Friday’s sharp decline for stocks, spurred by concerns over a new Covid-19 variant, is not a buying opportunity, according to CNBC’s Jim Cramer.
“We’re going to wake up next week and find one [case] in this country, and I’m not going to recommend anyone buy anything today until we’re sure that isn’t going to happen. And I can’t be sure that it won’t,” he said Friday on CNBC’s “Squawk on the Street.”
“No panic. Let others panic. We’ll profit Monday,” he added. The Dow Jones Industrial Average dropped 800 points at the opening bell, for a loss of 2%. The S&P 500 declined about 1.3%. The sell-off followed the World Health Organization warning on Thursday about a new variant that’s been detected in South Africa.
Cramer said that it makes sense for names like Regeneron and Pfizer to move higher, but that other areas of the market should be avoided. “I’m reluctant to say this is the time to go buy a retailer, or go buy a cruise ship company because there will be people who are much more risk averse than you and I and then refuse to believe that the scientists can get this under control, so not a buying opportunity,” he said.