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Stock Market Today With Jim Cramer: Apple Event Preview

Jim Cramer discusses the latest stock market news including Eli Lily's antibody treatment, Apple event expectations and stock market action on Tuesday.

Stocks were mixed Tuesday following a Wall Street rally that was fueled by optimism over a possible coronavirus vaccine.

The Dow Jones Industrial Average rose 204 points, or 0.7%, to 29,362, the S&P 500 declined 0.03% and the Nasdaq dropped 0.84%.

TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Eli Lily's antibody treatment, Apple's latest event and markets on Tuesday.

Eli Lily: Buy or Sell?

On Monday, Eli Lilly  (LLY) - Get Eli Lilly and Company (LLY) Report got emergency clearance from the Food and Drug Administration for an antibody treatment used in patients suffering mild to moderate cases of Covid-19. 

"This emergency authorization allows us to make bamlanivimab available as a COVID-19 treatment for recently diagnosed, high-risk patients," said David A. Ricks, Lilly's chairman and CEO in a statement.

Cramer said Eli Lily caught people by surprise because just a week ago they had said that they were doing this same antibody test for people who were late-stage and it didn't work. "That kind of fooled people. This is a much more lucrative venture. Everybody who gets it (coronavirus) can take it and it can really help."

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Apple: Buy Or Sell?

Apple  (AAPL) - Get Apple Inc. (AAPL) Report is hosting an event on Tuesday called, "One More Thing" to announce a new Macbook Air and a new Macbook Pro, according to Bloomberg.

Cramer said he'd want to see 5G permeate everything during this event. "And that the cycle is going to be very long. And that there is substantial reason to upgrade."

Markets Mixed on Tuesday

After a day of record highs, stocks wobbled on Tuesday due to rising cases of coronavirus in the U.S. and muted expectations of a fiscal stimulus.

Cramer said there is a considerable part of the market that does better under a pandemic. "They wipe out the competition, they help you digitize so you can accelerate any technology. And then there are the stocks that don't do better under COVID and unfortunately, there are more of those that are doing worse right now."

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