Jim Cramer warned investors not to let Tuesday's losses scare them into exiting their positions in steady, dependable stocks.
The Dow Jones Industrial Average and S&P 500 fell on Tuesday on the back of weaker-than-expected bank earnings, which ended a four-day winning streak. The Nasdaq Composite was the only major index to end the day up.
The tech-heavy index is leading the way year-to-date at 6.01%, with gains driven by Wall Street's hopes that signs of softening inflation means a better year is in store for growth stocks.that investors shouldn't rush into tech stocks, warning that most companies haven't taken the cost-reduction steps necessary for their stocks' recent runs to be sustainable.
He added that Tuesday's losses represent a buying opportunity not for tech, but for another group of stocks. "I remain more partial to those traditional cyclical stocks. You're getting a chance to buy them ahead of what I believe will be better earnings comparisons than you're going to see from tech," he said.at no cost to help you build long-term wealth and invest smarter.
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