“I think there’s a genuine belief that it doesn’t matter who wins. It doesn’t matter about stimulus,” Cramer said on “Squawk on the Street.” “There are enough trends out there, established by Covid, that just say, ‘Get long. And the No. 1, of course, is the internet just plowing through.”
Cramer’s comments came as stock futures were higher Monday, led by those for the tech-heavy Nasdaq. Stocks later opened higher, with the Dow Jones Industrial Average gaining more than 100 points. The major benchmarks all posted strong gains last week as Wall Street monitored the dizzying back-and-forth in Washington over negotiations on additional coronavirus relief.
Investors are also watching the race between President Donald Trump and Democratic nominee Joe Biden, about three weeks away from Election Day. Some contend that Biden, whose lead over Trump in national polls has expanded recently, would be bad for the stock market due to the potential of higher taxes and more regulation.
Stocks have rebounded sharply since the plunge in late February and March as the intensifying pandemic unsettled global financial markets. As of Friday’s close, the S&P 500 was almost 60% above its virus-era intraday low on March 23.
Cramer acknowledged the election and economic concerns from some market participants who wonder whether the equity rally will be able to persist.
“The complacency is such that it would normally draw out some sellers,” the “Mad Money” host said. However, he said the acceleration of technology adoption in areas such as videoconferencing and cloud computing are tailwinds for the market.
By contrast, Cramer said earlier on “Squawk Box” that some sectors such as financials will see continued pressure as many Americans face economic hardship, increasing credit risk for banks.
Everything considered, Cramer advised investors to remain in the market. “We could have a dip and you buy,” he added.