Squawk on the Street

Cramer's Morning Take: Tech & Chip Stocks 9/4/24

Jim and Jeff discuss megacap technology and chip stocks after a big Tuesday sell-off. 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:: 5m
Broadcast on:: 04 Sep 2024
Audio Format:: mp3

CNBC Investing Club Disclaimer

What's on the horizon for financial markets? At PJIM, it's a question that over 1,400 investment professionals relentlessly research in pursuit of your long-term goals. Specialised across asset classes, but united in collaboration, our teams provide global and local expertise. Our investments shape tomorrow, today. Pursue your tomorrow with PJIM, a leading global asset manager. It's time to get the world talking about black-led brands. We all have our favourites, but we can't keep them all to ourselves. So if you're feeling a little black, old beauty, tell somebody. If the lip bar gives you a lip for every drip, let them know. And if your hair is doing the do, shout that out too. Join Walmart in shouting out your favourite black-led products, creating a new world of choices. At Walmart.com/blackandunlimited. Hey, it's Kramer, and this is my morning take on the market from today's CBC investing club morning meeting. We have a market that is, once again, trying, struggling to make a stand. And an emblematic of that is that if you do have good numbers, and I'm going to go a little microwave-tight, GitLab is a good example. The reason I sync GitLab is because if you have good numbers and you guide up, people will buy you. Now, a lot of people are going to have to return to tech where there were good numbers and there were guide ups. There was a guide up in my crime. Guide up in tech consumers. Guide up in NXP. So I'm saying that what we're going to have today is there's going to be a demarcation. Companies that guided up and companies that did, which is kind of normal as long as interest rates stay low. And that has certainly happened. And obviously yesterday was a horrible day for the market. You had the S&P down 2% and NASDAQ down more than 3%. September, as we talked about yesterday and even into late August, usually a rough month for the stock market. And maybe that was yesterday, people were anticipating. Some front loading of losses, I think you could argue that. But we are seeing some stabilization today, yields coming down. How do weak jolts number, but factory order is a little bit better, some concern about manufacturing yesterday after ISM. And WTI going down makes a case in real time, less demand, or maybe oversupply, we don't know. That's a big issue right now, oversupply versus less demand. And we've got a situation where it's very hard again to go against a month where you have a fake cut. People are forgetting that. You're going to wake up one day and say, "You know what? We ought to buy more housing. We ought to buy more of a Stanley Black Integer." Or maybe a new name in housing. Because look at that. Look at Best Buy. I think that's a good point. You had Bostick on the tape today saying Fenn needs to cut before inflation goes to 2%. So you have the Fed meeting in a couple of weeks. So we'll see there. Meanwhile, Jim, oscillator no longer overbought. Finally, it was overbought for a handful of days. So we're finally moving out of that territory. But obviously the market attention remains on Nvidia, especially yesterday after it shed a record, $279 billion, fifth time this year. It's a volatile stock, but the market cap loss is really a function of the market cap gain. Right. Got its hat over the last couple of years. Right. And remember, it's still up 100%, which is still more than Vistra. It's still the number one winner in the S&P. Now, the fact that it was able to stabilize today and actually go up a little, I hate that. Because I think that you want to go back. Right now, there's this pocket at 100 that will scare people. I would like it to see to test and hold the October lows. And I don't want any October. October, or you mean? I mean, I'm sorry. Right here. Yeah, right here. Early August. Early August lows. Start your day with my outlook on the market every morning. Visit cbc.com/morningtake to become a CNBC investing club member at a special rate today. All opinions expressed by Jim Kramer on this podcast and in connection with the CNBC investing club are solely Kramer's opinions and do not reflect the opinions of CNBC, NBC, Universal or their parent company or affiliates and may have been previously disseminated by Kramer on television, radio, internet or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Kramer. The opinions offered in connection with this podcast and the CNBC investing club are not an attempt to induce any particular trading behavior, investment or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Kramer. To view the full CNBC investing club disclaimer, please visit cnbc.com/investingclubdisclaimer. It's time to get the world talking about black lit brands. We all have our favorites, but we can't keep them all to ourselves. So if you're feeling a little black, old beauty, tell somebody. If the lip bar gives you a lip for every drip, let them know. And if your hair is doing the do, shout that out too. Join Walmart in shouting out your favorite black lit products creating a new world of choices at walmart.com/blackandunlimited. [BLANK_AUDIO]