CNBC’s Jim Cramer examined Tuesday’s “wild” market action, saying it may be best to wait before making any big decisions.
“There’s just too much noise here, let’s just wait and see,” he said. “Let’s sit on our hands and process all the information coming at us before we take any action.”
Cramer said Tuesday marked a reversal, with previously booming Big Tech stocks taking a hit while stocks outside the sector — like banks, steel makers and automakers — saw gains. The Nasdaq Composite closed down 0.76%, while the S&P 500 slipped 0.06% and the Dow Jones Industrial Average rose 0.35%.
Cramer said investors should focus on Tuesday night’s earnings reports and follow analysts’ reflections. While Microsoft reported solid revenue growth from its cloud business, Alphabet reported advertising revenue that was lighter than expected and AMD‘s first-quarter forecast fell short of Wall Street’s expectations.
“Are these all island reversals that are just too difficult to overcome, where the stocks open up big and then plummeted?” Cramer asked. “Or is tech taking a breather until some of that juicy money from the sidelines takes advantage of the first price break of 2024?”
