Mad Money w/ Jim Cramer 3/31/25

Summary

Mad Money w/ Jim Cramer - Episode Summary (March 31, 2025)

Host: Jim Cramer
Producer: CNBC
Release Date: March 31, 2025
Duration: Approximately 45 minutes

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1. Introduction and Market Overview

Timestamp: 01:34

Jim Cramer opens the episode with his trademark enthusiasm, emphasizing his mission to "make you money" and level the playing field for all investors. He highlights the resilience of the market despite a challenging quarter, pointing out that "There's always a bull market somewhere" (01:34).

Market Rebound Highlights:

• S&P 500: Initially down 10% but began recovering after reaching a critical support level.
• Dow Jones: Finished the session up by 0.55%, totaling a gain of 418.5 points.
• NASDAQ: Declined by 10.14%, a less severe drop than usual.

Cramer remarks on the "remarkable comeback" and the "fear into the Bears," noting the rare day without fear in the markets (02:00).

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2. Financial Sector Insights and Tariffs

Timestamp: 03:49

Cramer delves into the financial sector, expressing optimism about potential deregulation under the current administration. He cites Morgan Stanley's positive outlook on Wells Fargo, anticipating better loan growth and trading revenues once regulatory asset caps are lifted. "Morgan Stanley said that once the asset cap is lifted, Wells Fargo... will put up better loan growth" (03:49).

Key Points:

• Wells Fargo: Expected to benefit from deregulation, with stock movements reflecting this optimism.
• Capital One’s Acquisition of Discover Financial: Overcoming regulatory hurdles, potentially boosting Capital One’s stock by 25 points upon completion.
• Insurance Sector: Companies like CVS, AIG, Travelers, and Chubb are performing well, attributed to their domestic focus and resilience against tariffs.

Cramer underscores the belief that tariff adjustments under the administration could "allow entire segments of the market to zoom higher" (04:30).

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3. Macroeconomic Questions for 2025

Timestamp: 14:42

Reflecting on the "25 questions for 2025" posed at the beginning of the year, Cramer assesses the progress and answers obtained over the first quarter. He underscores the persistence of uncertainty and notes that while some questions have seen clearer answers, many remain unresolved.

Four Big Macro Questions Reviewed:

1. 10-Year Treasury Yields:

   • Current Status: Yields have declined from 4.8% in late January to just over 4.2%.
   • Insight: A flight to quality has driven yields lower, but recession fears associated with tariffs complicate the Federal Reserve’s potential rate cuts.
   • Quote: "It sure looks like the 10-year's headed to 4%, definitely not 5%" (16:10).

2. Labor Market Tightness:

   • Current Status: Job growth remains, though at a slower pace.
   • Insight: Softening labor markets could provide the Fed with reasons to cut rates, but raises concerns about economic stability.
   • Quote: "We now need to worry about the labor market for the first time in a while" (16:30).

3. Political Environment and Tariffs:

   • Current Status: Increased tariffs and regulatory uncertainty under President Trump have unsettled markets.
   • Insight: Deregulation hopes are tempered by unpredictable tariff implementations.
   • Quote: "The president's too angry... we're stuck in the uncertainty around tariffs" (20:00).

4. Corporate Earnings Growth:

   • Current Status: Q4 earnings surpassed expectations, but 2025 forecasts have been revised down from 12% to 10%.
   • Insight: While more achievable, 10% growth remains ambitious amidst tariff-induced economic pressures.
   • Quote: "I'm not sure if the 10% earnings growth target will materialize" (21:00).

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4. Sector-Specific Analysis

Timestamp: 23:13

Cramer provides a granular update on the remaining sector-specific questions from his initial list, covering all 11 major sectors of the stock market.

Key Sector Insights:

• Communications:

  • Performance: Shifted from the best performer in 2024 to one of the worst in 2025.
  • Concern: Declining advertising market due to collapsing consumer confidence.
  • Quote: "Communications was the best performing sector 2024. It's been one of the worst performers of 2025" (23:13).

• Financials:

  • Deregulation Impact: Mixed results with regulatory bodies like the FTC blocking politically motivated mergers.
  • Quote: "The head of Trump's FTC is willing to block mergers on political grounds" (24:30).

• Consumer Discretionary:

  • Performance: Worst-performing sector in 2025 due to consumers being "tapped out" amidst tariff worries.
  • Quote: "Consumer sentiment is hideous... confidence is just too low" (25:00).

• Technology:

  • AI Trends: Enterprise software companies investing in AI have underperformed, leading to skepticism about ongoing AI investment themes.
  • Legacy Tech Giants: Companies like IBM and Cisco are rallying, offering safer investment havens.
  • Quote: "Ever since the emergence of Deep Sea in January, there's been much less confidence in this theme" (27:00).

• Utilities:

  • Performance: Emerged as one of the better sectors due to their recession-proof nature and high dividends.
  • Quote: "Utilities have emerged as one of the better sectors... textbook recession-proof stocks" (25:45).

• Industrial:

  • Outlook: Mixed, with aerospace and waste management companies performing well, while data center-related themes have faltered.
  • Quote: "Aerospace is still working incredibly well... everything connected to AI has come down" (26:00).

• Consumer Staples:

  • Performance: Mixed results with some companies like Mongolies performing well, while others like Campbell's and General Mills are struggling.
  • Quote: "Packaged food stocks have a mixed performance... Campbell's, General Mills in the red" (26:50).

• Energy:

  • Discipline in Production: Oil and gas producers have maintained production discipline, keeping prices in a tight range despite economic fears.
  • Quote: "Oil prices have traded in a relatively tight range" (27:30).

• Real Estate:

  • Retail Closures: Limited retail bankruptcies, with Forever 21 as a notable exception, providing some optimism for REITs.
  • Quote: "The absence of huge retailers going under makes me feel sanguine about retail REITs" (27:50).

• Health Care:

  • Political Impact: RFK Jr.'s role as Secretary of Health and Human Services has caused disruptions, though not overly detrimental yet.
  • Quote: "RFK Jr. hasn't done that much damage yet, but we need to stay cautious" (28:10).

• Materials:

  • Commodity Prices: Some metals like copper have seen significant gains, while agricultural commodities remain muted.
  • Quote: "Copper is up more than 25% for the year... materials sector modest gains" (28:40).

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5. Caller Interactions and Stock Recommendations

Timestamp: 08:48 - 12:18

Cramer engages with several callers, providing stock recommendations and insights into individual investment concerns.

Notable Callers and Insights:

• Bob in Tennessee (08:48):
  Topic: Pfizer
  Advice: Cramer labels Pfizer as "dead money,” suggesting it’s not a favorable investment at the moment.
  Quote: “Pfizer is unfortunately dead money” (09:04).

