Cramer's Morning Take: U.S. Jobs 3/8/24

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. We start out with an 830 number, Jeff, that looks, I'm tired of the term goldilocks because what really happened is the number that was poorly tabulated the previous quarter. We would never tolerate that in a year of artificial intelligence and generative, and by the way, accelerated computing, because what happened is that January would turn out to be far weaker, and so they mixed them together, and it turns out to be other than government jobs, there really wasn't a lot of job growth.

Jeff Marks (0:32)

We've heard from a lot of companies that January was a soft month, part of it due to the weather.

Unemployment rate takes up, well moves up to 3.9 from 3.7. I think the Fed is keeping an eye on that. They have said that now that inflation has gotten at least a little bit more under control, they're keeping an eye on the other side of their dual mandate as well.

Jim Cramer (0:50)

But look, if you cross 4%, then it suddenly becomes an election issue. They don't want to be an election issue. Obviously, Jay Powell is studiously, if you remember from during the Trump period, he's the least political Fed chairman I've ever seen because he was faced with the most political president in history. But I do say that there was a lot to like about the number because what it did was say, maybe there could be a rate hike back in May, put May back on the table, to some degree.

Jeff Marks (1:15)

Yeah, we'll see.

Jim Cramer (1:16)

Well, I mean, that's what I'm betting on this because Mike Santoli did this excellent report this morning about how the semis were correlated with interest rates. And I want to congratulate him for pointing out a pattern that people have been oblivious to.

Jeff Marks (1:28)

Well, and there you go. And we're seeing it today in NVIDIA as well, right?

On a march to almost $1,000 per share.

Jim Cramer (1:35)

NVIDIA trades with the 20-year. I mean, it's a little crazy. But I would point out that you and I both know that NVIDIA is crucial to why Broadcom could have a good quarter or Marvell.

David had excellent analysis about the way the impenetrable notion of the financials of both those companies. But I come back and say they are connected with AI.

Jeff Marks (1:54)

And Broadcom did have a good quarter. We should talk about it. Because cash flow can't lie.

Jim Cramer (1:59)

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SPEAKER_3 (2:17)

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