Stocks-Oil Rollercoaster Session Aftermath, AI Trade and Oracle Earnings Preview 3/10/26

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Jim Cramer (0:57)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (1:04)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer here at Post 9 of the New York Stock Exchange. Faber has the morning off. Oil with an eight-handle ahead of the open, but off of the session lows as the Defense Secretary says today, will be the most intense day of strikes in Iran since the war began. Futures meantime off the highs as Iran launches its own fresh wave of attacks on Israel and the Gulf. Oil states and says it's quote, absolutely not seeking a truce. A road map begins with all this war volatility. The Defense Secretary with the press briefing moments ago. Oil continues to see saw as the president sends some mixed messages. And a big test for the AI trade. Will Oracle's expensive AI bet finally show signs that it is beginning to pay off? Let's begin with the markets and oil after that volatile session yesterday highlighted by the president saying the Iran war could end soon.

He was asked about that comment at a news conference last night.

SPEAKER_5 (1:59)

On Iran, you called it an excursion.

SPEAKER_2 (2:01)

You said it would be over soon.

SPEAKER_5 (2:03)

Are you thinking this week it will be over? You're talking about days?

SPEAKER_7 (2:06)

I think soon.

SPEAKER_5 (2:07)

Okay, and with respect to...

SPEAKER_7 (2:08)

Very soon.

Carl Quintanilla (2:10)

Jim, we sat here 24 hours ago and you said be careful because you could wind up with some headline bombs of both kinds.

Jim Cramer (2:17)

Right. I mean, you can't be up 100% from the bottom. That's the magic level where we just have never been able to escape a lot of pain. Below that, you can't. And we had a nice reversal. The one thing I think everybody should recognize is these futures are very suspect. You had a thin market. It spikes really badly. There was no one around to be able to be on the other side. It was almost like it was that oil was a meme stock. It's really... It's not a great market. We should recognize it's not. And we should... We have to... Everyone's taking their cue from it. When oil was down 8%, wow, we were... The futures were unchanged.

You thought it might be a good day. It still could be a good day. But I do believe that it was... You were a little rattled when the president said one thing at 6, and then he said another thing at 8

Carl Quintanilla (3:01)

Right. Well, what was remarkable about his comment to CBS that it might be very... Could be complete soon, was that it did come during market hours. And of course, the thinking is that he's trying to manage the market itself.

Jim Cramer (3:14)

I think that he did feel, if he said something about soon, not that it would necessarily open the street, but it lets you feel that there is an exit ramp. And the Journal is filled with stuff about exit ramps today. I don't see an exit ramp, but what do I know? I mean, one of the things that was amazing was I was about to do my show last night, and we decided to do an order in a tie, like an order in a top. I mean, who knew? I mean, I was waiting for him to say, you know, I checked in with the Supreme Leader, and he's on board, because you don't know. You don't know. I mean, he's talking to Putin. He says he had a bunch of calls now. Did he say to Putin, listen, you gotta expand your oil export from five to 10 million? Or did he just check in? I mean, he's elusive, but it did help the market issue.