Trump's Tariff Threat, Retail Earnings Ahead of Black Friday, Amgen Tumbles on Weight-Loss Drug Data 11/26/24

Jim Cramer (0:00)

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 (0:07)

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Futures are mixed this morning, and so is the reaction to some retail earnings and the President-elect's announcement that he'll impose import tariffs on America's three largest trading partners. Tenure yield is higher, but still below 43 Our roadmap begins with the Dow and the S&P tracking for their best years since 2021 Plus, some retailers are crossing the tape as the holiday shopping season enters full swing.

David Faber (0:35)

Plus, those trade threats, the President-elect vowing on day one to impose a 25% tariff on all products from Mexico and Canada, an additional 10% tariff on goods from China. And we're keeping an eye on shares of Amgen this morning. They're down ahead of the open. The company says its obesity drug caused up to 20% weight loss after a year, with no plateau but seemingly not enough to please investors.

Carl Quintanilla (1:02)

Let's begin with the markets one day after those fresh record highs for the Dow and the S&P. Jim, and the Russell, which couldn't quite get it on a close...

Jim Cramer (1:08)

No, look, I think that these days are all kind of rotational, though. I watch a lot of the shows that talk about trading, and every day there's a bituary for one part of the market. Yesterday was a bituary for small cap.

Now, there are some small caps that are deeply related to AI., to aviation, to these themes of Bitcoin that really don't have anything to do with reality and are not making money. And those are the ones that were excluded yesterday. Yesterday was not a mag day, and yesterday, David, you know, Nvidia is up today because of Fugato.

David Faber (1:43)

Fugato.

Jim Cramer (1:44)

Fugato.

David Faber (1:45)

Yeah.

Jim Cramer (1:45)

Are you watching Fugato?

David Faber (1:46)

Fugato about it.

Jim Cramer (1:47)

Yeah. The marriage of Fugato.

David Faber (1:49)

Yeah.

Jim Cramer (1:50)

But it does, did you do it? I played with it.

David Faber (1:51)

I listened to it. I listened to it on YouTube. It was interesting. It was interesting. We'll get to it in a minute. We'll share that with people. But Nvidia is up today. It was down yesterday. Tesla obviously was down yesterday in part because it's being excluded from California's EV. Yeah, what is it?

Jim Cramer (2:08)

Prebates. Newsome.

David Faber (2:09)

They're rivying up today because they're getting another six billion from the US government.

Jim Cramer (2:13)

But it's alone.

David Faber (2:14)

But the market is going to be broadly lower, I believe.

Jim Cramer (2:18)

No, I think Amgen is going to be broadly lower.

David Faber (2:21)

Because of the latest on posts.

Jim Cramer (2:26)

It was up this morning.

David Faber (2:28)

What was up this morning? The market?

Jim Cramer (2:29)

Tariffs. Tariffs.

David Faber (2:30)

Yeah, tariffs. I'm talking about tariffs.

Jim Cramer (2:31)

Because I think that...

David Faber (2:32)

And what we make of it...

Jim Cramer (2:33)

Didn't you think that China was going to be the worst? And then, I mean, weren't you surprised? It must be a coincidence.

David Faber (2:43)

What did you just say?

Jim Cramer (2:44)

It must be a coincidence. Yeah.

David Faber (2:47)

No, I like that. I like that. I mean, Carl, it is reminiscent of the days during and even prior to the first Trump administration, when we would react to... To... Then they were tweets from the president or the president-elect even back in 2016

And the market would react, and then it's very much unclear exactly what the policy would end up being.

Jim Cramer (3:12)

And that's, I think, one of the problems. If you go back to the big FedEx debacle, Amazon debacle, what would happen is, you would try to figure out what the end game was, and the end game was just, hey, listen, I want a better deal. I do think that Canada, okay, so Canada, we have a great trading partner, and no one thinks that it's anything else. And then Canada gets slapped on the same thing as Mexico. And I just, I puzzle over it, because I think that one is about people coming to the country that he does in one, and the other is about...

Carl Quintanilla (3:50)

Fentanyl? What?

Jim Cramer (3:51)

Canada is not really known as a bastion of Fentanyl, right? I mean, we have a lot of cities in this country that take Fentanyl, but it's not from Canada. Now, Canada, I mean, if you take a look at what Cleveland Clifston, they bought a Canadian steel company, and everybody thought it was a good deal. The government thought it was a good deal, and maybe that's just the Biden administration. I'm just finding that Canada is quizzical, not President Scheinbaum. I mean, she's a total hitter and is out there immediately saying, listen, we're not letting in these caravans go.