Investment guru Jim Cramer recommended 10 tech stocks that savvy investors could potentially profit from despite the global stock-market hysteria over the coronavirus.
Cramer said his picks “don’t need China, they don’t need the Fed, they don’t need enterprise spending and they don’t need us to stop the coronavirus.”
The host said the market is now oversold.
Cramer said the 10 stock picks can work, even if the epidemic spreads across the United States as public health officials have warned.
“If anything, some of them should do even better as this outbreak gets worse,” the “Mad Money” host said on his CNBC show.
“If you can find stocks with solid, long-term secular growth themes that have persistently high growth, regardless of the economy, that have little China exposure and, most importantly, that work in a largely stay-at-home ... environment, then these names will be worth buying,” Cramer said.
Here are his picks:
- Adobe (ADBE)
- Etsy (ETSY)
- Moderna (MRNA)
- Nvidia (NVDA)
- RingCentral (RNG)
- Shopify (SHOP)
- Square (SQ)
- Teladoc Health (TDOC)
- The Trade Desk (TTD)
- Zoom Video Communications (ZM)
Meanwhile, Federal Reserve Chair Jerome Powell on Friday said the central bank will "act as appropriate" to support the economy in the face of risks posed by the coronavirus outbreak, though he said the economy remains in solid condition, Reuters reported.
"The fundamentals of the U.S. economy remain strong," Powell said in a statement released amid an ongoing sell-off in global stock markets. "However, the coronavirus poses evolving risks to economic activity. The Federal Reserve is closely monitoring developments and their implications for the economic outlook. We will use our tools and act as appropriate to support the economy."
The single paragraph, three-sentence statement comes in response to soaring market expectations that the Fed will cut interest rates at its upcoming March meeting, and flags the Fed's willingness to move if the health emergency continues to spread and impact the economy.
After a weeklong and accelerating market sell-off, some analysts were waiting for such a signal from Powell. Until the chair spoke Fed officials had largely focused on the fact that the virus outbreak had not seemed to dent U.S. economic data, and that they expected the outbreak to be contained and any economic damage to be modest.
By Friday, however, investors were anticipating Fed action with such certainty it could prove hard for the central bank not to move for fear that disrupting those expectations would cause damage of its own.
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