Jim Cramer says it’s too early to buy until we find out whether new variant is spreading in the U.S.

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According to CNBC’s Jim Cramer, Friday’s sharp fall for stocks, due to concerns over a new Covid-19 variant, is not a buying opportunity.

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“We’re going to wake up next week and find a [case] In this country, and I’m not going to recommend anyone buy anything today until we’re sure it’s not going to happen. And I’m not sure it won’t,” he said Friday on CNBC’s “Squawk on the Street.”

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“No panic. Let others panic. We will benefit on Monday,” he said.

The Dow Jones Industrial Average fell 800 points with a loss of 2% at the opening bell. The S&P 500 lost nearly 1.3 percent. The World Health Organization sold out on Thursday after warnings about a new variant found in South Africa.

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Cramer said it makes sense for names like Regeneron and Pfizer to go above that, but other segments of the market should be avoided.

“I’m reluctant to say it’s time to buy a retailer, or buy a cruise ship company because there will be people who are more at-risk than you and I and then refuse to believe that scientists can do it. Can get it. Is under control, so there is no buying opportunity.”

That said, Cramer said there are some areas of the market that look attractive when sold, including Chevron.

“If I had to start buying something today, I’d buy Chevron,” he said. “There is demand for oil, there will be travel … I’m trying to differentiate between worrying about what’s going to happen and what people are going to do on the same day where they can just decide that ‘ You know, I can’t take it anymore.’ And I’d rather buy from them on Monday than I buy from them today.”

Cramer said Amazon would do well on Friday. The stock was up 1% at the opening bell.

Others, however, said Friday’s drop is a buying opportunity.

“Friday is the day after Thanksgiving, probably not as many traders at the desk as early today,” Ajene Oden of BNY Mellon Investor Solutions said on CNBC’s “Squawk Box.” So potentially low liquidity could cause some pullbacks. has been.” “But the response we are seeing is a buying opportunity for investors. We have to think long term.”

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— CNBC’s Jesse Pound contributed reporting.


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