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zy America. Other people are looking for friends. And I'm just trying to make some money for you. My job is not only to entertain, but also to explain days like today. So call me at 1-800-743-CBC or tweet at Jim Cramer. God, you know what? They got to those momentum stocks today , didn't they? Enterprise software, accelerated computing stocks—they seemed like they would never fall.
Why? Well, you know what? We've had some mixed quarterly reports from AI favorites, and that was enough to wipe out some of the recent rally. I have to tell you, this artificial intelligence—you know, I'm a big fan of this topic, right? But I can't deny that these stocks have become overheated, even I can see it myself.
And as for AI, well, let's just say, I've been doing this for a long time. Today's decline: Dow fell 69 points, S&P lost 0.65 %. The NASDAQ fell 1.6%, and this time it had little to do with interest rates remaining steady, or with yesterday's State of the Union address, or even with the employment that was expected, at least for the market.
But it hit some sectors hard, as stocks that had been favorites for weeks suddenly became the most hated . Buy, sell, sell. This shows how volatile this market can be. Of course, you can't blame investors for being capricious, right? I mean, that's the nature of our business. That's why we'll discuss diversification later in the show.
And I do n't want you to be able to say, "I was swept out of the market." Want whims? Take a look at the Department of Labor's report on the number of jobs outside of agriculture. This morning, at 8:30, we saw a pathetic job counting system. Today, it came out in a way that gave the bulls some very good news.
The first thing that caught my eye was the jobs report . Last month, there were 275,000 more. Wow. I thought it would crush the market, it was too hot. But it turned out that the previous two months' data were overstated by 167,000 jobs. The Fed had enough room to maneuver to do whatever was necessary to continue the flight.
Think about lowering rates. Remember, they are not trying to make a "soft" or " hard" landing. They just want the plane to keep flying. Wage growth is now slowing, with average hourly earnings up just 0.1% from last month. Obviously, this is bad if you are trying to make money . But it's okay if you're the Fed, which says maybe we're winning.
The unemployment rate is currently 3.9%. Still tall, but no longer white-hot. Experts expected it to be 3.7%. This combination has led to some confusion, although confusion means sales. Some argue that these figures make a rate cut in May possible again. But to me, one look at our action plan for next week suggests that we should wait for more data before drawing conclusions.
On Tuesday we have the consumer price index, and on Thursday we have the producer price index. These are important inflation indicators that have a real impact on the Fed and, so to speak, turn trading upside down . So why not wait before drawing any conclusions? OK. But what else awaits us this week, which used to be, frankly, slow, but now it is not?
We used to have a reporting season—a few weeks dedicated to quarterly reports. Now it seems like every week is a reporting week, including the next one. I mean, Oracle starts everything on Monday after the market closes. We sold Oracle to a children's trust at a loss because I have a "two strikes" policy and Oracle failed miserably twice in a row.
Maybe this time they will show great numbers. This would be great for those who still own Oracle, but I won't look back because it's undisciplined. For now, I'm sending this action to the "penalty box." We will also hear reports from Veil Resorts, which received a rare downgrade today ahead of the report.
When you see an analyst taking such risks right before the quarter, I find it worrying. Maybe they know something we don't. Similarly , the other day I saw a downgrade in On Holding's rating. This is a sneaker company ; This bothered me because they report on Tuesday morning. This business was popular, but it's a fad, and fashion can go out of fashion very quickly .
I have recommended On Holding for a long time, and the stock has risen significantly. Besides, the downgrade was only in terms of rating, but it still made me pause. So I hesitate to recommend it, say, to buy on Monday before the report. No, we won't play that. Tom Kittensbury worked wonders at Burlington Stores when he ran it from 2008 to 2018, and now he's leading Kohl's, as we'll find out tomorrow morning.
And I think this could be a triumphant return for the ages. Kohl's, in case you haven't noticed, is rebranding to Kohl's and Sephora, the fast-growing cosmetics store that has a partnership with the company. I think it's worth the risk. When I recently visited my department, I was pleasantly surprised.
Dollar Tree reports Wednesday morning, and Wall Street has a long-standing love affair with dollar stores. So just wait to hear the praise that analysts will shower this company with. Honestly, I find it a little embarrassing, but Dollar Tree has a good understanding of the psychology of the American consumer.
How deep is this love? Dollar Tree bought Family Dollar 10 years ago, and still hasn't done anything noteworthy with it. This did not affect the shares. And maybe, like me, well, we adore the sweets department. What can I say? Where I used to go with my late father. We're here in South Philadelphia, outside the store before the Eagles game.
We will also get more results. We will get the results from William Sonoma. Good. It was impressive, but no one seems to want to talk about it. A year ago the price was 121, and now it is 100 points higher. Stocks shouldn't have been this cheap in the first place , but they got hit by Fed policy. Well, I have a lot of faith in CEO Laura Albert.
I worry that stocks are too overheated, so I was happy to see William Sonoma bounce back so strongly today . Think Costco. They were too overheated, weren't they? After the close of trading, we will receive results from Lennar, a major developer . And as we heard last night from Nick Frink of Fortune Brands Innovations, that's the new name for Fortune Brands Home.
