Tech Extends Sell-off, Cramer at J.P. Morgan Healthcare Conference, Zuckerberg Slams Apple 1/13/25

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David Faber (0:59)

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

Carl Quintanilla (1:05)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber here at Post 9 of the New York Stock Exchange. Cramer's in San Francisco at JP. Morgan's 43rd Annual Healthcare Conference gets underway today. Futures are weak as this global bond tantrum continues to roll on. Yields near some 14-month highs. Oil at 78, DXY 110, and it's an important week. Bank earnings, cabinet nominee hearings, and CPI. Our roadmap begins with the morning movers. NVIDIA calling out the Biden administration's misguided AI rules. Lulu and Abercrombie raising guidance. Quantum stocks tumble once again.

David Faber (1:39)

Plus we got Moderna shares also tumbling in the pre-market. The pharmaceutical company that focuses on vaccines lowers its 2025 sale forecast by roughly a billion dollars. And it continues to cut costs. Metas shift into the Trump era. Something else we're going to talk about. CEO Mark Zuckerberg sounds off on Apple. Social media censorship and the need for more corporate masculine energy, Carl.

Carl Quintanilla (2:06)

Let's begin with Jim at the JPMorgan Healthcare Conference today. Jim, although I want you to raise the curtain on the week, but also talk about this pre-market price action, which I believe you called hideous this morning.

Jim Cramer (2:18)

Yeah. Well, look, I mean, I think that we've had this incredible speculative wave. You talked about the quantum stocks being down. We had it nuclear. We've also had stocks like an Apple oven, like a Palantir that have been up a lot. Those are all coming in. And this week, I'm looking at healthcare. Healthcare really hasn't had much of a move. So I think those stocks, honestly, a safe haven with interest rates going higher. I still expect 5% to hit on the tenure. But I've got to tell you, the tone is hideous. I think the tone is being set by the Biden administration doing a last-minute 200-page ruling about who can get AI and who can't. And then, David, I've got to tell you, I think that the Zuckerberg interview on Joe Rogan was seminal because it basically just said, Apple, you're done. Nothing since Steve Jobs. One of the most offensive interviews I've heard in a very long time.

David Faber (3:09)

Yeah, he's very outspoken these days. I don't know. I'm not sure what's going on there. But so many different things to take from that interview, which we'll be discussing a bit later, Jim, as well. You know, the bond market here, I'm just sort of curious to get your thoughts as yields adjust to the, certainly the growing likelihood we don't get as many rate cuts, certainly as those as any had expected we would in 2025, not that long ago.

Jim Cramer (3:41)

Yeah, David, I think that that whole concept, we do have CPI, PPI coming up, PPI first, the whole concept of the rate cuts, as opposed to one or two rate cuts, got to be off the table because it looks like we've had some very serious misjudgment by the Fed. And then Carl, we got to talk to fires right up top. Not enough talk about the fires. I certainly want to ask everyone at the healthcare conference, what can happen in terms of public health? What can happen in terms of just asthma and inability to breathe? But more important, as you know, Carl, the loss of life, the destruction is so immense, it's going to impact the economy so that we don't even know yet what could be the results.

Carl Quintanilla (4:22)

It's the situation is getting tougher, death toll up to 24, Jim. It looks like these winds are going to kick back up mid-week. That's going to make fighting more challenging. There was discussion over the weekend about at least community banks, Jim, and their involvement in underwriting home insurance, their outright commercial real estate exposure. They did underperform insurers last week by about a full percent.