• Ed in Florida (09:16):
  Topic: Diversification and Verizon
  Advice: Cramer recommends considering utilities like American Electric Power over Verizon, praising utilities for their stability.
  Quote: “I’d rather be an AEP than NVDA” (09:29).

• Zach in Texas (10:49):
  Topic: Dell
  Advice: Cramer views Dell as undervalued and suggests buying at current low earnings multiples.
  Quote: “I think you buy a little and then wait till it’s down 50” (11:10).

• Michael in New York (31:32):
  Topic: Netflix
  Advice: Cramer cautiously recommends buying Netflix shares, appreciating its subscription model despite mixed performance.
  Quote: “I think you can buy some Netflix” (31:47).

• Other Callers (Throughout):
  Coverage includes advice on stocks like Marvell Technologies, ASML Holdings, Visa, MasterCard, and Decker Brands, with Cramer often recommending strategic buys during downturns and highlighting overreactions in the market.

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6. 25 Questions for 2025 Update

Timestamp: 23:13 - 30:38

Cramer revisits his initial set of 25 questions aimed at deciphering the market’s direction in 2025, providing detailed updates on each.

Selected Highlights:

• Infrastructure Trade Evolution (Question 16):
  AI-related infrastructure investments have declined, but Cramer remains optimistic about key players like Nvidia and Cisco.
  Quote: “I recommend circling the wagons around some of the best players in the space” (30:14).

• AI Software Winners (Question 17):
  Enterprise software companies harnessing AI have underperformed, leading to a cautious outlook.
  Quote: “Adobe, Salesforce, ServiceNow have all seen their stocks fall” (30:30).

• Impact of Trump’s Trade Policies (Question 24):
  Escalating trade tensions and tariffs continue to disrupt markets, with uncertainty surrounding President Trump’s next moves.
  Quote: “The Trump White House hasn’t been too eager to roll back Biden’s trade limitations” (31:00).

• Cryptocurrency Ecosystem (Question 25):
  Despite presidential support, cryptocurrencies like Bitcoin have seen significant declines, reflecting broader market skepticism.
  Quote: “Bitcoin’s price peaked at an all-time high of $109,000 and now has fallen more than 20%” (31:45).

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7. Lightning Round

Timestamp: 41:37 - 45:11

In the rapid-fire segment, Cramer responds to quick stock inquiries from callers.

Key Highlights:

• Visa and MasterCard:

  • Advice: Cramer rates both as buys, highlighting their lack of credit risk and strong performance.
    Quote: “I like Visa... I like MasterCard. They’re doing incredibly well” (41:50).

• Marvell Technologies:

  • Advice: Despite historical declines, Cramer suggests buying on dips, viewing the stock as a "classic overreaction."
    Quote: “Buy a little and then wait till it’s down 50” (41:58).

• ASML Holdings:

  • Advice: Cramer's cautious stance highlights geopolitical tensions affecting the company's prospects in China.
    Quote: “There are real issues with our trade partners in ASML” (42:40).

• Wendy’s:

  • Advice: Cramer warns against investing in Wendy’s due to suspiciously high dividend yields, labeling it a red flag.
    Quote: “I don’t trust Wendy’s... I don’t own the stock” (44:35).

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8. Conclusion and Final Thoughts

Timestamp: 44:57 - 48:38

Cramer wraps up the episode by emphasizing the importance of consistent retirement contributions despite market volatility. He warns against trying to time the market, highlighting the risk of missing out on significant gains.

Final Insights:

• Consistent Investing:
  Cramer underscores the peril of missing the "best 30 days," which can account for a substantial portion of annual gains.
  Quote: “If you try to time the market, you could miss an astonishing 83% of the market gains” (45:00).

• Market Sentiment:
  Despite ongoing uncertainties, Cramer remains committed to contributing regularly to retirement accounts, advocating for a disciplined investment approach.
  Quote: “I’m making my usual end of month retirement contribution today” (46:00).

• Future Outlook:
  While recognizing the fraught economic environment, Cramer expresses hope for potential market rebounds post "Liberation Day" and urges listeners to stay informed and strategic.
  Quote: “These first quarter numbers are bad, but I believe in waiting for the right opportunities” (47:30).

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Notable Quotes with Timestamps

• Market Resilience:
  "There’s always a bull market somewhere." (01:34)

• Financial Sector Potential:
  "Morgan Stanley said that once the asset cap is lifted, Wells Fargo... will put up better loan growth." (03:49)

• Labor Market Concerns:
  "We now need to worry about the labor market for the first time in a while." (16:30)

• Sector Performance:
  "Utilities have emerged as one of the better sectors... textbook recession-proof stocks." (25:45)

• Investment Strategy Advice:
  “I think you buy a little and then wait till it’s down 50.” (11:10)
  “I don’t trust Wendy’s... I don’t own the stock.” (44:35)

• Consistent Investing Philosophy:
  “If you try to time the market, you could miss an astonishing 83% of the market gains.” (45:00)

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Conclusion

In this episode of "Mad Money," Jim Cramer navigates through a tumultuous quarter marked by regulatory uncertainties, tariff-induced market volatility, and sector-specific challenges. While expressing concerns over persistent economic fears and geopolitical tensions, Cramer remains steadfast in his investment philosophy of disciplined, consistent contributions and strategic buying during downturns. His insights provide listeners with a comprehensive overview of the current market landscape, balanced with actionable advice and a cautiously optimistic outlook for future opportunities.

Transcript

[Jim Cramer]

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[Jim Cramer]

My mission is simple to make you money. I'm here to level the playing field for all investors. There's always a bull market somewhere and I promise to help you find it. Mad Money starts now. Hey, I'm Kramer. Welcome to Mad Money. Welcome to kramerica. My friends, I'm just trying to make a little money. My job. Not just entertain, but try to put this all in context. Call me 1-800-73-CBC tweet me at Kramer. All right. There's always a bull market somewhere. I end the show with that tagline every night. I say it because it's true. Look at today. The market looked hideous this morning right on the heels of some horrific overnight futures action. But after The S&P 500 reached a level where it was down 10% from its highs where it held last time, we started snapping back with the Dow finishing the session up 418.5. Yes to be gaining 0.55%. And even the NASDAQ didn't go down as much as it usually does, was just 10.14%. But it was a remarkable comeback, unthinkable even at 5am And a reminder that there is indeed a bull market somewhere, even at the end of the worst quarter since 2022 for both the S and P and the Nasdaq. Remember, that was when there was a bear market. It was a rebound that for the first time in ages, put some fear into the Bears. I don't know about you, but it was nice, liberating even to have a day without fear, wasn't it? Let's look at the rebounds leaders to figure out why anyone's buying ahead of what I call the bash the heads in of your trading partners Day, also known as Wednesday, also known as Liberation Day. Got a lot of names, a lot of rubrics. Finally, I spied the financials as being good. Wow. What's that all about? I think we may be going along the route that says there will be no tariffs on the banks and the banks could soon be less regulated under this administration. Just this morning, Morgan Stanley talked about how Wells Fargo could be a huge winner in if it finally sheds the darn asset cap implemented back in the early days of 2018. February 8th. Yes, right before the Eagles win. If you read the piece, you think that the stock is a screaming buy. It had me from the first line quote. It's a new era for bank regulation. Morgan Staley said that once the asset cap is going to allow Wells Fargo, which we offer the Travel Trust, to put up better loan growth, better trading revenues and lower expenses. Wow.

