CNBC's Jim Cramer noted positive stock performances in the market rebound on Monday, but indicated Big Tech earnings coming this week will tell the tale on whether it will last.
The Dow Jones Industrial Average climbed 253.58 points, or 0.67%, to close at 38,239.98. The S&P 500 traded 0.87% higher to finish the session at 5,010.60. The Nasdaq Composite advanced 1.11% to 15,451.31. The S&P 500 and Nasdaq both ended a six-day losing streak.
Chipmaker Nvidia got a boost after the stock rebounded and rose 4% Monday, recovering from a 10% plunge on Friday. Cramer says the stock mounted an advance, but it won't be enough to erase Friday's losses.
"Nvidia's gone from being the star of the show to being the goat of the game, and I'm not talking about the greatest of all time," Cramer said. "We've learned from multiple pieces of research that Nvidia is doing quite well. I think the stock finally gets cheap enough to start tempting people."
Other Big Tech companies Tesla, Meta Platforms, Microsoft and Alphabet are scheduled to report their earnings this week. Investors are determining whether these reports will indicate if the tech sell-off ends or continues.
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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia, Alphabet, Microsoft and Meta Platforms.
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April 23, 2024 at 07:00AM
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Cramer points to positives in Monday's rebound, but warns against lasting gains - CNBC
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