"Americans are in fabulous financial shape right now, which means we're gonna spend a lot of money when we climb out of our COVID foxholes. So prepare your portfolio accordingly," the "Mad Money" host said. Subscribe to CNBC Pro to access the full episode of Mad Money: https://cnb.cx/36Fsqbi
The corporate earnings season is under way, and CNBC’s Jim Cramer thinks the early reports from major banks all have something in common: they indicate consumer spending could soon surge.
“I think we’re at an inflection point where consumer spending can truly ramp up and ramp to a totally unexpected positive level, especially with millions of parents getting their child tax credit [checks] just this week,” he said on “Mad Money.”
JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo all beat Wall Street estimates. Bank of America posted better-than-expected earnings, but it came up short on the revenue line.
“Americans are in fabulous financial shape right now, which means we’re gonna spend a lot of money when we climb out of our Covid foxholes,” he added. “Prepare your portfolio accordingly.”
Cramer named the following stocks as his picks to play a potential consumer spending boom:
Delta, down 22% from April highs
American Airlines, down 21% from March highs
American Express, down 1% from peak last week
Poshmark, down 27% from June highs
Brunswick, down 17% from May highs
Best Buy, down more than 14% from May highs
Costco, down 1% from Monday peak
Williams-Sonoma, down 17% from May highs
RH, down 7% from April highs
Apple, closed Wednesday at record
T-Mobile, closed Wednesday at record
Qualcomm, down 14% from January highs
Broadcom, down 3% from February highs
Skyworks Solutions, down 6% from April highs
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