The CNBC Investing Club with Jim Cramer released its weekly market update, highlighting key events affecting the stock market. On Monday, President Donald Trump announced tariffs on goods from Canada, Mexico, and China, causing the S&P 500 to initially fall before recovering as investors realized that delays in implementing tariffs are possible.
Trump’s decision to delay tariffs on Mexico for one month was seen as a negotiating tool to send 10,000 soldiers to the border. The Canadian response remains defensive, with Trump stating that “tariffs will be substantial” if an agreement cannot be reached with China. Tech stocks, particularly those in AI infrastructure buildout, remain under pressure following this week’s volatile action.
Nvidia and other AI-related stocks like Dell and GE Vernova face challenges due to concerns about a trade war with China. Meanwhile, AMD is no longer in the portfolio, but will report earnings on Tuesday. Jim Cramer recommends reducing Nvidia’s position, but can’t due to trading restrictions.
Earnings from Palantir, Kyndryl, Clorox, and NXP Semiconductors are expected after the closing bell on Monday, while notable companies reporting before the opening bell on Tuesday include PayPal, Spotify, Pfizer, Merck, PepsiCo, Estee Lauder, Cummins, Regeneron, and Marathon Petroleum. The job openings and labor turnover survey (JOLTS) will be released on Tuesday, followed by Friday’s monthly non-farm payrolls report.
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Source: https://www.cnbc.com/2025/02/03/stocks-bounce-back-after-sell-off-on-trumps-tariffs-tech-pressured.html