Stocks continued lower in intraday trading Tuesday with the Dow Jones Industrial Average down 241.11 points, the Nasdaq Composite down 151.44 points and the S&P 500 down 28.41 points
Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that in addition to a sharper than expected drop in July retail sales, “there’s a reassessment of how bad delta is.”
The current 7-day moving average of daily new cases 114,190, according to the CDC.
However, Cramer did note that former FDA commissioner and Pfizer PFE board member Dr. Scott Gottlieb believes that the delta variant could be peaking.
Cramer also noted that there is a new pattern emerging in the markets where stocks begin weaker and end stronger.
"We are carrying over what Europe gives us and extrapolating the worst," Cramer said.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/17/21
Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Tuesday's Daily Rundown.