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Jim Cramer: What Matters About the Abbott Test Is the Scale

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On Monday, President Donald Trump said that 150 million of the Abbott rapid coronavirus tests would be distributed in the 'coming weeks.'

And then Wall Street was looking ahead to the first presidential debate Tuesday evening between President Trump and Democratic candidate Joe Biden.

The pair will trade questions and answers with moderator Chris Wallace over a 90-minute televised debate scheduled for 9:00 pm Eastern time, with the President's tax returns, his economic record, and his handling of the country's coronavirus pandemic likely to take center-stage at Case Western Reserve University in Cleveland, Ohio.

Then there is the prospect of a House vote on a newly-crafted $2.2 trillion stimulus package, unveiled last night by Speaker Nancy Pelosi, which she said includes "new funding needed to avert catastrophe for schools, small businesses, restaurants, performance spaces, airline workers and others", are providing some bullish sentiment in global markets, but the overall tenor remains uncertain heading into the start of the trading session.

The scaled-back $2.2 trillion coronavirus relief package released by House Democrats Monday evening would restore $600 weekly jobless benefits. The proposal is less than the $3.4 billion bill passed by the House in May, but remains above what Senate Republicans have said they would accept.

A vote on the legislation could come later this week. Pelosi spoke with Treasury Secretary Steven Mnuchin Monday evening and the two agreed to talk again Tuesday. Negotiations over Covid-19 relief have been at a stalemate since early August

Jim Cramer weighs in on the importance of testing as the election approaches and politicians discuss a potential stimulus package.

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

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