The Dow Jones Industrial Average and S&P 500 both held on to slim gains Thursday while the Nasdaq rose 0.7%. Markets pushed through the headwinds from a consumer price index that showed some inflation.
Consumer prices last month increased at the fastest pace in more than a decade, according to data from the Labor Department.
The hotter-than-expected readings could challenge the Federal Reserve's accommodative stance as the world's biggest economy continues its recovery from the COVID-19 pandemic.
Cramer: Cleveland-Cliffs Is Not a Meme Stock
But Jim Cramer says Cleveland-Cliffs does not fit the mold of a meme stock. Cramer noted that the macroeconomic environment is positive for the company as steel is in short supply and steel prices are nearly triple their 20-year average.
Cleveland-Cliffs earned $41 million, or 7 cents a share, in its most recent quarter, compared with a loss of $52 million, or 18 cents a share, in the year-ago period. Revenue reached $4.05 billion from $359 million a year earlier.
Cramer Believes in GameStop
GameStop shares at last check were off more than 24% even after the company posted a narrower-than-expected first-quarter loss while also adding two former Amazon (AMZN) - Get Report executives to key leadership roles in the company.
The shares dropped after the company said that it received a notice from the SEC to produce documents related to the company's trading activity.