Jim Cramer: Watch Alphabet, Microsoft to Gauge Markets Next Week

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There are 13.8 million cases of the virus worldwide, with over 590,000 deaths.

The U.S. has over 3.5 million cases with over 138,000 deaths.

On Thursday, U.S. infections rose by 77,000, making it the highest daily case count on record.

Also on Thursday, Florida reported 13,000 new cases and 156 deaths, which breaks its single-day death record for the second time this week.

And Texas reported 10,291 cases on Thursday, with 129 deaths, marking the deadliest day for Texans for a second day in a row.

The fear on Wall Street is that rising coronavirus infections could threaten any recovery for the U.S., forcing many businesses and states to reimpose lockdowns.

Those concerns led stocks lower Thursday as data on jobs and retail pointed to an uncertain outlook for the economy as coronavirus cases across the country continued to rise. The Dow ended a four-day winning streak.

Fiscal stimulus from Washington has kept markets aloft for the past month but there is disagreement among Democrats and Republicans over the size and scope of the next virus relief package. The last stimulus measure will run out in the next few weeks.

And the extra $600 that millions of Americans who filed for unemployment are receiving due to the Pandemic Unemployment Assistance program under CARES act expires at the end of July. Washington and the White House are currently mulling over what another stimulus bill would include, but not many details about what can be included have been released.

So, what’s Jim Cramer watching? A few critical earnings reports will help gauge markets next week. Catch why Cramer is watching Alphabet  (GOOGL) - Get Alphabet Inc. Class A Report and Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Reportin the video above. 

More: Microsoft Earnings Preview with Jim Cramer 

Watch the video above for more.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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