Cramer Calls Diesel a 25% Surtax as Walmart Flags $2 Billion Fuel Cost Hit

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Summary · why it matters

Jim Cramer said on CNBC's Squawk on the Street that rising diesel prices amount to a 25% surtax on everything Americans buy, one Congress never voted on. Walmart CFO John David Rainey told analysts on the August 20 call that the company now expects more than $2 billion of incremental fuel-related costs this year above and beyond its original guidance assumptions, and warned of a psychological impact once fuel prices rise above $4. McDonald's CFO Ian Borden cited continued inflationary pressures on food, paper and labor, and said the company pushed its 50,000-restaurant target from 2027 to 2028 as development costs climbed. McDonald's is down 15.58% year to date, Walmart is off 6.43% in the past month, and the XLY consumer discretionary ETF is down 6.11% in the past month, while Target is up 63.63% year to date on a Q2 that included a $994 million pretax IEEPA tariff refund contributing $1.65 to EPS. Cramer conceded the consumer has a job and wages are running slightly ahead of inflation, but treats that cushion as temporary, and the University of Michigan index sat at 55.2 in July, still below the 60 line flagged as recessionary.

Impact on stocks 3

Consumer Staples± Mixed · 2 stocks
Walmart Inc.
WMT
▼ NegativeSupplyrelevance

Walmart CFO said the company now expects more than $2 billion of incremental fuel-related costs this year above its original guidance.

Target Corporation
TGT
▲ PositiveTariffrelevance

Target's Q2 included a $994 million pretax IEEPA tariff refund contributing $1.65 to EPS.

Consumer Discretionary▼ · 1 stocks
McDonald’s Corporation
MCD
▼ NegativeSupplyrelevance

McDonald's CFO cited continued inflationary pressures on food, paper and labor and pushed its 50,000-restaurant target from 2027 to 2028 as development costs climbed.

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