Cramer's Morning Take: Home Depot 5/16/23

Jim Cramer (0:01)

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

What do we have here today? Well, we have a day where Janet Yellen basically said, you know what, it's really, it's come and due. Speaker McCarthy, obviously intransigent. The president flying to Japan at a time when I would argue that the Republic is in jeopardy if you look at, say, the monthly tea bill, we're beginning to get calls from people, regular people who are saying, what happens here?

What happens to my social security check? What happens to my Medicare? Can I get my medicines? This is what's on the horizon and it's making people very concerned that there's a cavalier nature in Washington about our own concerns.

Jeff Marks (0:49)

Sure, and it's creating a lot of volatility in the market. Look, will there be an agreement? Yes, at some point, there has to be, right? But up until that, there's just a lot of uncertainty as we get closer to the X-State where the government runs out of cash.

And the market is going to be volatile into that. So that's what we're seeing today. We said yesterday, expect Tuesday to kind of a down opening.

Home Depot is a drag, too, which we can talk about as well.

Jim Cramer (1:12)

Well, I mean, my law school professor, Larry Tribe, is talking about using the 14th Amendment. That's a total non-starter. All it does is get it to the Supreme Court. The Supreme Court then kicks it back to the House. Whoever thinks about that is just, I think, a fool's errand.

Home Depot is important because the stock was down eight to nine points earlier. Home Depot cited, they did have a weak quarter. They said, by the way, that both the professional and do-it-yourself were weak.

Again, we've got the same set of things that people aren't buying, grills and appliances. We heard that from Costco's monthly call. Now, one of the things I think people, there's a very good article speaking in the Wall Street Journal about how if your mortgage rate's really low, you're very reluctant to sell your house. And so you're getting all these people who have no need to fix their place up. That's also a negative, by the way, for Stanleyworks, which I was hoping you might be able to pull out of its funk, but I just think you can't.

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SPEAKER_3 (2:21)

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