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Cramer's Morning Take: New York Community Bank & Powell Testimony 3/7/24

Jim Cramer and Jeff Marks discuss comments from Fed Chair Jerome Powell, shares of New York Community and other stocks making moves today. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake
CNBC Investing Club Disclaimer

Duration:
3m
Broadcast on:
07 Mar 2024
Audio Format:
mp3

Jim Cramer and Jeff Marks discuss comments from Fed Chair Jerome Powell, shares of New York Community and other stocks making moves today. Become a CNBC Investing Club member to go behind the scenes with Jim Cramer and Jeff Marks as they talk candidly about the market’s biggest headlines. Signup here: cnbc.com/morningtake  

CNBC Investing Club Disclaimer

electricity a big idea that's inspired countless new ones from powering the light bulb to virtually powering our entire lives 30 years ago State Street launched the spider S&P 500 ETF spy a big idea that inspired the world to invest differently and still does what can you do with spy before investing consider the funds investment objectives risks charges and expenses visit scea.com for a prospectus containing this another information really carefully before investing spies subject to risks similar to those of stocks all ETFs are subject to risk including possible loss of principal jobs distributing distribute it's kind of a whole hum day you don't really feel like we have anything to stick out other than a bank deal in your community bank with Steve Mnuchin getting involved the former treasures okay and then secretary pal is speaking and I'm going to tell you I think the chair and pal is going to say the same thing over and over again which is that if the economy gets hot he'll do something if kind of gets cool do something and that's one of the reasons why we're in such a holding pattern but it's very reassuring because what it is is basically a fed put no absolutely jobs report tomorrow so that will be key to see wage gains unemployment rate by the way S&P is now thanks to yesterday's move and today recovered all of Tuesday's losses there you go very interesting to see that and yet you know you mentioned NY CB you know what's interesting this year versus last year last year when the regional banks had had issues the whole group got Dimash yet Wells Fargo new 52 week high today and Wells Fargo is the analog frankly Wells Fargo is a regional national bank which is what Steve Mnuchin wants to do with a New York community and I have said from the very beginning that you would see when Charlie Sharf got rid of the last consent decree then this would be the key now what happened is people said well they've got all these other consent fees this was the one to put the cap one they're doing some creative things the credit card seems to be creative to me yeah they've been really focused on credit card they announced a new one yesterday with some travel perks so we'll see there yeah but I do want to follow up on a couple of yesterday's story to start with footlocker obviously disappointing day down 30% a week guide they're investing they're stepping up their investments but the cadence wasn't good no and Mary Dolan is still CEO still sticking by what she thinks is a great opportunity I would point out so smallest position and I find it a nuisance I am going to spend a lot of time trying to figure out what's the next best name to have there are a lot of stock kicking around I was wanting to wait for the market to get oversold to initiate anything because I think that when we find we just come in and say hmm today's the day that's a mistake yeah well I know the charts on mad money just the other day from Ireland it's indicated maybe there would be some weakness ahead we'll see we don't like to buy when they're up I mean I just think that when you look at the record of what we've done correct it's when things have been beaten down yeah and if you if you act then I think you get a good you know like there was like this moment in Walmart where if we weren't in Costco which reports tonight I would have said well this is the great opportunity I'm looking for opportunity on price and opportunity on substance you got but you got to have both if you're gonna have a successful investment what's on the horizon for financial markets at PJM it's a question that over 1400 investment professionals relentlessly research in pursuit of your long-term goals specialized across asset classes but united in collaboration our teams provide global and local expertise our investments shape tomorrow today pursue your tomorrow with PJM a leading global asset manager