CNBC's Jim Cramer told investors that the deadly conflict between Israel and Hamas may not be driving Monday's market action. "Let me put it this way: The market is about stocks, stocks are about companies, companies are about prospects, and there's nothing here that impacts those prospects, save the possibility of this blowing up into a war between Israel and Iran," Cramer said. Cramer wondered whether the reason could be possible investor desensitivity to Mideast conflict after Russia's invasion of Ukraine, or perhaps that investors saw no direct consequences to the U.S. economy. Jefferson said the central bank needed to "proceed carefully" when deciding whether to further hike up interest rates. "This is a situation where sadness begets more sadness, but no selling on its own," Cramer said, adding that Wall Street is currently focused on Jefferson's comments and corporate profits on the eve of earnings season.

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Persons: CNBC's Jim Cramer, Cramer, desensitivity, Philip Jefferson's, Jefferson Organizations: Dow Jones, Nasdaq, Federal Reserve, Fed Locations: Israel, Iran, Ukraine, U.S