Stocks traded mixed Wednesday as investors cheered progress toward the development of a coronavirus vaccine, but remained cautious as infection numbers continue to rise.
The Dow Jones Industrial Average fell 189 points, or 0.63%, to 29,595, the S&P 500 was down 0.6% and the Nasdaq fell 0.3%.
TheStreet's Katherine Ross discussed breaking news in the stock market. Cramer spoke about Pfizer's vaccine candidate, Apple's cutback on its developer fee and investor expectations from the markets on Wednesday.
Pfizer: Buy Or Sell?
Pfizer and its German partner, BioNTech (BNTX) - Get Report, said the efficacy rate of the vaccine, known as BNT162b2, was consistent across all age and race demographics and based on a total case-cohort of 170.
Cramer said he would get the Pfizer vaccine if given the chance because he felt it was more rigorous than Moderna's.
Apple: Buy Or Sell?
Apple (AAPL) - Get Report announced Wednesday that it is cutting the fees charged to smaller developers who sell software and services on the App Store by 50% in a move that will take effect in January 2021; the move affects those who make less than $1 million in annual App Store revenue and reduces Apple's fee from 30% to 15%.
Cramer said it was a move to help small businesses. "A lot of the companies are trying to do something for small businesses including Facebook and Shopify. This makes a lot of sense because a lot of small business people are not making enough money in their apps and suddenly they have got this windfall."
Markets on Wednesday
Cramer said this is a market that wants tech to go down again. "This market wants the industrials and cyclicals to go up. It's a market that's trying to choose which of the retailers is stronger than not. It is not a market that says, listen you’ve got to go out and buy Broadcom (AVGO) - Get Report, which is going to be OK…or you got to go buy a stock like [Norton Lifelock (NLOK) - Get Report], which never seems to go up and is starting to piss people off, but I’m urging patience."
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