Stocks Under Pressure, 3M's Massive Settlement, Zuckerberg vs. Musk: "Dead Serious" 6/23/23

SPEAKER_1 (0:00)

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SPEAKER_2 (0:12)

Well, you only get married once or twice. The three time stops.

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Jim Cramer (0:31)

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 (0:39)

Good Friday 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. Got some selling to close out the week. SMP's on pace to break a five week win.

Russell reconstitution today will likely bring the biggest volume day of the year. A roadmap begins with the end of this run. All three major averages set to break multi-week streaks.

NASDAQ's on pace to snap eight weeks of gains and post its worst weekly stretch since April.

David Faber (1:05)

Plus 3M's massive forever chemicals settlement, the manufacturing giant reaching an agreement on lawsuits that claimed it had contaminated water supplies in the US. And UFC President Dana White says Elon Musk and Mark Zuckerberg are, quote, dead serious about a cage fight.

Carl Quintanilla (1:25)

Let's begin with the markets this morning, Jim. Unwinding some of what we put together last several weeks, do you mind?

Jim Cramer (1:31)

No, I've been saying that this is all gonna be a weak period historically. This is actually, look, from my friend Larry Williams, who does the best historical work. This is a weak period. It's not unusual. He saw it coming.

I went with it.

You can see over the years that this period has just been one where if you want to be a trader, you should step out, you're an investor, it's not going to be that bad, but we're in that. I find it interesting that when interest rates go down, it means nothing for equities, because interest rates have been going down all morning and all that's happened is stocks have been going down. I gotta tell you, David, I don't know if you caught this, because I know that it's Friday, so I'm going to just give you a little quiz, but did you see where the VIX is?

David Faber (2:15)

No. No, I didn't.

Jim Cramer (2:16)

Okay, so the VIX, you can't even see it. You need like a microscope.

I mean, this is incredible.

Carl Quintanilla (2:21)

You took a victory lap last night on Twitter, and you should, you should, because when you said it was going to 12, I think David and I were like, wait, what?

Jim Cramer (2:28)

Well, David, he was gonna put me in a race car and make my head go like a rag doll.

But you know, look, I just think there's a lot of complacency. I don't think that the selling's over, but I think that this kind of market where you get up at 430 or four and the market looks just kind of tepid, and then it just rolls over on nothing. I mean, no strategist came out today to say anything negative. There was no bad earnings to speak of. Darden was good last night, but it just doesn't matter. And even Tesla, I mean, Ron Barron came on, I think he spoke, he was on for 30 minutes, he spoke 45 minutes of positive about Tesla. You know, kind of like Mr. Wolf, you know, take his 30 minutes and be there 10

Carl Quintanilla (3:08)

500 by 2025 in Ron's view for Tesla.

Jim Cramer (3:12)

In the year 2025, we're going to 500

David Faber (3:16)

Well, he has been saying it would be a multi-trillion dollar company for some time.

Jim Cramer (3:21)

He's been right, but Tesla was unchanged. He walked it up when he was talking, went from down four to being, you know, about minus one here in his back four, like he never said anything, David.

David Faber (3:32)

Yeah, it's been quite a run, quite a run.

Jim Cramer (3:36)

Right, well, I think the cage match, Carl, I think that Conor McGregor is nothing compared to him. He's this, come on, this would be, they could raise millions for charity and both of them could, well, I don't know, one, I mean, they would be better, you'd as better guys, how about that?