[Unknown]

House of pleasure.

[Jim Cramer]

I think that this piece was a bit of a life raft in the Atlantic. A note that says, hey, look at me, look at me. Remember the president said there'll be less regulation now it's going to happen. Hey. Hey. Sure enough, Wells Fargo went up and it took the other big banks along with it. Continue with this theme of financial deregulation. We're hearing that the very contentious deal where Capital One stated to buy Discover Financial, it looks like it might close. It's been taking forever. There was supposed to be some regulatory resistance by the Department of Justice, but the risk of the deal not closing seems now greatly diminished. Oh, that'll be used for Capital One, which I think could easily go up 25 points once the acquisition closes. That's what we can tell people who subscribe to the CMC Investing club. Now, we believe Capital One, no matter what goes, it does fine. Again, the positive action here says the tariffs aside There's a lot Trump could do that could allow entire segments of the market to zoom higher. The Wal Mart White House where we get every day lower prices for stocks. Maybe it's going to spare the financials good aisle the health insurers are all roaring to why because they're domestic, very hard to tariff and they could go much higher if you want want to avoid the tariff shroud. CVS which owns Aetna moved up again. Sigma's running when you look at the regular insurance companies think aig, Travelers and Chubb they're all winning and Chubb just hit a new all time high now I think premiums can go higher and the insurers seem like a target poor environment for the President's tariffs the insurance by the way they're not anybody's friends that I know of the White House doesn't seem mine though so maybe they're by Talk about strange leadership. And Alpha called Coupon Cabin has put out a survey showing that cord cutting may finally be cooling. That ignited the stocks of Fox and Warner Brothers Discovery Big win. Big big winners. The reason rising prices for streaming services means that cable TV is a better value. Makes sense. Of course there's no tariff exposure. See the theme. There's also seems to be a weird belief that somehow the tariffs won't hurt retail. I mean that's how you got very big moves saying tjx, Wal Mart, Dollar General, Dollar Tree. Maybe their stocks simply got too oversold or the tariffs are now baked in the stocks. We just don't know. But we do know that these retail stocks were rallying from the get go this morning though. They'll definitely be hurt by tariffs, every one of them. What's happening? I could say that people just got too negative. I could say that when the s and P500 touched down 10% again right at the opening flirting with down 11 we held at those levels and that allowed us to bounce for a second time. Maybe you're seeing end of the quarter retirement contributions being put to work overwhelming the sellers who then walked away. More on that later. It's certainly though people, it's not random. This action seems to mock the idea that we're headed for a tariff induced stagflation situation. Or perhaps let me posit something bigger. People are exhausted by this president. They don't know what he's going to do next thanks to his unpredictability we're seeing so many bears and they have had the whole quarter themselves. It belonged to them. Bears one investors, nothing. Maybe though what really happened today is that things have simply gotten too negative. BlackRock CEO Larry Fink, who writes an annual chairman's letter, required reading for anyone in the markets, wrote some faithful words that they quote. I hear it from nearly every client, nearly every leader, nearly every person I talk to. They're more anxious about the economy than any time in recent memory. End quote. I come back and say, I believe that. I believe that wholeheartedly. But let's think about what that really means for you and me. We have declining inflation, except the president's putting on inflationary tariffs. We have incredibly low unemployment, except where it's caused by the Trump administration. We have a market that was doing extremely well last year until the Trump administration sowed a level of uncertainty that I can't recall any time since. Are you ready, Ski Daddy? Jimmy Carter. Which is the last time people were really worried about inflation, about stagflation? Okay? Back then, stagflation was real. Now Jimmy Carter. Curious benchmark. Break out the cardigan sweater. I know. It's a brutal comparison. You think I did it? Oddly, I cannot think of another president in my lifetime who knocked down the stock market simply by opening his mouth. And Jimmy Carter. Eureka. I have found him. So let's look at it this way. Everything about this economy is good. Everything. Everything except one thing. We have a president who's very angry at everyone except Vladimir Putin, maybe even Vladimir Putin. And his wrath has made investors so downcast and so negative that people have just given up. They want nothing to do with stocks, nothing to do with this world, because they're sure the White House will keep laying on the tariffs that seem to be wiping out your wealth and my wealth in this environment, it's a wonder anyone's buying anything. Unless they think that the one person who's standing in the way of a great economy, one that could have incredible growth with lowered inflation, lower oil prices, less regulation, more confidence, will finally change his stripes. If Trump can lose the anger, drop the scale, stop diminishing our friends and rivals while making common cause with our enemies, and generally start acting like he did his first term. Well, that would be huge for the stock market. As far as the stock market concerned, though, we need less Jimmy Carter, more Ronald Reagan. Bottom line, Maybe Wednesday is a deliberation day. It's just the day when American investors may be finally liberated from the President's not so pro business attitude once he gets the tariffs out of the way. Bob in Tennessee. Bob. Jim, thank you for your help.

[Caller]

How about a quick two for Is pfizer Pfizer.

[Jim Cramer]

Dead money is Pfizer dead money? I mean, I think it's been mummified. I don't know. I mean, it's like, wow, look at that thing. Close the casket. What about you had two first? I did. All right, well, that's okay. Pfizer is unfortunately dead money. Dr. Borla is terrific guy, but, you know, it doesn't stock. What can I say? He's terrific guy. He's terrific guy, Ed in Florida Edifice Jim.

[Caller]

Booyah. Hey, man, you are. You're the shining star of cnbc. I've watched you for years. I love your show, Ed.

[Jim Cramer]

You're very kind. Can I have my wife dialed in right now? She's very mad at me. She just drove back from Florida and says, well, you know, you really helped. And I didn't. Not at all. Not one bit.

[Caller]

Okay, you come see me anytime. And I got lunch or dinner. But hey, so here's my question. I don't diversify. I just go in super hard on whatever I do. I've been in and out of Verizon twice in a year, collectively up over 17 bucks a share. Five giant dividends. And this weekend, I woke up twice dreaming that the market was burning down. So I got up this morning.

