'Ignore it at your own peril': Jim Cramer says the bull market's key pillars are crumbling — here's what that could mean for you

Although there are multiple clouds darkening the market in Cramer’s mind, the most significant is the latest employment data from the Bureau of Labor Statistics. Unlike what many analysts expected — Cramer included — these numbers were actually pretty good, with total nonfarm payroll employment increasing by 172,000 in May. Although unemployment data is still relatively high at 4.3%, it didn’t go up from last month, which is yet another positive sign.

But while this may be “good news” for the overall economy, it’s a bummer for stock investors.

As Cramer pointed out, such high employment numbers mean the Federal Reserve is far less likely to cut interest rates this year. In fact, Cramer was so impressed with these employment numbers that he even suggested a rate hike might be possible. As Cramer said, “You could argue we might need a rate hike to cool the economy, not a rate cut to turn the temperature up.”

Few economists share Cramer’s view that rate hikes could be coming down the pike, but polls show the likelihood of a cut is pretty much gone.

CME Group’s FedWatch Tool now has odds at 96% that the Fed will keep rates steady at its June 17 meeting, while another Reuters report found that 70% of surveyed economists expect no rate cuts in 2026.

Apple implodes before SpaceX explodes

It isn’t just the rate cut issue that’s giving Jim the jitters, as he’s also wary that all the recent hype in Big Tech is showing signs of fatigue.

Case in point: Cramer noted how Apple’s stock declined after its 2026 Worldwide Developers Conference. News about Siri’s AI integrations with Google Gemini weren’t enough to wow investors, who sent shares tumbling by about 7% between June 4 and June 10.

Speaking of Google, Cramer mentioned the $80 billion equity raise parent company Alphabet just completed to build its AI data centers as another warning sign. If more Big Tech players like Meta or Amazon use these equity deals to compete in the AI race, Cramer argues it could drain the public markets of the cash they need to push stocks higher.

And then there’s the historic $1.7-trillion SpaceX IPO that Cramer fears could create a big mess.