Stocks fell sharply on Thursday as U.S.-China trade worries persisted with more companies suspending business with Chinese telecom giant Huawei.Marketsread more
The yield on the 10-year Treasury note fell to its lowest level since 2017 as more traders grew confident in a longer U.S.-China conflict.Bondsread more
A Ministry of Commerce spokesperson does not single out any U.S. action, but it's been a tense couple of weeks for the trade war.World Politicsread more
In a four-page letter sent Thursday morning, Warren and Ocasio-Cortez asked Mnuchin a series of questions about his advisory role in former Sears CEO Eddie Lampert's...Politicsread more
"For them to say that they don't work with the Chinese government is false," Secretary of State Mike Pompeo tells CNBC.Politicsread more
Facebook has stopped paying commission to staff for selling political advertisements on its platform, The Wall Street Journal reported.Technologyread more
Oil prices dropped on Thursday, extending falls from the previous session amid surging U.S. crude inventories as low refinery runs and ongoing trade tensions weighed on the...Energy Commoditiesread more
U.S. manufacturer growth hit new lows in May, the latest sign that the economic slowdown accelerated amid the ongoing trade war.Economyread more
Wall Street is under pressure, but a handful of stocks are breaking out to new highs. McDonald's, Waste Management, Hershey, Visa and Costco have notched records this month,...Trading Nationread more
No timetable has been set on returning the money to outside investors in Tepper's Appaloosa Management, source says.Hedge Fundsread more
Huawei is winning over more and more Apple fans in China as the escalated trade tensions stoked "nationalist sentiment," according to South China Morning Post.Marketsread more
Jim Cramer wants investors to realize that it is not the end of the world. And once they figure that out, the market tends to rally across the board, just as it did on Tuesday, even if no one knows what the Federal Reserve is going to say on Wednesday.
"At this point, I think the Fed better raise rates, or we will have to conclude that they know something very bad that we haven't heard about yet," the "Mad Money " host said.
If the Fed decides not to raise rates, Cramer thinks that could give the impression that they are being too complacent. Investors would worry that there is real trouble brewing somewhere, despite strong job growth.
But if there is a rate hike and the Fed confirms that it will wait a considerable amount of time before it tightens again, Cramer expects a continuation of Tuesday's rally.
So what triggered the big rally on Tuesday? Cramer went down the list of what eased investors' minds.
First, the junk bond market got a bit of a reprieve. Many distressed-debt mutual funds were sold to individuals who may have not been sophisticated enough to know they could lose a lot of money if they tried to get out of the investments.
Read more from Mad Money with Jim Cramer
And while there are strong correlations between this kind of junk paper and a sell-off in the market, many investors breathed a sigh of relief when there were no bank runs on various other mutual funds. That opened the door for buyers to enter back into the market.
The market also got a lot of help from the price of oil, which went back up to $37 a barrel. Given that the worst kind of junk debt is related to energy, any upward move in crude could be seen as a godsend for the markets.
There were also monumental runs in some of the biggest oil companies like Chevron and Exxon, and that made many feel like the worst was over for the oil patch. The agony continues for the smaller companies with stretched balance sheets, though.
Cramer also saw a few other contrary-to-the-end-of-the-world calls that helped the market, such as Valeant. It has received a lot of bad press for its pressured drug selling tactics and price increases. On Tuesday, it announced a big deal with Walgreens, scoring a 16 percent boost for the stock.
"Any market that exhibits crudeness, my new term meaning it goes higher when fuel costs more, is a market that is crazy enough to go down on even a benign Fed statement," Cramer said.
With this in mind, Cramer thinks the market could still rally. But first, it has to get the all clear that these junk bond funds aren't big enough to create massive pain for all.