Cramer's Morning Take: Debt Ceiling Deal & China 5/30/23

SPEAKER_1 (0:00)

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The three time stops.

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Jim Cramer (0:33)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club Morning Meeting.

Over the weekend, we got some lawmakers reaching a tentative deal. Now, I have to tell you, as I said this morning, on Squawk on the Street, there still could be drama.

I mean, we know we got till June 5th. We know that the hardliners on both sides wanna really show that they hate the deal. Maybe they do that by vote. Maybe they do that by stall. But just be out there to remember that the six-month piece of paper and three-month piece of paper still reflected till we break down.

Jeff Marks (1:04)

And perhaps why also no big rally on the tentative news? I think the market has kind of taken the headlines thus far in stride, right? We never really got that big, you know, call it 5% pullback on the uncertainty.

Jim Cramer (1:18)

But this is that tepid thing that would indicate that there still could be one more vote.

Jeff Marks (1:22)

Well, yeah, especially if you look at the Dow, which is down.

Jim Cramer (1:25)

The Dow is reflecting China and global recession. Thank you to Matt Horwein. I was going back and forth with him, one of our advisors, who was saying, Jim, don't you understand that all the Dow is related somehow to China?

And you have the Nike in there, you have Caterpillar, which peon. So just be aware, I mean, Estee Lauder, by the way, is not in the Dow, but that's down because of China.

Jeff Marks (1:46)

When, when stock is down today.

Jim Cramer (1:48)

I know.

Jeff Marks (1:49)

Maybe getting interesting, under 100

Jim Cramer (1:51)

Yes, especially because it was a terrific article about how there's been emphasizing the bigger ticket blackjack. And by the way, I mean, you know that the, they're all sold out everywhere.

They can raise ticket prices. They can rate room rates.

Jeff Marks (2:05)

Yeah, Vegas, Vegas is, of course, going very strong. Boston as well.

Macau, it has been very strong. They did really good in May. April was strong as well, but we have to kind of see how this COVID wave plays through.

Jim Cramer (2:19)

And by the way, just for the record, I'm not buying the China slowdown. I'm buying a China trough.

Jeff Marks (2:26)

Like a speed bomb.

Jim Cramer (2:27)

Yeah, well, because in the end, it's a communist country. If they want to start putting people to work, they can just do it.

Jeff Marks (2:32)

Right, perhaps some stimulus follows because if the economy slows down.

Jim Cramer (2:37)

Yeah, and then what happens is we'll come in here and we'll say, oh my God, stimulus. What I'm telling you is that the Chinese government understands that if, unless they put people to work, they could be overthrown. That's always been the reason. So there will be stimulus.

Start your day with my out book on the market every morning. Visit cnbc.com/morningtake to become a CNBC Investing Club member at a special rate today.

SPEAKER_1 (3:03)

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SPEAKER_2 (3:47)

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Jim Cramer (3:56)