tehran on a one-page memorandum of understanding to end the war. That MOU would also mark the start of a 30-day period of negotiations on a detailed agreement to open the Strait, limit Iran's nuclear program and lift US sanctions. Iran's restrictions on shipping through the Strait and the US naval blockade would be gradually lifted during those 30 days. That's according to a US official. Meantime, a spokesperson for Iran's foreign ministry telling CNBC they are evaluating this 14-point peace proposal. Of course, the president, Jim, has a summit with China coming up, and it'd be nice to have this at least on the back burner.

Jim Cramer (2:52)

Yeah, and you have to wonder how much influence China has. I know that the president is reluctant, I think, to call China the kingmaker. But, David, if there's any one country that is more dependent on Iran than any, it's China, because that's where they get their oil. And I also think that China has a lot of influence where it's the soul game in town, which there are many countries that are soul game. So perhaps, as an olive branch to the president, and the corporates, you're done.

David Faber (3:24)

It's possible.

It does feel like this is, what number is this of the times we can say the war is about to end? Third, fourth, fifth? It feels like it has. The market continues to react every time. Oil is well off the lows of the session, I believe.

Jim Cramer (3:38)

Yes, it is. That's very important.

David Faber (3:40)

As we continue to try to really understand exactly what may happen here in terms of the straight.

We obviously talked to executives in the oil industry, we had an opportunity in Milken to talk to Mike Wirth and a number of other people offline as well. It's going to be even if, and we can hope certainly, that it really is over, so to speak, or that this memorandum of understanding leads to something larger and more permanent, it still will be months until things become normal again.

Jim Cramer (4:10)

Well, I also think that you had a true social post, Carl, which basically comes right after the boasting of the Iranians, saying, we won, truth social post that says, listen, we're coming to the peace table, everything's great, it's looking good, we're going to bomb the heck out of it if you don't come. That historically, and I'm not going to make reference to it, but that was historically another way that our country has dealt unsuccessfully with people that we have opposed. Right.