Jim Cramer: Nasdaq Sell-Off May Not Be Over After October Plunge; Midterm Elections, Iran Decision and Nonfarm Payrolls Are Three Wildcards This Week

TechFlow reported on Nov. 2, citing BeInCrypto, that CNBC host Jim Cramer said the Nasdaq Composite Index fell 2.86% on Friday to 25,437 points, marking a cumulative decline of 5.30% in October and the worst monthly performance since March 2025. The sell-off in tech stocks may not be over. This week, the U.S. midterm elections, Trump's decision on Iran and Friday's nonfarm payrolls report will be the main risk points.

Cramer believes that if candidates opposing data center construction win, projects already priced into expectations may be stalled, and emerging cloud computing companies focused on data center capacity would be hit hardest. He also said that if the Iran situation escalates, oil prices will rise and worsen inflation, while Chevron (CVX) and refiner Valero (VLO) may benefit. September nonfarm payrolls previously added only 29,000 jobs, and Cramer expects hiring this time to be solid but wage growth to be limited.

Source: TechFlow