Cramer's Morning Take: CPI Data 10/10/24

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. This is one of those morning, Jeff, where you look over the CPI, and there'll be a number that comes out, and says, oh, look at that shelter number, oh, look at that food number, oh, hold the cow, look at that apparel number. Maybe this is, in the end, much ado about nothing, even as my old friend Austin Goolsbee said that from the Federal Reserve, stop obsessing. So, eye on the prize, eye on the prize are companies. We're about to have earning season, and overall, I think these numbers should not take our eye off the ball.

Jeff Marks (0:36)

Yeah, I mean, on the headline, at least the trend continues to move lower, right? Year over year. Also had initial jobless claims, higher than expected, but maybe some noise through the hurricane, port strikes. Ultimately, yield reaction slightly up, but oil is higher today, and China is up as well. Usually means you have a little bit of a down market. Saw the opposite of that play out yesterday when the S&P notched a new all-time high.

Jim Cramer (1:03)

Correct. I think what we have to do is provide some context for our club members. And the context is, not every number is significant, and yet we want to make every number significant. If you really want to know what this is like, it's more of a baseball season than a football season.

Jeff Marks (1:20)

I don't want to hear about either of those.

Jim Cramer (1:22)

No. There are a lot of, okay, it's the X of the playoffs. There's a lot of games. There's a lot of games. Not every game is substantial. The playoffs are always substantial. This CPI was not a playoff number.

Jeff Marks (1:34)

Okay. Yeah, I guess that makes some sense too, especially, you had the Fed cut 50 last meeting. You know, now, maybe there's some murmurs. You know, maybe they don't make a move in November. We'll see how it plays out, but...

Jim Cramer (1:51)

Do you think we could make too big a deal about these different numbers? We as people who are in the commentator business?

Jeff Marks (1:59)

No, I think it's important, right, to get a read of the overall economy, but as you bring up a good point, we're gonna have the banks kick off Q3 earnings in tomorrow. Wells Fargo.

Jim Cramer (2:10)

Those are playoff games, because they happen four times a year. And the playoff games are important. Black Rock is one I highlighted this morning. I think about, I would like maybe to add that, now that we've taken Procter out, but Wells Fargo is creeping up a little bit closer to its 52-week high. Those are real life for us, obviously. We live and die by performance. And I look at these and I say, please come in hot, but not too hot, because if it's too hot, then you can't justify owning the stock. I don't want to be in a situation where Wells is at 63, going to 58 I'd rather be in a situation where it's 58 going to 60

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SPEAKER_3 (3:05)

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