CNBC Investing Club: Cramer’s Morning Take on Chevron 4/2/26

SPEAKER_1 (0:00)

What made you confident that you could do something that hadn't been done before? I have no fear of failure.

SPEAKER_2 (0:06)

Trailblazing women changing the game.

SPEAKER_3 (0:09)

One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms.

SPEAKER_2 (0:16)

It really does come down to just trusting yourself. Life is short, and you just gotta think big to accomplish big things. Julia Borsten hosts CNBC Changemakers and Power Players. New episodes every Tuesday wherever you get your podcasts.

Jim Cramer (0:32)

Jim Cramer here to share a short preview of my take on the market from today's members only CNBC Investing Club morning meeting. Join the club for full access to the morning meeting every day at 10 20 a.m. Visit cnbc.com/morningtake to sign up today. That's one word, morning take. Now, I do wish that we were more oversold, or I would say, let's go buy some Dover when it was down five. But the problem is, again, we're stuck with that high basis. I mean, don't want to get the basis higher. It's a low basis for good.

SPEAKER_5 (1:06)

Yeah, it is interesting action. Also keep in mind, it's the last day of the trading week. Market is closed tomorrow. CNBC will be doing some special coverage on the jobs.

Jim Cramer (1:15)

Good point.

SPEAKER_5 (1:16)

But we tend to see risk off moves into the weekend. I was looking back, the average move in the S&P 500 on the last day of the week since the war broke out was a decline of 1.28%.

Jim Cramer (1:27)

Which is very significant.

SPEAKER_5 (1:29)

Yeah, the worst was last Friday's decline of 1.67. We all remember that from our monthly meeting. So it doesn't include what the market does today. But there's just that general attitude of some selling ahead of what might come.

Jim Cramer (1:44)

Well, I think that this one did it for us. Well, I think that I included, wanted to believe that there was some discussion between Iran and us. It just doesn't seem like there is. And I also wanted to see the end of Iran being able to throw missiles at people. I mean, the idea that their Navy and their Air Force is degrading, it doesn't matter. It has to do with the drones and the missiles. So when I saw that Chevron stopped going down around 1, and the sell-off became severe for the ones that hadn't been working, the Microsofts, I said, oh my, here it comes. And I do feel, I mean, this is a good example. You buy Chevron here, this stock was at 213 right here. But that's chasing momentum. I'm not going to do that. You know, look, I'm kind of, I'm not sanguine. You never be sanguine, especially after Nike. But I do find when our stocks are down badly, my instinct is to want to buy them because I like what we have with the exception of Nike.

SPEAKER_5 (2:49)

Yeah. Well, look, it's a tricky environment. It's really hard to navigate the market when we see these types of moves on headlines day after day, and it can change day after day. But really, as you just said, we're kind of looking at stocks we like for the long term, and when they come in, we'll nibble. And, you know, if we get a rally, maybe we peel off something we don't like as much.

SPEAKER_2 (3:14)

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SPEAKER_1 (3:46)

What made you confident that you could do something that hadn't been done before? I have no fear of failure.

SPEAKER_2 (3:52)

Trailblazing women changing the game.

SPEAKER_3 (3:55)

One of my favorite pieces of advice, think about what your boss's boss needs. Leadership can look in many, many different forms.

SPEAKER_2 (4:03)

It really does come down to just trusting yourself. Life is short and you just got to think big to accomplish big things. Julia Boorstin hosts CNBC Changemakers and Power Players. New episodes every Tuesday wherever you get your podcasts.