Jim Cramer analyzes Monday's market performance, attributing the Nasdaq's decline to new export restrictions and Mark Zuckerberg's criticism of Apple.
CNBC's Jim Cramer analyzed Monday's market performance, attributing the Nasdaq 's failure to rally primarily to a unique combination of factors: US government policies and a critical public statement by Meta CEO Mark Zuckerberg . The Biden administration announced new restrictions on semiconductor exports , while Zuckerberg disparaged Apple during an interview with Joe Rogan.
Cramer characterized this confluence as 'the tag team of the government and Meta,' suggesting it was too much for the market to handle. However, he noted that buyers ultimately emerged, seeking value in semiconductor, software, and pharmaceutical stocks. Despite the overall market's slight gain of 0.16%, the tech-heavy Nasdaq dipped by 0.38%.Cramer expressed concern about the new export rule, deeming it 'short-sighted' and advocating against excessive government intervention in the semiconductor industry. He criticized Zuckerberg's public criticism of Apple as 'self-serving and one-sided,' highlighting the potential negative precedent for Meta. Comparing the tech sector to the pharmaceutical industry, which also faces regulatory scrutiny, Cramer observed that some drug stocks managed to rise on Monday due to CEOs effectively advocating for their products. He questioned whether the government's actions against these industries constituted mere glancing blows, suggesting that this day's resilience was a rare occurrence in a market heavily influenced by regulatory pressures
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