Skip to main content

Jim Cramer: The Market Battle Is Being Won By COVID-19 Stocks

Publish date:
Video Duration:

Let's go over the markets, which are trading higher in intraday trading Wednesday.

The S&P 500 had traded higher for most of Tuesday's session and approached an all-time record but turned lower following a slide in technology stocks and uncertainty over the next U.S. coronavirus stimulus package. The S&P 500 posted its first decline in eight trading sessions on Tuesday.

Though stocks were rising Wednesday, a stalemate in Washington on more coronavirus aid was weighing on sentiment.

Senate Majority Leader Mitch McConnell (R-Ky.) has called for a restart of negotiations between the Trump administration and congressional Democrats, saying it was "time for everybody to get back to the table" to discuss a fifth coronavirus aid package.

He told Fox News that the "stalemate needs to be ended. It doesn't make any difference who says let's get together again, but we ought to get together again."

U.S. and Chinese trade representatives, meanwhile, are set to discuss aspects of the phase one trade deal in the coming days. Bloomberg reported that Beijing also will push for discussions over the forced sale of TikTok's U.S. operations and the banning of WeChat to be raised during the meeting, which comes amid heightened political tensions between the world's two biggest economies.

More: Jim Cramer Says President Trump Wants Cold War with China

A virtual meeting likely will take place as soon as this week though a date hasn’t been finalized, Bloomberg reported, citing people familiar with preparations for the talks.

So, what's Jim Cramer watching? Cramer said markets are once again playing a game of winners and losers, and at the market battle is being one by the tech stocks that have dominated amid the coronavirus pandemic. 

For more on the above and much, much more, join Jim Cramer Thursday, August 13 for his monthly members-only Action Alerts PLUS investors call. 

Latest Videos From TheStreet and Jim Cramer:

Related Videos