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Veteran financial commentator, CNBC’s Jim Cramer, is sounding an alarm for investors, suggesting that the performance of tech giants Apple Inc. (NASDAQ:AAPL) and Nvidia Corp. (NASDAQ:NVDA) this week will be a critical indicator for the broader market’s health.

What Happened: In a recent post on X, Cramer urged followers to “Watch Apple. If it doesn’t go up as much as the market, really bad sign for key holding.” His warning extends to Nvidia, which is set to report earnings this week on Wednesday, stating, “Same with Nvidia as it reports this week.”

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Cramer’s comments highlight the significant influence these two companies, often considered market “bellwethers,” wield over overall investor sentiment and portfolio performance.

On Friday, Trump demanded that iPhones sold in the U.S. be manufactured domestically, threatening a 25% tariff otherwise.

These remarks directly targeted Apple’s growing presence in India, specifically Foxconn or Hon Hai Precision Industry Co. Ltd.’s (OTCPK: HNHPF) construction of a $1.5 billion display module facility near Chennai.

Meanwhile, according to Benzinga Pro, analysts expect Nvidia to report earnings per share of $0.88 for the first quarter, a 43% increase from the prior year, while its revenue is projected at $43.4 billion, up 65% from a year ago.

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Why It Matters: Adding to the cautious tone, Cramer also noted a challenging environment for new investments, stating, “Now the futures are officially so high that you can’t buy anything that’s up big.”

This suggests that current market valuations are stretched, making it difficult for investors to find attractive entry points for stocks that have already seen significant gains.

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