Jim Cramer on CNBC’s half-time report.
Scott Mlyn | CNBC
CNBC’s Jim Cramer said technology stocks could bottom out Thursday, a day after the Nasdaq’s 3.3% plunge on rising bond yields and the Federal Reserve’s tight concerns.
The “Mad Money” host said he is happy that there is so much negativity in the market, because as a stock selector for charitable funds, there are many names for sale.
“I absolutely love that all the stocks look awful. I mean that̵[ads1]7;s what you want,” said Cramer, as one who wants to buy low and sell high. “Some of these stocks are cut in two. I look at stocks cut in two where they make money.” He added, and reiterated his investment theme for 2022, “I still am not interested in those who do not make money.”
Cramer’s remarks came as Nasdaq futures fell lower on Thursday, although Dow futures rose. The Nasdaq crash on Wednesday was the biggest one-day loss since February 2021. The Dow Jones Industrial Average and S&P 500 fell 1% and almost 2%, respectively, on Wednesday, after closing at record highs earlier this week.
Cramer said he was encouraged by Nasdaq’s decline in the advance market on Thursday because “eventually sellers are struggling.” He added: “We have the foundation for what could be a bottom,” he said. “I think you should look at the technology to the bottom today.”
Cramer said, “Of course, the wildcard is tomorrow,” when the government releases its employment report in December. “People tomorrow are worried about a too hot number. But when everyone is worried about a too hot number, less becomes a problem.”
Wage lists outside agriculture are expected to grow by 422,000 jobs, with an unemployment rate of 4.1%, according to the Dow Jones. ADP’s appearance in December on employment with US companies more than doubled its estimates. However, data from ADP has not been the best to predict the government’s monthly report during the pandemic.
Cramer made his comments about the market on both “Squawk Box” and later on “Squawk on the Street” before Wall Street opened on Thursday.
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