Mad Money w/ Jim Cramer 3/3/26

**Kelly Cavagnaro** (0:00)
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**SPEAKER_2** (0:30)
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**Jim Cramer** (1:22)
Hey, I'm Cramer.

**SPEAKER_5** (1:23)
Welcome to Mad Money.

**Jim Cramer** (1:24)
Welcome to Cramer.

**Jim Cramer** (1:26)
All you big friends, hey, I'm just trying to make a little money. My job is not just to entertain, but I'm trying to do some teaching. So call me at 1-800-743-CNBC, or tweet me at Jim Cramer. The market's got these incredible moon swings. So I say, let's be careful. That's the best advice I can give you right now, that, and hold on tight. Because we're experiencing one of those moments I mentioned, how to make money in any market. A moment where we could go down a lot, and then rebound like crazy. Drone, no drone, boom. It's my job to help keep you in the game so you don't miss that snapback. I don't want you shaking out, even as I don't want you to trade your way into oblivion. No, thank you. And today was a true test of what's ahead. With the Dow sinking 404 points, S&P declining 0.94 percent, Nasdaq losing 1.02 percent. A bad day, but we erased a big chunk of our losses from the swoon this morning. How low did it get? At one point, the S&P had fallen from 6,800 all the way down to 6710 Let me at the furious rally for 6816 Think about that. Remember yesterday we started lower until Opposition empires came in because they were hoping this war with Iran would wrap up quickly. When the price of oil soared and then pulled back, the market got jiggy. So anyone who sold near the bottom ended up kicking themselves.
That's why I've always told you that panic is not a strategy. Today though, we saw the other side of the coin. The market sagged badly as we recognized that Iran actually had a plan for what to do when their leadership gets taken out. They basically told local military commanders, fire at will, putting thousands of autonomous drones and missiles in the sky. They're using the cheapest rock as possible to exhaust their expensive countermeasures. The launch sites are everywhere, and Iran doesn't seem too picky about what they hit, whether it's oil infrastructure, luxury hotels, the Gulf, or US embassies. The coverage got so negative at one point today that I started wondering if the war might take months as we bring in more ammo or maybe we actually lose. Yes, it read that negatively. The spike in oil was more permanent than the day before. The Formula Magnificent 7 had no legs whatsoever.
Worse, the selling in the hottest semiconductors of late, the memory stocks at Micron, Seagate, West New Jersey, and just, it was particularly brutal. The culprit. I did some homework with this and it got me the following answer, Black Tuesday is the culprit. Oh, you don't know Black Tuesday? That's what they're calling the sell off in South Korea last night, with the index once red hot plummeting 7.2%. Two weeks of gains vanished. But don't sweat the program here, Cosby people. This stings up 75% last year, up 37% to date. I mean, even after last night's pummeling. All right, listen, the South Korean market is extremely hot and it's very active. It's highly concentrated. The two most important stocks, Samsung Electronics and SK Hynix, they make up 52% of the market.

**SPEAKER_5** (4:35)
Two stocks.

**Jim Cramer** (4:36)
Samsung stock fell 9.88%.
SK Hynix got hit over the head with an 11.5% two by four. When we get these kinds of declines, you get a spillover to our stocks here. Some of the spillover might be the selling by Koreans in our market who are trying to meet margin calls in their market. And some of them might be scared holders who watch those two Korean stocks like a hawk and figured something might be wrong. Remember, those two stocks, those companies really do have a corner on memory. I'm going for the margin call theory because there's nothing fundamentally wrong with the memory and data stage score. Nothing wrong with data storage. Everything memory did get crushed. Now to complete the tableau of negativity, we saw more pressure in the private equity stocks, this time because of redemption jitters from a private credit fund run by Blackstone.