Suez Canal authorities said Monday that traffic may resume shortly in the clogged trade artery following the successful refloating of the stranded Ever Given.
Earnings reports remain relatively light this next week, with just five names in the S&P 500 set to report including McCormick & Co. (MKC) - Get Report, Walgreens Boots Alliance WBA, Micron Technology (MU) - Get Report and more.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about GameStop, infrastructure stocks to bet on and markets on Friday.
GameStop: Buy Or Sell?
Shares of GameStop (GME) - Get Report were higher Friday morning after the videogame retailer, a favorite of the Reddit crowd, jumped nearly 53% in the previous session and recovered its $4.3 billion loss in value.
The stock closed 1.50% lower at $181 on Friday.
Cramer said GameStop needs a more powerful burst to go higher as people are shorting the stock. "I'm watching to see if they buy the $240/$250 calls in April. That's very difficult to hedge for any option maker. The stock could power to $250 today[Friday]."
Infrastructure Stock Picks
On Thursday, President Joe Biden pledged to outspend China on innovation and infrastructure to prevent it from overtaking the U.S. in the future.
Biden's wide-ranging $3 trillion infrastructure bill is designed not only to repair bridges and modernize railways but also to drive the transition to a clean energy economy.
Cramer said Nucor (NUE) - Get Report, United Rentals (URI) - Get Report, Caterpillar (CAT,) - Get Report and KBR (KBR) - Get Report were among his top infrastructure plays. But Cramer is skeptical about the Senate passing the infrastructure bill any time soon because there aren't enough Democrats who will vote in favor of it.
Markets on Friday
Cramer said the market wants to see interest rates on 10-year Treasury bonds go higher. "As soon as rates ticked up a little bit that sent the industrials higher. And when rates came down a little that sent the Nasdaq higher. It's a virtuous circle and reopening stocks are just soaring."