CNBC's Jim Cramer took a look at Monday's market action, stating the tech-heavy Nasdaq Composite stopped working to rally mostly due to a special one-two punch: The U.S. federal government and billionaire Meta CEO Mark Zuckerberg.
“The tag group of the federal government and Meta might have been excessive for everybody,” he stated. “At the end of the day, however, purchasers lastly can be found in to discover deals in the semis and software applications and the drug stocks.”
While the Dow Jones Industrial Average advanced 0.86% and the S&P 500 ended up 0.16%, the Nasdaq shed 0.38%. As Joe Biden's administration ends, it revealed over the weekend brand-new limitations on semiconductor exports. And in an interview with Joe Rogan, Zuckerberg panned Apple, slamming the iPhone maker for an absence of development, and he supported a few of the claims in the Department of Justice's antitrust case versus the business.
Cramer slammed the brand-new export guideline and stated that such action is “short-sighted,” and the federal government should not step in as greatly in the semiconductor world. He likewise called Zuckerberg's remarks “self-serving and one-sided,” including that he was amazed to see such a public takedown of the peer business. Cramer likewise stated the interview sets a bad precedent for Meta, including that if he were Zuckerberg, he would not assist the federal government pursue Big Tech.
Cramer compared tech to the pharmaceutical market, another sector that deals with limitations from the federal government. He stated some drug stocks had the ability to end up on Monday since CEOs are handling to make strong cases for their items.
“Are the charges versus these 2 markets simply glancing blows?” he asked. “Nah, this was simply one day where the bond market didn't squash every stock. Just the federal government and, yes, Meta did that task.”
Meta did not right away react to ask for remark.
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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Apple and Meta.
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