Market Volatility and the Omicron Effect: An Oversold Market? Apple Slumps and Boeing Gets a China Lift

Squawk on the Street

Carl Quintanilla, Jim Cramer and David Faber explored the market volatility one day after stocks sold off on news of the first confirmed U.S. case of the COVID-19 omicron variant. Stocks surged to begin Thursday's trading but will the rally hold unlike Wednesday's action? Cramer discussed why he thinks the market is oversold and what investors should buy now. The anchors also reacted to a sharp decline in shares of Apple on a published report that says the company has warned suppliers that demand for its iPhone 13 lineup has weakened. On the flip side, Boeing shares jumped after China set a directive for resumption of 737 MAX flights. Also in focus: Ford U.S. vehicle sales rose in November as EV sales more than doubled, why one Wall Street analyst prefers General Motors to Ford, and J.P. Morgan's take on omicron: What if the variant ends up being positive for risk?