Cramer's Morning Take: CPI Report 8/10/23

SPEAKER_1 (0:00)

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Jim Cramer (0:33)

Jim Cramer here to share with you a sample of my take on the market from today's CNBC Investing Club morning meeting.

People are still in the habit of trading off of numbers that could make it so the Fed might be done tightening. So you get a soft CPI and everybody goes crazy.

Jeff Marks (0:52)

Yeah, and so CPI was a little bit cooler than expected, not seeing too much movement in the probabilities of what the Fed may do next. At the September meeting, right now odds are for no hike, but we've heard the Fed before say there could be at least one more coming this year.

Jim Cramer (1:08)

Yeah, look, the Fed knows that in the 70s they played the game of hike, no hike, hike, no hike, and inflation came rolling back. So there is no way that this Fed is going to let the vampire go. They're not gonna just, they're gonna put it, definitely put a stake in it, which means that you should not be buying because you think the Fed's done. If you wanna buy stocks here, the reason why you should buy them is because we've had some really soft days for the NASDAQ, and there are some great opportunities in the NASDAQ. We bought Microsoft.

Jeff Marks (1:37)

Yeah, I bought Microsoft the other week.

Jim Cramer (1:40)

Amazon is a fantastic quarter. Alphabet was a fantastic quarter.

Jeff Marks (1:43)

Yes, yes, and the key there is, of course, with the cloud business, with Amazon stabilizing at 12%, also retail margins much better than expected.

Jim Cramer (1:53)

Advertising, $10 billion for gross margins are huge for that.

So, I mean, we do have things to buy if you haven't bought anything. Now, I want to emphasize that when everything's up, that's usually not the right time to buy it. You might get a down trip. But we have had a series of really ugly days for the NASDAQ, led by Nvidia.

Jeff Marks (2:10)

Yeah, it's been a pretty volatile week. Of course, you had some early selling in the morning, followed by some dip buying in the later afternoon. I think we are now up on the week thanks to today's gains, but it's been pretty back and forth.

Jim Cramer (2:26)

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SPEAKER_4 (2:44)

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