Stocks were sliding in intraday trading on Friday, Jan. 22. The decline comes after the S&P 500 and Nasdaq set record closing highs on Thursday.
"People are taking a cue from IBM (IBM) - Get International Business Machines Corporation Report and Intel (INTC) - Get Intel Corporation Report," Jim Cramer said during his daily interview with TheStreet Live.
Cramer said negative news from IBM and Intel, Wall Street stalwarts, paired with ongoing interest in SPACs has investors turning bearish Friday.
"What’s happening is there is an oversubscription for the diciest stuff," Cramer said. "People want to stay away from what’s tried and true and go as speculative as possible."
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