Cramer: What American Express Earnings Say About This Week's Market Action

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Markets opened higher to wrap up a strong week of corporate earnings. In intraday trading Friday, all three major indices pointed higher with strong earnings from Honeywell  (HON) - Get Honeywell International Inc. (HON) Report, Snap  (SNAP) - Get Snap, Inc. Class A Report and Intel  (INTC) - Get Intel Corporation (INTC) Report leading the pack higher. 

Though Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that the unvaccinated have created a 'Great American Snag' and present huge risk due to the delta variant, markets are acting as if it is "business as usual." 

When asked the most important factor driving the broader markets during his monthly Action Alerts PLUS call, Cramer said earnings season simply takes the cake.

"There are 12 weeks a year where companies drive what's happening, and that's earnings season and we're in one of those 12 weeks," Cramer said. 

In the video above, he explains how American Express  (AXP) - Get American Express Company Report fits into this thesis and what the stock is saying about the American consumer and the economy. 

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