Tariffs and the Sell-Off, Musk vs. Tesla Protests, BlackRock CEO Fink's "Private" Message 3/31/25

SPEAKER_1 (0:00)

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Jim Cramer (0:59)

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 (1:06)

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. We close out the month of March and Q1 with a possible retest here with the March lows as we await this week's tariff announcements. A jobs number, Fed Chair Powell on Friday. Ten year falls below 42 as Goldman now ups their recession odds. Our roadmap begins with the sell off and some stagflation fears. We close out the quarter. Wall Street braces for the tariff rollout.

David Faber (1:35)

CEO Larry Fink says economic anxiety is worse than anytime in recent memory. Although he adds that this too shall pass. Talks a lot about private markets. We'll get to his annual letter. And these anti-Musk protesters gathering at hundreds of Tesla locations. They did that over the weekend. CEO says his stock value has been cut in half. Calls for arrests of those who are organizing those protests.

Carl Quintanilla (1:58)

Let's begin with the markets on track today to extend that sell-off from Friday, Jim. Curious to know about your ratio of price target cuts versus raises that you mentioned.

Jim Cramer (2:08)

Jeez, I got stuck there. I had a gold company where the price target was raised. And really not much else.

I had 50 price targets that were cut and then I stopped counting. In part because I didn't want to come in here and be a real downer. But I mean, I've been struggling with that all morning. I was looking for something positive to say. Jason Gobert, our guru here, was saying, Jim, I mean, what do you do with your cash? And I just want to get, because I think it's important to tell people what I do. I contribute every month the last day. And I've been doing this forever. S&P fund, can't own stocks. And I literally, and it's all about it. And today, David, I said, I want to wait.

David Faber (2:47)

Really?

Jim Cramer (2:48)

Why? Because I can't think of a dumber day to buy. There you go.

David Faber (2:55)

Sorry. We can end the show there, I think.

SPEAKER_6 (2:57)

We'll see you tomorrow.

Jim Cramer (3:00)

I debated ending the show there, but I think there's a better day to buy. It's just not yet.

David Faber (3:05)

Well, the question always is then when.

Jim Cramer (3:07)

Okay, so you have to decide whether you use analogs. You do 2018, do you do 2022? Those were situations where the Fed had to act because there was, you know, they created a bad moment, and we have a president who's creating a bad moment.

David Faber (3:22)

Yeah, I think there's a growing sense that the day is not necessarily going to be April 2nd, that suddenly clarity is going to descend.

I think, you know, from what I hear, from a growing sense of dread on the part of the people I speak to is, it's not going to be Wednesday. We're not going to necessarily get the clarity. We'll certainly get some data that is going to be perhaps helpful, but at the same time, those who expect the skies to clear and everything to be OK on Thursday, that's not going to be the case.

Jim Cramer (3:54)

No, but so let's go back in history. I mean, therefore, let's say you have the Federal Reserve saying in 2022, we got to raise rates, and we have to do it rapidly. And do you sit there and just say, you know what, I'm going to be punished and take my pain, or you just say, I'm going to dodge it. Maybe I sell a little.