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Jim Cramer examines Wednesday's brutal tech sell-off
  + stars: | 2024-07-24 | by ( Julie Coleman | ) www.cnbc.com   time to read: +2 min
CNBC's Jim Cramer looked at what might have spurred Wednesday's Big Tech sell-offs, reviewing why investors may have been disappointed with earnings from Alphabet and Tesla . Cramer was impressed with the strength in the company's search business, as well as its Google Cloud revenue, which topped estimates at $10.35 billion. But Cramer said CEO Elon Musk "told a great story of self-driving technology, sorely needed energy production, not to mention humanoid robots." Cramer suggested both Alphabet and Tesla might not have declined if the market wasn't in the midst of a broader rotation out of tech. Cramer also examined stocks that have been seeing gains on the S&P 600 — the S&P's small cap index — as investors sell the mega caps.
Persons: CNBC's Jim Cramer, it's, Tesla, Cramer, Elon Musk Organizations: Big Tech, Nasdaq, Google, ATI, Ensign Group, SPS Commerce, Mueller
The holiday shopping season is in full effect as Thanksgiving week begins, and retailers are nervous. Data from the research group Factset show inventory levels among retailers including Walmart, Target, Amazon and Best Buy remain significantly above pre-pandemic levels. But those sales events are also coming at a time of a slowing economy and the ongoing weight of inflation, retail executives say. Despite the mixed economic signals, the U.S. Census Bureau reported unexpectedly strong retail sales for October. The National Retail Federation said earlier this month that it expects annual holiday sales growth to hit between 6% and 8%.
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