Jim Cramer: Nasdaq sell-off may not be over after October plunge; midterm elections, Iran decision, and non-farm payrolls data are the three major

Jim Cramer warned that the tech selloff may not be over after the Nasdaq Composite fell 2.86% to 25,437 on Friday, capping a 5.30% October decline—its worst month since March 2025. Per BeInCrypto, Cramer flagged three major risk events this week: US midterm elections, President Trump's decision on Iran, and Friday's nonfarm payrolls report. He said candidates opposing data center construction, if elected, could stall already-priced-in projects, hitting emerging cloud companies concentrated in data center capacity hardest. An Iran escalation would lift oil prices and worsen inflation, potentially benefiting Chevron (CVX) and refiner Valero (VLO). Cramer expects solid hiring but limited wage growth in the upcoming jobs report, following September's weak 29,000 payroll additions. Watch election outcomes, Iran developments, and the NFP print for direction on equities and inflation-sensitive assets.