Cramer Says S&P 500 Declines Accelerated as 10-Year Treasury Yield Hit Highest Since 2007

According to CNBC, the S&P 500's declines accelerated Tuesday after the 10-year Treasury yield reached its highest level since 2007, while oil also rallied. Jim Cramer said investors were focusing on the wrong drivers of the market and pointed to the surge in bond yields, the rise in oil and concerns about what could happen if the Federal Reserve raises interest rates Wednesday. The CME FedWatch tool showed odds of a rate hike above 92%. Cramer also warned against trying to forecast several rate moves ahead, saying that approach is a "parlor game." Separately, shares of Intel and Micron were modestly higher after Monday's sharp declines tied to Anthropic CEO Dario Amodei's weekend letter calling for a slowdown in artificial intelligence development over safety concerns. Cramer said he still views Intel and Micron as buys and said the portfolio added a few shares of Micron on Monday after the semiconductor group stabilized.