[Jim Cramer]

That wasn't a dream.

[Caller]

Everything okay?

[Jim Cramer]

Oh, you did you really? Or is that dream, did you sell everything or in real life, did you.

[Caller]

Sell everything in real life, I sold everything. But I'm way up again. So short term dividend, short term taxes suck. But you know, Verizon has four great things. They get paid because everyone wants their phone, right? They got a great dividend, they got a low price and a low PE. And these stocks with 100, 100 times plus p. Es, I can't, in my mind, I can't ever buy that. But okay, I don't understand why that stock doesn't do well.

[Jim Cramer]

That's a utility. It's a utility and all the. Look at American Electric Power. Long, my favorite. I mean, that stock trades like Nvidia used to. I'd rather be an AP than nvda. Now that is a statement and a half. Now go back to sleep and buy those stocks back. All right, let's go to Zach in Texas, please. Zach. Hey, Jim, how's it going?

[Caller]

Second time caller. In fact, I asked you about Nvidia in 2017.

[Jim Cramer]

Last time I liked inviting my dog was still alive. My dog in video is still alive. He loves steak, by the way. All right, go ahead, Dell.

[Caller]

Down here in Texas. What do you think about Dell going.

[Jim Cramer]

In the I think. Can I just call the bottom and Dell right here, right now. Do you mind if I do that at 91? I mean it's at 7, it's at 9 times earnings. Might someone wake up Michael Dunn as the previous guest dell is at 91. I have to say. Fine. And by the way, just on Nvidia, let me just say if it surprises you the most when it's the most hated and when I woke up this morning I said it was the most hated stock I can recall in all of 2025, liberation might indeed happen this Wednesday as an Investors in this market may finally be liberated from the uncertainty around tariffs on my money. Tonight I'm revisiting the 25 questions I posed for 2025 market. First, from rates to labor, I'm looking at the state of the macro economy environment as Q1 finally comes to an end. Then I'm going sector by sector and giving you my on the themes, I'm tracking later what we can expect from tech stocks for the rest of 2025. And it's not that horrible. I'm looking at the state of AI, cyber and tariffs and more. Stay with Quinton. Don't miss a second of Mad Money.

[Unknown]

Follow im Kramer on X.

[Jim Cramer]

Have a question?

[Unknown]

Tweet Kramer Madmentions Send Jim an email to madmoneynbc.com or give us a call at 1-800-743-CNBC. Missed something? Head to madmoney.cnbc.com Every day, thousands of Comcast engineers and technologists create connectivity solutions that change the way we work, live and play. Like Kunle, a Comcast engineer who is focused on revolutionizing the in home WI fi experience today and for the next generation. Kunle builds powerful Xfinity WI fi devices that deliver a fast, reliable connection with capacity to connect hundreds of high bandwidth devices at once and next level latency for the applications of the future like augmented in virtual reality and cloud gaming. Learn [e-mail] WiFi don't just ride the index, seek to outperform it with FELC, the Fidelity Enhanced Large Cap Core ETF. Unlike passive ETFs, FELC is run by a team of experts to adapt to market conditions and pursue upside potential wherever it's hiding. And while you get the potential outperformance of an actively managed fund, you can still buy and sell it on your terms just like any other ETF. Discover FELC, the Fidelity Enhanced Large Cap Core ETF part of Fidelity's suite of active ETFs learn more at fidelity.comfelc before investing in any exchange traded fund, you should consider its investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus and offering circular or if available, a summary prospectus containing this information. Read it carefully. While active ETFs offer the potential to outperform an index, these products may more significantly trail an index as compared with passive ETFs. Fidelity Brokerage Services LLC Member NYSE SIPC For 140 years, MultiCare has been in Washington prioritizing long term solutions, partnering with local communities and expanding access to care. Together, we're building a healthier future. Learn [e-mail].

[Jim Cramer]

