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CNBC’s Jim Cramer voiced concern about the staying power of the stock market’s bounce Tuesday morning following President Donald Trump‘s latest tweetstorm on China trade and Monday’s sharp decline.
“I don’t trust this market at all,” warned Cramer on “Squawk on the Street” as stock futures indicated a higher Wall Street open, which came to pass. “[Trump] has made it so we got to wait to be able to buy.”
Cramer said he was troubled by Trump’s barrage of tweets, calling them “a little erratic this morning” and a bit confusing.
“He’s really disturbing the zeitgeist of the stock market,” Cramer said. “He should knock the tweets off if he wants the Dow to start going up, at least today.”
On “Mad Money” on Monday evening, after the Dow Jones Industrial Average and the S&P 500 each lost about 2.4% on China’s tariff response to last week’s U.S. hike, Cramer said Wall Street is nearly oversold and investors should get ready to load up on names that can withstand higher tariffs.
However, in light of the uncertainty around Trump’s Tuesday tweets, Cramer advised investors to let things shake out, saying there may be a buying opportunity in stocks later in the session.
As of Monday’s close, the S&P 500 was nearly 5% below its May 1 intraday all-time high.
