CNBC's Jim Cramer attributes the Nasdaq's underperformance to a combination of the Biden administration's new semiconductor export restrictions and Mark Zuckerberg's critical comments about Apple during a Joe Rogan interview. While some sectors like semiconductors, software, and drugs saw buying interest, Cramer believes the government's actions and Zuckerberg's public criticism created a significant headwind for tech.
CNBC's Jim Cramer examined Monday's market action, saying the tech-heavy Nasdaq failed to rally largely due to a unique one-two punch: The U.S. government and billionaire Meta CEO Mark Zuckerberg .
The Biden administration announced new restrictions on semiconductor exports, and Zuckerberg panned Apple in an interview with Joe Rogan. "The tag team of the government and Meta may have been too much for everyone," he said."At the end of the day, though, buyers finally came in to find bargains in the semis and softwares and the drug stocks.""The tag team of the government and Meta may have been too much for everyone," he said."At the end of the day, though, buyers finally came in to find bargains in the semis and softwares and the drug stocks."finished up 0.16%, the Nasdaq shed 0.38%.
Cramer compared tech to the pharmaceutical industry, another sector that faces restrictions from the federal government. He said some drug stocks were able to finish up on Monday because CEOs are managing to make solid cases for their products. "Are the charges against these two industries just glancing blows?" he asked."Nah, this was just one day where the bond market didn't crush every stock. Only the government and, yes, Meta did that job."Sign up nowStudent Loans
SEMICONDUCTORS TECHNOLOGY APPLE META MARK ZUCKERBERG
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