Searching for the Next Nvidia, Trump Treasury Secretary Watch, Ken Griffin's Message on Tariffs 11/22/24

Carl Quintanilla (0:06)

Good Friday morning, welcome to Squawk on the Street. I'm Carl Quintanilla with Jim Cramer, David Faber at Post 9 of the New York Stock Exchange. Future is fairly steady, despite some surprisingly weak macro coming out of Europe. The private sector there falling into contraction. Euros at a two-year low. Meantime, inflows to US stocks, now up seven straight weeks. Our roadmap begins with the winning week for the streets. Some mega cap tech names, Nvidia, Meta and Alphabet, however, pointing to some lower opens.

David Faber (0:32)

Plus, we continue to watch that so-called Trump trade. This is where we wait further insight into the president-elect's economic team, specifically who's going to run Treasury.

Carl Quintanilla (0:41)

Oh, I told you.

David Faber (0:42)

Meantime, a stark warning from Citadel's Ken Griffin, at least when it comes to tariffs and retail's holiday expectations. Gap shares are surging this morning. It is seeing some strong demand for the big holiday season.

Carl Quintanilla (0:56)

Let's begin with what has been an eventful week for the markets. Nice note out of Goldman today, Jim, looking at flows. Seven straight weeks of inflows to US., eight straight weeks of outflows out of Europe.

Jim Cramer (1:08)

Look, I'm not as negative on Europe as others, but I will say that our markets are in a strange boat. Every single morning between 3 and 4 a.m., there's this potential short, just endly. I just get up and go there and...

Carl Quintanilla (1:21)

Today, you asked if it was the rain.

Jim Cramer (1:22)

Right, well, I mean, because there is obviously nothing to it. It's based on nothing. I mean, it's 7 p.m. to 3 a.m., there's really not a lot happening. There's a boring football game on or whatever. And I come in and I say, well, what do they... Let's see, what do they have? What do the shorts have? And I used to joke with David, they say 90 to 95, about the money over the transom. And it used to just come on Mondays. Now it seems to come every day. And it gets right into the market. So you're sitting there thinking, well, that's a negative story. Oh, Jesus, Ross Stores. Ross Stores, you know, the numbers weren't so great. And William Sonoma, numbers weren't so great. But you know what? They go up so much, because there's a short base again. Where did this short base come from? Who's doing it?

David Faber (2:10)

I don't know, Jim. I don't know.

Carl Quintanilla (2:12)

But I imagine you're grateful for it.

Jim Cramer (2:14)

I think that it's the cushion. I think it's the trampoline. I think that when I see most of the stories that, I'm not talking about Rocket Labs, I'm not talking about Joby. I'm saying that the average stock has a short base that is shocking to me. It would be like 2%, 4%, 6%. And they panic immediately because they don't get their way because there's just no real collapse in stock. I'm talking about stocks like Upstart, Affirm. I mean, today there was another patented piece about how Affirm raising from 50 to 90 You see these every day. You see the analysts capitulating. There were so many analysts who were betting that so many stocks were going to collapse and Carl, they didn't. And now people are scrambling because they thought the companies were jokes. Look, is Rocket Lab, how, you know, Elton John came up with this a long time ago, Rocket Lab.

You know what's a good example, Applovin is a real company.

David Faber (3:11)

It's a real company. It's got a more than $100 billion market value. Well, that's what I'm saying.

Jim Cramer (3:15)

How's that right?

David Faber (3:16)

It's been moving up. By the way, I mean, man.

Jim Cramer (3:18)

But that's nothing anymore.

David Faber (3:19)

There's a hedge fund manager named Josh Resnick who's benefited enormously at Jericho. He's done a great job on that name. But the app lovins of the world, the Reddits.

Jim Cramer (3:27)

Yes.

David Faber (3:28)

Micro strategies.

Jim Cramer (3:29)

Oh, yes. Mr. McCoy. I missed you. All right.

David Faber (3:31)

But they have been moving. I mean, there's a memeification thing going on here, Jim.

Jim Cramer (3:36)

That's where I was going.

David Faber (3:37)

The Amazons, the Metas, certainly not the alphabet. But not moving apples.

No. Since the so-called Trump trade seems to be much more focused in these kinds of names.

Jim Cramer (3:49)

Well, there's a lot of buying of companies that sound like they're good companies and that people believe. The best example of that is anything nuclear. The people who make nuclear in this country, they're adamant that it's a 2032 issue. But the American people who's ever doing this buying, they think that those people are wrong and that it's going to be far more immediate. But those people are very good people who are in the nuclear industry. And they just tell me, Jim, don't get me, one of them told me, Jim, don't get so excited. Don't get so excited. I am an excitable fellow. I admit that. But I said some things that were very positive about nuclear and the person said, Jim, it's 2032, stop it.