Yahoo Finance
"There's so much to dislike about the economy," Jim Cramer said in the latest episode of"Mad Money,"ticking through tech turmoil, oil, inflation, housing affordability, and the bond market.
Investors clearly have a lot to worry about.
18 at7,691.76, down 0.69%, while the Nasdaq slid 1.33% to26,289.71and the Dow fell 116 points to53,343.40,according to theAssociated Press.
It marked a third straight drop for the index after the index hit a record just a day earlier, with chip stocks in particular taking a brutal hit.
The economic backdrop didn't offer much comfort, either, to be fair.
July payrollsdropped by23,000, and retail sales dropped0.6%for their first decline in nine months, whileThe Wall Street Journal reportedJuly housing starts tanked12.4%.
But Cramer, ever the contrarian, argued investors might be focusing on the wrong side of the economy.
And his reasoning gets a lot more interesting beneath the headline figures.
Cramer believes Wall Street is essentially mistaking a collection of surface-level problems for an economy that's falling apart.
Airbnb(ABNB), he said, is "on fire," while, according to him, Home Depot(HD)delivered its best quarter in five years, backed up by tremendous strength from professional contractors.
What was mighty encouraging was that this happened even while housing itself "barely has a pulse," Cramer said.
Airbnb stock is up 48% over the past six months, blowing past the S&P 500's 12% gain, and more than 25% this month after reporting blowout Q2 earnings, as reported bySeeking Alpha.
| Product | Price | Change |
|---|---|---|
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| Urea 46% Gran | $650/MT | +1.12% |
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| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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