Cramer's Morning Take: Tech & Chip Stocks 9/4/24

Jim Cramer (0:02)

Hey, it's Cramer, and this is my morning take on the market from today's CNBC Investing Club morning meeting. We have a market that is once again trying, struggling to make a stand. And emblematic of that is that if you do have good numbers, and I'm gonna go a little micro-yield, GitLab is a good example. The reason I say GitLab is because if you have good numbers and you guide up, people will buy you. Now, a lot of people are gonna have to return to tech where there were good numbers and there were guide ups. There was a guide up in Micron, a guide up in Texas Instruments, a guide up in NXP. So I'm saying that what we're gonna have today is there's gonna be a demarcation. Companies that guided up and companies that didn't, which is kind of normal as long as interest rates stay low. And that has certainly happened.

Jeff Marks (0:49)

And obviously yesterday was a horrible day for the market. You had the S&P down 2%, the NASDAQ down more than 3%. September, as we talked about yesterday and even into late august, usually a rough month for the stock market.

Jim Cramer (1:04)

And maybe that was yesterday. People were anticipating it.

Jeff Marks (1:06)

Some front loading of losses. I think you could argue that. But we are seeing some stabilization today. Yields coming down. Had a weak Joltz number, but factory orders a little bit better. Some concern about manufacturing yesterday after ISMs.

Jim Cramer (1:19)

And WTI going down makes a case in real time. Less demand, or maybe oversupply. We don't know. That's a big issue right now. Oversupply versus less demand. And we've got a situation where it's very hard, again, to go against the month where you have a Fed cut. People are forgetting that. You're going to wake up one day and say, you know what, we ought to buy more housing. We ought to buy more Stanley Black and Decker, or maybe a new name in housing. because look at Best Buy, one of our best.

Jeff Marks (1:48)

I think that's a good point. You had Bostec on the tape today saying the Fed needs to cut before inflation goes to 2%. So you have the Fed meeting in a couple of weeks. So we'll see there. Meanwhile, Jim, Oscillator no longer overbought. Finally, it was overbought for a handful of days. So we're finally moving out of that territory. But obviously the market attention remains on NVIDIA, especially yesterday after it shed a record 279 billion. Fifth time this year, but it's a volatile stock, but the market cap loss is really a function of the market cap gain that it's had over the last couple of years. Right.

Jim Cramer (2:23)

Remember, it's still up 100%, which is still more than Vistra. It's still the number one winner in the S&P. Now, the fact that it was able to stabilize today and actually go up a little, I hate that. because I think that you want it to go back. Right now, there's this pocket at 100 that will scare people. I would like it to see, to test and hold the October lows. And I don't want any...

Jeff Marks (2:47)

October, where you mean?

Jim Cramer (2:48)

I'm sorry.

Jeff Marks (2:49)

Right here. Yeah, early august.

Jim Cramer (2:50)

The august lows. 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_3 (3:07)

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