At the beginning of January, rather than making big, bold predictions about the course of the year to come, you know what did I decided to come clean and tell you what we didn't know, posing 25 questions for 2025, I figured the answer to these questions would control the direction of the market. Now that we've reached the end of the quarter, well, guess what? We've gotten some answers, although not as many as we'd like. We came in this year with a profound sense of uncertainty, even as stocks have been roaring since the election. But as the new year unfolded, that uncertainty has morphed into widespread fear, which is why the Dow is up more than 1% for the year S&P is down almost 5%. Nasdaq's down more than 10%. As bad as these first quarter numbers are, this market feels even worse because far too few of the big questions have been answered. When I recently laid these out, I had four big macro questions, one question for each of the 11 major sectors, and 10 specific questions for tech. Today I want to run through the answers and non answers in the same format. I think it's very illuminating. First macro question does the yield on the 10 year treasury go to 4% or 5% first or would stay stuck in the middle? When we ran this exercise originally we were a couple of weeks removed from the Fed's December meeting where they gave us a quarter point rate cut, but then indicated they were done easing for the moment the benchmark 10 year Treasury. The yield stood at just over 4.5% and entering the year and now it's just over 4.2%. Well, what's that about? Well, long term rates initially screamed higher at the beginning of the year with the 10 year reaching 4.8% in late January. Well, they then pulled back and stuck around the mid 4% range well into February. We were still worried about inflation at that point, not too concerned about the economy. But when the market started selling off hard, scared investors started piling into Treasuries. It was a total flight to quality situation. So the 10 year yield came down rapidly in late February, touching a low of 4.1% in early March. That was astonishing. Since then, rates have firmed up a bit, but only a bit flight to quality. So overall long term rates have gone lower this year. In 2024, that would have allowed the stock market to rally like crazy because we were so worried about interest rates where they were going. But in 2025, well, it's a different story because you never want to see treasury yields plummeting because of recession fears. And the nature of these fears, that the President's aggressive tariffs might cause a slowdown along with higher prices for all sorts of goods, also makes it harder for the Federal Reserve to cut interest rates. The Fed's projecting two rate cuts this year. The futures traders are betting it'll be three. I think it all depends on how bad the economy gets. If tariffs cause prices to soar, the consumer will stop spending. Then the Fed will have no choice. It will have to cut. Not the way we like it though. Either way, it sure looks like the 10 years headed to 4%, definitely not 5%. Unfortunately, we may have to get there the hard way. With a deteriorating economy, that's a suboptimal way to arrive at four for certain. Question two Coming into the year, will the labor market remain tight? The answer so far, it's certainly not as tight as it used to be. So far this year we've gotten two employment reports and they were both softer than anticipated with continued job growth, but at a lower than expected pace. I like that in terms of inflation. But I'd argue the weak February job report contributed to the crescendo selling that made up the final portion of the broader sell off in early March. And coming off two months of subpar job data, you better believe with a lot of people will be watching when we get that March labor report on Friday morning at 8:30. At the end of the day we still have, we still have job growth, even if it's more modest than it was a few months ago. Some people might even welcome a softening of the labor market because it would give the Fed another reason to start cutting rates again. But unfortunately we now need to worry about the labor market for the first time in a while and that's not a great feeling. Let's see what happens Friday and we'll go from there. Question Number three was a catch up. What's going to happen in Washington? Oh man. Turns out this might have been the only question worth asking because Washington is making business headlines every day now. With the exception of some companies committing to building things here, all the headlines are bad. And that's been true ever since President Trump assumed office in January. And with a big new round of tariff announcements scheduled for Wednesday, I call that Liberation Day. I don't expect that to change anytime soon. It's too scary for any business to do anything. Everyone's petrified. Even corporate law firms are petrified. We're all petrified. Raising When I asked this question, I simply wanted to highlight how little we knew about President Trump's second term agenda. A lot of people were betting it would look a lot like his first term agenda, but boy, that ever turned be completely wrong. It's something like the 2424 campaign. Trump three months into the year. Trump two is clearly not the same as Trump one. And Wall Street's very unhappy. Everyone's terrified about the tariffs and more important, they hate the spur of the moment way these tariffs have been rolled out. The odd embrace of the heavy left with the union of the auto workers, I mean that's thrown a lot of people off too. That is the most left wing union in the country. As is the near shoring that many companies did in Mexico in Trump 1. And everyone just waiting for the Canadians to tariff lumber. Jacking up the price of housing gigantically. Prime Minister Carney's not so secret weapon and heaven knows housing is expensive enough. The optimistic view is that once Liberation Day has come and gone, we might start to hear about some more pro business agenda items that Wall street was hoping from the Trump administration. I think deregulation, lower taxes. Maybe the White House will reach deals with some of our trading partners after these tariffs hit and then they can partially roll back. Too optimistic? I hope not. Probably is. Then there was the fourth question we asked the beginning. Will the expected corporate earnings growth materialize? At the time, the analysts were looking for 12% collective earnings growth for the S&P 500. But that struck me as a rather aggressive target. So how do things look on the earnings front now that the first quarter has come to an end? Well, a couple of things have happened. First, fourth quarter earnings were by and large much better than expected. So the full year for 2024 ended up looking real good. Looking at the whole S&P 500, it collectively earned $245 per share. Street was only the analyst looking for $242. So 242 they do 245. That's not bad. Means we're against tougher comparisons. Second, the earnings estimate for 2025 have come down also slightly. As a result, the analysts are only forecasting 10% earnings growth for the S and P. That's a much more achievable target, which is positive. But honestly, it still strikes me as a bit aggressive, especially if the president hits us with a tariff meat cleaver on Wednesday rather than a tariff scalpel. Will that easier target of 10% earnings growth materialize? That's now the question. For the rest of 2025. We'll see how this earnings growth target holds up through the first quarter earnings season when some companies, especially those impacted by tariffs, might have to trim their forecast for the year. So that's how our four big macro questions have changed for the first three months of the year. Unfortunately, we don't have total clarity yet on the full questions. Full answers to our questions. But where there's been more information, it's been negative. Bottom line when you look at the macro situation of the past few months, it's no wonder why stocks have had such a weak start to the year. The president's too angry. He's too sullen to be constructive. We don't know what the heck to do. Stick around after the break and I'll walk you through the rest of 25 questions for 2025 before the calendar flips to the second quarter. Oh, by the way, let's hope the fear subsides. But I think that you have to have Fear Monger in Chief to go with that. Money's back into the break.

[Unknown]

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[Jim Cramer]

Today, on the final day of a tough quarter, we're going over the 25 questions for 2025 that I posed to the beginning of the year, trying to figure out where we've gotten more clarity and where we haven't. For the break, I covered the four big macro questions. While there's still a lot of uncertainty and the moments of clarity have been almost universally negative. But now I'm getting more granular with the 11 questions that I said would define the 11 major sectors in the stock market. Maybe things will be happier and I'll be smiling. Why don't we start with communications, where we wonder if the advertising market would stay strong. Communications was the best performing sector 2024. It's been one of the worst performers of 2025. The short answer is that we haven't seen a meaningful deterioration of the advertising market, at least not yet. But people are now starting to worry about the ad market because it rarely holds up when consumer confidence collapses as it has Belligerent, of course, by Washington. Something to watch out for once every season gets rolling. Next, the financials, where we wonder if we see some tangible benefit from deregulation. Everyone was expecting this from the Trump administration, but they decided to put tariffs first. While there's been some positive developments on the regulatory front, the big thing Wall street wanted was a better dealmaking environment, thanks to a lighter touch from the FTC and Department of Justice's antitrust division. So far that has really happened. In fact, the head of Trump's FTC has been more or less said he's willing to block mergers on what are basically political grounds, which is not what the market was hoping for. And lawyers who would normally be doing deals while they're fighting for their financial lives. For question number seven, we asked if the consumer was starting to get tapped out. Very pressing question. Unfortunately, there's a reason the consumer discretionary sector has been the worst performing sector. 2025 consumers clearly getting tapped out and consumer sentiment is hideous. All that's mostly because of tariff worries. I know that at various times over the past few years, investors have been more worried about the consumer than they should have been that's why I don't want to read too much into a couple of months of soft consumers pending sentiment data. But without some clear evidence that the consumer is in better shape, it's tough to see the consumer discretionary sector mounting a major comeback anytime soon. Confidence is just too low. Even by the way, people are worried about Social Security. It's been a while since we've been worried about that for tech. I said we had to know if the investment theme will continue to expand. That's something the whole market's been worrying about months. Ever since the emergence of Deep Sea in January, there's been much less confidence in this theme, even as none of the major players actually said they're planning to scale back their AI infrastructure investments. Now, I'm still guardedly optimistic on this one, especially after attending Nvidia's GTC event earlier this month. But you know what? It feels very lonely saying anything positive at all about Nvidia or AI. Many people have given up on video and I and it's lost its way. Although I hear something that I thought I should point out. It's not the President's fault night. Can you tell us actually meet the increased demand for power? At the beginning of the year it looked like the data center had created this phenomenal bull market for electricity. But now it's being called into question and we're wondering if utilities we even need to dramatically scale up their operations. The stocks in the business say they don't have to. How's Three Mile island doing there, Mr. Microsoft? For now though, I can tell you that the utilities have emerged as one of the better sectors in the markets here, but only because they're textbook recession proof stocks with high dividends. You buy them when you are scared out of your wits. Scared out of your wits times M equals high price. Question 10 which industrial subsectors will prove to be the most durable? We had a lot of great themes in the industrial space in January, but we've lost most of them, especially anything connected data center. However, aerospace is still working incredibly well. Apart from that, the waste management companies, they've worked good. Hey 3M Otis Dear.

