After a generally rough April, CNBC's Jim Cramer parsed Tuesday's market action, telling investors that anxiety about interest rates is a major reason stocks fell at the end of the month.
Cramer emphasized that much of Wall Street's attitude hinges on rate decisions made by the Federal Reserve, which is set to meet on Wednesday.parsed Tuesday's market action, telling investors that anxiety about interest rates is a major reason stocks fell at the end of the month.Feeling out of the loop? We'll catch you up on the Chicago news you need to know.
But he was optimistic that Fed Chief Jerome Powell could help calm investors' nerves if his Wednesday comments suggest holding rates steady, not issuing more hikes. Cramer pointed to several areleased on Tuesday that suggested consumer confidence dropped to its lowest level since July 2022. He said this statistic that could indicate weaker retails spending, which is something the Fed wants to see.
"Every year there are people who want to get out ahead of the 'sell in May and go away' crowd," Cramer said."If that's the case, we could right the ship tomorrow if Jay Powell acknowledges some brown shoots. Personally, that's my preferred explanation."
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