Tuesday marked a second consecutive day of losses for the Dow Jones Industrial Average, with the index posting its first back-to-back loss since September.
CNBC's Jim Cramer explained why some Big Tech favorites saw gains while other stocks floundered, saying investors are worried about the broad economic implications of rising bond yields.
"Big tech made a big comeback today because of the bond market, not anything to do with the stocks themselves," he said."So, keep in mind that the pause in the rally is temporary, even as you should still own some of the Magnificent Seven for diversification."analyzed Tuesday's market action and explained why some Big Tech favorites saw gains while other stocks floundered, saying investors are worried about the broad economic implications of rising bond yields.
But Cramer rebuked negative theses for some of the stocks that saw losses, saying some of the companies are fundamentally solid. He said the stocks can rise again even after a day like Tuesday when money managers"get scared out of cyclicals and nervous about aerospace, frightened of homebuilders, stupefied by auto parts and chilled by Kleenex sales."
"We've seen this movie before. It's been happening for more than a decade," Cramer said."Don't worry, the money can rotate just as soon right back to where it was."Decision 2024
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