U.S. stocks typically not impacted by economic data and international stocks should rise Thursday after selling off for a bit, according to CNBC’s Jim Cramer.
Mad Money” host added those stocks won’t have a huge rally because of uncertainty surrounding Friday’s November jobs report from the Labor Department.
“Today is a day where you should see the non-economically sensitive domestic and international stocks go higher after an initial sell-off,” Cramer said Thursday in a tweet before the opening bell. “They can’t scream [because] of tomorrow’s data but it should be expected.”
Stock futures Thursday were indicating a sharply lower open amid anxiety about a possible economic slowdown and continued murkiness around trade relations with China. The Dow Jones Industrial Average and S&P 500 are in danger of going negative for the year, and the Nasdaq could move further into correction territory.
Cramer on Wednesday said that Friday’s job number “better be perfect” or Wall Street’s sell off will continue.
Today is a day where you should see the non-economically sensitive domestic and international stocks go higher after an initial sell-off. They can’t scream b/c of tomorrow’s data but it should be expected.
Wall Street became concerned Tuesday about a possible inversion of the yield curve, which is when shorter term rates exceed longer term rates. The phenomenon has historically been a signal an economic slowdown ahead.
On Wednesday, Cramer also said if Friday’s jobs report isn’t strong, investors will think the inverted yield curve is being pushed, “which would be terrible.”