Trump Iran War Speech Sends Stocks Tumbling and Oil Prices Surging, Tesla Deliveries Miss, Blue Owl Redemptions 4/2/26

SPEAKER_1 (0:00)

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Carl Quintanilla (0:59)

Market moving insight and analysis join Jim Cramer, David Faber and me, Carl Quintanilla on the opening bell hour of CNBC Squawk on the Street. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer and David Faber at Post 9 of the New York Stock Exchange. Oil spikes about 13% here since the president's speech last night, a new cycle high of 112 WTI actually more expensive than Brent today, although the front end contracts aren't exactly matched up. Equities meantime look to retrace some of this week's bounce, not quite to Monday's six month closing low around 64.75 but close. Markets are closed tomorrow for Good Friday and we'll get that jobs number. Our roadmap begins with the president saying the US will hit Iran extremely hard over the next two or three weeks.

David Faber (1:43)

Plus more private credit concerns. This is Blue Owl caps fund redemptions at 5% for two of its private credit funds. That follows what were redemptions far above 5% and we'll also talk SpaceX, which confidentially filed for an IPO. It would likely be a record offering guys, one of any number of large IPOs we may see over these next let's call it 8 to 12 months.

Carl Quintanilla (2:09)

Let's begin with the markets and the president's prime time address last night. When it comes to oil, he delivered this message to allies who refused to help the US in this war.

SPEAKER_6 (2:19)

Go to the straight and just take it, protect it, use it for yourselves. Iran has been essentially decimated. The hard part is done, so it should be easy. And in any event, when this conflict is over, the straight will open up naturally.

Carl Quintanilla (2:38)

Meantime, the French responding say it's probably going to be more of a diplomatic solution than military and the straight.

Jim Cramer (2:43)

Yeah, look, investors didn't get what they wanted to hear last night. I think that it was pretty straightforward that there were a lot of people buying stocks betting that this was going to be the official wind down, and we understand, and not more bombing. And of course, the Iranians were still bombing, too. David, we understand that the Navy has been decimated. We understand that the Air Force is not a factor in Iran, but those really aren't on the table, in what's been on the table in the missiles and the drones. They don't stop, and as long as they don't stop, I think it makes it problematic that the US just stops.

David Faber (3:23)

Okay, so we're here saying that today. Obviously, yesterday, we were saying something quite different. I just don't know, as an investor at this point, if you care every day. If you don't, I guess look for entry points on certain things and just sort of know that this is going to end at some point, most likely in the shorter term, can we say?

Jim Cramer (3:43)

Yeah, but I mean, I think that, yes, you're right.

David Faber (3:45)

Without question, then, it still becomes what's the impact of the closure of the straight in terms of overall and macro, and does it bring on a recession, or at least in certain parts of the world? I don't know. I guess all I'm saying is, this is hard.

Jim Cramer (3:58)

It's very hard.

David Faber (3:59)

It's hard to navigate.

Jim Cramer (4:00)

Remember, the average move of the S&P at the last trading day of the week since the war broke out is minus 1.28.

Last Friday was minus 1.67. It seems like we're going to be in line to do that again, Carl. I find that to actually take action, if you looked at the Rally Tuesday, pretty broad, yesterday's action was back with that, the MAG-4, Western Digital, Seagate and SanDisk and Micron. And those were very poor leaders for the first quarter, and they're proving to be very poor leaders for the second quarter.