Jim Cramer says the Nasdaq’s worst month since March 2025 may not end the tech rout, with US midterm elections, an Iran decision, and a jobs report all arriving within days.

Friday’s 2.86% drop capped a 5.30% October loss for the Nasdaq Composite. Cramer sees newer cloud companies exposed if Congress changes hands, while oil producers and refiners stand to gain if the Iran conflict escalates.

Could Tuesday’s Vote Reshape the Data Center Trade?

Cramer previewed the week on CNBC with a blunt forecast.

“Some crazy volatility, a lot of emotion.”

The Nasdaq Composite closed Friday at 25,437.

He said a Democratic win in both chambers could unwind recent restrictions on green energy projects.

Yet his larger concern is data center politics, since candidates opposed to the buildout could halt projects already built into forecasts.

Newer cloud companies, firms built around data center capacity, face outsized exposure because no other business cushions a setback.

Historically, however, markets have leaned the other way, with Deutsche Bank strategist Jim Reid noting the S&P 500 rose in 21 of the last 23 three-month windows around midterms.

Meanwhile, Tom Lee of Fundstrat suggests one forced seller may explain October’s slide.

Could Iran and Oil Add to the Pressure?

Cramer said Trump faces an Iran decision on Wednesday.

However, Trump said in October that the US would not attack Iran before Nov. 3, according to Reuters.

Cramer warned that renewed escalation would lift oil and entrench inflation.

He ranked Chevron (CVX) first and refiner Valero (VLO) second among likely beneficiaries.

The nonfarm payrolls report, the monthly US jobs count, arrives Friday. Cramer expects solid hiring with little wage growth.

In contrast, September’s report showed a gain of just 29,000 jobs.

He said that wage backdrop and a week of weak tech earnings help explain calm in bonds.

Chip stocks had already fallen eight straight sessions in mid-October as artificial intelligence (AI) spending doubts and rate fears weighed.

For the AI trade, the week tests whether data center buildouts face political limits on top of earnings doubts.

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