Stocks traded mixed Friday as Wall Street weighed signs of recovery for the U.S. economy against a slide in high-risk assets such as Bitcoin.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about the legal dispute between Apple vs. Epic Games, cryptocurrency and markets on Friday.
Apple vs. Epic Games
In his testimony, Cook said, “It would be a huge convenience issue, but also the fraud issues would go up” if the company allowed third-party app marketplaces, in addition to its own App Store. That's because customers would have to enter credit card information multiple times.
The remarks were cited in a report published by Bloomberg News.
The tech giant's high-profile antitrust trial with Epic Games is nearing its end after three weeks.
Cook also said Apple does a far better job reviewing apps than third-party companies do.
Cramer said that if someone is trying to run a website or start a business independently, it's almost impossible to run it without being in the App Store.
"Now, that's not Tim Cook's fault," Cramer said. "Cook has actually put together a supermarket. You are allowed to be in the supermarket, but you have to pay the fee. 70% of something is better than 0% of nothing and that's what you get when you try to do it yourself."
Bitcoin resumed selling off on Friday, falling to about $37,300, after China reiterated that it would be cracking down on mining and trading of the world's largest cryptocurrency.
Cramer said some of the cryptocurrencies out there are just jokes, and if crypto enthusiasts focus on them, they run the risk of driving out all the ones that aren't jokes. "People who like Bitcoin and crypto just embrace anything," he said.
Cramer said he's watching a couple of stocks that he thinks are very significant, like Nvidia (NVDA) - Get NVIDIA Corporation Report, due to the chipmaker's declared stock split. He's also watching Applied Materials (AMAT) - Get Applied Materials, Inc. Report, which had a really good quarter and yet the stock is slightly down, and Adobe (ADBE) - Get Adobe Inc. Report, a stock that he said is "a good tell of where tech is going."
"This is one of those days where the market is making progress on nothing. Be careful because that tends to be a market that goes down on nothing, too," he said.