CNBC's Jim Cramer has stated that interest rates are the primary driver of the stock market, not just Wall Street. He noted that the S&P 500 may have bottomed on March 30, but the turning point was caused by interest rates. This came after Federal Reserve Chair Jerome Powell announced that he would not raise interest rates despite higher oil prices. Cramer warned that if rates were set to increase, it would have led to a significant bear market. He also noted that there are significant risks in the market, including inflation, geopolitical tensions, and companies potentially issuing weaker outlooks.