New Week, New Sell-Off: Recession Fears Roil Stocks 3/10/25

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Jim Cramer (0:59)

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.

Carl Quintanilla (1:06)

Good Monday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer at Post 9 of the New York Stock Exchange. David Faber is on assignment. Stocks do look to give back all of Friday's late rally and then some ahead of a big week of inflation data and a government shutdown deadline. That's where our roadmap begins. The stock's headed toward another lower open. S&P's coming off the worst week of the year. Novo Nordisk shares tumbling pre-market, some weaker than expected data for its latest weight loss drug and more protests at Tesla showrooms over the weekend following Elon Musk's growing political involvement. Let's begin with the markets on track to extend last week's losses. Jim, you got some thoughts this morning about what is driving this sentiment right now.

Jim Cramer (1:46)

Right. Look, I think that we're in a situation where people feel that there's nothing good now that can come to this administration.

Obviously, we felt that there was a tremendous amount of good that will come. There's this perception, and a lot of it was from a Sunday talk show, that Trump's willing to take a recession, and it doesn't matter. I think all this is just talk. I mean, Carl, if we're going to become the Trump—oh, they removed the put. If we're going to become all Trump all the time, then we're going to be never on the stock. And that's just not true. What you have to do is say, okay, well, who's not involved? Now there's too much—there were too much buying in J&J and Miracle on Friday. There was a rotation into dividend stocks. But people want to panic. And I want people to understand. When you see the prices underneath and what's known as a crawl, they're all down about 2 percent. That's someone just saying, listen, I'm not even going to wait for the open. It's a program. They give it to Goldman and say, listen, here's a billion dollars for the stock, and I don't want it at the opening. That's what goes on. And I've done these. I've panicked, too. I remember selling 200 million to Goldman and getting back a report down 3 percent. And I said, like, in the middle, I said, what an idiot I am. But that's what's happening. And they are idiots.

Carl Quintanilla (2:53)

Do you mean it when you say panic or do you just mean a root?

Jim Cramer (2:55)

No, I'm talking panic. Sorry? It's someone who comes in and says, you know what? It's all over. And get me out. Get out now strategy. And the get out now strategy causes what you see, that you see everything down 2 percent. And what I'm urging people to do is say, okay, look, I know it's being taken down by portfolio managers who think it's over, but think about where it bottomed on Friday. NVIDIA said, let's use NVIDIA, which is probably the most hated stock other than Tesla, but at least has an event next week. NVIDIA traded down to 106 Good place to think about if it holds. Good place to buy some. If it doesn't, then look out. Probably goes to the 90s. And if you can't take that pain, get out now. Get out now. Yeah. Because you're just going to have the same drum beat every day.

Carl Quintanilla (3:43)

Yeah. Ben Wright, just great work this morning. Looking at the multiple on the SMH over the last three years is up, what, only 20 percent.

Jim Cramer (3:52)

I thought that was an amazing piece. Look at Marvell, okay. This is now the poster boy for not getting even more business than it did and not being able to do 20 percent, a little bit lower. Here's a stock that was at 68 When they only had 200 million in artificial intelligence and the CEO bought a ton of stock a little bit north. And then it goes all the way up because it does have the contract and everyone's very excited. And now it's repealed all that and more that it had, it's now got 1.5 billion in AI. And what it says is AI is worthless. So the question is, is AI worthless? Well, that's NVIDIA at 90