Shares of JPMorgan Chase & Co. (JPM) were higher most of Tuesday, but ultimately it couldn't hold off the S&P 500's 1.27% fall. It too fell 1.25% on the day, closing at $117.36.
For much of the day, the bank stock was outperforming the broader market. How come? Fed chair Jerome Powell reiterating the Federal Reserve's position on higher interest rates this year likely helps.
Higher rates are like the "holy grail" for bank stocks like JPMorgan, TheStreet's Jim Cramer said on CNBC's "Stop Trading" segment.
Also of note, JPMorgan hosted its investor day on Tuesday. Cramer said he liked the presentation very much and there was nothing in it that should not encourage investors not to stay long.
Rising rates were just one positive catalyst the bank cited. The others? Tax reform, positive macro credit trends and a low risk of recession.
"It's time for the banks," Cramer said. The operating environment is "so, so positive," he reasoned, and the valuations are low.
"Please come down," he said of the stock price so they can add to it in the Action Alerts PLUS charitable trust portfolio, which Cramer manages. Investors will gobble up JPMorgan stock if and when it pulls back.