Jim Cramer Predicts Potential Stock Market Rally Triggered By Jobs Report: 'Certainly Have Plenty Of Tinder'

Jim Cramer indicated that a market rally could be on the horizon, driven by the upcoming September jobs report. This comes after a few challenging weeks for Wall Street.

CNBC reported Cramer stating, “We certainly have plenty of tinder for a rally — there are some Kingsfords lying around, maybe even a Duraflame or two,” suggesting that a weak payroll number could lead to a rebound similar to what was seen in March.

The nonfarm payroll report, with its “true staying power,” is the key data point to watch, according to Cramer. He believes that if the figures show a higher-than-expected number of layoffs, the Federal Reserve might hesitate to raise interest rates, potentially pleasing the market.

See Also: US Manufacturing PMI Tops Expectations In September, Hits 10-Month Peak

However, Cramer also warned that this potential economic weakness might negatively impact various sectors, including retail, banking, and housing. He drew parallels to the market conditions in February and March when stocks were sold off due to concerns about aggressive rate hikes by the Fed and the collapse of several regional banks gave way to a tech-led rally.

According to Cramer, the potential rally could once again be led by mega-cap tech stocks from the Nasdaq Composite, including the likes of Apple Inc. AAPL, Amazon.com Inc. AMZN, Alphabet Inc. GOOGL  GOOG, Microsoft Corporation MSFT, Nvidia Corporation NVDA, Meta Platforms Inc. META and Tesla Inc. TSLA.

Cramer isn’t certain whether the pervasive negative sentiment on Wall Street indicates a market bottom, but he considers it a possibility.

“Maybe all that needs to happen is for the frantic bond sellers to slow the pace of their sales… Once that happens, we can finally focus on the myriad stocks that’ve been crushed for weeks now,” he said.

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