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Thursday, February 22, 2024
HomeFinance NewsJim Cramer asserts stock market is excessively pessimistic.

Jim Cramer asserts stock market is excessively pessimistic.

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In Tuesday’s Morning Meeting livestream, Jim Cramer highlighted the pressure on U.S. equities as the S&P 500 and Nasdaq Composite both dropped over 1%. The decline in stocks is attributed to higher government-bond yields and a stronger U.S. dollar, resulting in a 4% pullback for the S&P this month. However, Cramer remains optimistic and believes the negative sentiment is overstated, expressing his intention to gradually buy into weakness.

In other news, Amazon announced its investment of up to $4 billion in artificial-intelligence firm Anthropic, obtaining a minority-ownership position. Anthropic, a rival of AI research laboratory OpenAI, plans to utilize Amazon Web Services (AWS) as its primary cloud-computing platform. As a result, this partnership is expected to boost AWS revenue growth through generative AI technology.

Additionally, attention is focused on Costco Wholesale’s upcoming quarterly results, particularly margins, membership statistics, and any commentary related to inflation. Although a membership fee hike or special dividend announcement is unlikely, such developments remain potential catalysts to watch out for. As a subscriber to CNBC Investing Club with Jim Cramer, investors receive trade alerts prior to Jim making any trades.

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