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

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Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Cantony with Jim Kramer at the New York Stock Exchange.

David Fabers waking up early in L.A. ahead of Warner Media Day. In the meantime, stocks look to take a breather at the open after Monday's record high, truly a mixed bag of earnings today, from GM and MasterCard to Grubhub and Beyond Meat, tenure 183, K Schiller, up 3-2 year-on-year. Our roadmap begins with record watch, the S&P at that all-time high, down the NASDAQ not far behind.

Plus, as we said, streaming wars, HBO Max, details coming today. David is live in Los Angeles

ahead of the Warner Media Investor Day. And some tough questions for Boeing, what to expect, as Dennis

Mullenberg testifies to Congress later today.

We're going to start, though, with the markets the day after the S&P hits that 12th, all-time high,

and the 14th record close of 2019, Jim, halfway through earnings season here.

What does it all mean?

Well, I think you'd go back, and I was going back and looking at some of the big billionaire hedge fund managers and what they've been saying and they all, I think almost in unison said, look, this is a bubble, you've got to be very careful, it can't last. Their numbers can go back into the negative, but the companies just aren't letting it happen. The companies, for the most part, the biggest company's supporting great numbers. And the classic one is Merck. I mean, last week, Merck got hit all the way down to 7980 when Bristol Myers unveiled a cocktail, Opdivo and Urvoy, that was very positive. But Key Trude is doing,

I don't know if people understand this, $3 billion this quarter. This is, you know, having helped you have cancer. I mean, it's such a terrible illness, but this is really an extraordinary drug, and it's Merck's drug, and it raises its forecast dramatically. Merck, Big Dalstock, Pfizer, really unbelievable. I can't even see how Pfizer did it, to be honest. I mean, on a day where Merck and Pfizer both raised their full-year guide, but on a day where

Cummins cuts its full-year revenue guide, do you stick with the offensive still? No, I think that

you have to just say, listen, there are some guys that beat that really have figured out what to do.

Let's see how much Cummins is down, because they missed on. But the fact is, Caterpillar was horrible last week.

Horrible.

And the stock hit 140 to 140 yesterday.

And Morgan Stanley had downgraded it right before it came out.

And you really started thinking, it's going to be awful.

And the stock didn't go down.

So I'm a little suspicious about giving up Cummins right here. When you see

revenue declining 2%, your instinct is to say sell it. Now, the one thing is we've got to hear

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