Markets opened sharply lower with the Dow Jones Industrial Average down 379.74 points, the Nasdaq down 248.02 points and the S&P 500 down 57.75 points.
Jim Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed the selloff, oil, Newegg (NEGG) - Get NEWEGG COMMERCE, INC. Report, Tesla (TSLA) - Get Tesla Inc Report, Alphabet (GOOGL) - Get Alphabet Inc. Class A Report, Ketchum, Idaho and much more.
Watch the full interview in the video below:
All About Oil
Amid the broader selloff, oil saw another day of declines Thursday in early trading. Investors have become increasingly fearful that a dissolution of talks between OPEC and its allies will result in oversupply and an increasingly volatile oil market.
Saudi Arabia refused demands from the United Arab Emirates to increase the country's output.
In Wednesday's episode of CNBC's Mad Money, Jim Cramer outlined 7 themes that will dominate markets in the second half of 2021 with oil among them.
"Keep the other eye on crude oil. As prices near $100 a barrel, Cramer said Chevron, Devon Energy and Pioneer Natural Resources only become more attractive," Scott Rutt wrote in his Mad Money Recap.
Will OPEC+ uncertainty change the dialogue?
Where Is Ketchum, Idaho on Your Market Map?
Cramer turned his attention to Ketchum, Idaho to focus in on the "Rich Rush Phenomenon," explaining that as the wealthy have moved to small towns across America, unprecedented challenges to local infrastructure have emerged.
"The beautiful areas of the U.S. have to come to grips with the notion that hybrid work is here to stay and the less well off have to get their fair share if they are going to work in these often seasonal small towns.
I say the public policy implication revolves around police, fire and teachers, the ones with truly fixed incomes that will be driven out and won't get the raises they need. But Ketchum and other towns with available jobs? They are illusory. The solution is, as President Biden has whispered: Pay more. Just like in Williston, North Dakota. Or else, someone else will and make outstanding profits doing so," Cramer wrote.