It's finally Friday.
The stock markets and big banks are open a day after President Joe Biden signed the Juneteenth National Independence Day Act, making June 19 (falling on Saturday in 2021) a federal holiday. While Wall Street remains open this year, reports indicate that the matter will be included in discussion of the upcoming market calendar year.
At the open of trading, the Dow Jones Industrial Average dropped 318 points, or 0.94%, to 33,505, the S&P 500 fell 0.8% and the Nasdaq was down 0.65%, according to TheStreet's Joseph Woelfel.
Action Alerts PLUS senior analyst Jeff Marks joined Jim Cramer on the floor of the New York Stock exchange to discuss Clean Energy (CLNE) - Get Report, Adobe (ADBE) - Get Report, Amazon Prime Day (AMZN) - Get Report and the FAANG names.
Katherine Ross has the morning off.
Watch the full interview with Cramer at 11:30 a.m. ET in the video below:
Time to Give FAANG Another Bite?
The Nasdaq toyed with all-time highs premarket before giving in to the broader selloff as investors increasingly shifted from industrial and value names back into high-growth tech stocks.
In a recent column on Real Money, Jim Cramer noted that for right or wrong, the latest FOMC rates decision and subsequent commentary from Fed Chair Jerome Powell effectively signaled to investors that the inflation trade is dead. Cramer wrote that this hypothesis explains why the Caterpillar's (CAT) - Get Report of the world where lower Thursday as big tech and the FAANG names soared.
"So what about this insane move into tech and fin-tech? As easy as pie, with an "e." The industrial sellers are bailing, because they are convinced that Powell is now getting tough. That means you need to buy stocks with growth, no matter what," Cramer wrote.