Cramer's Morning Take: Amazon, Alphabet & Apple 6/28/24

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

I do want to talk initially about the macro and its relation to the debate last night. There are many people who initially were not sure what to do, but then it's kind of like a ground swallow in the last 15 minutes, saying that it looks like, well, you can pull forward what might be a Trump victory. So therefore go over the industries and see who has been most punished, or is considered to be the most punishable, and that means you can go by the banks, it means you can go by the natural gas and energy stocks.

You can even buy companies that have been overregulated. You might think that the drug companies are overregulated. So it's about regulation that people like. Let's go back to the macro for a second. We got a very good PCE number. Some people feel that's the Fed's preferred number. That's an inflation number, which showed very little inflation in the system, which then caused interest rates to go up. Our interest rates go down. Now, how it was interesting is that I thought interest rates would go up on the PMI, which came in at 947, and it was hot. It didn't matter, because what matters is the fact that inflation seems to be peaking. Now, before you get too excited, remember, Powell is one of the first people to go. Trump has disliked him intensely, even though he's his guy. I think that's a shame. I've always been very upfront that I think Powell's a terrific Fed chief. Now, let's go over the portfolio itself.

You'll see Wells Fargo go up. That's probably one of the better ones that can go up in the situation. Morgan Stanley's lagging behind. That makes no sense to me. I'd be a buyer of Morgan Stanley because they are involved with M&A, which has obviously been hurt by the FTC and the Justice Department. And the companies that have been most hectored by the FTC and the Justice Department are Amazon, Alphabet, Apple, all three I think you can therefore buy right here on that if you do like them. And I do happen to like them very much. They're in the portfolio. Apple's really breaking out here.

The ones that are really being hurt are companies that look a lot like, unfortunately, like Starbucks and like Estee Lauder, which is the companies that are leavered to China, Nike, with a really, really bad number. Interesting enough, Matt Horween pointing this out to me as my writing partner, also does great friends and accountant for me, is that what's going on in the case of Apple in China is that even if the government may be preferring Huawei, which is their competitor, once Apple cut its price, Apple's numbers soared. So again, there's a reason why you want to own Apple.

Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_2 (2:46)

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