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
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
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 launch its latest 5G-enabled iPhone. Four models of the iPhone 12 are expected to be announced at the event, according to Apple Insider. The iPhone 12, iPhone 12 Max, iPhone 12 Pro and iPhone 12 Pro Max are all expected to debut.
Cramer said for the iPhone 12 the unveiling has to be somewhat different from other models. “I’m not hearing anything that says that but maybe that’s the opportunity. Maybe they’ve kept it so under wraps that it does something (new) that we don’t know. But if you get a great screen with great reception for 5G, I’m getting it. It’s just too good.”
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