Stocks jumped on Tuesday, reversing some of Monday's selloff, which saw the Dow industrials lose more than 700 points. The Dow had its worst decline since October.
Stocks plummeted Monday as Wall Street weighed how rising COVID-19 cases might affect the economic recovery in the U.S. and globally.
Cyclical companies, such as those in the financial, industrial and energy sectors, led Tuesday's rebound.
Cathie Wood's ARKX ETF Best Space Play: Cramer
Space travel is the topic on Tuesday after Jeff Bezos and three other passengers were blasted into space aboard a fully autonomous rocket and safely returned to Earth about 10 minutes later.
"If you want to do space, do ARK Space Exploration & Innovation ETF (ARKX) - Get ARK Space Exploration ETF Report. Then you have the whole mosaic," Cramer said on Tuesday from the floor of the New York Stock Exchange.
Blue Origin, the space-tourism company founded by Amazon (AMZN) - Get Amazon.com, Inc. Report Executive Chairman Jeff Bezos, successfully launched and landed the four-member crew after flying past the Karman line, which defines the boundary between the Earth's atmosphere and space.
Cramer Is a Fan of IBM
At IBM, ["even] though he's investing for growth, the free cash flow is gigantic, which therefore means that the dividend can keep going up," Cramer said.
IBM reported non-GAAP earnings for the three months ended in June were $2.33 a share, up 6.9% from the year-earlier period and ahead of the Street consensus forecast of $2.29. Group revenue rose 3.2% to $18.7 billion, again topping analysts' estimates of an $18.29 billion tally.