Jim Cramer's Trust Buys Honeywell as WTI Crude Falls 15% This Month
Updated
Updated · CNBC · Jun 23
Jim Cramer's Trust Buys Honeywell as WTI Crude Falls 15% This Month
2 articles · Updated · CNBC · Jun 23
Summary
Honeywell was added Tuesday as Jim Cramer's Charitable Trust used the market pullback to put money to work, though only with a small "nibbling" purchase rather than a large bet.
WTI crude cracked below $73 and is down roughly 15% this month, while rates also fell, leading the trust to read the sell-off as driven by easing energy inflation rather than worsening economic fears.
U.S. stocks recovered from early lows even after a sharp overnight Kospi sell-off hit chip and AI names; the Dow turned positive by midday, while the S&P 500 and Nasdaq remained down more than 1%.
That backdrop favors Honeywell, which the trust said should benefit from lower oil prices, lower interest rates and any firm agreement that keeps the Strait of Hormuz open and ends the Iran war.