Squawk on the Street FedEx Beats, Super Micro Plummets, Cramer: Markets Are Oversold 3/20/26
Mar 20, 2026
Markets teeter toward a fourth weekly decline while debate swirls over an 'oversold' signal and buying moves. FedEx rallies on strong quarter and guidance. Supermicro tumbles after indictment linked to alleged Nvidia chip smuggling. Energy and the Strait of Hormuz, AI chip supply chains, Amazon phone and OpenAI superapp rumors also drive the conversation.
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Market Oversold Signal Suggests Snapback Rally
- Jim Cramer argues the market is historically oversold and due for a meaningful rally based on his long-used S&P oscillator.
- He notes the oscillator missed only three major events since 1987 and cites a 13% post-Liberation Day snapback as precedent.
Options Expiration Can Pin The Market
- Carl and Jim explain massive $5.7 trillion March options expiration can pin the S&P to a level (they suggest 4,180 [180 in transcript context]).
- They attribute short-term index moves more to option pinning than company-specific news like Supermicro.
Consider FedEx For Reshoring And Data Center Demand
- Cramer recommends considering FedEx as a beneficiary of reshoring and data-center logistics after a strong quarter and guidance raise.
- He highlights FedEx's data-center, healthcare, Europe turnaround, and new robot automation as durable advantages.