Today was shaping up to be a bone-crushing session on Wall Street, Jim Cramer told his Mad Money viewers Wednesday. That was, until dovish comments from the Federal Reserve turned things around.

Cramer reminded viewers that an economy that's good but not great, and keeping interest rate hikes at bay is the recipe for a prolonged bull market. That's exactly what we received today when we learn the Fed is likely to keep rate hikes on hold for at least the rest of 2019.

So why then did the averages plunge at the open? In a word, trade. With the president's negative comments on China, it seems less likely that a deal will be imminent. The markets are eager for a deal. Without one, it will be a lot harder to own sectors like the industrials that need a strong global economy.

Cramer explained that President Trump is taking a page from the Ronald Reagan playbook with Russia, "trust, but verify." The Chinese have a long history of not abiding by what they agree to, he said, which was evident most recently in the South China Sea.

So with a trade deal most likely still a long way off, Cramer said it's hard to get too excited about stocks, even though the Fed is giving us exactly what we asked for.

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Executive Decision: Pet IQ 

For his "Executive Decision" segment, Cramer spoke with Cord Christensen, chairman and CEO of Pet IQ (PETQ - Get Report) , the pet healthcare company that's seen 114% revenue growth over the past 12 months. Shares of Pet IQ are up 27% year to date.

Christensen explained that his company aims to make healthcare for your pet more accessible for everyone. He said 50% of the pets in America still receive no healthcare services, usually because of cost and convenience, two items Pet IQ is working hard to address.

In addition to selling items like flea and tick care through mass market retailers, Pet IQ also plans to operate 1,000 vet clinics over the next five years. The company also provided one-day pop-up clinics at various locations around the country. Last year, Christensen said Pet IQ ran 74,000 such clinics.  

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Steering Clear of Tesla's Woes

What should investors make of the action in Tesla (TSLA - Get Report) , which ended the day higher, even as the Securities and Exchange Commission filed a motion in Federal court asking that CEO Elon Musk be held in contempt of court? Cramer weighed in with his opinion.

According to Musk's prior settlement with the SEC, the CEO was supposed to receive pre-approval for any public comments, including on Twitter (TWTR - Get Report) , about the company. Yet after making one such tweet, that later needed to be corrected, the SEC learned no such pre-approval process was ever put in place.

Cramer said this is no longer a fight with the SEC, it's a fight with the Justice Department, and the judge presiding over the case has now been backed into a corner with only three options. First, she could remove Musk as CEO. Second, she could charge him with criminal contempt of court. Or third, she could appoint a Special Master to Tesla's board to compel the company to comply.

Cramer said all of these options are bad for shareholders of Tesla, which makes today's rally in the stock all the more unusual. Musk is a genius who's achieved huge success in an otherwise ailing industry, he said advisedly, but he has also been a liability to his own company. He advised steering clear of Tesla until a resolution on this matter has been reached. 

Executive Decision: Sage Therapeutics

In his second "Executive Decision" segment, Cramer sat down with Dr. Jeff Jonas, CEO of Sage Therapeutics (SAGE - Get Report) , which just received FDA approval for Zulresso, the first treatment for postpartum depression.

Dr. Jonas said that postpartum depression is the most common complication for women after childbirth, and suicide remains a leading cause of death among adults overall. The standard treatment for postpartum, which includes antidepressants, can take weeks to become effective. Zulresso is fast acting.

Jonas added that depression is not just about the mom, it's multigenerational and affects the child, the spouse, the extended family and beyond. Lost days at work affect our economy and suicides can affect entire communities.

Everyone has the right to get better, Jonas concluded, and he welcomes more innovation in the vital area of mental health. 

Executive Decision: Green Dot

In his final "Executive Decision" segment, Cramer sat down with Steve Streit, founder and CEO of Green Dot (GDOT - Get Report) , and Brandon Kreig, CEO of the privately-held Stash, which has a partnership with Green Dot. Kreig explained that Stash is a service that allows people to buy fractional shares of stock at companies they buy from. The service is totally automatic and hopes to make investing a regular occurrence for everyone.

Streit added that Green Dot is a bank, but also a tech firm that offers banking as a service to other companies with great ideas. Using their software, other companies and services can create their own customized bank accounts with perks and rewards that are limited only by their own creativity. In a world where many companies refuse to split their stock to lower the share price, many individual investors are being left out in the cold. Kreig said 80% of Americans live paycheck to paycheck, which means only services that offer fractional shares are even feasible for most people. 

Lightning Round

In the Lightning Round, Cramer was bullish on Splunk (SPLK - Get Report) , Cisco Systems (CSCO - Get Report) , Nokia (NOK - Get Report) , Xilinx (XLNX - Get Report) , Barrick Gold (GOLD - Get Report) and RingCentral (RNG - Get Report) .

Cramer was bearish on Seabridge Gold (SA) , Broadridge Financial (BR - Get Report) , Occidental Petroleum (OXY - Get Report) , Plug Power (PLUG - Get Report) and Kraft Heinz (KHC - Get Report) .

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At the time of publication, Cramer's Action Alerts PLUS had a position in CSCO.