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What Cramer is watching Monday — Ford is selling some Rivian, oil refiners should get earnings boost

Ford Motor Co. signage at the Washington Auto Show in Washington, D.C., Jan. 21, 2022.
Al Drago | Bloomberg | Getty Images

What I am looking at May 9, 2022

  • Dow futures down more than 500 points this morning. Which is it: Russia-Ukraine war and Putin's Victory Day, supply chain challenges, Chinese Covid-19 lockdowns, consumer price index, or the Federal Reserve?
  • Oil refiners likely to have massive earnings because the crack spread — difference between a barrel of crude oil and the products refined from it — going back to 2007 has never this high. The average spread is around 18 and is now 55. Global refining sector is having trouble keeping up with rising demand for gasoline jet fuel and diesel. Russian cutbacks in Europe and capacity is actually shrinking unlike 2011 to 2012.