June 2, 2023

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“I don’t trust this market” yet, given the uncertainty between Russia, Ukraine and the Fed

"I don't trust this market" yet, given the uncertainty between Russia, Ukraine and the Fed

CNBC Jim Cramer He said on Tuesday that the stock market could have “two more days of this uncertainty,” until it became clear whether Russia would invade Ukraine or whether Moscow would stop recognizing the independence of Luhansk and Donetsk, two separate regions there.

“The market needs more overselling because it’s not just Russia, it’s the Federal Reserve. So we have to tread carefully,” “mad money” said the host.

“I don’t trust this market because every time we think something good is going to happen, Putin pulls the rug out from under us. I don’t know why this time will be different,” Kramer said. “croak box” Before Tuesday’s opening on Wall Street.

While Cramer was speaking, US stock futures were far from overnight lows as world leaders began to put more pressure on the Russian president. Russian President Vladimir Putin economically to stop his attacks on Ukraine.

  • United Kingdom on Tuesday announce Targeted sanctions on five Russian banks and three wealthy people.
  • A day after a rare emergency meeting of the United Nations Security Council, the United States expects to announce more sanctions targeting Russia on Tuesday.
  • Germany said on Tuesday it would halt certification of the Nord Stream 2 pipeline designed to bring natural gas from Russia directly to Europe.

Kramer said he believes Putin will do whatever he wants and not be affected by punitive economic measures: “I think it’s bee stings.”

Stocks fell on Tuesday, with Dow Jones Industrial Average It slipped around 300 pips shortly after the open, a bit weaker than what futures had been indicating late in the morning.

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Given this background, Kramer was not yet ready to give the all-clear on the market. He said about the Russian crisis and how aggressive it is Federal Reserve It may be in the fight against inflation.

The market anticipates seven Fed rate hikes this year, starting next month.

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