Nasdaq’s big winning streak tells us what the market is and isn’t trading on
CNBC’s Jim Cramer said Tuesday the Nasdaq ‘s winning streak reveals what’s driving the market. It’s not the Iran war. The tech-heavy index opened higher as it headed for a tenth positive session in a row. Monday’s rally made nine straight, the longest run since December 2023. Cramer hailed Monday’s session as “one of the greatest essays” on how the market is trading right now, with Wall Street opting to focus on the health of companies, rather than betting on war outcomes. Since its Iran war closing low of 20,794 on March 30, the Nasdaq has soared more than 12.5%. “The stock market is not about trading the Strait of Hormuz. It’s not about trading President Trump. It’s not about trading oil tankers. It’s about trading companies,” Cramer said during “Squawk on the Street.” “We’re not trading the market. We’re investing in companies,” he stressed, adding it’s impossible to predict what’s next in the conflict, which started on Feb. 28. Following unsuccessful weekend peace talks, Vice President JD Vance said it is up to Iran whether there will be more conversations. He stressed that U.S. “red lines” on Iran’s nuclear ambitions must be met. Tuesday marks the second day of the U.S. blockade of the Strait of Hormuz, a crucial passageway for oil transport, as Washington pressures Iran to give up control. Last week, the U.S. announced a two-week Iran ceasefire. A discussion about whether to hold a second round of peace negotiations is underway, a White House official told CNBC. The fragile truce shows why it’s important to focus on underlying fundamentals for companies instead of war speculation, Cramer said. “You want to own companies ahead of earnings.”
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