Jim Cramer Says Tesla S&P 500 Inclusion Pressuring Stock Market Friday
Happy Friday! Today is the final TheStreet Live with Jim Cramer and Katherine Ross for…
Happy Friday! Today is the final TheStreet Live with Jim Cramer and Katherine Ross for 2020, but we’ll be back in 2021 to break down the markets for investors.
We may see another vaccine get approved this weekend…
Thursday, Moderna’s (MRNA) – Get Report coronavirus vaccine candidate won support from a Food and Drug Administration advisory committee, which does pave the way for the second vaccine to receive an emergency use authorization from the FDA.
Formal approval from the FDA could come Friday, meaning close to 6 million doses of the Moderna vaccine would be shipped around the country starting this weekend, The New York Times reported.
However, stocks remained pressured into intraday trading Friday as Tesla prepares for inclusion into the S&P 500. “[The] artificial nature of the selloff can’t be avoided,” Cramer said, adding that money is leaving Apple (AAPL) – Get Report and headed for Tesla.
Cramer said that this may be your chance to buy Apple at a discount.
“I think Apple is under liquidation,” Cramer said.
In the video below, Jim Cramer talks stimulus, Moderna, FedEx (FDX) – Get Report, Microsoft (MSFT) – Get Report, Tesla (TSLA) – Get Report, Darden (DRI) – Get Report, Coinbase and more:
And this comes as we wait for a stimulus bill to get through the negotiation stage and to the finish line over on Capitol Hill.
The progress on pandemic relief has been slow due to some senators have objected to emerging items in the roughly $900 billion stimulus measure, according to Bloomberg.
Senate Majority Leader Mitch McConnell said a deal “appears to be close at hand,” but negotiations likely would drag on through the weekend.
Cramer said a successful distribution of the vaccine paired with stimulus could lead to a 1920’s style boom, particularly in the travel & leisure sector.
“Take a hard look at travel, leisure, hotels…the number one name is Boeing (BA) – Get Report,” Cramer advised.
Daniel Kuhn contributed reporting to this article.
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