CNBC's Jim Cramer and the "Squawk on the Street" crew discuss the first slew of Big Bank earnings from JPMorgan, Citigroup and Wells Fargo. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2Vtntx6

After a weeklong break from television, CNBC’s Jim Cramer returned to his evening investment education show on Monday to give a preview of the earnings reports to come.

The “Mad Money” host warned that Wall Street is in a tough spot, with the big banks set to report results starting Tuesday.

“If the banks can rally, then maybe we’ve gone ‘through the looking glass,’” he said. “If the banks get hammered, things could get ugly.”

The comments came after the S&P 500 — which collapsed alongside the other major indexes earlier this year as the coronavirus outbreak took hold around the globe — managed to trade in positive territory during the trading session. But that proved to be ephemeral as the broad index ended up sliding nearly 1% at the close.

After making big gains early on, the Dow Jones finished up about 10 points, or 0.04%, at 26,085.80, and the Nasdaq Composite dropped 2.13% to 10,390.84 as a rally in big tech stocks lost its luster later in the day.

The market rose as traders ignored a continued surge in new positive Covid-19 diagnoses across the country. Additionally, Pfizer and BioNTech shares surged after their Covid-19 vaccine candidates received “fast track” recognition from the Food and Drug Administration.

“This is the week when we find out if the real world is going to intrude on the stock market world, and that’s what happened today, but tomorrow’s the big test,” Cramer said.

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