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Stock Market Today With Jim Cramer: Nvidia 'Working on Remarkable Things'

Jim Cramer remains bullish on chipmaker Nvidia following Monday's selloff.

Stocks rose Tuesday as Federal Reserve Chairman Jerome Powell told Congress the economy has shown "sustained improvement" but the recovery has accelerated inflation.

"Indicators of economic activity and employment have continued to strengthen, and real GDP this year appears to be on track to post its fastest rate of increase in decades,” Powell said in written comments ahead of the House panel hearing.

Nvidia Story Much Bigger Than Ethereum

Pegging Nvidia  (NVDA) - Get Report to Ethereum's drop during Monday's was foolish, TheStreet's Jim Cramer said on Tuesday from the floor of the New York Stock Exchange. While Nvidia does have exposure to ethereum, the chipmaker is so much more than that, Cramer said. 

"This is high-performance computing, AI, machine learning and gaming and if it gets ARM then its just the No. 1 dominant chip company in the world," Cramer said. "Nvidia is working on remarkable things that people think only the Chinese are working on."

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Cramer was commenting on a bullish Raymond James note that lifted Nvidia in trading Tuesday. The shares at last check were 2.1% higher at $752.20. 

Jay Powell Should Be Cautious as Workforce Lags

The 5 million workers missing from the pre-COVID employment pool would rather take unemployment benefits than return to the workforce, Jim Cramer said on Tuesday. 

Of the 10 million people who left the workforce since COVID-19, only half have returned. That leads Cramer to say that Federal Reserve Chairman Jerome Powell is correct in erring on the side of caution and waiting to see where the economy heads before making any serious changes in monetary policy.