Jim Cramer believes that some of the first quarter's biggest losers could be the biggest steals.

• If the market shows signs of recovery, CNBC's Jim Cramer advised investors to purchase stock in the first quarter's biggest losers.
• The host of "Mad Money" stated that if there are more indications that inflation is decreasing naturally, such as the drop in oil prices, some of the stocks that have been severely affected may become more appealing.

If the market shows signs of recovery, CNBC's Jim Cramer advised investors to purchase stock in the first quarter's biggest losers.

The host of "Mad Money" stated that the market is indicating a slowdown, which could potentially lead to a recession, as mandated by the Federal Reserve. However, if there are more indications that inflation is decreasing on its own, such as a drop in oil prices, some of the hardest hit stocks may become more appealing.

The first quarter of 2022 was characterized by significant fluctuations. The ongoing conflict between Russia and Ukraine in February caused oil prices to surge, while the Federal Reserve raised interest rates for the first time in three years in March in an effort to control rising prices. Additionally, global Covid outbreaks in March resulted in supply chain disruptions, with factories in critical regions like China being forced to shut down.

In late March, Jay Powell, the Fed Chair, pledged to take decisive action against inflation if necessary.

On Monday, the Treasury yield remained inverted after shifted last week, increasing worries about a potential recession. However, it's important to note that inversions have not always led to economic recessions and should not be taken as a definitive sign.

During the first quarter, energy stocks excelled due to rising prices, while utility stocks also experienced growth. Cramer highlighted the top-performing and underperforming companies in the Dow Jones Industrial Average, S&P 500, and Nasdaq 100 for the quarter.

Here are the winners and losers:

Dow Jones Industrial Average

Winners

Losers

S&P 500

Winners

Losers

Nasdaq 100

Losers

Chevron, Salesforce, Halliburton, and Meta are among the companies owned by Cramer's Charitable Trust.

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