CNBC's Jim Cramer said concerns about consumers, higher oil prices and elevated interest rates are preventing investors from rewarding companies with strong underlying businesses. His comments followed a 1.3% decline in the Dow Jones Industrial Average, an almost 0.9% drop in the S&P 500 and a 1% retreat in the Nasdaq. The 30-year Treasury yield topped 5.33% earlier this week, its highest level in nearly two decades, while bond yields rose after the Treasury Department announced a plan to subdue market rates. Speaking from the construction site of Micron's semiconductor fabrication plant in Boise, Idaho, Cramer called Micron radically undervalued and cited its investment as evidence of a U.S. manufacturing and artificial intelligence boom, although Micron rose 4% Thursday and remains about 20% below its June all-time high. Walmart fell 9% after its latest earnings report missed Wall Street's expectations for quarterly comparable sales and sales guidance. Cramer said gasoline prices above $4 a gallon, the ongoing conflict with Iran and interest rates were weighing on consumers and companies. He also questioned whether Treasury Secretary Scott Bessent's plan to buy more longer-dated government debt, potentially beyond the previously discussed $4 billion range, could meaningfully reduce borrowing costs against a $40 trillion national debt. Cramer said the consumer remains crucial because two-thirds of the U.S. economy is service-based, leaving even strong companies exposed to the broader market narrative.