Cramer's Morning Take: Debt Deal 5/23/23

SPEAKER_1 (0:00)

Okay, text from the wedding planner. She's talking about a cake pop mural.

SPEAKER_2 (0:05)

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SPEAKER_1 (0:07)

Ooh, it's $8,000. I don't know, we're trying to save for a house.

SPEAKER_3 (0:12)

Well, you only get married once, or twice.

Jim Cramer (0:15)

The three time stops.

SPEAKER_3 (0:16)

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Jim Cramer (0:29)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting. We've got a very mixed market, and a lot of it's because we still have no debt deal.

Now, we all know that a debt deal, if done in time, is gonna ignite the market. But until then, I think we're just gonna see more of the same. Interest rates are going slightly higher and trendless. And I have to tell you, Jeff, I'm not crazy about this market. And I'm not crazy about it because we have a lot of numbers from retailers for the last 10 days.

I struggle other than Dick's Sporting Goods to find one that has come in right.

Jeff Marks (1:12)

Yeah, we are seeing some cracks in the consumer. And we're also on bond yield watch as well with the 10-year and the two-year yields earlier today, hitting its highest level since March.

You had JP Morgan CEO, Jamie Dimon yesterday saying, be ready for higher rates. Perhaps that explained some of the weakness that we saw in some consumer staples yesterday and again today, as you pointed out last night on Mad Money. So yeah, we're not near oversold or overbought levels on the oscillator either, still sitting in no man's land. So just kind of a sit on your hands type of feel right now.

Jim Cramer (1:48)

So for the first time since this part of the earning season, and I know it's the extended part, which is retail, we are seeing some stocks react in what I regard as short squeeze fashion, Lowe's is up today.

It was a little better as we talked before in Home Depot. Williams Sonoma's up, that's been pressured down just endlessly, BJ's wholesale not up. And these were all quarters that I just mentioned that were not as good except for Dix where they reaffirmed. And what I think is happening is that not only do we see cracks in the consumer, but now it's just travel. There's no more hard goods bought, there's no more soft goods bought, you could argue there's sporting goods bought, but it's travel and travel remains strong. I think travel is a function of wages and wages are still hanging in there. So the inflation story is still on, I'm not going to dismiss it, but I do think that it's still June pause and then maybe we see what happens.

Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_1 (2:58)

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