CNBC's Jim Cramer said the market decline may be over, with averages rising on Monday and “the worst may be behind us.”
“I think the decline may finally be coming to an end,” he said. “Don't wait for a correction to give you a better buying opportunity. We just happened to have that opportunity.”
Kramer cited several tech companies that have suffered notable losses in the past few months, including Nvidia and Microsoft.
Cramer said that despite Nvidia's announcement of a promising new graphics chip, its stock price took a hit as investors worried about the Federal Reserve's next interest rate decision. . Cramer said Microsoft rose on the back of solid earnings and success in its cloud business, but still fell in line with the rest of the market. Kramer said both stocks have since recovered.
While he acknowledged that some might think he was simply picking on tech stocks to fall, Cramer said they were “the great growth stocks of our time” until the market “changed its game” in early March. He said he was just focusing on stocks that were considered to be.
“At the end of the day, we've had a tough time leading up to the Fed meeting, we've had a tough earnings season, and we haven't come out unscathed,” he said. “There were some huge losses piling up and it was something that could easily cause people to head for the mountain and avoid the entire asset class.”
Nvidia declined to comment, and Microsoft did not respond to a request for comment.
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Disclaimer CNBC Investing Club Charitable Trust owns shares of Nvidia and Microsoft.
