Financial Services

'I thought the market would be down more' — Cramer says he's not running away from stocks yet


Jim Cramer

Adam Jeffery | CNBC

CNBC’s Jim Cramer said on Monday that he’s not running away from the U.S. stock market just yet, despite the indications for a sharp decline at the Wall Street open on China’s currency devaluation.

“There are discounts happening and I think people have to be cognizant, but not everything should be thrown out here,” Cramer said on “Squawk Box. ” “I’m not sanguine, but I’m also not running from this market, because I think there are some real values being created.”

U.S. stock futures fell sharply on Monday, with Dow futures at one point dropping 385 points. The uncertainty comes as China allowed its currency to slide to its lowest level in more than a decade, with no solution in sight to the U.S.-China trade dispute.

The Chinese currency crossed the closely watched seven-yuan-for-a-dollar barrier on Monday after another escalation in the trade war between Beijing and Washington. The sharp weakening in the Chinese currency came after President Donald Trump unexpectedly announced fresh tariffs on China last week, which are set to take effect on Sept. 1.

“I thought the market would be down more, frankly,” the “Mad Money ” host said, urging investors to look at stocks down 10% from recent highs with muted exposure to China. “I really want to stear clear of China.”



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