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Cramer sees opportunity in growth stocks, says Amazon is his favorite right now

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Mateusz Slodkowski | SOPA Images | LightRocket via Getty Images

CNBC's Jim Cramer said Wednesday he believes investors should look to own Amazon.

"My favorite stock right here is Amazon," Cramer said on "Halftime Report," explaining that, in general, he feels growth-oriented stocks are now better positioned due to the pullback in the 10-year Treasury yield.

Cramer's remarks Wednesday were made in response to a prediction from Ark Invest's Cathie Wood, who said at a webinar Tuesday that "the rotation back to growth is probably close at hand."

Cyclical stocks that benefit from a strong economic recovery from the coronavirus pandemic have been strong performers in 2021, while a rise in bond yields earlier this year hurt growth stocks in the technology sector.

The iShares S&P 500 Value ETF is up more than 17% year to date, compared with a nearly 9% gain for the iShares S&P 500 Growth ETF.

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