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Video: Jim Cramer on Wells Fargo, Bank of America, Apple, Delta

Jim Cramer discusses Wells Fargo, Bank of America, Citigroup, Apple, Delta, inflation and much more in Wednesday's video interview with TheStreet Live.

Markets opened higher as investors awaited testimony from Federal Reserve chair Jerome Powell. The Dow was up 176.66 points, the Nasdaq Composite was up 102.86 points and the S&P 500 was up 22.47 points.  

Jim Cramer discussed earnings from Wells Fargo  (WFC) - Get Wells Fargo & Company Report, Bank of America  (BAC) - Get Bank of America Corp Report, Citigroup  (C) - Get Citigroup Inc. Report and Delta  (DAL) - Get Delta Air Lines, Inc. Report as well as Apple  (AAPL) - Get Apple Inc. (AAPL) Report, inflation and much more with Action Alerts PLUS senior analyst Jeff Marks. 

Watch the full interview with TheStreet Live in the video below:

All About Inflation...Or Not?

Despite Tuesday's read of the June consumer price index signifying the highest inflation since 2008, the headline was largely ignored in Tuesday's market action. 

The Dow Jones Industrial Average finished down 107 points, or 0.31%, to 34,888, the S&P 500 fell 0.35% and the Nasdaq was down 0.38%. While there was a slight decline, it's important to remember that all three indices closed at record highs Monday. 

Ignore inflation or not, Cramer said that inflation doesn't have to be bad news for your portfolio, telling Mad Money viewers Tuesday that the tech sector managed to rally the most following the CPI data. 

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So is tech immune to inflation? 

Cramer took to Real Money to explain why big tech may have a safety net other sectors lack. The other sectors need tech to secure their respective futures, Cramer argued. 

"When you have a steamer of a CPI, you can't bet that everyone can handle the inflationary pressures. You also can't bet that everyone will handle a sudden rate increase. But with this earnings season only a day old we have already heard from a dozen companies and each one talks about how it had to spend money and time digitizing. You can hope they got it right and put through the changes, or you can buy the digitizers. To me it's a pretty easy question to answer," Cramer wrote. 

Another Day, Another Apple Report? 

Bloomberg reported that Apple has asked suppliers to build as many as 90 million next-generation iPhones this year, a 20% increase from its 2020 iPhone shipments. 

Cramer has been critical of the press treatment of Apple, which he argues has frequently unfairly punished the stock. 

More: Cramer Says the News About Apple Is All Wrong

“Apple is famous for not allowing companies to talk about orders or business done with the company, something that makes it difficult to figure out how the company is doing, at least according to suppliers. But that doesn't stop the press from trying,” Cramer wrote in a recent column on Real Money.  

Hear what Jim Cramer is only telling members of his Action Alerts PLUS investing club in Wednesday's Daily Rundown.