CNBC’s Jim Cramer said Wednesday that investors are moving away from riskier parts of the market.

All three major indexes finished lower. The Dow Jones Industrial Average fell 953 points, or 1.87%, while the S&P 500 and Nasdaq Composite declined 1.62% and 1.98%, respectively. But beneath the surface, Cramer said there was a more notable shift taking place as investors rotated into traditionally defensive areas of the market.

“This is a market that’s lost its appetite for danger,” the “Mad Money” host said.

Cramer looked to the S&P 500’s list of stocks that hit 52-week highs Wednesday to illustrate his point:

He noted that the group was dominated by real estate investment trusts, insurers, consumer staples, and other lower-risk businesses. Two stocks in Cramer’s Charitable Trust, Linde and TJX Companies, were also on the list.

“You know what this says to me?” he said. “This market’s in flight. It doesn’t want a lot of risk.”

Relatively few technology-related companies made the list. Applied Materials and KLA Corp, which are semiconductor equipment makers benefiting from strong demand for memory chips, were among the exceptions.

The composition of the list marks a stark departure from the market leadership investors have grown accustomed to over the past several years, according to Cramer. Instead of chasing high-growth technology names, he said investors increasingly appear to be prioritizing stable cash flows, dividend income, and businesses that can hold up in a more uncertain economic environment.

“The people have spoken,” Cramer said. “They want safety, they want yield, and maybe they’re just sick and tired of the data center and the fast growers that now grow more slowly and represent too much risk.”