Published on 7 Jan 2024 on Insider Monkey via Yahoo Finance
In this article, we will take a detailed look at the Jim Cramer Recommended Selling These 12 Stocks. For a quick overview of such stocks, read our article Jim Cramer Recommended Selling These 5 Stocks.
Jim Cramer recently said in a program that the time has come for investors to take some profits on the Magnificent Seven group of stocks as the market begins to undergo a rotation. Cramer said “it’s a new market” in 2024 and financial, healthcare and small-cap stocks which were put on the backburner by the Street amid recession fears are now in the spotlight. Cramer said that the market is favoring “boring” stocks with high yields as investors believe recession fears have been managed by the Federal Reserve and rates are expected to come down.
Cramer said long-term interest rates peaked in October 2023 and since then high-yield dividend stocks have been “flying" while Magnificent Seven stocks are losing their leadership position when it comes to stock market gains. Cramer said that during most of 2023 Magnificent Seven stocks, which include major companies like Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN) and NVIDIA Corp (NASDAQ:NVDA), among other tech leaders, led the stock market gains. But after October 2023, things have changed. Cramer shared a chart which showed S&P 500 performance trends on an equal-weighted basis. Data shows that an equal-weighted S&P 500 has beaten the Magnificent Seven index by 13.4% from October 2023 through January 3, 2024.
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