White House vs. the Fed, Nvidia's Stock Slump, EchoStar Soars on $17B SpaceX Deal 9/8/25

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Carl Quintanilla (0:46)

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 Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer. David Faber is back at Post 9 of the New York Stock Exchange. Future is solid to start an important week of inflation data. PPI Wednesday, CPI Thursday. As the market looks ahead to a rate decision next week, yields mostly lower, 10-year 406 Our roadmap begins with a tariff warning. The Secretary of the Treasury is saying if the Supreme Court voids Trump tariffs, it could spell trouble for the Treasury.

David Faber (1:20)

Plus, AI bubble fears Nvidia is notching what is a four-week losing streak, while some data, and it's only some, suggest companies may be scaling back some of their plans for the use of AI. Also keeping an eye on shares of EchoStar, they are surging ahead of the open. This on this big spectrum deal with SpaceX's Starlink.

Carl Quintanilla (1:42)

Let's begin, though, with the White House's economic agenda ahead of next week's Fed meeting. This is what the Treasury Secretary had to say yesterday on Meet the Press about the legal battle over tariffs.

Scott Bessent (1:53)

I am confident that we will win at the Supreme Court, but there are numerous other avenues that we can take. They diminished President Trump's negotiating position, but there are numerous in terms of, and remember, this isn't about the dollars, this is about balance. The dollars are an after amount.

SPEAKER_6 (2:14)

Would you offer rebates, though?

Carl Quintanilla (2:15)

Are you prepared to offer rebates?

Scott Bessent (2:16)

So, we would have to give a refund on about half. The tariffs, which would be terrible for the Treasury.

Carl Quintanilla (2:24)

And The Times, Jim, did cover yesterday, or last week, some law firms and companies positioning for a potential refund of tariffs they've already paid.

Jim Cramer (2:33)

Yeah, I think that the Supreme Court has never been as important since perhaps, I mean, to argue in the 30s when you're trying to figure out the New Deal and whether you had to do rebates there. David, this idea that everything rests on the Supreme Court with the idea that it really is packed with people that should vote in the president's way, I mean, maybe we're just worrying about too much.

David Faber (2:58)

Well, we don't know how the Supreme Court will rule, and it's going to be any number of different cases of great importance, far beyond some of the things specific to tariffs, clearly, Jim, and I think we'll be following that calendar very closely. It is interesting to note, I think, that Bessent is talking about the revenues that have come into Treasury from tariffs, which figure now prominently in the articulation that they make about the benefit of them in terms of the overall budget and budget deficit. That was something that was discussed without a doubt before the onset of the tariffs, but really what was more focused on was, we're going to create manufacturing jobs. Not as clear that that has yet occurred. And it's just interesting to see, in terms of the importance, Carl, of tariffs right now, they sort of figure prominently into, hey, we don't have that revenue, our budget deficit is going to look a lot worse.

Carl Quintanilla (3:49)

Well, to your point about manufacturing jobs, we're averaging losses of about 15k a month in manufacturing, four straight months of manufacturing job loss. Apollo with the chart over the weekend, Jim, saying it's really centered in autos, auto parts, electronics, furniture, sectors affected by tariffs.

Jim Cramer (4:08)

Well, these are industries for the most part where we either figured out how to make it elsewhere or we don't know how to do it at all. I mean, you go back to the furniture issue and you go back to that we don't really have a high point, which is in North Carolina, it was the old days. The only company that has actually tried to rebuild America successfully, by the way, is Newcore. They pick towns that are down and out towns that have good workforces and they put their plants in and they don't need the government to do that. That's pretty interesting. You have to really wonder whether we did not think that there could be that much money raised by the tariffs. And now it turns out not only is there a lot raised by the tariffs, but we're now listening to Ken Griffin world, where without it, maybe we have a runaway budget deficit.