Jim Cramer Calls Snowflake IPO 'Definition of Market Froth'

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Stocks were trading lower in intraday trading on Friday amid signs of a patchy U.S. recovery and as global coronavirus infections have started surging again.

Wall Street fluctuated during Friday's so-called quadruple witching, a day each quarter when volatility increases as options and futures on indexes and equities expire.

Stocks have traded lower since the Federal Reserve signaled Wednesday it would keep interest rates at nearly zero for years to support a still reeling U.S. economy.

Pressure on stocks also came from the increasingly long odds that Congress will come through with more aid for the U.S. economy and for unemployed workers. Federal Reserve Chairman Jerome Powell emphasized the need for more fiscal stimulus on Wednesday.

President Donald Trump will order the blocking of TikTok downloads this weekend, the Commerce Department said, casting doubt on any plans to sell the video-sharing app's U.S. assets to an American buyer.

Commerce Secretary Wilbur Ross said downloads of WeChat, the popular Chinese-language messaging app owned by Tencent Holdings also will be blocked Sunday after both companies were named in Trump's executive order in August. Apple and Alphabet's Google will be asked to remove the two downloads from their respective U.S. app stores.

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Read their market updates.

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

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