Stock futures rose Thursday as investors contended with increased risks from the spread of the delta virus variant, uncertainty about the Federal Reserve's stimulus tapering plans, and recent regulatory crackdowns in China.
As the delta variant of COVID-19 continues to spread, TheStreet's Jim Cramer turned his attention to Norwegian Cruise Line Holdings (NCLH) - Get Norwegian Cruise Line Holdings Ltd. Report and Delta Air Lines (DAL) - Get Delta Air Lines, Inc. Report, and to Federal Reserve Chairman Jerome Powell.
Norwegian Cruise: 'What Happened to Leadership?'
U.S. District Judge Kathleen Williams this week ruled to temporarily halt enforcement of a Florida law prohibiting businesses from requiring proof of vaccines.
The preliminary injunction allows Norwegian to require its passengers to present proof of vaccination before boarding.
Cramer has praised the efforts of Norwegian Chief Executive Frank Del Rio and said it was "incredible and maddening" that Florida Gov. Ron DeSantis would fight cruise lines' efforts.
DeSantis said on Monday that the state would appeal the ruling. Meanwhile, COVID-19 cases have surged in the Sunshine State.
Cramer said that the governor was "the big loser" in the ruling.
Norwegian plans to require all guests and crew on its voyages to be fully vaccinated and will require them to take Covid-19 tests prior to embarkation.
Speaking on Wednesday's edition of "Mad Money," Del Rio said he was "disappointed in government" at the local, state and federal levels.
"Whatever happened to good old leadership in this country?" Del Rio asked.
Delta Air Lines: 'Jay Powell Right as Rain'
Cramer also took time to praise Powell. He said that the Fed is a lot smarter than the bears give him credit for and the naysayers couldn't be more wrong.
Cramer said "give Jay Powell the benefit of the doubt."
"He’s been right as rain since the pandemic started. His critics have been dead wrong for ages,” he said.
Delta Air Lines said during its conference call that bookings are falling and cancellations are rising as COVID cases spike once again.
The labor market is also cooling as federal unemployment benefits are ending and more people are returning to work.
Cramer warned of an "economic catastrophe if the Fed were to hit the brakes on the economy right when those benefits drop off everywhere at the end of the summer and millions of people rush back into the labor force."