The S&P 500 and Nasdaq fell Thursday as shares of technology companies and other high-growth stocks succumbed to another selloff as treasury yields rise to the highest levels since January 2020.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Williams-Sonoma after strong earnings, the tech selloff and markets on Thursday.
Williams-Sonoma: Buy Or Sell?
Shares of Williams-Sonoma (WSM) - Get Report jumped Thursday, a day after the home-goods retailer posted better-than-expected fourth-quarter results, raised its dividend and set a $1 billion share repurchase plan.
Cramer said investors could start a position in the stock even at its 52 week high. Williams-Sonoma CEO Laura Alber will be on Mad Money Thursday night, according to a tweet by Cramer.
Cramer said it was important that Alber talked about the sustainability of the numbers. "A lot of people felt Williams-Sonoma was a pandemic play. But Alber used the pandemic period to change the merchandise and aesthetic of the brand and the merchandise is getting big orders even though the pandemic is winding down."
Cramer said sometimes you have to take the pain and diversify your portfolio away from tech. "In this period, we have mitigated risk by making every single buy away from tech and made all the sales to be the trimming of the great tech stocks."
Markets on Thursday
Cramer said the tech selloff will continue and the markets were getting closer to where the bottom occurred when interest rates were raised in December 2015. "I think the banks have gotten ahead and I would like to make some sales."