What Amazon Stock Tells Jim Cramer About Markets, Nasdaq

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The Dow is down in intraday trading, but the Nasdaq is soaring. 

While equities have been rising in recent weeks, concerns remain over the health of the U.S. economy as the coronavirus pandemic worsens. The U.S. has 3,773,832 cases of the coronavirus, the most in the world, according to Johns Hopkins University. Deaths in the U.S. have risen to 140,541, also the most in the world.

Los Angeles Mayor Eric Garcetti said the city opened too quickly and may be “on the brink” of new restrictions as coronavirus cases continue to spike. Another stay-at-home order was an option, Garcetti told CNN.

And then there's the vaccine data. 

Data from AstraZeneca, which was published in the U.K. medical journal The Lancet, showed humoral and cellular immune responses in a human trial with an acceptable safety profile. The study also showed "potent" cellular and humoral immunogenicity in all 1,077 participants in the Phase 1/Phase II study.

And Chevron announced an agreement with Noble Energy for $5 billion in stock in what marks the biggest oil-patch tie-up since the coronavirus pandemic began four months ago.

Chevron will buy Noble for $10.38 a share, or 0.1191 a Chevron share. At that level, the deal represents a roughly 7.6% premium over Noble’s closing price Friday of $9.65 and nearly 12% based on a 10-day average.

But what is Jim Cramer watching? Cramer said the latest moves in Amazon  (AMZN) - Get Report stock are catching his attention as they signify markets are moving in the "opposite" direction of the prior week.  

Where is that direction headed? Hear why Cramer is eyeing the Nasdaq in the video above. 

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

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