Relief Rally: Stocks Surge and Oil Prices Plunge on U.S.-Iran 2-Week Ceasefire 4/8/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 8 April 2026

⏱️ 43 minutes

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Summary

War and the markets: Carl Quintanilla, Jim Cramer and David Faber covered all of the bases on a day in which stocks surged and crude oil prices plunged by the most since the COVID-19 pandemic — after President Trump announced a two-week ceasefire with Iran, subject to the immediate reopening of the Strait of Hormuz. Hear what the anchors said about the stocks flying high on that news — and the equities that are taking a big hit. Also in focus: Anthropic launches its "Project Glasswing" cybersecurity initiative, Alphabet tops Apple in market cap, Delta's better-than-expected quarterly results despite rising fuel prices. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:11.5	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kington, with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange.
0:17.5	Worldwide relief rally on the back of Tuesday's two-week ceasefire. S&P futures up nearly
0:22.6	3%. Europe's up 4. Japan up 5 overnight and emerging market ETFs looking at 5 plus.
0:29.9	Oil plunges but is actually off the lows of 91 last night as Israel continues to strike
0:34.9	Lebanon and now reports that the Saudi East-West pipeline has been
0:38.9	attacked with a drone. We'll get a White House briefing at 1 p.m. Eastern. Let's begin with the relief
0:43.4	rally around the globe on news of this two-week ceasefire. This morning on Truth Social, the president
0:48.1	posted the U.S. will work closely with Iran and that there will be no enrichment of uranium.
0:56.3	He adds, the U.S. is and will be talking tariffs and sanctions relief with Iran. Kind of some asymmetry between a 15-point plan and a
1:03.8	10-point plan. Jim, we never get all clears on this kind of stuff, but is this good enough for you?
1:10.4	Yes. Okay, yes. And I think it is
1:12.6	because the fact that
1:14.7	there was a plan is something that the Iranians probably wish they
1:18.5	didn't say now. If you look at, I usually
1:22.6	don't use this term, David, mainstream media.
1:24.7	Mainstream media just says it's total capitulation.
1:46.8	He was outsmarted by Iran. It's a bit of a joke. I don't find that to be the case. I think that they did something which just basically said, we're crazy at you? We're crazy than you are. What we did? Well, I mean, I thought that to wipe out of civilization, I thought that was some of the turning point. Kind of, yeah, it's kind of, that's a 10 out of 10 there in terms of the meter of...
1:52.3	Not stone age, bronze.
1:53.8	Okay, but the market yesterday seemed to, or investors seemed to believe that that wasn't going to take place.
2:01.2	Right. And boy, there was a lot of money out of the market, which really was extraordinary.
2:04.7	And then even later in the day, there were people's wrong. Yeah. And obviously that was a
	...

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