Trump Departs G7 Summit Early, Retail Sales Miss, Solar Stocks Plummet 6/17/25

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Jim Cramer (0:47)

It's Jim Cramer here. You're listening to the opening bell of CNBC Squawk on the Street. Don't miss a minute of the action.

Carl Quintanilla (0:55)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber and Sara Eisen at Post 9 of the New York Stock Exchange. Cramer has the morning off. Futures come off the session lows as core retail sales for May come in with a surprise drop. Yields get a modest bid, but likely suppressed by some signs of renewed escalation between Israel and Iran. Oil is near 73 Our roadmap begins with the president leaving the G7 early in Canada, saying he wants something more than a ceasefire between Israel and Iran. Oil is moving higher.

David Faber (1:24)

Solar stock is also getting slammed in the early trade this morning. The Senate version of Trump's tax bill takes a big bite, just as the House did, out of energy incentives.

Sara Eisen (1:34)

And the Federal Reserve getting ready to meet to talk rates and the health of the American economy. We will help get you ready.

Carl Quintanilla (1:41)

Let's begin with the markets digesting a lot of news this morning, including the president's departure from the G7 summit in the wake of the Israel-Iran conflict. Of course, had the pool with him on Air Force One on the way back to DC. He said, really not in the mood to negotiate, not necessarily looking for a ceasefire, because he posted a post telling residents of Tehran to evacuate. Kind of a far cry from the story we got in the journal 24 hours ago, that there were signs of maybe some returns to the table.

Sara Eisen (2:10)

I mean, it's still a guessing game at this point of whether the US enters the war in a more meaningful way from a military perspective. And not surprisingly, he's not going to give a heads up on that front. What he said on the plane with the reporters is what they're looking for. What the US is looking for is an end, a real end, not a ceasefire, an end, the president said. And that is, I mean, it aligns very much with the Israeli goals. The question is, how do they get there? Is there any window still for diplomacy? I think the market, like the headlines or the word of headlines that Iran might be ready to talk, though publicly, that's not what we hear from Iran.

It's not what we hear from Israel. And so I think, you know, what we've heard from a lot of the experts we've talked to in the last 24 hours is that this is going to go on for a while. So maybe that's what's causing oil prices to go back up today. But again, you know, still energy infrastructure hasn't been touched yet in terms of bombings by Israel on Iran. And Strait of Hormuz is still open. Maybe it's tense, but it's flowing.

Carl Quintanilla (3:13)

Plus, you've got an OPEC Plus meeting coming up on July 6th. So that could be an additional supply if needed. But as Sara's right, Strait of Hormuz not touched David. And they do appear, the IDF, to be avoiding any kind of export terminals or oil infrastructure.

David Faber (3:31)

Yeah. Listen, we'll see what President Trump decides in terms of, again, the understanding I have, and I think is widely understood, is if in fact you were to truly eliminate their ability to enrich uranium, you'd have to use, you'd have to do it in the one area, which that they have it buried in a mountain. Therefore, you'd have to have bunker busting munitions or these massive ordinance bombs that were developed in the early aughts in part to blow off mountaintops in Afghanistan and things of that nature. But although they have to be dropped by a B-52, they don't have, so it would be us that would have to do it.

Carl Quintanilla (4:08)

But the IAEA, Atomic Energy Administration, is on the tape this morning saying that the attacks did have a, quote, direct impact on underground enrichment in Natanz. We've got some Israeli military officials on the tape this morning saying the Iranian leadership's, quote, on the run. They struck dozens of nuclear and ballistic targets overnight. At least 10 Iranian scientists who they say were essential to retrenchment have been killed.