Jim Cramer says don't get distracted by 'nonsense' and watch the June jobs report

• CNBC's Jim Cramer told investors on Thursday to focus on Friday's June labor report and not get distracted by events like Treasury Secretary Janet Yellen's visit to China and the OPEC meeting.
• "There are lots of things that might be important in another context, but they're meaningless to to you when it comes to the stock market," Cramer said.

CNBC's Jim Cramer told investors on Thursday not to get distracted by "nonsense" this week and focus on Friday's June labor report.

Cramer said he thinks matters such as Treasury Secretary Janet Yellen's visit to China and the OPEC meeting won't impact the market as much as some people believe. Cramer said he doubts Yellen's talks will lead to any resolutions of consequence to the market, and that OPEC's decisions hold little weight while Russia continues to wage war in Ukraine.

"I know it's hard to believe that not everything is consequential," Cramer said. "There are lots of things that might be important in another context, but they're meaningless to you when it comes to the stock market — and they hurt you. They hurt you, and I don't want that to happen."

Instead, Cramer suggested investors keep their eyes on the June labor report, which will be released on Friday. The report is expected to show a red-hot job market, and Cramer said it is likely the market will get "clobbered" and the Federal Reserve will then raise rates "with abandon."

"So much of what passes for wisdom on Wall Street is totally meaningless," Cramer said. "We listen to Fed governors and presidents to divine ideas, but they don't matter because there's no majority on the Open Market Committee — the only one worth listening to is [Fed Chair Jerome] Jay Powell. I say you just tune them out, minimize the confusion."

He also recommended that investors raise cash and ring the register on stocks that have tallied solid gains.

"Don't fall for stupid nonsense," he said. "There's a lot more of it out there than you might think, and given the run we've just had, it's important to be careful and, like our [CNBC Charitable Trust], take some darn profits already."

Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.

Disclaimer

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram

Questions, comments, suggestions for the "Mad Money" website? [e-mail]