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Stick with Biotech, Cloud Stocks in This Market, Jim Cramer Says

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Stocks were lower on Thursday.

Investors have been weighing signs of a pickup in the U.S. economy as states reopen and continued stimulus measures from governments and central banks against fears of a possible restart of virus infections.

New infection rates have been rising in California and Texas, with the latter seeing a record spike in hospitalizations for each of the past six days. New cases in Oklahoma continue to rise ahead of a campaign rally on Saturday for President Donald Trump that is expected to be the largest indoor event in the United States in at least three months.

In Beijing, China's capital, the city was back under lockdown amid a resurgence of the virus. Reports said China was battling its worst outbreak since Wuhan.

However, the chief epidemiologist at China's Center for Diseases Prevention and Control told reporters on Thursday that the Beijing outbreak was 'under control.’

Jobless claims for the week ended June 13 came in at 1.51 million last week, lower than in previous weeks but still in the millions as U.S. employers continue to face the daunting task of reopening and re-hiring amid one of the steepest recessions in history.

Jim Cramer said that the market has become "bifurcated" once again, and investors are better with sticking to biotech and cloud stocks. 

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

Watch TheStreet's Interview with Dr. Fauci

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