Jim Cramer: Stock Market Isn't Shrugging Off COVID Concerns, It's  Accepting Them

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Wall Street is prepping for another earnings season as the coronavirus pandemic looms over the heads of analysts and investors.

Stocks received a boost from news that Pfizer--in collaboration with Germany's BioNTech--was given "fast track" designation by the Food and Drug Administration for two of its coronavirus vaccine candidates. The announcement followed a U.S. daily record of 15,300 new coronavirus cases in Florida on Sunday.

Pfizer said two candidates from its BNT162 mRNA-based vaccine program, which it its working in collaboration with BioNTech were given the fast track designation based on preliminary data from Phase 1 and Phase 2 studies earlier this month. Early data from the German trial of BNT162b1 are expected to be released in July

“The FDA’s decision to grant these two COVID-19 vaccine candidates Fast Track designation signifies an important milestone in the efforts to develop a safe and effective vaccine against SARS-CoV-2,” said Pfizer's senior vice president of global regulatory affairs Peter Honig. “We look forward to continuing working closely with the FDA throughout the clinical development of this program, Project Lightspeed, to evaluate the safety and efficacy of these vaccine candidates.”

However, Jim Cramer was paying more attention to whether or not investors are shrugging off concerns. In fact, he said that he believes that investors are accepting of the concerns.

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