Jim Cramer says Big Tech stocks haven’t hit a bottom just yet

CNBC's Jim Cramer reviewed Monday's high and low performers and told investors weakness in the tech sector is not enough to warrant buying just yet.
"At this point, there's going to be a lot more Nasdaq weakness, so, please be ready to do some buying, but just not yet," he said.

CNBC's Jim Cramer reviewed Monday's high and low performers and told investors weakness in the tech sector is not enough to warrant buying just yet.

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"At this point, there's going to be a lot more Nasdaq weakness. So, please be ready to do some buying, but just not yet," he said. "Too early in the rotation."

While the Dow Jones Industrial Average closed at a record high, the S&P 500 declined 0.32% while the tech-heavy Nasdaq Composite dipped 0.85%. Cramer suggested that some on Wall Street sold secular companies with consistent earnings in order to rotate into cyclical stocks that do well when interest rates come down.

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Federal Reserve Chair Jerome Powell stocked investors' hopes that rate cuts are imminent, saying "the time has come for policy to adjust" at the central bank's annual retreat last week. However, Powell did not give specifics about the timing or extent of the cuts.

Cramer warned that "right now, the best are being thrown out with the worst," and named several tech stocks to watch that are currently down: Nvidia, Amazon, Meta, AMD and Micron. He said Nvidia needs to see a pullback if it is going to rally this week postearnings. He praised the business acumen of Amazon and Meta, adding that there is demand for AMD and Micron products.

"I want to keep the buy list small because I think there'll be many more days like this to come," Cramer said. "There's just not enough money raised so far to think that tech has bottomed. The sales are not covering the buys."