NEW YORK (TheStreet) --The Dow Jones Industrial Average eclipsed a record closing high on Thursday, erasing Wednesday's selloff. However, several Silicon Valley stocks failed to participate in yesterday's rally.
Shares of Apple (AAPL), Amazon.com (AMZN), Alphabet (GOOGL), Facebook (FB), and Microsoft (MSFT) all closed in the red yesterday.
"I think that those interests were largely considered to be 'Clintonian' interests," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.
Cramer believes that there could be a sense among these companies that President-elect Donald Trump will not "embrace" them. However, he reiterated that the sky is not falling regarding these companies.
"If we get some sort of resolution on corporate tax, [Apple CEO Tim Cook] is the single biggest beneficiary," Cramer noted.
"Take a deep breath," he said. "I think that Facebook is going to come back, I think that Alphabet is very inexpensive on next year's earnings."
Additionally, Amazon.com will not become a "target," he contended.
"When you look at a company like Amazon it's not going to necessarily be targeted. Is he going to put a special tax on Amazon? I don't think so," Cramer said.
(Facebook, Apple, and Alphabet are held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trial here.)
(Amazon.com is held in the Growth Seeker portfolio. See all of the holdings with a free trial).