Stocks searched for direction at the open after the monthly read of the producer price index, or PPI, for final demand increased 1.0% in July, exceeding consensus estimates of 0.6%.
The data followed consumer price index, or CPI, data that came in better than feared Wednesday. CPI came in up 0.5% month-on-month to 5.4%, which Jim Cramer called the "principal reason" stocks were higher Wednesday.
The Dow Jones Industrial Average was down 20.90 points, the Nasdaq Composite was down 32.30 points and the S&P 500 was down 5.24 points.
Cramer and Action Alerts PLUS senior analyst Jeff Marks discussed PPI, Moderna (MRNA) - Get Moderna, Inc. Report, Pfizer (PFE) - Get Pfizer Inc. Report, Micron (MU) - Get Micron Technology, Inc. Report, Norwegian Cruise Lines (NCLH) - Get Norwegian Cruise Line Holdings Ltd. Report, AppLovin (APP) - Get AppLovin Corp. Class A Report, back-to-school stocks and much more.
Watch the full interview with TheStreet Live at 10:00 a.m. ET in the video below:
Booster Talk Boosters Vaccine Stocks
The Food and Drug Administration is reportedly looking to approve a third shot of the coronavirus vaccine for immunocompromised people as soon as Thursday.
The decision is meant to help those patients with immune deficiencies who are considered most likely to benefit from an additional shot, according to the New York Times.
Vaccine stocks opened higher following the reports:
Pfizer was up 0.41% to $46.50.
Moderna was up 1.97% to $392.92.
Johnson & Johnson
Johnson & Johnson JNJ was up 0.13% to 174.03.
Business as a Force of Public Safety?
Cramer has long argued that business can serve as a force of social change, but what about business as a force of public safety?
During an interview with Cramer on Mad Money, Norwegian Cruise Lines CEO Frank Del Rio explained the company's decision to mandate vaccines for everyone that boards its ships, despite the political pushback, particularly in Florida. And yes, the mandate includes children under 12.
Del Rio told Cramer there is no safer place on Earth than a Norwegian ship and did not mince words when describing his frustration with the lack of mandates at the local, state and federal level.
"We need leadership in this country or COVID is going to go on forever," Del Rio said.
Morgan Stanley Downgrades Micron
Morgan Stanley analyst Joseph Moore lowered his rating on Micron to "equal-weight," while slashing his price target by $30 to $75 a share.
Morgan Stanley noted "a challenging backdrop for forward returns” for Micron as "DRAM conditions lose steam" in its shift from mid to late cycle.