Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
"There is reason to believe that we know the culprit," Trump said in a post on Twitter.Politicsread more
Brent crude surged by as much as 19.5% to reach $71.95 per barrel on Monday, the biggest intra-day jump since the Gulf War in 1991.Oilread more
The strike, depending on its length, could easily cost GM hundreds of millions of dollars. The last time the union declared a strike at GM was in 2007.Autosread more
Saudi Aramco has 35-40 days of supply to meet contractual obligations, a source close to the matter told CNBC.Energyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
OxyContin maker Purdue Pharma filed for Chapter 11 bankruptcy protection on Sunday.Health and Scienceread more
Saudi Arabia on Saturday shut down half its oil production after a series of drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's...Futures & Commoditiesread more
U.S. stock futures sank amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
The recommendations include changing corporate reporting structures, creating a new safety group, and changing the cockpits of future planes to accommodate new pilots with...Aerospace & Defenseread more
The state would become the second in the country, behind Michigan, to ban the sale of fruit flavored e-cigarettes, which are popular with teenagers.Health and Scienceread more
The Dow Jones Industrial Average closed 660 points lower as shares of Apple, which cut its revenue forecast Wednesday night, dragged on the broader market. The and Nasdaq Composite indexes fell 2.47 and 3 percent, respectively.
But Apple wasn't the root cause of Thursday's pain, he argued. Instead, he said the iPhone maker's shortfall was a "byproduct" of the Federal Reserve's interest rate agenda for 2019, which the central bank said last month would include two rate hikes.
"As a stock-picker, I have to say that [Fed Chair Jerome] Powell's made it a little more difficult to make money," said the "Mad Money" host, adding that the Fed's resilience in the face of an economic slowdown could seriously damage stocks.
Because of the Fed's actions, certain investments that should be good bets here simply aren't, he warned. For one, lower oil prices tend to benefit the airlines because they beget lower fuel costs, but the slowing economic cycle is already weighing on the airline stocks, with American and Delta near their 52-week lows.
"So, what do you do? Well, you buy the stocks of companies that do well in a recession — even though I don't think we're going into one — that are also bolstered by lower raw costs," Cramer said, specifically highlighting Clorox, PepsiCo and Coca-Cola. "They're the safety stocks. That's what's worth owning."
"If you can drink it or wash with it, Jay Powell just gave you a winner," he quipped.
Unfortunately, Cramer didn't see very many ways out of this Fed-led weakness. One could be if the Fed reconsiders its rate hike plans for the year ahead, an unlikely scenario. Another could be if the United States and China agree on a trade deal, which may still be months away, he said.
"What matters after today are the earnings and how bad they're going to be," Cramer said. "From the looks of Apple? Pretty bad. And that's worth considering as we go into the season that's not too jolly anymore."
Disclosure: Cramer's charitable trust owns shares of Apple.