Jim Cramer Explains Reason Behind Thursday Market Rally: 'AI Is Alive And Well'
Portfolio Pulse from Benzinga Neuro
Jim Cramer attributed Thursday's market rally, where the Nasdaq Composite hit a record high since 2021, to the strength of the tech sector and new inflation data. He highlighted the role of AI and the January personal consumption expenditure price index in this surge. Despite concerns over AI's momentum, exemplified by Snowflake's stock drop, Salesforce's positive forecast led to a rise in tech stocks. Cramer advised investors to look beyond the 'Magnificent Seven' tech stocks for high-yield investments.
March 01, 2024 | 1:39 am
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NEGATIVE IMPACT
Snowflake Inc experienced an 18% drop due to weak guidance and the CEO's departure, raising concerns about AI's momentum.
The significant drop in Snowflake's stock price due to internal challenges and market perception about AI's future could lead to short-term negative sentiment among investors.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Salesforce Inc issued a positive forecast, leading to a 3% increase in its stock and influencing a rise in other tech stocks.
Salesforce's positive outlook not only increased its stock price but also had a ripple effect on the broader tech sector, indicating a bullish sentiment for similar companies.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80