CNBC's Jim Cramer on Thursday recommended that investors start hunting for cyclical stocks that are at bargain rates and attracting interest from big fund investors.
As a series of large IPOs consumed Wall Street's attention this week, money managers trimmed holdings in their biggest tech gainers to raise cash to buy into the newly public companies, which put pressure on the broader market.
The money is also moving to value cyclical plays like Dow Inc., Caterpillar and 3M, Cramer said. Each stock rose about 2% during the session.
"I think it's time to start putting cash to work. Instead of tech, though, I recommend picking up some of [the] historically cheap stocks that are being brought down by the entire averages," the "Mad Money" host said.
The comments come after a down day for the major averages that saw Amwell join fellow newcomers JFrog and Snowflake on public markets.
Telemedicine provider Amwell raised $742 million after selling more than 42 million shares at an initial offering of $18. JFrog, a software development and operation platform, raised about $510 million when it sold more than 11 million shares for $44 apiece in its Wednesday IPO. Snowflake, a data-warehousing company, was the biggest tech IPO of the year selling shares for $120 a stock in its IPO raising more than $3 billion.
Snowflake, which received much more demand than first anticipated, declined 10% in Thursday's market.
The Dow Jones Industrial Average declined 130 points, or 0.47%, on the day to 27,901.98. The S&P 500 dipped 0.84% to 3,357.01 and the Nasdaq Composite tumbled 1.27% to 10,910.28.
The benchmark is down 4% month to date, and the tech-heavy Nasdaq is down 7%.
"I expected a correction, and that's exactly what we're getting here," Cramer said. "That's why we've been raising cash for my charitable trust [and] I've spent weeks telling you to do that."
Disclaimer
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram
Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com
tinyurlis.gdv.gdv.htu.nuclck.ruulvis.netshrtco.detny.im
مقالات مشابه
- Deepika Padukone, Ranveer Singh's Drive Though Media Frenzy From Airport
- "حقیقت تلخ": کنگره پس از BJP رهبر می پرسد Sonu Sood برای کمک به مهاجران
- وارن بافت به دور یکی دیگر از $2.9 میلیارد آوردن مجموع کمک های مالی از سال 2006 به $37 میلیارد
- Coronavirus زندگی می کنند به روز رسانی: Global موارد بالا 2 میلیون سنگاپور سوابق خود بزرگترین روزانه پرش
- بک لینک چیه
- As others cave, several public companies that took small business loans are not giving back the cash
- شرکت صادرات و واردات کالاهای مختلف از جمله کاشی و سرامیک و ارائه دهنده خدمات ترانزیت و بارگیری دریایی و ریلی و ترخیص کالا برای کشورهای مختلف از جمله روسیه و کشورهای حوزه cis و سایر نقاط جهان - بازرگانی علی قانعی
- ارشد J&K پلیس برای نام صدای جیر جیر در برابر ساعت پس از شارژ نگار
- نوجوانی با استفاده از دستگاه ردیاب جی پی اس دزد بسته های خانوادگی را دستگیر کرد
- هدفون ورزشی Shokz OpenRun Pro Premium شما را وادار می کند بپرسید که آیا گوش شما باید آزاد باشد یا خیر