CNBC's Jim Cramer said Monday he believes investors should continue avoiding richly priced technology stocks in an environment of rising bond yields. "I like the market OK. I still don't like high-multiple tech," Cramer said on "Squawk Box." "I think that's the wrong place to be." The "Mad Money" host's comments came ahead of Monday's opening bell. The Dow Jones Industrial Average began the trading day higher, following its record close Friday . The S & P 500 , which was also coming off a record finish Friday, was near flatline Monday while the Nasdaq was modestly higher. The tech-heavy Nasdaq has underperformed the blue-chip Dow and the broader S & P 500 in the past month and this year, as the yield on the 10-year Treasury moved rapidly higher. On Friday, the yield rose to a new one-year high above 1.64%. It began 2021 below 1%. Earlier this month, Cramer advised investors to turn to industrial stocks , which would benefit from the U.S. economic reopening from the coronavirus pandemic. He argued at the time that the move in the bond market made it tough to be in high-multiple tech companies. A jump in interest rates hurts those stocks because the relative value of their future earnings decreases, compressing their valuations. Low borrowing costs also have been helpful in fueling their business expansions. Cramer doesn't believe investors should avoid the technology sector. He said later Monday that he thinks Square could benefit from the latest Covid relief package. He believes some money delivered to Americans via stimulus checks may get invested into equities and bitcoin , using Square's Cash App. That's the fintech's peer-to-peer payment platform, which also allows users to buy and sell assets. He also said Facebook is attractively priced when looking at forward earnings estimates. Disclosure: Cramer's charitable trust owns shares of Facebook.