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CNBC’s Jim Cramer on Monday welcomed the drop in oil prices that sent stocks higher, but said the real action for investors is unfolding at Nvidia’s GTC artificial intelligence showcase this week.
Nvidia
shares participated in a broad stock market rally that was fueled by President Donald Trump “allowing Iranian oil to get through the Strait of Hormuz,” Cramer said on “Mad Money.” “That caused the price of crude to drop back to the mid-$90s, which is all that mattered to the [stock] averages,” he added. The move eased fears that the escalating Iran war could disrupt global oil supplies and send prices even higher. Just a few days ago, Wall Street was bracing for a much worse scenario.
