Investment guru Jim Cramer found one seemingly bright spot for brave yet wary investors amid the rubble of Monday’s stock-market carnage.
“I like Amazon right here,” the “Mad Money” host said. “I think you start a position in Amazon absolutely,” Cramer said on CNBC.
Early Monday afternoon, Amazon stock (AMZN) was trading at $1,841.07, down $60.02, or 3.16%. The stock hit an all-time high of $2,185 each on Feb. 11.
Amazon’s sizable pullback has created an opening for investors because the e-commerce giant is actually well-suited to handle the economic change brought by coronavirus concerns, Cramer said.
He said the continued spread of the coronavirus is likely to change consumer behavior as individuals choose to stay home in order to decrease their risk of contracting the disease.
Cramer has called it the “stay-at-home-economy.” He has said the trend has been developing for years but argued the coronavirus is accelerating the transition.
“Stay-at-home is going to be a theme, but Amazon is going to get it to you,” Cramer said.
Cramer also said he felt Amazon was going to benefit from lower oil prices, which have continued to fall in response to lower consumer demand and more recently a failure from OPEC to reach a production cut agreement.
However, global stocks plunged on Monday and prices for crude oil tumbled as much as 33% after Saudi Arabia launched a price war with Russia, sending investors already worried by the coronavirus fleeing for the safety of bonds and the yen.
Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of OPEC's supply cut agreement with Russia - a grab for market share reminiscent of a drive in 2014 that sent prices down by about two-thirds.
"We are seeing this week, finally, a full-scale liquidation and signs of capitulation, full-scale panic - we see this in every asset," Paul O'Connor, head of multi-asset at Janus Henderson, told Reuters.
"The oil price plunge adds a huge disruptive dynamic to markets that are already very fragile - investors are looking for losers in this move."
Economist Stephen Moore predicts, the coronavirus has caused a "short-term pause" in President Donald Trump's economic growth, but once the crisis subsides, the economy will "roar back to life."
"I just see this as a real short-term pause in the growth that Trump has created," Moore told "The Cats Roundtable" on 970 AM-N.Y., per The Hill. "Once we get this thing contained the economy will roar back to life."
While spreading, the COVID-19 risk in the United States remains low, Moore reminded, saying the "confidence and the health of the American people" must be restored before growth can get going again.
"The market and the real economy will burst back to life," Moore vowed to host John Catsimatidis, per The Hill.
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