David Faber, Carl Quintanilla, and Leslie Picker kicked off the hour with new data - before getting into the latest on Iran, what it all means for the energy patch, and what could come next in Hormuz - according to the CEO of one global cargo company with ships in the Middle East. Plus: Bank of America&#x27;s Head of US Equity Strategy joined the broadcast with her volatility playbook, before the team checked in with Moody&#x27;s Chief Economist about the macro (fresh off a new &#x27;vibe-coded&#x27; recession indicator that&#x27;s flashing warning signs). Elsewhere in the hour: details on Meta&#x27;s new deal with Coreweave, what&#x27;s hitting private credit stocks alongside software, and the key takeaways from Amazon CEO Andy Jassy&#x27;s annual letter to shareholders. Squawk on the Street Disclaimer Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

SOTS 2nd Hour: Iran Latest & Energy Implications, Moody's Chief Economist, & More Private Credit Concerns 4/9/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Carl Quintanilla** (CNBC)
- **David Faber** (CNBC)
- **Leslie Picker** (CNBC)
- **Rick Santelli** (CNBC (correspondent))
- **Savita Subramanian** (B of A Securities)
- **Megan Casella** (CNBC)
- **Brian Sullivan** (CNBC)
- **Mark Zandi** (Moody's Analytics)
- **Herbjorn Hansen** (Nordic American Tankers)
- **Contessa Brewer** (CNBC)
- **Kate Rooney** (CNBC)

## Transcript

Trading at Schwab is powered by Ameritrade, giving you even more specialized support than ever before. Like access to the Trade Desk, our team of passionate traders ready to tackle anything from the most complex trading questions to a simple strategy gut check. Need assistance? No problem. Get 24-7 professional answers and live help, and access support by phone, email, and in-platform chat. That's how Schwab is here for you, to help you trade brilliantly. Learn more at schwab.com slash trading.

She loves it hot, he loves it cool. The Pod by Eat Sleep is a smart mattress cover that fits on your bed and keeps each side at the perfect temperature all night long. By staying comfortably warm or cool, the Pod helps you sleep deeper and wake up feeling more rusted. Every morning, you get daily health insights and a sleep fitness score. However you sleep, the Pod by Eat Sleep adapts to you. Try it at EatSleep.com.

Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Leslie Picker, David Faber here at Post 9 of the New York Stock Exchange. Sarah Eisen has the morning off. Coming up this hour, the latest on the Iran war and the ceasefire as oil resumes its march higher, back above 100 amid confusion about what exactly is included in this deal. We'll talk to the head of Nordic American Tankers, currently has ships in the Middle East, about Iran's plan to collect tolls in the Strait of Hormuz.

Amazon's boss, Andy Jassy, out with an annual letter this morning. Some big numbers around the company's opportunity in custom chips. We'll explain. First, though, let's get some more breaking economic data. It just crossed, and Rick Santelli has that for us. Good morning, Rick. Good morning, David. Yes, wholesale inventories. This is a February final read, so we take the down half of 1% number.

That was our final read in January, and that now becomes up 8 tenths, up 8 tenths. That is a hot read. Matter of fact, that would be the biggest inventory jump going all the way back to Jan of 25. And it doesn't end there. If we look at our Feb read on trade sales, three, four times what we're expecting, up 2.7%, best since March of 22.

And if we look at the up 1.1% revision in the rearview mirror, that is really a hot number there. That would be up 1.1%. So these are very, very strong numbers, and they do underscore that many believe we see our biggest moves in inventories and sales in January. It really turned out to be Feb. But on our February numbers, we also at the end of the month, of course, hav...

SOTS 2nd Hour: Iran Latest & Energy Implications, Moody's Chief Economist, & More Private Credit Concerns 4/9/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

SOTS 2nd Hour: Iran Latest & Energy Implications, Moody's Chief Economist, & More Private Credit Concerns 4/9/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.