Trump Picks Warsh for Fed Chair, Apple Beats, Chevron CEO "First on CNBC" 1/30/26

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Jim Cramer (0:57)

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.

Carl Quintanilla (1:05)

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber of Host9 of the New York Stock Exchange. Futures are slightly red as we wrap up the month of January with a likely S&P gain for the month. Finally got a Fed share, NOM and Kevin Warsh yields fairly steady in the wake of that news, even with this hot December PPI, hottest core since July. Our roadmap begins with the president's pick to be the next Fed share, nominating Warsh to take over from J-PAL.

David Faber (1:30)

Plus Apple reports record revenue, CEO Tim Cook saying the company is seeing quote staggering demand for its iPhones, especially in China. Software stocks continue to get crushed, many of them now deep in bear market territory. Microsoft, by the way, wiped out about $350 billion worth of market cap. That was just yesterday. And of course, we also have big oil reporting earnings. Chevron beat estimates, raised its dividend, and CEO Mike Wirth is going to join us. It will be a first on CNBC interview this hour.

Carl Quintanilla (2:02)

Let's begin with the president choosing Kevin Warsh to become the next Fed share. If confirmed by the Senate, the former Fed governor would take the helm after Jerome Powell's term as chair ends in mid-May. In his announcement this morning on Truth Social, the president says, quote, I've known Kevin for a long period of time. I have no doubt that he will go down as one of the great Fed chairmen, maybe the best. Jim, the profiles are out in full force. What do you think is important to know about him?

Jim Cramer (2:27)

Well, I do think that what anyone coming in now knows the heat that you take if you don't agree with the president. So I don't think you have one persona which is to agree with the president and then get in and say, well, I got to change my mind. I think that, now, because he's a house man, but there are a lot of people who have been appointed by Trump who realize the consequences of not agreeing with the president. The consequences are such that, David, I don't think you want to risk it.

David Faber (2:57)

You want to risk what, sorry?

Jim Cramer (2:58)

Being on the other side of the president.

David Faber (3:00)

You don't want to risk it.

Jim Cramer (3:02)

Does anyone done well that has been on the other side? Well, if Hegseth went in there and said, we have to rethink this Iran thing. But how long will he be there?

Carl Quintanilla (3:13)

So you think if it's a choice between the data and good policy for the country, it's better to stick with the president?

Jim Cramer (3:21)

Yeah. This is not the same president as the last, the one since Washington.

David Faber (3:27)

He's a different guy. The only things I would offer, guys, and again, we don't cover the Fed as closely as, obviously, some here. I've had, I've been able to spend a little time with Warsh. I mean, he does know the stock market really well. Working with Stanley Druckenmiller for a long time at Duquesne. And of course, he doesn't like QE. And that may be reflected in what we're seeing in terms of the futures and a bit of the...

Sara Eisen (3:48)

Well, I mean, he must share the...

Jim Cramer (3:50)

Look, the attitude that I'm saying is not a heretical attitude...

David Faber (3:52)

.turnaround in the market. Say again?

Jim Cramer (3:55)

It's not a heretical attitude.

David Faber (3:57)

No, but he has been hawkish in the past, certainly was viewed as hawkish when he was a part of the Fed. And that's quite some time ago at this point. But then I also think he's... We clearly know that he's not a big fan of QE, and there is an expectation that that would be rolled back more significantly.