Markets

Cramer says moves in tech stocks are 'truly insane' as Amazon and Tesla climb

Key Points
  • Cramer's comments came as shares jumped of Amazon and Microsoft, two of the largest U.S. stocks by market cap.
  • Electric vehicle company Tesla also surged, continuing a blistering run that has seen its shares rise 60% since June 29. 
  • Amazon's move represents a share reversal for the e-commerce and cloud company, which saw its shares sink all five days last week.
Jim Cramer
Scott Mlyn | CNBC

CNBC's Jim Cramer said Monday that the moves of three major tech stocks were "truly insane and unlike any i have ever seen in my life."

Cramer's comments in a tweet came as shares of Amazon and Microsoft, two of the largest U.S. stocks by market cap, jumped by 7.9% and 4.3% respectively during Monday's session. Electric vehicle company Tesla also surged 9.5%, continuing a blistering run that has seen its shares rise 60% since June 29. 

The gains helped to push the tech-heavy Nasdaq Composite up 2.5% on Monday.

Amazon's move represents a share reversal for the e-commerce and cloud company, which saw its shares sink all five days last week. Monday's jump erased almost all of those losses. 

Both Amazon and Microsoft, which fell in four of five sessions last week, have outpaced the broader market this year, with their subscription and cloud businesses proving to be resistant to the challenges of the coronavirus pandemic. 

Tesla has left both of those tech giants behind with is run this year, rising nearly 300%. Tesla and Microsoft are scheduled to report quarterly earnings results on Wednesday. 

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