Jim Cramer: The Nasdaq sell-off following October's sharp drop may not be over; midterm elections, Iran decision, and non-farm payrolls data pose three key wild cards this Wednesday.

On November 02, according to BeInCrypto, CNBC host Jim Cramer stated that the Nasdaq Composite fell 2.86% to 25,437 points on Friday, marking a cumulative decline of 5.30% for October, its worst monthly performance since March 2025, indicating the tech sell-off may not be over. Key risk factors this week will include the US midterm elections, Trump’s decision regarding Iran, and the non-farm payroll report released on Friday.

Cramer believes that if candidates opposed to data center construction win, it could disrupt projects already priced into expectations, impacting emerging cloud computing companies focused on data center capacity the most. He also noted that an escalation in Iran would cause oil prices to rise and exacerbate inflation, potentially benefiting Chevron (CVX) and refiner Valero (VLO). Following September’s non-farm payrolls which added only 29,000 jobs, Cramer expects this month’s hiring to remain steady but with limited wage growth.