Tax Bill Standoff Effect, Musk Highlights, Target Off the Mark 5/21/25

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Jim Cramer (1:02)

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.

Elon Musk (1:16)

I think we should always consider that there's some chance of a bad outcome to try to protect against the bad outcome. We don't want to be complacent and say that everything's just gonna be fine. There's no chance of a bad outcome.

Carl Quintanilla (1:29)

Elon Musk yesterday talking AI during his interview with our David Faber. We'll get a lot more on that in just a moment. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at post night of the New York Stock Exchange. Futures under some pressure as bond yields rise again, 30 years back above five. Watching this house budget try to work its way to a full vote on the floor. We'll see. A roadmap begins with lawmakers on the Hill meeting in the very early hours of the morning, still debating this hour as Republicans try to get that tax plan forward.

David Faber (1:59)

Slough of big retail names were out with earnings this morning. That includes Target Lowe's and TJX, what their results are saying about the health of the consumer. And Elon Musk made plenty of headlines yesterday. It was a two-part interview, robo-taxis and then humanoid robots, the future of AI, part of our later conversation. Also, of course, the damage done to Tesla's brand.

Carl Quintanilla (2:21)

Let's begin with the markets. And what day after the S&P did snap that six-day wind streak, someone in the market kind of pivoted around the timing of David's interview.

Jim Cramer (2:30)

Yeah, look, I think, first of all, congratulations, David, because this man is a man who is very defining for what we're doing, both politically and for what you were talking about in terms of autonomous. But I do want to point out that until this bill is done, Carl, the bonds are going to go the wrong way. Now, I know this sounds strange because it's what the new world is, but you have to go to the chats to find out what's going on. And if you read the Grok, which is by far the most thorough, and that's why I bring it up because of you, it's, you know, we're nowhere. Now, they're going to do something, but Grok says basically, this is a great thing for the rich.

David Faber (3:13)

Is that what it says?

Jim Cramer (3:14)

But it has every detail. I mean, the other guys are like, hey, listen, I'll try to catch up, and I'm trying to get through it. You know how personal they are about how bad they are? But I bring it in as a segue to you because I just think that in the end, this is how you find out things. And we are in a situation, Carl, where this bill, it better have huge growth because, man, it's just going to cost us a fortune. $3.6 trillion over the course of over 10 years. Yeah. And I just believe it when I read through what the websites.

Carl Quintanilla (3:47)

Well, it tried to get through rules last night. So far this morning, Chip Roy, Massey and the chair of the Freedom Caucus, Andy Harris, say their nos.

Jim Cramer (3:57)

Even with the $200 silencer break from the 1934? Excuse me? Did you read that?