[Unknown]

House of pleasure.

[Jim Cramer]

Okay, that's the only ones I come up with. Question 11 well, this is interesting. The consumer staples. Can the packaged food stocks beat the GOP dashboard weight loss worries three months later? It turns out that some of them can, but many of them can. For example, Mongolies, a candy company has done surprisingly well up double digits year to date. Toblerone, yes, but Campbell's, General Mills and conagger all in the red for the year. Hmm. Question 12 Will the energy industry maintain its discipline in the drill baby drill era? For the last few years, oil and gas producers have been pretty restrained about bringing new production online because they don't want to cause an oversized situation and push down their own prices. So far, they've managed to maintain that discipline. The rate counts basically flatlined since last late February. That's despite a nice rise in natural gas prices. Normally, you'd expect oil prices to come down when Wall Street's worried about a recession, but the lack of new production has allowed oil to trade in a relatively tight range. Let's hope the discipline lasts. Question 13 Real estate will we see more retailers closing doors in the stores in the face of bankruptcy? Well, that's very important to the real estate investment trust. So far we haven't seen too many retail bankruptcies, with the One big exception, Forever 21, which filed for banks just two weeks ago and they're likely to close all their stores. Other than Forever 21, the absence of huge retailers going under makes me feel a tad sanguine about the retail rates, including Realty Income letter o with its bountiful 5% shield, and you get a check every month. Question 14 how will Robert F. Kennedy Jr. Impact health care? As the Secretary of Health and Human Services, the group's become the second best performer of the year. So far. RFK Jr hasn't done that much damage. The bigger issue from Washington has been some drastic cuts to the funding that National Institutes of Health gives to early stage biotech companies. But that's more Elon Musk than RFK Jr. That said, we got to stay on the case here because late Friday Peter Marks, the top vaccine official at the fda, resigned from his post saying, quote, it has become clear that truth and transparency are not desired by the Secretary, but rather he wishes subservient confirmation of his misinformation about and lies. Misinformation lies all right, not ideal, okay? Moderna is in the hot seat for its novel Mrs. Strategy, which seems to be disliked by RFK Jr. So while health care has been a relative outperform this year, that's partially because we haven't seen any notable disruptions from RFK Jr. Yet, and it's probably too soon to celebrate this as a win. Let's put a pause on it opinion, as they used to say. Finally, for the materials sector, we asked if lower priced commodities can see their prices rise. Specifically, I was wondering about certain metals like copper and steel, plus agricultural commodities like soybeans and wheat. Surprisingly, given the squishy macro backdrop, some commodities have actually firmed up, especially copper, which is now up more than 25% for the year. But that's the possible comeback in China. But most agricultural commodity prices have remained muted and certain industrial commodities move meaningful lower. If it weren't for putting on those tariffs on everything that well, I'd say that the Fed could really start cutting right now based on the materials complex. And that's why the materials are middle of the PAC sector in 2025 with only a modest 2% gain. Not much to see here. The group can do better if the economy improves. But until you see that, I can't give you much of a reason to own the material stock. Bottom line. Okay, that's our update for each of the 11 sector questions that I posed at the beginning of the year. After the break, we're going to finish up with our 25 questions for 2025 update and a look at how our tax specific questions are playing out. Amazing that I think that the Fed would be in cut mode given how much things have come down. But then again, that's just the fear factor working all over the place. The house of Tina in Florida. Tina.

[Caller]

Hey, Jim. Tina, I'm thinking, thinking about a company that has many very popular products out there. But given the situation with the tariffs and the fact that many of their products are manufactured in China and other Asian countries, I don't know if it's a good idea or not. What do you think of Decker brands?

[Jim Cramer]

Man, Deckers has just been, I mean, this thing has been crushed. I mean, just crush. You would have to come in here. Oh my. It's down 45%. A lot of people worried about Deckers, but a lot of people worried about Hoka, whether you know what I'm going to say at 18 times earnings with this stock down 50, 45%, I think you buy a little and then wait till it's down 50. This thing seems to be at this point a classic overreaction and desire to get it out of people's holdings. Let's go to Michael in New York. Michael.

[Caller]

Hi Jim. How are you?

[Jim Cramer]

I'm good. Michael, how are you doing? Good. What I want to know your opinion on Netflix.

[Caller]

I bought it a while ago, made some money with it and I'm thinking to get back into it, how do you see Netflix for the future?

[Jim Cramer]

Okay. Now I saw someone today, talk about a head and shoulder Netflix. All I can tell you is I watch Netflix. I know everybody else watches Netflix And Netflix is a great worldwide company and it's done a lot of things right. It's only up 5% for the year. I think you can buy some Netflix. I think it's a really good situation because I like subscription model situations and I'll throw in every subscription model I think is good. Literally all I'm even, I'm even thinking about Peloton, for heaven's sake. How about Brett in California?

[Caller]

Brett, Jim Cramer, thank you for taking my call.

[Jim Cramer]

Brett, thank you for calling.

[Caller]

Jim. Just real quick, before I asked my stock, I called in about three weeks ago, a month ago and asked about a company called Vital Farms. And. And you were familiar with it. You were definitely a man of your words. Thank you for doing that amazing segment on that. Was very educational. I just want to sure that we.

[Jim Cramer]

Went right to it.

[Caller]

Now the question. Thank you so much. And then my question was I have, I added a stock in my Roth account and I'm in my late 50s. It's called UnitedHealthcare and I'm just trying to figure out how to buy this one. I have like a 2000 cost basis but I put about 5 grand invested. Should I buy this slice or should I buy full shares?

