War Impact on Inflation, Bessent and Powell Meeting With Bank CEOs About AI Risks, CoreWeave CEO "First on CNBC" 4/10/26

SPEAKER_1 (0:00)

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Jim Cramer (0:43)

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 (0:51)

Good Friday 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.

Stock's going for an 8th straight gain in a row and the first back-to-back gains of the year weekly. As we await the first in-person talks with Iran and Islamabad this weekend, S&P's back to flat on the year for a total return basis. Oil pretty steady around 98 Energy costs did take headline CPI to 3.3 in March, hottest in a couple of years, but not much bleed into the core. The year on year of 2.6 will get you mission an hour. Our roadmap begins with the S&P riding the longest wind streak since October, as negotiators meet for talks this weekend in Pakistan.

David Faber (1:30)

Frustration Secretary Bessent and Fed Chair Powell meeting with bank CEOs earlier this week to discuss the rising risks. Wow, this is not gonna work today, is it? Following Anthropic's latest AI model, speaking of Anthropic, the CEO of CoreWeave will join us. It's a first on CNBC. He's announcing a new multi-year deal with Anthropic that's a day after they expanded that AI partnership with Meta. We'll see whether I make it through the show here with his voice. Sorry, guys.

Carl Quintanilla (2:00)

You sound pretty good.

Mike Intrator (2:01)

I think we'll be all right.

Carl Quintanilla (2:02)

Let's begin with some market reaction to CPI today, Jim. Obviously, we were bracing for a move in headline. Energy up 10-9. It's about a third of the overall increase.

Jim Cramer (2:12)

You know, look, I know that almost everything's political these days, and I don't want it to be, but when you look at the fine print, apparel's up. We had Levi Strauss on the other day, Michelle Goss. I mean, they had tariffs. Household furnishings really hit barely by tariffs. Education is weird. New vehicles, tariffs. So, I mean, this is a self-inflicted, not-so-great CPI that could have been great. And I look at this and I just say, you know what?

These things were going down in price rather dramatically. We had tremendous pressure on apparel. Tremendous. We have a Nike downgrade. It's really part of it. Household furnishings, even RH was having to, under some pressure. So, this is what happens, with the exception of education, which should come down because it's so expensive. This is what happens when you raise tariffs. And they always said that would happen. Now it's right here.

Carl Quintanilla (3:03)

Although the administration would argue sort of a one-time thing. Once you lap them, it's done.

Jim Cramer (3:09)

Candidly, the CEOs agree with that. Once you lap them, it's done. Gap stores agrees with that. Now, Gap, my problem with that is, so what? They did go up. I mean, David, if you're a consumer and you're paying $15, $20 more for jeans, do you say, you know what, I don't care? Let's go to lap. You don't even know what a lap is.

David Faber (3:30)

No, you care.

Jim Cramer (3:31)

Right. Okay, you can go home now with that voice. He did what he had to do. Let me just move over a little more.

David Faber (3:37)

I'm here. I'm not going anywhere. I'm going to figure out a way to talk.

Jim Cramer (3:40)

But no, but think about it. You know, we talk about things like lapping here.

David Faber (3:44)

Yeah.

Jim Cramer (3:45)

And people at home talk about going to the store and saying, geez, that was expensive.

David Faber (3:50)

But they still seem to be going.

Jim Cramer (3:52)

I think they're going because you need pants. You got to get pants.

David Faber (3:58)

See, I came in for those kinds of insights. I'm glad to be here.

Jim Cramer (4:03)

You can take it. Look, I know what's put home.