It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.

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Good Monday morning. Welcome to Squawk in the Street. I'm Carl Kintanillo with Jim Kramer here at post-night of the New York Stock Exchange. David Faber has the morning off. Pre-market is taking in stride. The president passing on the Democratic nomination. It's an important week as well with a third of the S&P reporting earnings.

We'll get our first look at Q2 GDP.

As Becky said, PCE on Friday. Our roadmap begins with this

political history, the president withdrawing from the race, throwing his support behind the

Vice President, Kamala Harris. Futures are ticking higher. S&P is eyeing some gains after the

worst week since April, and the

ongoing fallout from last week's global IT outage, crowd strike shares are set to extend their

decline, Delta among the airlines being hard hit again yesterday. Let's begin, though, with the

president announcing he is ending his reelection bid and endorsing the vice president to lead the Democratic ticket, although we'll see what we get in a few weeks here, Jim.

These are very different people. Biden has been and remains unsophisticated about the way business works, unsophisticated about the stock market by nature, picks people who have been historically

bad for Wall Street, Lena Kahn, Jonathan Canter, antitrust, that ends.

That ends entirely.

You've got a person who's from California.

I'm regarding this actually as mega versus MAGA.

Mega tech does better with someone who's sophisticated, who understands California,

who is not against tech. Biden has done everything in these agencies that he can to annoy,

to go after tech. Let's not forget, her brother-in-law is Tony West, who is a former General Counsel of PepsiCo,

then was with the Justice Department, is now the General Counsel of Uber.

And you tell me if there's someone who's more sophisticated and knows more about business

and the West Coast than her brother-in-law, who would be an amazing advisor, they're close.

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