Jim Cramer Video: Bitcoin, PayPal, Pfizer, GM, Tesla, Jerome Powell

[ad_1]

Stocks opened higher to kick off another week of Wall Street trading as Federal Reserve Jerome Powell prepares to speak virtually on Jackson Hole on Friday.

The Dow Jones Industrial Average rose 178.04 points, the Nasdaq Composite by 63.58 points and the S&P 500 by 19.66 points.

Jim Cramer and Jeff Marks, Senior Analyst at Action Alerts PLUS, discussed Bitcoin, PayPal (PYPL) – Get Report, Pfizer (PFE) – Get Report, GM (GM) – Get Report Chevy Bolt, Tesla ( TSLA) – Get a report and preview the now-Jackson Hole Virtual Economic Symposium.

Watch the full interview with TheStreet Live at 10:00 a.m.ET in the video below:

Bitcoin breaks $ 50,000

For the first time since May, Bitcoin broke through $ 50,000 and remained higher after a weekend rally.

When US stocks opened for trading, the cryptocurrency was trading at $ 50,224.30.

Bitcoin hit a record high of $ 64,829 in April, per CoinDesk, before trading between $ 30,000 and $ 40,000 in the following months, as regulatory discussions intensified.

In other cryptocurrency news, PayPal marked its first international service expansion, allowing UK customers to buy, sell and hold Bitcoin and other cryptocurrencies from Monday. after the launch of a similar service in the United States in March.

PayPal is a stake in Jim Cramer’s charitable Action Alerts PLUS wallet.

FDA grants full approval for Pfizer vaccine

Pfizer stock rose 2.24% to $ 49.80 after the Food and Drug Administration granted full approval for the Pfizer vaccine and BioNtech (BNTX) – Get Report COVID.

Many on Wall Street and beyond hope that full vaccine approval will help reduce levels of vaccine reluctance.

Some also see full approval as a way for companies and governments to require vaccinations.

Jackson Hole goes virtual … once again

While many eagerly await hints of an upcoming Federal Reserve cut, the Kansas City Fed has announced that Friday’s economic symposium “Macroeconomic Policy in an Unequal Economy” will be held virtually.

Fed Chairman Jerome Powell will now speak from a distance, as fears of the rapid spread of the delta variant of the coronavirus have forced the in-person event to be moved online. The event was widely viewed as a sign of a “return to normalcy” within the financial community.

“While we are disappointed that sanitary conditions prevent us from being able to meet in person at Jackson Lake Lodge this year as we planned, the safety of our guests and the Teton County community is our priority,” said Kansas City Fed President Esther said. George said in a statement.

And the Fed’s Powell isn’t the only one working from home. On Real Money, Cramer noted that the continued impact of the Delta variant could alter Wall Street’s view on inflation, making Powell a villain into a hero.

“As we enter Jackson Hole, we have to think not about how inflation is racing, but how deflation could be on the horizon much faster than we realize if the Fed pulls the rug. , which we know is only a matter of time Chief looks like a pinata, theoretically beaten by inflationists.

I think it’s only a matter of time for them to look like fools and for Jay Powell to look like a hero of our time. ”

Registration in the EV area

As investors continued to respond to a Tesla AI event that left Wall Street thinking more of iRobot than an electric car, news from General Motors stole the show.

GM recalled all Chevrolet Bolt vehicles on Friday following a National Highway Transit Safety Administration report that noted a risk of high-voltage battery pack fire.

Friday’s recall adds approximately 73,000 bolts from the 2019-2022 model years, expanding the previous recalls of the company’s 2017-19 bolts.

“In rare circumstances, the batteries supplied to GM for these vehicles may have two manufacturing defects – a torn anode tab and a bent separator – present in the same battery cell, increasing the risk of fire.” The company said it would “replace the faulty battery modules in the Chevrolet Bolt EV and EUVs with new ones, with an expected additional cost of around $ 1 billion,” GM said in a statement.

At the open on Monday, GM stock was down 2.01% to $ 47.82.

Cramer asks: what about the waffles on the market?

As the markets and the economy in general continue to try to assess the impact of the delta variant, Cramer said investors now face a market that can change in no time.

“Most markets don’t change their stripes in 10 minutes. This market is not like most markets. It started with a refreshing change in semiconductors and technology and retail leaders and then is switched to Fertilizer at the helm and a ramshackle group of disparate stocks not far behind, ”Cramer wrote on Real Money on Friday.

Hear what Jim Cramer only says to members of his Action Alerts PLUS investment club in Monday’s Daily Rundown.

[ad_2]