The "Trump Trade" After the Assassination Attempt, Exclusive With BlackRock CEO Larry Fink 7/15/24

Carl Quintanilla (0:00)

Market insight and analysis.

Eamon Javers (0:01)

You're listening to the opening bell of CNBC's Squawk on the Street.

Carl Quintanilla (0:05)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. David Faber has the morning off. Futures are solid as investors arguably continue to price in a November victory for former President Trump after the tragic attempt on his life Saturday. Powell does speak at noon. Earning season does kick into higher gear. A roadmap begins with futures on the move as the RNC begins tonight.

Apple shares rallying after this upgrade over at Loop and now a top pick at Morgan Stanley and Goldman and BlackRock, the latest banks to report. BlackRock's Larry Fink will join us exclusively later on this hour.

Let's begin with the attempt to assassinate former President Trump over the weekend. The photo already iconic now on the cover of Time. Lots of things to point to Jim in the market, whether that's Bitcoin, the curve steepening, shares of DJT at one point up 70% this morning.

Jim Cramer (0:57)

Yeah, look, I think that we all know that, by the way, we have Larry Fink from BlackRock. We know that former President Trump was a pro-growth president, was against any sort of rate hikes, and I think that is also so anti-regulation, which is really perhaps the most important difference between Biden and Trump when it comes to business. So it makes sense to me that both the yields go up and the market is very much in favor of this because I think there's a belief, I remember when I met President Biden several times on the train, on the way to Washington, he just doesn't really care for the stock market. He just doesn't think it matters. And as we all know, and President Trump would tell me repeatedly, the Dow Jones Industrial Average is the way he grades his performance.

So you have on the one hand, someone who really thinks that stocks are the promise of rich people. On the other hand, you have someone who believes that stocks are the measure of his leadership.

Carl Quintanilla (1:55)

How do you think about, as you say, easier regulatory environment, more M&A, maybe lower taxes, and how do you mix it with the impact of say, deportation or less immigration or tariffs that might end up being inflationary?

Jim Cramer (2:11)

Well, it's a great list because tariffs we know are inflationary, but it's a way to be able to pay for the deficit. I think if you put 10% across the board, obviously that hurts the poor equally as much as the rich, so it's certainly not anything that is distributive in the sense that the poor pay more. I mean, that's not what historically has been the way to go ever since President Lincoln decided to have a graduated income tax. I think also that the regulation is remarkably important for business, and the regulations that have come from Biden got their first blow in the Chevron deal, the Chevron ruling by the Supreme Court, which everybody I know practices law in that field says, look, it takes away the agency's ability to really have any sort of power. Now, of course, if you stack the agencies with people you want, as President Trump would do if he gets in, then I think you would see people say, you know what, you got it on the banks, and you got it on the healthcare. So those are the ones that are doing well. The banks are problematic because they're reporting this morning, although I think Goldman was fine. BlackRock was fine. I think Goldman would describe their quarters fine. They wouldn't say it's blowout. So you've got companies that have been regulated heavily, and that would be the healthcare companies, and also, by the way, the drug companies.

But on the other hand, Trump's never been a fan of the drug companies. I've heard people say, this is the time to buy crypto, because at one point President Trump said, well, I don't have crypto. I think you have to, this is the leap too far. I think if you want to buy the banks, buy the banks because the earnings per share are better.

In some case, they weren't. If you want to buy the healthcare companies, take your time.

UnitedHealth has been in the crosshairs of the current president. So this is not the time, I think you can just say, what a great time to get in UnitedHealth. And the drug companies, if you're buying the drug companies, which people are, understand that when President Trump was running the first time, I'm calling him president again, because he was president, he said, listen, I'm the most anti-drug company, but he never ever wanted Medicare to negotiate, that I know of.