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'Market Is All Over the Map:' Where Jim Cramer Is Focused in Stock Market Tuesday

In Tuesday's stock market breakdown, Jim Cramer talks President-elect Biden's inauguration, Janet Yellen's Senate confirmation, bank earnings, Netflix earnings and more.

Enjoyed the long weekend?

Well, school is back in session and with the market open--and in between earnings season and the transfer of power that will be taking place tomorrow in Washington D.C. as President-elect Joe Biden is sworn into office, here's what Jim Cramer is paying attention to in the markets. 

Discussing bank stocks, retailers and healthcare during his daily interview with TheStreet Live, Cramer said "the market is all over the map" Tuesday. 

Cramer said other than being bullish, Tuesday's numerous competing headwinds and tailwinds make conclusive moves challenging

 Jim Cramer talks President-elect Biden's inauguration, Janet Yellen's Senate confirmation, bank earnings, Netflix earnings and more in the video below: 

Janet Yellen is facing her confirmation hearing.

The former Federal Reserve chair is slated to be the first female Treasury Secretary in U.S. history.

She is expected to tell Congress that lawmakers must do more to lift the U.S. economy out of the recession brought on by the coronavirus pandemic.

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“Economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now -and long-term scarring of the economy later,” Yellen will say Tuesday, according to her prepared remarks. “Over the next few months, we are going to need more aid to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers on the job.”

Expressing his hope for greater transparency - for the good and the bad - from the Treasury under Yellen, Cramer said he has a very simple hope for Yellen's tenure. "No more lies," Cramer said. 

And then there are earnings. 

Goldman Sachs beat earnings expectations Tuesday. 

The company reported earnings that came in at $12.08 per share, nearly triple the tally from last year and firmly ahead of the consensus forecast of $7.47 per share. Group revenues rose 17.8% to $11.74 billion, again beating analysts' forecasts.

Bank of America  (BAC) - Get Bank of America Corporation Report posted earnings that came in at 59 cents per share, down 21.3% from the same period last year but 4 cents ahead of the consensus forecast. Group revenues fell 10.6% from last year to $20.1 billion, coming in just shy of analysts' estimates of a $20.7 billion tally.

With both stocks lower in intraday trading following the reports, Cramer said both can be bought on weakness, though he noted Wall Street's attention will likely be focused elsewhere. 

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.

Daniel Kuhn contributed reporting to this article. 

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