It might be time to rethink FANG, according to CNBC's Jim Cramer.
FANG, which stands for Facebook, Amazon, Netflix and Google, was coined by the "Mad Money" host himself to refer to the group of high-performing tech stocks. But given Thursday's market moves, Cramer thinks WANG – Walmart, Apple, Netflix and Google – might be the new group to watch.
Walmart released strong second-quarter earnings numbers on Thursday that sent the stock surging more than 9 percent. "The strength in Walmart impacted the whole psyche of the market," Cramer said, with the Dow posting its biggest gain since April.
Along with Walmart reporting 4.5 percent same-store sales growth, the best in a decade, subsidiary Sam's Club had an even bigger growth of 6.5 percent.
But to Cramer, growth in brick-and-mortar sales is just the icing on the cake. "I'll tell you what I liked best: when it comes to e-commerce, Walmart is finally catching up to and passing" its competitors, said the "Mad Money" host. He pointed out a feature on the Sam's Club website that shows users their closest store locations, saying that it was something he might expect from Amazon, not Walmart.
Walmart CEO Doug McMillon's said on a call with investors, "We continue to bring digital capabilities to our stores to deliver a seamless experience for customers however they choose to shop." Cramer thinks he's done a phenomenal job.
To complete WANG, Cramer's keeping Netflix and Google, but he's interested in swapping Amazon for Apple, which has climbed more than 12 percent since its earnings report last month.
Apple also hit a new all-time high on Thursday sparked by news that the U.S. and China will resume trade talks. "We've also been fearful that Apple would get caught up in the trade war," said Cramer. "You get a truce, it lowers the chance of a Chinese Apple boycott."
If WANG continues to outperform, maybe Thursday's market gains "will last longer than the bears think," Cramer said.