Stocks traded higher Friday after the U.S. economy added more jobs than expected in June and hourly wage increases were below forecasts, giving rise to the belief that the Federal Reserve won't be hiking interest rates anytime soon.
The Labor Department said Friday that 850,000 new jobs were created last month, the highest in 10 months, and the unemployment rate ticked higher to 5.9% from 5.8%. The monthly jobs report is the most closely watched economic indicator of any month.
'If Oil Dominates ... Freight Will Be Major Problem'
U.S. oil prices on Thursday traded at the highest levels in nearly seven years amid reports that OPEC leaders will make only modest changes to their agreed output cuts, TheStreet's Martin Baccardax reported.
"Oil has got to stop" going up, Cramer told Action Alerts PLUS senior analyst Jeff Marks .
"If oil continues to dominate then ... freight is going to be a major problem. ... We have to take freight off the table. It's the single worst commodity that's going to hurt us," Cramer said.
Jim Cramer on Gambling vs. Investing
Recently on Mad Money, Cramer said that while index funds may have a place in your portfolio, there are better ways to make money if you're willing to do a little homework.
"If you're buying Shopify (SHOP) - Get Shopify, Inc. Class A Report because the stock is going higher, but you don't really know what Shopify does, then you're gambling," Cramer said from the floor of the New York Stock Exchange. "If you're buying Shopify because you know of or are part of a small business that is benefiting from it and you know that more than 2 million businesses are benefitting ... you're not [gambling]."