CNBC's Jim Cramer unpacked Thursday's market action and told investors to take a pause and figure out what stocks are worth buying on weakness.

"I think that you have to wait for a day before you make any decisions to buy," he said, adding that despite the day's losses, the market is not yet oversold. "But you should identify what you like tonight…and be ready for tomorrow, because we will definitely see bargains developing."

The indexes tumbled Thursday after climbing early in the session, led down by a stunning reversal in Nvidia stock. The artificial intelligence darling popped in extended trading after reporting a strong quarter Wednesday night, but finished Thursday down a little over 3%. The Dow Jones Industrial Average lost 0.84%, the S&P 500 fe

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