Jim Cramer says market won’t advance if interest rates keep climbing

CNBC’s Jim Cramer on Tuesday bemoaned rising bond yields and interest rates.

“There’s no way this market will be able to advance if rates keep climbing,” Cramer said.

“Right now, I’m still putting the hate on September,” he continued, adding that stocks in general tend to plummet during the month, “until otherwise proven wrong by more than just a couple of insanely robust mega-cap tech stocks.”

Cramer cited certain mega-cap tech stocks on Tuesday, noting Facebook parent Meta‘s rise of nearly 1.3% and Microsoft‘s increase of about 1.5%. He also mentioned the effect of rising crude oil prices, which lifted energy stocks.

“Rates have to stop somewhere near here, though, to keep that recession off the table. Maybe we avoid both: Rates stabilize and stocks fly higher,” he said. “That’s not what oil’s saying and it’s not what the major cyclicals retorted today.”