It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kington-Awo, with Jim Kramer, David Fabry at Post 9 of the New York Stock Exchange. Pre-market adding a touch more to Wednesday's selling in the Dow S&P, although much of the macro data today is actually pretty bullish, whether

that's challenger layoffs, jobless claims, Q3 productivity, and the trade balance.

Yields are higher.

Our roadmap begins with defense stocks rallying in early trade as the president calls for a

record $1.5 trillion defense budget.

It takes aim at dividends and buybacks for defense companies.

The president also scheduled to meet with top oil executives tomorrow.

They'll discuss how to revive Venezuela's battered oil sector.

And Battle of Market Caps, Alphabet now tops Apple.

That's the first time it's done that since 2019.

That stock, of course, up 65% over the last year.

Also got an upgrade and a price hike today. Let's begin with these defense stocks today,

jumping on the president's call for a $1.5 trillion military budget for 27. That would mark a 50%

increase from this year's Pentagon budget. Jim, it would be almost 5% of GDP,

which we really haven't done since the early 90s. Right, but it's kind of a, you feel like

it's a wartime footing, a cold wartime footing. What I thought was interesting is the analysts

completely take it seriously. I mean, without a doubt, I think David, you'll get a kick out of this, so to speak. You'll have a president that will say, listen, no buybacks. And this is an industry that exists in buybacks. No dividends, okay, because you're not doing a good job. But we're going to raise it. And the combination of when you do it, so you get this no buyback, no dividend, shorts. The shorts come in and just like take them apart. And then right at the end, he says, yeah, but we're going to boost your budget. Your earnings are going to take up by 50%. 50%. I mean, obviously, the last I heard Congress had the last word on budget, but who knows these days? Historically how we do things. Yeah, but that doesn't mean anything right now. Maybe they'll take this under advisement. Okay, so I was prepared for David coming at me after what he did yesterday with the Amazon, where he really hurt me. Where he accused you of being part of their management committee? Yeah, which I, which I've already. We had forgotten this until I told, because he knew there was something yesterday, they went over the line, and then I reminded him, and that's where we are.

All I did was tell Jassy what to do with the retail section.

But, Jassy being the deal, but you probably forget what happened in April 10 of 1962.

I do. Tell me what happened then.

Okay, President Kennedy, by the way, who was a liberal Democrat, just so you know, he said he had enough for the double cross of Bethlehem Steel. Bethlehem Steel and U.S. Steel were the two big ones, okay? Nine-on-ten-10 richest executives work for Betham Steel time. He made a deal where he said to the steel workers, listen, you guys don't ask for price increases. Then he went to management of Bethlehem Steel, U.S.,

and don't put any price increases through for steel. As soon as it was signed, U.S. Steel

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