CNBC's Jim Cramer on Wednesday said investors on Wall Street care more about company fundamentals than they care about the impeachment process in Washington, D.C.
As the House debated impeaching President Donald Trump throughout the day, the major U.S. stock averages barely moved. The Dow Jones Industrial Average slipped 0.10%, and the S&P 500 dipped 0.04%. The Nasdaq Composite rose 0.05%.
"While the impeachment debate didn't seem to do much damage, a late wave of selling was, indeed, met with almost no buyers today, and that's not what you want to see if you're hoping for smooth sailing going forward into year end," the "Mad Money" host said. "Still, even if we have a few down days coming up ... market history says it's a mistake to freak out about the impeachment process."
Cramer explained that investors are more concerned about valuations.
Facebook shares rose about 2% in the session after Deutsche Bank raised its price target for the stock to $270 from $260. Tesla is closing in on its $420 price target after the stock gained 3.7% to set a new closing high of $393.15, and Netflix shares moved 1.69% on news that Disney+ does not appear to be putting a dent in its sales, Cramer said.
Micron Technology shares surged 4% in the after hours on a top- and bottom-line beat in the chipmaker's first-quarter report.
"Even better, CEO Sanjay Mehrotra ... said that the current quarter would mark the bottom for Micron's business, meaning the future is looking brighter than the past," Cramer said. "No wonder the stock surged in after-hours trading. I expect more bullish semiconductor pin action again tomorrow."
Disclosure: Cramer's charitable trust owns shares of Facebook, Nvidia and Disney.