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Jim Cramer: This Is an Important Retest of Semiconductors

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Stocks were higher in intraday trading on Wednesday.

TheStreet's Joseph Woelfel noted that the Nasdaq sank 1.88% on Tuesday with shares of tech giants selling off as investors rotated into higher-yielding value stocks and sectors poised to benefit from the economy's recovery. The interest-rate-sensitive Nasdaq 100 had its worst day since March.

Private employers in the U.S. added 742,000 jobs in April, according to payroll processing company ADP. It was the most in seven months.

The job gains came in below forecasts but they are a sign of an improving U.S. labor market as the economy reopens. The official jobs report from the Labor Department will be released Friday. 

Watch why Jim Cramer has his eye on semiconductor stocks in the video above. 

Recap TheStreet Live: Everything Jim Cramer Is Watching Wednesday

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