Stocks Jump As Oil Falls, Double Dose of Meta, Nvidia GTC Day 1 3/16/26

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David Faber (0:59)

Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (1:10)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, who's back at Post 9 of the New York Stock Exchange. Cramer is in San Jose at Nvidia GTC, which does get underway today. Got some relief in oil this morning, backing off 102 overnight, as Iran appears to be allowing some Indian, maybe some Pakistani tankers, through the Strait of Hormuz. That is definitely helping Equity Futures after closing near the lows of the week on Friday. Got a Fed decision on Wednesday, too. Our road map begins with the war now in its third week. President demands that allies help re-open the Strait amid these higher oil prices.

David Faber (1:45)

Also ahead, Wall Street awaiting Jensen Huang's keynote ad in Nvidia's GTC. Of course, Jim's going to have a lot more on all of that. Plus, we're keeping an eye on shares of Meta. Reports, at least from some, that the company could lay off as many as 20% of its workforce. That would be to offset what is that enormous spending, Carl, of course, on AI.

Carl Quintanilla (2:07)

Let's begin with the markets, though, and oil. After a volatile trading week last week, this is what the Treasury Secretary had to say with our Brian Sullivan earlier on Squawk about reopening the Strait.

Janet Yellen (2:18)

We are seeing more and more the fuel ships start to go through. The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world. We've seen Indian ships go out now, so the Indians who rely very heavily on Gulf oil, we believe some Chinese ships have gone out. So that should start ramping up.

Carl Quintanilla (2:44)

Jim, that's good news, and the administration clearly believes even if it's some Iranian oil, it does get some supply out to the globe.

Jim Cramer (2:54)

Carl, it's interesting. I think this is a surprise, maybe a big one, because just last week there was a talk about, of course, hitting oil infrastructure. That is clearly not the case. The president doesn't want that. Also, you lose 20% of capacity, and then suddenly you walk it back with Iran being able to ship. I tell you what, what that says is maybe oil has gone up too much. Today, David, the relief of oil being down a little has spurred a remarkable pre-market rally that I think actually may hold.

David Faber (3:25)

You think it may hold? Why is that?

Jim Cramer (3:28)

Well, I think that we're so used to seeing oil go up every single day that if you get a chance to be able to put some money to work because the market is saying, listen, maybe things aren't as bad, I think people will take it. I think that there are two problems in this market, and I really want you to address one, David, but I think that oil being higher and then private credit, and if private credit can be calmed, and if oil can stay here, I think buyers will come in.

David Faber (3:56)

Interesting for me guys, because of course, having been away for a week and not making calls coming in this morning and talking to a lot of the people I typically do. Yes, of course, it's the things we talk about here, private credit, AI, top of the list still. But everybody wanted to talk to him about the war. Nobody has an answer in terms of when it's going to end, how it's going to end, or what the impact is going to be. But it certainly is figuring, as you'd expect, quite prominently in the minds of many, at least the investors I spoke to certainly this morning and that I talk to regularly.