CNBC’s Jim Cramer summed up Thursday’s market performance and told investors to pause and figure out which stocks are worth buying amidst the weakness.
“I think we need to wait a day before making a buying decision,” he said, adding that despite the day’s losses, the market is not oversold yet. “But identify what you like tonight and prepare for tomorrow, because we’re sure to see bargains rolling out.”
The index fell on Thursday after rising early in the session, led by a stunning reversal. Nvidia stock. The artificial intelligence darling jumped into after-hours trading after reporting a strong quarter Wednesday night, but ended Thursday down just over 3%. of Dow Jones Industrial Average lost 0.84%, S&P500 It fell 1.56%, dominated by tech stocks. Nasdaq Composite It decreased by 2.16%.
Kramer said Thursday’s trading is a reminder that a company’s performance may not accurately reflect its stock price. He suggested there could be more “pain” for companies that exited the session despite having strong quarters.
He considered a number of factors that may have contributed to the market’s losses, including a decline in “most elemental tech stocks,” such as basic semiconductor stocks, which have rallied for months but have weathered the decline in recent days. Cramer said crypto stocks, particularly those related to Bitcoin, are seeing a decline and could lead the decline in the tech sector. He also suggested that investors are worried about the economy after new indicators showed job creation was stronger than expected in September and worried the Federal Reserve won’t cut interest rates in December.
Cramer said there are some blue-chip stocks whose prices have fallen along with the sector as a whole, and advised people to keep a close eye on the technology.
“I want to see what happens tomorrow. Expectations are too low, the chances are too great, and stocks are falling too fast,” Cramer said. “These are the stocks I’m looking to buy on the weak side, especially the high-quality tech stocks that are currently being thrown out with the Bitcoin hot water.”
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