Cramer's Morning Take: Interest Rates 9/5/23

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What do you see on the horizon for financial markets?

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Jim Cramer (0:33)

Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

Jeff, we do have a market that's getting overbought. We know they have the oscillator deal that does matter for those who subscribe, but we were plus three and more. And what I think is interesting, and people are, if you take a look at my weekly bulletin, rates are going higher again. And that's really what's driving this market down, rates.

Jeff Marks (1:00)

Yeah, that comes even after a jobs number last Friday where you had unemployment ticked up. Now that's also because the labor force participate was also up. But it seems to be a cooling of job hiring, maybe not a lot of layoffs substantial, but the hiring has a little bit of a slowdown. Wages was also a little bit slower too.

Jim Cramer (1:21)

And oil, you know, people are worried. Now oil is one off, but I will tell you that this Pioneer is working.

And we said that was the one. It's got the lowest cost. I really like it. But overall, if you take a look today at Toll Brothers, you take a look today at the companies that are infrastructure, Vulcan and Martin Marietta, they are also, when you speak with those companies, and I know Ward and I pretty well at Martin Marietta, they have the biggest business is the stones that you need for housing developments. And you see Toll down a lot now, you see Lennar down a lot, people are saying that housing is being hurt by what could be a 9% mortgage when you get to 5%.

Jeff Marks (2:03)

Even as I think it was Bernstein upgrades Lowe's this morning too, just on the housing side.

Jim Cramer (2:09)

By the way, I prefer Stanley Black and Decker, which is as much as I like Lowe's. The aisles for Stanley Black and Decker were pretty good. It's the restructuring that's going to make that thing work.

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