Cramer's Morning Take: Bank Stocks 10/4/24

Jim Cramer (0:02)

Jim Cramer here to share with you a sample of my take on the market from today's CNBC Investing Club morning meeting. There's some really interesting things that happen. And the type of things that happen, you know, I always like to go behind the scenes with me. We got a very strong job support, strong to the point where it's very clear that not only are we not gonna have a hard landing or soft landing, we may have no landing. That's, by the way, the view of Larry Fink, whom I revere, who runs BlackRock. And with 254,000 jobs added, when we only thought 150,000, what that says is that, you know, what, the recession's off the table. More important, we're not gonna have any credit problems. Because when you have a consumer economy and you have that many people hired, what it means is that it's unlikely that you're gonna get a spike in defaults. That had been a very big issue. People were worried about that. You take it off the table and what do you see? You see a dramatic rally in the bank stocks, even though you expect not to because we have interest rates going higher today. So when you look at Wells Fargo being one of our best today or JP Morgan, which we don't own, or Morgan Stanley now back to 106, what this says is, you know what? Maybe we're at this era where what really matters is not inflation, we've got oil up and it didn't seem to matter. Oil's the strongest it's been a long time. We've got these wages and wages actually, the prices were actually up a little bit. So maybe what we really want, maybe what's ideal here for Wells Fargo is lower defaults than we thought and job growth as opposed to a little bit of increase in wages and job growth. I'm taking it as a very bullish thing and all I can tell you is that it's moving our bank stocks very, very well. Makes me feel like we ought to have another. I've been working on Blackstone and BlackRock, would appreciate any input that you have at home because it does matter to us tremendously. Now, Port Strike ends, that also should be, it's very hard to figure out what's going to go on there because the retailers have already had most of their stuff, they do that in September. But, and most of it comes from the West Coast, this was East Coast. But I would say is that what people are saying is is that Costco was the one that people bought a lot of stuff and he's going to pull through and give Costco a very nice month. Remember last month was a month that where the stock got hit. So that could be very, very important. Buy some Costco if you don't earn any, I'd buy some here. We're almost oversold. That would be making a lot of sense.

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