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Stock Market Today With Jim Cramer: Apple Event Is Tuesday

Stock Market Today With Jim Cramer: Apple Event Is Tuesday

Stocks rose Monday as investors remained hopeful of further fiscal stimulus and prepared for quarterly earnings reports from the biggest banks in the United States.

Technology shares such as Apple  (AAPL) – Get Report, which rose ahead of its expected iPhone 12 unveiling Tuesday, and Amazon  (AMZN) – Get Report, which gained ahead of the start of its Prime Day event, were the standouts.

TheStreet’s Katherine Ross discussed breaking news in the stock market on Street Lightning. Cramer spoke about his expectations from Prime Day, why stocks popular on Robinhood matter and what to expect from Apple’s iPhone event tomorrow.

Amazon Prime Day

Amazon’s shopping extravaganza starts at midnight on Oct. 13. The company says that more than a million deals will be offered in 19 countries during the event.

Cramer said he hopes Amazon will have a better product line up for Prime Day. “I normally see stuff that doesn’t interest me but stuff that they (Amazon) want to sell. I don’t find anything in these deals at midnight work. Maybe other people will have better luck.”

Robinhood Traders Move Stocks

Robinhood, the popular stock-trading app, was valued at $11.2 billion in August after it raised $200 million from investors.

The coronavirus-imposed lockdowns have benefited challenger financial-services apps like Robinhood both in revenue and transaction volume.

Cramer said Robinhood moves stocks. “They don’t seem to understand that the goal is to get the stock in as cheaply as possible. Their goal is to take as much stock in cheap or not. And when they decide to operate on something everybody is in their bind. That’s why the stock moves.”

Apple’s iPhone 12 Event

Apple  (AAPL) – Get Report will hold an online event tomorrow where the tech giant is expected to

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