Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
Employees spoke out on issues such as forced arbitration, workplace equity and Project Dragonfly at Alphabet's annual shareholder meeting.Technologyread more
American Airlines is the first major U.S. airline to order Airbus' new long-range, single aisle aircraft.Paris Air Showread more
This is a comparison of Wednesday's FOMC statement with the one issued on May 1 after the Fed's previous policy-making meeting.The Fedread more
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called LibraThe Fedread more
Federal Reserve Chairman Jerome Powell said the case for a rate cut at central bank's Wednesday meeting is not strong enough.The Fedread more
"Take a look at the stock from where it's coming and where it's going," he said on "Squawk on the Street. "
Shares of the engine maker have declined about 35 percent this year and were down more than 6 percent midmorning Tuesday.
CMI stock performance in 2015Source: FactSet
Cummins' stock was downgraded to "underperform" by Bank of America Merrill Lynch on Tuesday, citing lackluster earnings moving forward and a slowdown in the Chinese economy.
"If you own Cummins, what they're saying is this is a recession in trucks," Cramer said.
"These guys are the best there is and, if the best there is is having trouble, you can only imagine what's going on at Joy, which also got a [downgrade]."
The bank also reduced its rating on Joy Global from "neutral" to "underperform" on Tuesday.
Disclosure: Cramer's trust did not own Cummins or Joy Global shares when this article was published.