Tags: jim cramer | trump | tweet | stock | market

CNBC's Jim Cramer: Market Too Dependent on Trump Tweets

(Kaspars Grinvalds/Dreamstime)

By    |   Tuesday, 14 May 2019 02:14 PM

Investment guru Jim Cramer suggested that President Donald Trump should “knock the tweets off if he wants the Dow to start going up,” explaining that he thinks the market is too dependent on the chief executive’s use of social media.

 “I don’t trust this market at all,” Cramer warned on CNBC.

Cramer said he was troubled by Trump’s barrage of tweets, calling them “a little erratic this morning” and a bit confusing.

”[Trump] has made it so we got to wait to be able to buy,” Cramer said.

“He’s really disturbing the zeitgeist of the stock market,” Cramer said. “He should knock the tweets off if he wants the Dow to start going up, at least today.”

To be sure, U.S. stock indexes rebounded on Tuesday from one of their worst selloffs in 2019, as investors saw value in technology stocks that took a hit on Monday from heightened trade tensions between the United States and China.

Trump defended his trade war with China Tuesday as tensions escalated and markets extended their losses, promising a deal with Chinese President Xi Jinping soon, even as fears escalated about a protracted battle, Reuters explained.

"We are in a much better position now than any deal we could have made," with Beijing, he said in a series of early-morning tweets. "Other countries are already negotiating with us because they don't want this to happen to them. They must be a part of USA action."

Trump kept up his "America First" agenda in support of hefty tariffs and called on U.S. companies to back him by shifting their businesses away from China.

"When the time is right we will make a deal with China," Trump said. "It will all happen, and much faster than people think!"

World stocks hovered near two-month lows on Tuesday, although slightly more optimistic comments from U.S. and Chinese officials on trade brought some comfort a day after equities suffered their worst sell-off so far this year.

Trump said he could make a deal with Beijing now, but said he would not be burned again and criticized China for last-minute attempt to renegotiate.

On Wall Street, technology shares, which posted their biggest daily percentage loss in more than four months, rose 1.9%, lifted by gains in Microsoft Corp, Apple Inc and chipmakers, Reuters explained.

“We’re seeing trade optimism from semi-market friendly tweets from Trump. If we’re still talking then it means that a deal could be done soon,” said Jerry Lucas, senior trading strategist at UBS Global Wealth Management.

“We’re in a highly uncertain period right now, and the market is going to oscillate between good and bad days.”

Prospects of the global economy being derailed by the United States and China sliding into a fiercer, more protracted dispute has knocked more than 4% off the S&P 500 since hitting an all-time high on May 1.

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Investment guru Jim Cramer suggested that President Donald Trump should “knock the tweets off if he wants the Dow to start going up,” explaining that he thinks the market is too dependent on the chief executive’s use of social media.
jim cramer, trump, tweet, stock, market
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2019-14-14
Tuesday, 14 May 2019 02:14 PM
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