Stock Market Today With Jim Cramer: Johnson & Johnson

Jim Cramer breaks down today's stock market news including the Apple iPhone redesign, Johnson & Johnson earnings, and banking earnings.
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The Dow Jones, Nasdaq and S&P 500 are up today at the time of publishing. Stocks are rising today as we enter earnings season despite the coronavirus uncertainty that surrounds the companies as they report their first-quarter earnings. TheStreet's Katherine Ross discussed today's breaking news in the stock market on StreetLightning with Jim Cramer. 

Cramer discusses the breaking news in the stock market today including a new Apple  (AAPL) - Get Report iPhone design, bank stocks reporting earnings today, the increasing U.S. debt, the current status of the airline sector, the recent gold rally and the amazing quarter from Johnson & Johnson  (JNJ) - Get Report.

Apple iPhone Redesign

Apple announced that is planning to redesign its iPhone. This iPhone redesign will look closer to an iPad redesign. Is that why you should buy Apple stock? Probably not but there are many reasons to buy Apple  (AAPL) - Get Report stock. 

The main reason Cramer believes Apple is such a winner right now is their contact tracing system that is making it harder for small businesses. The Apple iPhone device is a winner and the apps consumers are downloading is hurting small businesses.

Johnson & Johnson's 'Amazing' Quarter

Johnson & Johnson beat Wall Street forecasts during their first-quarter earnings. Cramer believes the Action Alerts PLUS stock had such an 'amazing' quarter and is excited for what's next with the stock. Cramer believes Johnson & Johnson is in a pole position to produce the vaccines following this pandemic.

Why We Shouldn't Worry About U.S. Debt

Should investors be worried about the U.S. debt and how it could affect the stock market and companies long term? Cramer is not as worried about the U.S. debt as he is concerned about the fabric of society during the coronavirus pandemic.

Today's Bank Earnings with Jim Cramer

Wells Fargo also reported earnings and the stock was slammed today. Cramer was disappointed that Wells Fargo  (WFC) - Get Report did not emphasize their credit loss during the earnings call.

JPMorgan Chase got the earnings season started for the banks this morning and the stock fell after a weak quarter. Cramer shared that he would proceed with caution when it comes to any of the bank stocks. Cramer would not buy JP Morgan Chase nor would he be buying any bank stocks during a recession.

What would it take for the Mad Money host to buy bank stocks again and this entire sector recover from the coronavirus pandemic? Cramer believes it will take a vaccine, a ton of testing, an anti-viral drug, and the end of social distancing. Will we see progress in the next month? Only time will tell but until we see that progress, stay away from owning bank stocks.