9AM Hour: IBM Plunges, Big Bank Earnings Reaction, Tame CPI, Fed's Warsh Heads to the Hill 7/14/26

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 14 July 2026

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber covered all of the bases on a busy day for the markets: IBM shares plunge on weaker-than-expected preliminary Q2 results; Five of the nation's six largest banks post quarterly beats to kick off earnings season; June CPI comes in tamer than expected ahead of Kevin Warsh's first Capitol Hill testimony as Fed Chairman; SK Hynix rebounds from Monday's sell-off. Also in focus: JPMorgan Chase CEO Jamie Dimon's earnings call message about the market and AI; Apple gets downgraded to the equivalent of a "sell" rating; An exclusive with Paramount's lead outside counsel defending the company's merger with Warner Bros. Discovery — after twelve state attorneys general filed a lawsuit to block it. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla,
0:04.9	on the opening bell hour of CNBC Squawk on the Street.
0:13.6	Good Tuesday morning. Welcome to Squawk in the Street. I'm Carl Kintanio with Jim Kramer, David
0:17.3	Faber, post-9 of the New York Stock Exchange. It was already a jam-packed morning with bank earnings, IBM's downside pre-announce, Warsh on the Hill. But then a cool CPI brought some much-needed relief to bond yields, 10-year coming off the highs of 463. Brent hits 87. That's up a full 20% from recent lows. as Iran hits tankers on a third night of U.S.
0:39.1	strikes.
0:40.1	Gas prices do look to hit $4 a gallon again today in several states.
0:44.9	Our roadmap is going to begin with shares of IBM taking a hit on pace for maybe the worst
0:49.3	day ever, company out with a preliminary Q2 miss along with some blunt comments from the CEO. Also had five of the nation's six largest banks were out with quarterly results of their own.
0:58.5	We're going to break those numbers down for you.
1:01.0	Plus, it's a big event this morning on Capitol Hill.
1:03.4	Kevin Warsh, the chairman of the Fed, is going to testify before Congress.
1:07.1	It will be the first time he does that since taking his new job.
1:11.9	Let's start with IBM, tumbling on these preliminary results. Company cites weakness in its
1:16.2	software and infrastructure business as clients shifted their spend towards servers, storage,
1:21.8	and memory in advance of potentially some price increases in his letter to investors.
1:26.8	Arvin Krishna said, quote, this quarter we faltered.
1:30.7	Jim down 24P market, I think, would be the worst since at least the early 60s.
1:35.5	Yeah, I spoke to Arvin, and I, Christian, the CEO, you know, you did too.
1:40.0	I mean, pretty abject.
1:41.8	Look, there are these concerns.
1:44.4	He did not anticipate him to putty the magnitude of the KAPX repartization, which you mentioned.
1:49.7	But I also think that clients were distracted, rapidly evolving industry-wide cybersecurity concerns.
	...

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