CNBC’s Jim Cramer Examines Monday’s Market Action
The tech-heavy Nasdaq Composite failed to rally on Monday, with Cramer attributing the lack of momentum to a unique one-two punch: the U.S. government and Meta CEO Mark Zuckerberg. The government announced new restrictions on semiconductor exports over the weekend, while Zuckerberg criticized Apple in an interview with Joe Rogan, panning the iPhone maker for a lack of innovation and supporting some of the claims in the Department of Justice’s antitrust case against the company.
Cramer criticized the new export rule, calling it “short-sighted” and stating that the federal government shouldn’t intervene as heavily in the semiconductor world. He also called Zuckerberg’s comments “self-serving and one-sided,” saying that if he were Zuckerberg, he wouldn’t help the government go after Big Tech.
Cramer compared the tech industry to the pharmaceutical industry, which also faces restrictions from the federal government. He noted that some drug stocks were able to finish up on Monday because CEOs are making solid cases for their products. “Are the charges against these two industries just glancing blows?” he asked. “Nah, this was just one day where the bond market didn’t crush every stock. Only the government and, yes, Meta did that job.”
