April Job Openings Rise & Chicago PMI Misses 5/31/23

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SPEAKER_1 (0:07)

Ooh, it's $8,000. I don't know, we're trying to save for a house.

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Well, you only get married once or twice.

Jim Cramer (0:15)

The three time stops.

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Jim Cramer (0:33)

Hey, it's Cramer. And this is my morning take on the market from today's CNBC Investing Club Morning Meeting.

Jeff, what can I say? We have a boom and a recession at the same time. It does feel like that. I could argue very easily that with PMI, we're obviously in recession, but then you tamed me with jolts, not recession.

Jeff Marks (0:55)

Yeah, the Chicago PMI, very disappointing. That of course measures the economic health of the manufacturing sector in Chicago. Very weak, dropping to around 40 We were looking for 47 It's very concerning. It obviously also explains why we've been seeing such weakness in a lot of manufacturing industrial companies as well.

Jim Cramer (1:15)

Which we own, and there's no hiding it. If it's industrial, it's getting killed.

It doesn't even matter where it is in the cycle. And a lot of it is also because a lot of these companies had lived off of oil.

Jeff Marks (1:26)

Yeah. And at the same time, still some very hawkish Fed comments. People looking for one more yet another rate hike at the June meeting that's coming up.

So you know, some conflicting forces out there.

Jim Cramer (1:40)

Well, and in conflicting, you sell. Especially at the end of the month, you lock in what you have. Now yesterday we did a very thorough analysis. Thank you for you.

Standard porters that we just did, the equal weighted. Marcus, down.

Jeff Marks (1:53)

Right. So if you're just looking at the market, the S&P 500 being held really together by a group of, let's just call it 10 stocks, the mega cap tech stocks, AI related stocks. Outside of that, a lot of weakness.

Now at the same time, we did trim a couple of our AI stocks. We're just going absolutely crazy.

Jim Cramer (2:15)

We sold some AMD, which frankly should not be going up as much because even though HP last night said that AMD's got some good AI chips, let's not shoehorn AI everywhere. AMD does not have anything that is competitive to Nvidia. Nothing.

AMD is CPU. It's not GPU.

Jeff Marks (2:33)

So more speculative of what they'll have. At the same time, took off a little bit of even meta platforms too after it's more than doubled year to date, our first sale this year in the stock.

Jim Cramer (2:46)

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