Stocks declined Tuesday, snapping a seven-session winning streak, as Wall Street came out of a long holiday weekend and oil prices turned lower. Oil had surged talks among the world’s largest oil producers broke down.
U.S. oil prices earlier Tuesday had risen to a six-year high after OPEC and its allies broke off talks Monday over a production increase. The United Arab Emirates refused to agree to a Saudi-backed deal to boost output, according to reports.
Cramer on JPMorgan Stock Catching Didi Shrapnel
The fallout from China’s investigation into Didi Global (DIDI) – Get Report not only took out a fifth of that company’s value, but U.S. bank JPMorgan Chase (JPM) – Get Report was also caught in the downturn as the company’s core cash banking provider.
TheStreet’s Jim Cramer wants U.S. regulators to crack down on the bank because “they are all going to get away with it,” Cramer said from the floor of the New York Stock Exchange on Tuesday.
“I don’t think they are ever going to be able to stop China. I think they need to stop the American banks that are representing China.”
Shares of Didi, the Beijing ride-sharing company, at last check dropped 22% to $12.19 after the Chinese government removed the app from the nation’s mobile app stores amid an investigation into alleged “national data security risks.”
Cramer Is All In on Nvidia
Nvidia is the stock to buy in the second half, according to Jim Cramer.
“If they get Arm — remember this is not an overlap. Arm has cellphone. Arm has PC. You would really have this extension that would really be game, set, match for them,” Cramer said Tuesday.
Keybanc analyst John Vinh lifted his one-year price target on Nvidia to $950 from $775, following BMO Capital Markets analyst Ambrish Srivastava, who last Thursday lifted his price target on the chip titan.