[Jim Cramer]

I think you have to wait for it to come that it is one of those red hot stocks. Chef Marks and I were talking today about whether to chase these Red Hawk stocks that do well at a time when things are slowing down. United helds up Chinese certainly one of them. I've got to tell you, Abby's another J and J is another. I want you to wait because this what's happened every time it spiked as it then goes down. I want you to wait but I think it is the best of breed and that does matter. All right. As we head into Q2, there's still a lot of sector specific questions this market has to answer. Now you have my roadmap for how to approach them. Much more mid money head. I'm turning to tack and recapping what questions I still have for the this most important sector. Then with days until President Trump's liberation day, I'm weighing the short and long term impact of tariffs on this tape. And of course oil calls rapid fire. Tonight's just in the lightning round, so stay with Kramer. We're trying to make sense of a terrible first quarter tonight by revisiting what I thought were the 25 most pressing important questions of 2025 beginning at the beginning of January. So far I've taken you through the first 15, but the last 10 were all about tech because three months ago tech was the leader of this entire market. Needless to say, that is no longer the case. These are incredible. Let's start with 16. How will the infrastructure trade evolve? Three months ago I thought we could be in for all sorts of exciting new technology went up that GTC conference with Jensen Wong. But so far this year has only evolved in the direction of lower stock prices and video now down almost 30% from its January highs. If, like me, you're still a believer in the infrastructure theme, can you believe I still am? I recommend circling the wagons around some of the best players in the space because everything related to AI has come down so much you're not really chasing them anymore. I'd stick with my favorites, Nvidia for chips, Broadcom for custom silicon accelerators, Arista for network equipment, and Dell for servers. Just be sure you're prepared for more short term pain, the house of pain before you pull the trigger. That said, almost all the people who own Nvidia but have no idea what it is or thought it was like a hand cream, like Nivea. Well, they're gone and bye. Question 17 who will be the initial group of AI software winners? I figured we see a group of enterprise software companies that harnessed AI tools to make big money this year. No, that didn't happen at all. I'm not giving hope, but look at the enterprise software companies who seem to be leading the way in AI. They've become some of the worst performers in all of tech. Adobe Good Company has launched several AI products, including generative AI tools to create photos or videos from text prompts. It's now down almost 14% of the year. Salesforce, which is launching its exciting Agent Force product, has seen its stock fall roughly 20%. ServiceNow, which is working to automate much of the back office, is off even more, down close to 25% year to date. So again, I'll punt here. I think some of these will eventually be winners again, but their stocks are hated right now and they might stay hated for a while, even though I think that they're overly hated. Question number 18 Will the APC theme ever materialize? At this point, it's hard to be optimistic at a tougher economy. Only makes it harder to sell these tricked out computers. That said, when we were in Nvidia's GTC event two weeks ago, I posed these same questions, these same concerns about the APC directly to Michael Dell who said that it is, quote, undeniable that the long awaited PC refresh is now starting, he's earned the benefit that he's been in for 40 years. I say by Dell, I'm going to throw in Cisco. Give you a 2 for question 19. Can the cyclical parts of the semiconductor cohorts start growing again? Here we're talking about computers that make simpler chips for the industrial, automotive and even consumer technology end markets. Those were all doing terribly at the end of last year, but we had some hope that the industry might see a recovery in 2025. Now though, business is slowing, so it's hard to bet on companies that need a healthy economy in order to survive. We call them the IoT semis. Of course, many of these cyclical semiconductor stocks have already gotten so cheap that they look like they're running out of downside. I mean, Texas Instruments is only down about 4% for the year, despite giving one of the worst conference calls we've heard since earnings season. But even if the downside is exhausted, that's not a reason to expect more upside. Question 20. Well, unprofitable growth tech names stay hot. Whoa, these things were on fire last year, but they have imploded over the last couple months. Look at Soundhound. AI down 59% year to date. Big Bear down more than 35%. Or how about a space play like intuitive machines off 59%. In the end, these high flying tech stocks should never have been up that much to begin with. That is positive for the market. We wanted froth. Froth extinguished. Well, guess what? Froth is being extinguished. Question 21. Can some legacy tech giants continue to rally at the beginning of the year? Old tech companies like IBM and Cisco are rallying nicely and these have become some of the top performers in the group of 2025. I think they may make really good hideouts. This environment with strong earnings, reasonable valuation and legitimate growth opportunities in AI. Question 22. Will cybersecurity continue to be unassailable? All right, this has been one of the most dependable groups in tech for years, but they haven't been doing great in recent months. The two cybersecurity stocks that we own for the chapter, Crowdstrike and Palatine Networks, they're up 3 and down 6% respectively. While that's better than the overall tech sector, it's not great. Still, the cybersecurity firms have some of the best numbers in software precisely because this is about non discretionary. As it gets, big companies desperately need to protect themselves from hackers no matter what. Even if the stocks have come down. You know what I'm going to stick with it. I'm sticking with cybersecurity. Question 23 Robotaxi how's that race doing? This team has fallen out of favor in the past three months. The main thing you need to know is that Tesla has taken some reputational hits this year due to Elon Musk's highly polarizing involvement with the Trump administration. That's taking the robotaxi story off the table, allowing ride sharing place like Uber to roar. Although I'd argue that self driving cabs were never a threat to them in the first place. Will these dynamics last? I still believe Tesla has an edge here thanks to Musk's close relationship with President Trump, but I'll admit that I didn't see this level of public backlash against Musk coming. Question 24 this one's a doozy. What will be the impact of Trump's trade policies? When I posed this question in January, I was thinking in terms of the tech specific trade policies enacted under Biden. Things like bans on advanced chip sales to China. I didn't realize we were looking at a full blown worldwide trade war, one that would. Well, let's just say we might be winning, but it could be a heroic victory. This is an ongoing situation. We'll likely hear more later this week at Liberation Day festivities. But for now, the Trump White House hasn't been too eager to roll back Biden's trade limitations at all. Given the new President's attitude toward our trading partners, I bet he'll double down for rolling this stuff back. He's more likely to ban the selling of any chips, even potato chips at this point. Finally, question 25 how will Trump help the cryptocurrency ecosystem? President Trump ran on a pro crypto platform. He's already started deliver on the crypto agenda. Early this month, the White House held a crypto summit where it announced the establishment of a crypto reserve. Unfortunately, President Trump and his family have maybe gotten a little too into the crypto process. They've launched a Trump meme coin just before Inauguration Day, which has since plummeted in value. They've moved the family business further in the crypto space where it's competing with existing industry players. As for bitcoin's price, it peaked at an all time high of 109,000 and change on Inauguration Day. Since then it has fallen more than 20%. Meanwhile, the total market cap of cryptocurrencies peaked at roughly 3.7 trillion last December and now it's pulled back to under 2.7 trillion. Kind of like kind of like in video. My view, no matter how much President Trump has done for crypto, it could never live up to the hype. Here's the bottom line. One quarter into 2025 and we still have lots of questions about this year with very few answers. Maybe at the end of the second quarter we'll get a little clarity. Heaven knows we sure need it. Mad money is back. After the break, it is time for the light bulb. Roman Chambers. Not going to buy by myself. Still just be a little close off cuz there's not much difference. Grit itself and then the lightning round is over. Are you ready, Steve? D for light round. Crazy. Let's start with Gary and Marilyn. Gary. Hey Jim, how you doing? I'm doing well, Gary. How about you? Good. I'd like to give a shout out to Mr. Mark's business course. What's your opinion on the stock Visa? Absolutely. My feeling to stock a Visa is that is what I call an upstock. I'm gonna give it two. I like Ma too, which is MasterCard. They have no credit risk and they're doing incredibly well. I like them. Let's go to Gabe in California. Gabe. Booyah.

