CNBC host Jim Cramer has a message for anyone ready to declare the midterm elections a market turning point: pump the brakes. The "Mad Money" host cautioned Wednesday that the powerful post-election stock rally may not last, especially with the Labor Department's employment data due Friday.

Cramer warned that Wall Street could be moving too quickly to price in the midterm elections' market impact. In his view, election-driven trading could reverse when the Labor Department releases its nonfarm payrolls report Friday. Investors, he argued, were making economic assumptions before receiving fresh employment data.

"We could see a repeal of so much of this move that I hesitate to guess where we go next," Cramer said.

He also questioned whether one election could fundamentally alter the forces driving markets. "The elections did not upend the business cycle," he said, urging investors to "never confuse" short-term stock movements for broader economic reality.

Dow Soars as AI Stocks Split

The CNBC commentator's remarks echo JPMorgan strategist Michael Cembalest, who argued in his latest "Eye on the Market" report that markets are driven by business-cycle factors largely unaffected by midterm elections, including interest rates, commodity prices, Fed policy, corporate profits and AI investment.

The warning followed an unusually strong market response to Tuesday's elections, when Democrats won control of both the House and Senate. On Wednesday, the Dow Jones Industrial Average surged 1,569.40 points, marking its strongest post-midterm rally in 44 years. The Dow gained 3.03% to 53,356.12, while the S&P 500 rose 1.58% to 7,688.62 and the Nasdaq Composite advanced 1.44% to 25,736.51.

Apple Inc. (AAPL) shares closed 5.31% higher at $349.51 as investors bet that slower data center expansion could ease memory chip costs and improve margins. Microsoft Corp. (MSFT) and Amazon.com Inc. (AMZN) also closed 6.68% and 6.12% higher, respectively, on expectations that a cooling AI buildout could lower data center expenses and curb capital spending, CNBC reported.

On the other hand, political changes also raised questions about AI infrastructure. On Wednesday, Brad Gerstner, CEO of Altimeter Capital, warned that Democratic gains could delay 10 to 15 gigawatts of expected AI data-center capacity. On Wednesday, shares of CoreWeave Inc. (CRWV), Applied Digital Corp. (APLD) and IREN Ltd. (IREN) declined 9.90%, 6.74% and 11.24%, respectively, adding another policy-sensitive issue for investors weighing the election-driven rally.