Stocks fell sharply in intraday trading Tuesday as technology shares continued their rapid retreat and after President Trump vowed to end the country's reliance on trade with China.
Analysts and investors have been trying to pinpoint the catalyst for last week's slump in tech stocks, which loped $180 billion in market value from Apple alone.
Reports from the Financial Times and The Wall Street Journal have said Japanese conglomerate SoftBank has been taking huge options positions in technology shares and could have been a factor in tech's recent rally.
And President Donald Trump raised the idea of decoupling the U.S. and Chinese economies and threatened to punish American companies that create jobs overseas and to prevent those that do business in China from winning federal contracts.
“We’ll manufacture our critical manufacturing supplies in the United States, we’ll create ‘made in America’ tax credits and bring our jobs back to the United States and we’ll impose tariffs on companies that desert America to create jobs in China and other countries,” Trump said Monday at a White House news conference.
So, what is Jim Cramer watching?
Latest Videos From TheStreet and Jim Cramer:
- Tesla Tanks After S&P 500 Snub. Why It Was Shunned
- Coronavirus Update: Nine Vaccine Makers Announce a Pledge
- What Is Apple Worth? Less Than Investors Think, Says Goldman
- ADP Payroll Report Shows Companies in No Rush to Re-Hire
- Which Companies Could Jim Cramer See in the Dow in 100 Years?
- Why 52 Black Former Franchisees Are Suing McDonald's