Markets and the Holiday Frenzy, China Galore, 2 Months of Falling Gas Prices 11/28/23

SPEAKER_1 (0:00)

What do you see on the horizon for financial markets?

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Jim Cramer (0:31)

It's Jim Cramer here. You're listening to the opening bell of CNBC's Squawk on the Street. Don't miss a minute of the action.

David Faber (0:38)

Good Tuesday morning, welcome to Squawk in the Street. I'm David Faber with Jim Cramer. We're live from Post 9 at the New York Stock Exchange. Carl's on assignment this morning. Let's give you a look at.

Futures as we get ready to begin trading.

And we're going to start with consumer strength. New spending records reached as retailers capped that five-day holiday shopping frenzy.

Plus the energy effect. Gas prices dropping for 10 consecutive weeks, and OPEC is now on tap this week. And we're also going to keep an eye on shares of Boeing. It is amongst the biggest S&P gainers, that at least ahead of the open. Got an upgrade this morning from RBC. We'll talk a bit about that. Jim will give me his requisite amount of, what can I say? Crap about having forced you to sell the stock.

Jim Cramer (1:36)

No.

David Faber (1:37)

But we'll start with that. I didn't force you to sell Boeing.

Jim Cramer (1:41)

You did not. But we'll say that Boeing, the piece does say that look, supply chain troubles have just been a nightmare for them, but those are through. And I think that is a good case for it. Because one of the things that have been happening at Boeing is that when you got low end, you were constantly hit by bad news, but the news flow is no longer bad.

And I think that that's what makes it an easier stock to own.

I think that people are always looking for some new industrials. We have Ingersoll Rand ringing the bell today. And I was thinking, well, there's only a handful of true industrials left, and people want to own anything that is just plain vanilla, infrastructure, but also aerospace.

David Faber (2:21)

Interesting. We'll talk a bit more about that as we move along in the show. Let's also get to sort of retail and consumer. It's kind of where we started things yesterday.

This time of year, we get so many different data points from different providers. Adobe, for example, saying online shoppers spent, what was the record, $12.4 billion? That was yesterday.

Jim Cramer (2:40)

Right.

David Faber (2:41)

Remember, it's Cyber Monday. That was up 9.6%.

Jim Cramer (2:44)

9.6%, which is meaningful.

And then what you try to do is you say, okay, well, how much was buying out pay later? How much was credit card?

How much are people defaulting on credit cards? You put together this mosaic, which indicates that before you get too buoyant about the consumer, how's the consumer paying for all this? I think we were mentioning yesterday, I think it falls on the idea that there are, there's a low end consumer who's really being hurt. Bloomberg had an amazing piece yesterday about everything being up from 119 versus 100 in the basket that you put together, which over the last four years. And I was thinking, I don't want to be political, but I think that maybe the presidency, the contest is going to be about the people who can't afford being in America. They had their salaries increase, but things have gone up in price. And you're wanting, yesterday the president talked about supply chains, just he was about, you know, I felt a year and a half too late on that in terms of really supply chain problems. But what would happen if you ran for president based on how you were going to try to roll back prices in this country?

David Faber (3:47)

How can you do that? Well, you can't.

Jim Cramer (3:50)

Well, I mean, don't you think they're doing that in pharmaceuticals? With saying, listen, here's some drugs that Medicare is not going to pay more for?

David Faber (3:59)

That's true.

Jim Cramer (3:59)

I mean, that's a rollback.

David Faber (4:01)

That's true. That's price gouging to a certain extent is what they've been talking about.

In fact, it's funny you reference it because we do have the president discussing that yesterday. Take a listen.

SPEAKER_4 (4:09)

Let me be clear. To any corporation that's not brought their prices back down, even as inflation has come down, even the supply chains have been rebuilt, it's time to stop the price gouging.