CNBC’s Jim Cramer warned on Friday that volatility on Wall Street may not be over.
Stocks endured a turbulent week as renewed concerns about the artificial intelligence trade weighed on technology shares
The tech-heavy Nasdaq Composite climbed 2.3% through Wednesday before plunging 2.9% Friday, ending the week down 2%. The S&P 500 followed a similar pattern, rising 1.6% through Wednesday before tumbling 1.8% Friday to finish the week down 0.6%. The Dow Jones Industrial Average also reversed course, gaining 0.5% through Wednesday before slipping 1.1% Friday to end the week down 0.9%. “After a brutal week for tech, don’t assume the worst is behind us,” the “Mad Money” host said. “We’ve got the election, uncertainty overseas, the jobs report and another slew of earnings.” “My advice?” he added. “Don’t try to call the bottom in the Nasdaq just yet.
Pick up some high-quality companies that are being thrown away, and remember, in this market, even great earnings might not be enough to send a stock higher.” With that backdrop, Cramer turned to the week ahead. Apple reports after the bell. Shares recently hit an all-time high, helped by enthusiasm for its latest products, including the upcoming Duo foldable phone.