HomeTrading NewsJim Cramer says buy FAANG stocks and Microsoft as Covid omicron fears hit markets

Jim Cramer says buy FAANG stocks and Microsoft as Covid omicron fears hit markets

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CNBC’s Jim Cramer said Monday he believes investors should take advantage of the recent weakness in shares of FAANG stocks and fellow technology giant Microsoft.

Wall Street’s fears related to the Covid omicron variant are not exactly the same as investors’ initial coronavirus concerns in February and March 2020, the “Mad Money” host acknowledged. However, FAANG plus Microsoft all recovered more quickly than the broader S&P 500 last year and Cramer said he expects a similar dynamic to be at play now, even if there are clear differences in pandemic characteristics.

“We don’t have the stimulus now. We don’t have the Fed helping us. But we do have a lot of money looking for a home, and FAANG plus Microsoft make for some of the sturdiest homes around,” Cramer said. “As they get hit by the omicron weakness, you’ve got my blessing to buy all six.”

FAANG is Cramer’s acronym for Facebook-parent Meta, Amazon, Apple, Netflix and Google-parent Alphabet. Microsoft is often mentioned in the same breath as the FAANG constituents. All six stocks are down over the past five trading sessions, and every company except Apple has seen their share price decline over the past month.

“In the end, you have to recognize that big-cap tech has many secular growth characteristics and the biggest ones also have terrific management, which is why I expect their stocks to bottom before the rest of the market and go higher,” he said.

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