Cramer's Morning Take: Apple 6/11/24

Jim Cramer (0:01)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting. We do have not a soggy day, a down day. It's a solid down day, and it's led by the banks, and a lot of it is still a spillover from what we had yesterday with Huntington Bank, but a lot of it is also the interpretation of what's gonna happen tomorrow with the Fed.

I have been surveying things and telling Jeff that I think we gotta look for something to buy when it's down this much, but it is still tricky to buy right now.

Jeff Marks (0:30)

Well, it's always tricky ahead of the Fed meeting, right? That's why I was surprised by how up the market is yesterday. If you take the two days together, yeah, if you take the two days together, pretty much around even or so, maybe flat to slightly down, but we'll see. We do have, again, CPI tomorrow, Fed meeting tomorrow.

The action would look a lot worse on an index level if it weren't for Apple, which is actually much higher today. After WWDC, it followed the old playbook where it goes down on WWDC.

Everyone writes, oh, as expected, you know, whatever. And then it soars the next day.

Jim Cramer (1:06)

A great note yesterday about how this is upgrades it.

Jeff Marks (1:11)

Yeah, no, I think that's so key because if you're working on a generation prior to the 15, you're gonna need to upgrade. So if you think about all those new phones that were bought during COVID, if you want these AI features, you're gonna have to buy a new one. So that supports this upgrade. I don't want to call it super cycle thesis, like Mellius is saying.

Jim Cramer (1:31)

I like that.

Jeff Marks (1:33)

But a strong upcycle, which they sorely need to drive earnings higher.

Jim Cramer (1:38)

There's too much verbiage about, is this good AI or not? Because what happens is until yesterday, AI was about Salesforce, is about ServiceNow, is about Workday, is about Enterprise Software. This is personal software. You can't ask... Nobody wants a cell phone that's filled with Enterprise Software.

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SPEAKER_3 (2:17)

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