It's Thursday, which means that we received the latest jobless claims numbers.
Claims were nearing one million--coming in at 965,000. Experts had been expecting claims to total 800,000.
As we await President-elect Joe Biden's announcement of the stimulus package, markets are in the green in intraday trading. Per reports from CNN, the package is could be as big as $2 trillion and would include direct payments to Americans, as well as more money for state and local governments and increased unemployment insurance.
Cramer said that it is critical that stimulus is targeted to the unemployed. "We are really in a situation where it is important that the right people get the money," Cramer said.
While Cramer noted that stimulus has helped to fuel the rise of Robinhood traders and subsequent upward stock moves, he said the money should be directed to those most in need. "There are two economies - there's the invest in stocks economy and the real economy - the invest in stocks economy has just been fueled like never before," Cramer said.
In the video below, Jim Cramer talks Tesla (TSLA) - Get Tesla Inc. Report, Plug Power (PLUG) - Get Plug Power Inc. Report, Johnson & Johnson (JNJ) - Get Johnson & Johnson Report, Penn National (PENN) - Get Penn National Gaming Inc. Report, President-elect Joe Biden's stimulus plan and more:
And, Petco is going public again. The pet supplies retailer is re-entering public markets Thursday under the ticker, "Woof."
Comparing Petco and Chewy CHWY, Cramer said the former appeals to traditional investors while Chewy continues to be the winner among the millennial audience.
"Chewy is Robinhood and Petco is Bank of America," Cramer said, adding, "It will take awhile for younger investors to realize how good Petco is."
Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.
Daniel Kuhn contributed reporting to this article.