Squawk on the Street 9/3/24

Jim Cramer (0:00)

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 (0:07)

Good Tuesday 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 as the morning off stocks do look to reverse some of Friday's last minute surge and now braces for a busy week with jobs Friday. Eyes on the historically treacherous month of September. Our roadmap begins with this first trading day of the month. The S&P rides a three week win streak going into the new month. With Dow touching its 26th record close of the year. Elliott now holds 10% of Southwest common, allowing the company to call a special meeting at the carrier. And then there's Intel looking to trim down what Pat Gelsinger has in store for the chip maker. Let's begin though with stocks kicking off September in the red. That Friday session, Jim, was something else in the last hour.

Jim Cramer (0:49)

Well, look, when you have that happen ahead of September, you think that somebody knows something. So when you come in and they obviously don't know anything, you just say, like, who did that and why would they be underwater? Friday before Labor Day? I mean, I guess you can move it somewhere. Maybe somebody has the S&P in a draft and decided to move up. I mean, honestly, I thought that was just meaningless. And sure enough, they come back with a vengeance. They don't just give it up. Although they weren't so negative last night. So sometimes you feel like something happened overnight and then you realize, no, that Friday move was wrong.

Carl Quintanilla (1:24)

We're going to hear all of the annual warnings about the seasonality in this month, except for when you're up 15 into August end.

Jim Cramer (1:32)

Right? And look, I don't want to go bet against the Fed. You're betting against the Fed cutting. That historically has been terrific.

Yes, we do have a challenged political environment. But I don't think that that necessarily translates into doing anything. People want to wanted to do something. They want to say, well, listen, if Trump does well in the debate, then you should buy X. It's just not that simple. because I don't think that unless you knew the House or Senate going to go one, you got to have everybody in order for it to really make a change. And I don't see that happening. So I think that you buy the dips. I know that that's cliched. I don't care. It works.

Carl Quintanilla (2:13)

There are a couple of positive pieces in the journal today. One is about Americans in the 401Ks.

Jim Cramer (2:19)

That was a fabulous piece. Fabulous, because it said to me, are these people going to cash out? That wasn't the thrust. But to me, that's the thing. It was like, okay, we're up by millions and all the millionaires that have been created? Or are they just going to let...

Carl Quintanilla (2:33)

The number of accounts of fidelity over a million.

Jim Cramer (2:35)

Wasn't that a fantastic number? So then I said, well, those are people that should take something off the table. I don't think those people should let everything ride.

Carl Quintanilla (2:42)

There's also a journal piece looking at a percentage of Americans who think the country's headed in the right direction. That number's been low for years, but it's almost to 30, which would be the highest since late 21

Jim Cramer (2:53)

I thought again that that was a piece which just said, you have to buy when it comes in. Now, is this enough? I mean, give me an example. Someone downgraded JP Morgan today. We all know who downgraded.

Carl Quintanilla (3:05)

Deutsche.

Jim Cramer (3:06)

Yeah, and Deutsche had this list where they're telling you to buy certain banks. Bank of Merckle because Buffett knocked it down. And I say to myself, there's the opportunity to buy JPM. Their business is real good. I want to own that stock. So I feel like if anyone downgrades the stock other than if it's Intel, because I just can't go there on any sort of restructuring, I'm a buyer.

Carl Quintanilla (3:26)

Interesting.

Jim Cramer (3:26)

Yeah, I am.

Carl Quintanilla (3:28)

The bit about the Deutsche moves, they don't change numbers on any of these names.

Jim Cramer (3:32)

Nothing. So it's all emotion. It's all chimerical because what happens is that, let's say Buffett knocked it down, and as soon as you want to buy it, I hear, wait a second, Buffett was the seller. You can't buy it. Well, no. No, that doesn't work. Wells Fargo down. My travel trust owns Wells Fargo. I didn't understand why I went down. I know it wasn't the greatest quarter, but I think it was overly punished. I'm looking at a couple of companies that reported last week. Marvell. I thought Marvell reported a really excellent quarter, and it's very much AI, but there's this AI cursing it, and it's all about, oh my, there's just the amount of trading in Nvidia this morning.