"This is a sell-off based on a slowdown, slowdown from technology, slowdown from a belief that tariffs are going to hurt the economy," the "Mad Money" host explained on Thursday.
"What you do when you have a slowdown is you go for the highest-growth stocks, so when things settle down, it's going to be the FANG names that are going to start doing better fast," he recommended.
"When we do, … we'll be able to take advantage of it and buy the stocks that have come down too much," Cramer said.
One potential target could be the technology sector, which accounts for 26 percent of the , Cramer said. Chinese consumers buy a lot of U.S. technology, including but not limited to Apple products.
"People are becoming disenchanted with tech, particularly something they loved until recently, ... artificial intelligence," Cramer said.
"As long as the 1 percent believes in free trade at any cost, it's going to weigh on the stock market when the president goes in the opposite direction," the "Mad Money" host said.
The wealthiest people in the United States, many of whom own stock in leading global companies, have long benefited from free trade, or the unrestricted exchange of goods and services, Cramer explained.
U.S. presidents and business leaders have also long supported free trade, making deals with other countries to expand global trade.
"In recent years, Home Depot had pulled ahead of Lowe's in a major way, and while it's always been the superior operator, I think it's worth asking why," Cramer said. "After all, both stocks have been slammed here."
Cramer pointed out that Home Depot's stock is down 7.5 percent for the year and Lowe's stock is down 7.8 percent, but "unlike so many other names, they haven't bounced nearly at all."
"At these levels, it pays to wonder which one is a better buy," he said on Thursday.
"I think ultimately what has happened is we've been faced with a couple of binary paths, … so you're physical space or you're e-commerce," Conforti said. "And we operate under the assumption that only one is going to win."
Conforti, whose real estate investment trust operates shopping centers across the country, said that the way to push back against that assumption is for malls to diversify their offerings.
On the local, regional and national levels, the CEO said Washington Prime Group has focused on "providing real-time incentives for our leasing professionals to work on that diversification."
"Realistically, if we don't, we're actually doing a disservice not only to our guests but to our tenants, those tenants that are evolving and embracing this new world order," Conforti said.
In Cramer's lightning round, he zoomed through his take on some callers' favorite stocks:
Fifth Third Bancorp: "You can hold that. Fifth Third is a very, very good bank. I don't think rates are going to continue to go down as they did today. I'm not troubled. I also like [Huntington Bancshares], I think HBAN's good, and I like First Horizon. That's a three-fer."
American Electric Power Co.: "Look, it yields under 4 [percent] now. I would buy more if it went above 4, which, of course, does mean therefore that the stock is going lower. That's where I would buy it."
Disclosure: Cramer's charitable trust owns shares of Apple.