Cramer: Falling long rates are repricing non-tech stocks
As seen on the 24/7 Wall St. homepage on November 3, 2026.
Mad Money w/ Jim Cramer 11/2/26
- Oil's drop pulled long rates down, lifting Amazon, Capital One, JP Morgan, Costco and Walmart on no company news
- Non-tech growth is where the money went: medical devices like Medtronic and Intuitive Surgical, plus staples Pepsi and P&G
- Apple's record September quarter beat on iPhone and Mac, but Cramer expects the stock lower short term on guidance
- Oracle filed to raise $20 billion days after saying it would limit raises; Intel seen losing PC share to AMD
The call is that falling long rates are repricing everything outside tech right now rather than earnings, and Cramer says growth stocks away from semis are the clean way to play it. He is warning Apple holders that guidance will disappoint even after a record quarter, and he is openly annoyed at Oracle for raising capital immediately after promising restraint.
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When oil prices slid on November 2, long-term interest rates followed them down, and the market's reaction had nothing to do with company fundamentals. Amazon, Capital One, JP Morgan, Costco, and Walmart all moved higher on no company-specific news, which Cramer reads as rate sensitivity steering the market right now.
The real opportunity Cramer identified sits in non-tech growth names. Medical device companies like Medtronic and Intuitive Surgical attracted fresh money, as did consumer staples names Pepsi and P&G. His read is that growth stocks away from semiconductors are the cleaner way to play a rate-driven rotation, because they carry less of the valuation baggage that has kept semis volatile.
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Apple delivered a record September quarter, with iPhone and Mac both contributing to the beat, but Cramer is warning holders that guidance will disappoint and expects the stock to trade lower in the short term. A record quarter and a near-term sell signal arriving at the same time is an uncomfortable combination for anyone sizing a position heading into the next reporting period.
Oracle drew pointed criticism after filing to raise $20 billion just days after signaling it would limit capital raises, and Cramer treated that as a credibility problem rather than a financing strategy. Separately, Intel was flagged as continuing to lose PC market share to AMD, adding another layer of pressure to an already difficult stretch for the stock.
Mentioned: AAPL, AMZN, WMT, JPM, ORCL, PG, COST, AMD, ISRG, PEP, COF, MDT, WM, NKE, INTC