CNBC's Jim Cramer has accepted the fact that issues in Washington can indeed weigh on Wall Street, especially going into the weekend.
"Hate him or like him, President Trump is creating a level of uncertainty that breeds selling on any rally, as we know there could be big news flow on Saturday and Sunday," the "Mad Money" host said as stocks slid into Friday's close.
The market could handle one point of uncertainty from the White House, Cramer argued. But investors were facing several critical questions heading into the weekend:
- Will Trump force out top Justice Department officials for not firing Special Prosecutor Robert Mueller, sparking a constitutional crisis?
- Will the president launch missiles at Damascus, targeting Syrian leadership for a gas attack on its people?
- Will Trump announce trade sanctions against China? Will China retaliate in kind?
- Will former FBI Director James Comey manage to rattle the president in an ABC interview promoting his new book, "A Higher Loyalty: Truth, Lies, and Leadership?"
"Even the best of earnings — and these have [happened] with Citi and J.P. Morgan — may not be enough to forestall an angry president," Cramer said. "With that in mind, why don't we take a look at the earnings calendar and see what Washington is up against?"