[Caller]

Jim.

[Jim Cramer]

Wow, I like that tongue roll. How can I help you?

[Caller]

Yes, Jim, So I have this stock. It's been bouncing between $110,000 and $120,000. I thought I'd picked it up at a good price, $105,000. Ever since then it's been dropping. I find myself in the house of Kane. Five and a half feet deep to be exact. Jim, what should I do with my position in Marvell Technologies?

[Jim Cramer]

Okay. Marvell has experienced an historic decline, which is incredible because it's actually in earnings having an historic advance at this point. I have to tell you, I think Matt Murphy stock has been punished enough. It does have a bit. I know, Mike, I know that. Without a doubt someone's going to say, Jim, did you not see the head and shoulder pattern here? I don't care. I think you buy a quarter position now and then if it gets to 50, you buy a little more and that's why use a 5 point increment after that and I think you'll do fine. Remember, he bought a ton of stock. Never. He bought a million dollars with the stock up above here. Let's go to Marshall in Illinois. Marshall.

[Caller]

Jim, thanks for taking my call, buddy. Appreciate it.

[Jim Cramer]

I'm thrilled you called Marshall.

[Caller]

Thank you.

[Jim Cramer]

I've been watching ASML holdings drop since.

[Caller]

Last July and the price stabilized here recently. But in the Last week it's gone down another 9%. And what I don't get is they have a robust backlog, a decent net profit, their earnings.

[Jim Cramer]

Remember they're a Dutch company and the president is, is the president. United States will not help a Dutch company do business in China. And that business in China is what's really, what's really necessary. And he just will not let that happen. By the way, that's not new. Previous president felt the same way. So there are real issues with our trade partners in ASML because they own one of the most crucial parts of the entire semiconductor food chain. Let's go to Mark in Wisconsin.

[Caller]

Mark, Dr. Kramer, thank you for taking my call.

[Jim Cramer]

My pleasure.

[Caller]

Mark, what's happening is ticker symbol adma, adma.

[Jim Cramer]

Your thoughts Now I have to do more work on adma particularly because what I'm doing now in all this small biotechs is take a look at them versus what RFK is saying. It's too important for me to be able to just cuff anything in biotech because if RFK doesn't like it, of course the hhs, then I am on the wrong side of the trade. So we got to be more careful there. I'll do more work. Timothy in Pennsylvania. Timothy.

[Caller]

Hey, how we doing Jim? Booyah.

[Jim Cramer]

Since I'm all right. I've been a listener since 2017 and I'm a first time caller. So I want to thank you so much for taking my call and I thank you for calling. How can I help? Yeah, I just want to thank you for first and foremost, you know, during.

[Caller]

These uncertain times and shaky markets for.

[Jim Cramer]

Helping us out and thank you man need it. Thank you, you're very kind of. Absolutely. Yes sir.

[Caller]

I wanted to get your take on a company I took a position in.

[Jim Cramer]

As well as an option dividends help.

[Caller]

But he's roughly 16 company's names Wendy's.

[Jim Cramer]

Okay, when I, when I see that dividend that's almost 70, that is what I call a red flag. You can't really have a dividend that high apart from angels unless you're utility company. I don't trust Wendy's. I let eat the baconator don't own the stock. And that ladies and gentlemen, goods it up. The Lightning Round.

[Unknown]

The Lightning Round is sponsored by Charles Schwab.

[Jim Cramer]

For years, on the last day of every month I make my retirement contribution. I try to do it without thinking about it like a robot because I don't want to time or play the market with my retirement money. It's meant to be a Long term investment, although my age is more kind of medium term. But when you're in your 30s or 40s or 50s, you're putting that money to work for decades. So it's not worth trying to time the market. What happens if that day where you try to avoid putting the money to work turns out to be one of the biggest days of the year? As The Grok generative AI platform tells me that missing the best 30 days could cause you to miss an astonishing 83% of the market gains. These are the crucial days when you make so much of your gains for the year. Each year presents about seven days of gigantic performance. Can really afford to miss those days. Against that is a realization that buying ahead of the President's so called Liberation Day seems to be one of the dumbest ideas of imaginable. Who would do such a thing? When we know that the President's increasingly angry at all sorts of leaders, all sorts of countries, all sorts of people and he says he doesn't really care about the impact of his tariffs. As Trump put a quote, I could, couldn't care less because if the prices on foreign cars go up, they're going to buy American cars In quote, sadly use percent of GM's cars and parts made in Canada, Mexico for two plus. Why wouldn't our car companies take advantage of the situation to raise prices? No law against that. So the moment is certainly fraught. We have the White House floating a possible annexation of Greenland. I've been thinking about that for a while. Definitely not something that they're campaigned on. We have Canadian Prime Minister Mark Carney saying the cordial relationship with our country is over. We still have no idea who will pay the tariffs, where and when and why. In that situation, why would you buy anything? Well, wait a second. Find anything about the markets. When you think there is no hope, when there is just nothing but gloom right now, when you sense no reason whatsoever to buy, there might be a reason to buy. You just don't know yet. My instincts are to wait until Liberation Day. But because of these statistics, I'm making my usual end of month retirement contribution today at the end of the day. Because I'll tell you why I fear missing one of those days, those big up days. And I fear that. And it's more palpable than missing, than catching a down day. Get that? After all, this whole sell off comes down to two things. The alleged data center bubble and tariff terror ahead of Liberation Day. I think the latter will be nasty. The former, the data center has become a free fire zone and there's no sign that it's going to improve. Unfortunately, that's where I feel the most vulnerable. Look at the relentless decline in Nvidia driven by so many negatives. Alibaba chairman Joe Size bubble comment Microsoft's alleged spending slowdown now something from a publication that took a comment from Palo Alto's Nikesh Rohr totally out of common context about paying up for power they didn't need. Throw in the debacle that was core weave in this whole edifice just feels totally hopeless. That makes me think I'll regret it if I don't put some money into weakness. Nvidia often has these hideous declines, but historically it's always been able to bounce back all this one is certainly more hideous than others. In some ways it's a gametime decision. I mean, look, the situation is incredibly fraught short term, but in the long term I fear make you're making a mistake, a very big mistake if you try to steer clear of this market right now because the negatives are increasingly baked in at these levels. So is the fear factor. All that said, if today's comeback well, let's do this. I'm going to put it to work tomorrow morning, but you know what happens. They give you the close of the day. Watch it be a big update like says always the bull market summer. I promise I'd find it just for you right here on Money. I'm Jim Cramer. See you tomorrow.

[Unknown]

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