Stocks rose Wednesday led higher by tech shares and Treasury yields steadied as investors weighed the possibilities of higher inflation and higher taxes ahead of details about President Joe Biden's infrastructure plan.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about how to trade Chewy post-earnings, cannabis stocks and markets on Wednesday.
Chewy: Buy Or Sell?
Shares of Chewy (CHWY) - Get Report rose after the online pet-care provider reported a surprise profit for its fiscal fourth quarter as revenue nearly doubled amid surging online orders.
Chewy founder Ryan Cohen is expected to lead video game retailer GameStop's (GME) - Get Report e-commerce strategy. Cohen was appointed to the company's board in January after he pushed the company to focus on a digital overhaul.
Cramer said to buy Chewy and hold it. "It's a good stock to own if you believe in the humanization of the pet theory."
New York Gov. Andrew Cuomo Wednesday signed a bill legalizing marijuana for recreational use after the state's senate voted to legalize possession of small amounts and eventually allow sales to people over the age of 21.
Cramer said it was time to do some trimming of the cannabis stocks in the portfolio. "Every time a state has legalized cannabis, it's ended up being a bust to buy these stocks. I don't think you'll suddenly get a deluge of activity."
Markets on Wednesday
Semiconductor giant Nvidia and software company Adobe among others posted strong quarterly earnings in February and March respectively but went relatively unnoticed by investors at the time.
Cramer said investors are buying stocks that had great quarters like Adobe (ADBE) - Get Report, Service Now (NOW) - Get Report, Snowflake (SNOW) - Get Report, Nvidia (NVDA) - Get Report but nobody cared.