Stocks Jump on Tariff Exemptions, Apple Shines, Goldman Sachs Beats 4/14/25

SPEAKER_1 (0:00)

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David Faber (1:01)

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

Carl Quintanilla (1:07)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures near session highs as stocks embrace what we think are now temporary exemptions to some tariffs on Chinese imports. Quintanilla yield dips to 442, dollar index below 100 today. Roadmap begins with this tariff with flash. The president's saying that previously announced exemptions on smartphones and other tech are temporary and that no country is getting quote off the hook on trade.

David Faber (1:35)

Speaking of which, Apple shares are up sharply on the news of at least temporary tariff exemptions. Wall Street firms are weighing in with various calls, of course, involving that stock. We got more earnings from the financials this morning. Goldman Sachs beat expectations thanks to a strong equities trading revenue number. Of course, it's a backward looking number. Things are very different than they were for that quarter right now.

Carl Quintanilla (2:01)

Let's begin, though, with the markets after this historically volatile week for stocks. Jim, some discussion about puts getting exercised and maybe putting a floor on some levels.

Jim Cramer (2:10)

Isn't that interesting? I feel like there are people who say that the shorts are being covered.

I listen to a fellow, Michael Wilson.

Carl Quintanilla (2:19)

Who you can't believe you agree with today.

Jim Cramer (2:21)

I found myself thinking, I said, could that be Wilson? I think Wilson, I think his brain's been in habit by other people. Positive, buy it on the way down, saw a possible bottom, and I'm thinking, well, is it incredible? It's a robot.

Carl Quintanilla (2:39)

I think the one you used was E. Gads?

Jim Cramer (2:41)

Yeah, E. Gads. Well, because I was watching the guy, I was, you know, you can program robots, David. You can get them to say what you want. It was not a Dell robot, although it might as well have been, because Michael Dell's stock is moving. So what I saw today, and not to be facetious, but what I see is people saying, you know what, we've seen the downside, maybe we can test it again, but the president has, I don't want to say blink, because that's nonsense. No, what the president did was say, okay, look, we're not going to continue to punish American companies and give the green light to Korea. I don't know if you heard Lutnick's words. He was very specific. Southeast Asia, that's Samsung. They didn't want to give the ball to Samsung.

David Faber (3:22)

Well, that's something you and I were discussing on Friday.

Jim Cramer (3:25)

You didn't listen?

David Faber (3:26)

You made that point as well about who were the potential beneficiaries, possibly Samsung. It doesn't mean that Apple's out of the woods by any means, and of course, there was rejoicing, I think, late Friday when the exemption news sort of spread around and into Saturday, and then it was dampened by both Howard Lutnick on the shows yesterday, and then the president's post later in the day saying, of course, nobody's going to get away without paying something here. The 232 tariffs, we've yet to fully understand what they're going to look like. Semiconductors, electronics, we assume the likes of an iPhone will be included in that 232 So we're left waiting as we are in so many ways, and I continue to hear that both from the investing perspective in terms of, all right, well, maybe a rally today. That's good, but is it real? Is it going to be sustainable or do I still have to continue to step back and wait? Then corporate America as well. It's the same story because the impact of the tariffs that have gone into place is not fully apparent as yet. There was a great deal of pre-ordering. We've discussed that a number of times. And so you're going to see sort of a surge followed by perhaps what may be a significant collapse.