We have a huge housing shortage in this country. The biggest winners here are the developers themselves. And it's hard to find a better company than Lennar. To me, it competes on equal terms with Lennar. This is my bet. As always, Executive Chairman and Co- CEO Stuart Miller will give us his much- anticipated analysis of the state of the construction industry.
But I can almost predict what he's going to say. Huge orders, great spring selling season ahead, moderate inflation, housing shortage, higher interest rates. This is a profitable mix that has delivered impressive results for this company. This thing is a real workhorse. Thursday morning's love affair with "everything is for a dollar" stores continues.
This time it will be Dollar General, which has brought back its beloved CEO Ted Vasos. Hey, a little note for Ted. Could you stock the shelves at my Dollar General, please? I feel like it's a bowling alley where I'm the only player. Now I know that the mainstream consumer is exhausted and tired of inflation.
I bet they will tell a story about price cuts that analysts will swallow in a heartbeat. We'll also hear a report from another company with incredibly hot stock—Dick's Sporting Goods. This is a longtime favorite of Cramer's. By the way, this crap has gone from 101 to 181 since the peak of long-term interest rates in October.
She's getting too hot now. Let's be careful. After the market closes, we will have the most important report of the week—Adobe. They had a difficult period. The stock has fallen from 630 to 551 since the first days of February. An extremely unusual drop for these stocks . If Adobe continues to fall amid general weakness in enterprise software stocks , it could be a buying opportunity, as their product suite is clearly unrivaled.
I see this in my daughter. It's incredible what you can achieve with this thing. Especially useful for small and medium businesses that need dynamic, explosive websites. You look like you're a big company. Even if you don't like stocks, Shantanu hosts incredibly informative conference calls. Do you want a roller coaster?
Join the Ulta Beauty call. We had Oddity Tech over the weekend. If you want to play in the cosmetics market, this is a good option. Oddity and ELF are two who are tearing up this segment right now. Ultimately, Friday, well, I have to say Oddity is more consumer-oriented, but when you walk through the aisles of Ulta, you're really amazed at how many ELF products they have.
And you know, I really like ELF. This was a big win for our show. Finally, Jabil reports on Friday, and this contract manufacturer is simply "lighting up." They've already told us how incredible this year has been, but Jabil is not enough for me because they make products in so many different industries.
You have learned so much. By the end of next week, everyone will be talking about the Nvidia conference hosted by Jensen Huang from March 18th to 21st . And all I can say is—don't let the naysayers spoil your mood for what I consider to be very special days for us. So, uh, there's real profitability here and there's a real revolution in computing happening .
Where is their headquarters? The headquarters is located in Nvidia. The bottom line is that you should keep an eye on the consumer and producer price index figures next week. But don't forget to keep an eye on individual companies, because reporting season seems to never end these days. And secretly , I even like it.
Austin from Minnesota, Austin, how are you, Jim? I'm fine. Austin, tell me how you're doing. I'm doing great. Listen, your recommendations have been incredible for me in the past. So I'm curious what you think about Meta and the company's future involvement in the metaverse. I have to say, Meta has had a real win, er , a real tailwind this week due to the TikTok issues in our capital, and I think it's worth sticking with it no matter what.
I think Mark Zuckerberg is doing a great job at Meta, and I, I, I support him 100%. Let's move on to Harris in Washington. Harris. Hello, Jim. Buia. Come on, dude. How are you ? Longtime listener, first time calling. Thank you and your team for your research and analysis, and thank you for your work for people like us.
Please, always happy. I'm doing it. Look, I do my job every day. I come to work and try to do well, and I really appreciate what you're saying. Thank you. OK. My question : Should I hold, buy, or sell Alphabet shares? Because they seem to be lagging behind in the AI race publicly, even though they have been doing AI internally for years.
Should I sell them? Do you see this? OK. So, I discuss this every day with Jeff Marks, who is my partner at Chapel Trust, okay? He runs the trust with me, and I have to say, as we told the investors, the club members, I don't really like Alphabet, but it's what they can do that makes me want to hold them.
Not what they do, but what they can do. They have many options to choose from. They want to move to Alex from South Carolina. Alex, yes. Uh, I'm calling about Toast. They had a good quarter. And so it was. And I'm just, I'm a long-term investor, and I don't like these high-risk stocks, and I just wanted to get your thoughts on this.
OK. I was surprised that they had such a nice neighborhood. Their technology is clearly superior to the competition. The reason I was surprised is because, working in the restaurant business , I've seen these companies come and go, people throw them out, do whatever they want. But this Toast has potential because their technology is better.
And, uh , I still don't think she's worth $13 billion, but I have to say she's doing really well. True. Don't forget to follow companies that report on Twitter. You really should be watching the inflation numbers to get a sense of where this market might go next in May tonight . You probably know about the big news and the "seven," but what about the " super seven" that is pushing the European stock market higher?
We head overseas to dig into the list of foreign winners , as gold is finally experiencing its heyday. But is the rally just beginning, or are we already too late? I'm going beyond the charts to find out. And even though we're near record highs , you still need a diversified portfolio to be prepared for any major market moves.
So I'm dissecting your portfolios as we play "I'm Diversified." . Any questions? . Missed something— go to madmoney.cnbc.com.
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