Carl Quintanilla and Jim Cramer drilled down on a rough morning for stocks — especially tech -- one day after the Nasdaq and S&amp;P 500 hit record highs. Jim highlighted the names he believes you should buy on the dip. The anchors also discussed Presidents Trump and Xi wrapping up their U.S.-China summit, and what the results of the talks mean for companies including Nvidia and Boeing. Also in focus: Shares of Cerebras pull back one day after surging 68% in the AI chipmaker&#x27;s public debut, Starbucks job cuts, Ford&#x27;s 20% stock surge, the timing of SpaceX&#x27;s IPO.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Stocks Slide From Record Highs, Trump-Xi Summit Recap, Cerebras After Its Blockbuster Debut 5/15/26

Squawk on the Street

# Full Transcript

**Podcast:** Squawk on the Street

## Participants

- **Carl Quintanilla** (CNBC)
- **Jim Cramer** (CNBC)
- **Eamon Javers** (CNBC)
- **Leslie Picker** (CNBC)

## Transcript

[SPEAKER_09] What would you like the power to do? Dig deep and ask it. Can you really live so far from the family you lean on? Will a broken nose break you or will it make you?

[SPEAKER_14] Bank of America champions U.S. men's national team player Diego Luna. And everyone who dares to ask, what would you like the power to do? Bank of America, proud to be the official bank of U.S. soccer and FIFA World Cup 2026. Bank of America N.A., member FDSE.

[SPEAKER_06] 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.

[SPEAKER_03] Market insight and analysis. You're listening to the opening bell of CNBC's Squawk on the Street.

[SPEAKER_05] Good Friday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. Favors on assignment. Bulls trying to hang on to their gains for the week. It could get tight with the NASDAQ 100 flirting with a near 2% drop at the open. Global bonds sell off definitely in play. Long bond 510. 10-year 456 is a one-year high. Oil's getting a little jumpy. 10-year 40-104, the president returns from China. No real breakthroughs on Iran or Taiwan.

[SPEAKER_05] Our roadmap begins with this historic Trump-Xi summit coming to a close. No key breakthroughs, all of no confirmed deals either. It's the end of an era at the Fed. Jay Powell's eight-year tenure as chair comes to a close. And another blockbuster IPO is on deck. CNBC is now reporting that SpaceX could drop its IPO prospectus as soon as next week. Let's begin with the markets, though, and this tech trade cooling off a day after stocks hit fresh record highs. Of course, we had the Cerebris IPO, Jim, which we talked about yesterday.

[SPEAKER_05] But this feel on bonds and the baton change at the Fed, there's discussion of whether a new chair gets tested early.

[SPEAKER_11] It's funny because a lot of people I talk to say, OK, here we go again. Buy the dip. And I come back. I said, well, actually, a 10-year. No, buy the dip. I said, well, we didn't really get that much out of China. But this is the opportunity. I said, well, but the Cerebris. People are, they don't want to hear. They don't want to hear anything negative. I mean, I was like, Cerebris? Well, you know, that's really take a look at what SK Hynix is doing, a trillion, this one. And then I had someone today say something real...

Stocks Slide From Record Highs, Trump-Xi Summit Recap, Cerebras After Its Blockbuster Debut 5/15/26

Transcript

Built for investment professionals

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

Stocks Slide From Record Highs, Trump-Xi Summit Recap, Cerebras After Its Blockbuster Debut 5/15/26

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.