Market commentator Jim Cramer reportedly said that after the earnings announcements from two-thirds of Dow Industrials, it shouldn’t come as a surprise that the market is so high.
What Happened: “This was supposed to be a bad earnings season, but it’s been pretty darn good,” Cramer said on Monday, according to a CNBC report.
Read More:-Poland Takes Fight Over Covid Vaccine to Pfizer Shareholders
He pointed out that there have been a lot of beats but not many notable misses, and the market is consistently reflecting that.
U.S. markets ended in the red on Monday as market participants weighed in the news of JPMorgan Chase & Co (NYSE:JPM) taking over First Republic Bank (NYSE:FRC) and displayed cautiousness ahead of the Federal Reserve’s interest rate decision this week.
Read More:– Are you storing your vacuum cleaner in the right place?
The SPDR S&P 500 ETF Trust (NYSE:SPY) closed 0.1% lower while the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) lost 0.11% on Monday.
Winners: In a wide-ranging group of winners, Cramer highlighted standout names like Honeywell International Inc (NASDAQ:HON), Microsoft Corp (NASDAQ:MSFT), and JPMorgan Chase.
Read More:– CDC approves second updated COVID-19 booster for some high-risk groups
Talking about Honeywell, Cramer said the company could be one of the great stories of the entire quarter so far, as its aerospace business accelerates and refining chemicals business improves. “But I don’t want to bury the lede: You buy this one for aerospace,” he said, according to the report.
Also Read- FDA No Longer Authorizes Use of Monovalent COVID Vaccines. Here’s What That Means
Lauding Microsoft, Cramer said the company has stolen the earnings season along with Honeywell, given impressive numbers from its cloud divisions as well as its business software and gaming divisions.
Cramer also noted that JPMorgan “showed it can make money in any environment” by becoming a “vacuum for deposits fleeing the regional banks.”
