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Jim Cramer on What Boeing, Pfizer, 'Craven Level of Politics' Mean for Markets Wednesday

In Wednesday's market breakdown, Jim Cramer talks Boeing, Apple, Pfizer, Lowe's and what Washington politics mean for the economic recovery from the coronavirus pandemic.

There's quite a few major headlines that drove markets on Wednesday, Nov. 18, as the Dow closed down 1.16%, the Nasdaq closed down 0.82% and the S&P 500 closed down 1.16%. 

Stocks moved further to downside into the close as New York City announced the temporary closure of public schools as the coronavirus positivity rate in the city rose above 3%. 

"This is a market that wants tech to go down again. This is a market that wants industrials and cyclicals to go up. It’s a market that’s trying to choose retailers that are stronger than not," Jim Cramer said during his daily live interview with TheStreet. 

As markets seek direction, Wall Street is also weighing a steep economic impact as the December 26 deadline for unemployment aid from the Cares Act approaches. 

"We are seeing the naked, craven level of politics in Washington that they are not helping these people that are losing their jobs on no fault of their own," Cramer said. 

So how should investors approach a market caught between stay-at-home and return to normal stock plays? 

Jim Cramer weighs in on the economy, the coronavirus, Boeing  (BA) - Get Boeing Company Report, Pfizer  (PFE) - Get Pfizer Inc. Report, Target  (TGT) - Get Target Corporation Report, Lowe's  (LOW) - Get Lowe's Companies, Inc. Report, and more in the video below: 

Cramer said his charitable portfolio continues to maintain a barbell strategy, which led the club to buy Boeing stock. "We bought a ton of Boeing lower. This was one of our best hits for AAP," Cramer said. 

The 737 MAX ban was lifted Wednesday by the Federal Aviation Administration.

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FAA Administrator Steven Dickson said he was "100% confident" in the safety of the aircraft after rescinding a 20-month old order that allows the plane to resume commercial flights. The 737 MAX was grounded in March 2019 following two crashes that killed 346 people. The crashes ultimately were linked to the jet's navigation system.

Reuters reported that the FAA will detail software upgrades and training changes the planemaker must make in order for it to resume commercial flights.

The FAA also said Boeing will not be allowed to sign off on the airworthiness of about 450 already-built 737 MAXs. The agency, therefore, plans in-person, individual inspections that could take a year or more to complete, prolonging the jets’ delivery, Reuters noted.

As of early trading Wednesday, Boeing stock is up over 2% to $215.81. 

And then there's Pfizer. 

Pfizer's vaccine candidate has topped Moderna's candidate's efficacy rate.

Pfizer and its German partner, BioNTech  (BNTX) - Get BioNTech SE Report, said the efficacy rate of the vaccine, known as BNT162b2, was consistent across all age and race demographics and based on a total case-cohort of 170. Interim results published last week indicated an efficacy rate of 90% from a cohort of around 94 patients.

Pfizer's news was paired with an announcement that the FDA has approved an at-home coronavirus test from Lucira, which is available by prescription. "I think this is a possible real windfall; this along with Pfizer and Moderna could put an end to this thing," Cramer said. 

Daniel Kuhn contributed reporting to this article. 

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