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CNBC’s Jim Cramer reviewed next week’s top market-moving action, highlighting new consumer price index data and a slew of earnings reports as the season begins, including ones from Delta, Domino’s and several major banks. He also noted the stocks rally on Friday as Wall Street celebrated better-than-expected job creation last month.
“A market that appreciates good news, like a robust job creation number, is a market that can handle, well, let’s just say, the historically tough month of October,” he said. “After today’s performance, all I can say is so far so good.”
Tuesday brings earnings from PepsiCo and an investor day from General Motors. Cramer noted that there have been some price target cuts for the beverage company, but suggested that the stock could “stabilize on somewhat in-line results.” Meanwhile, General Motors stock could go higher if the company maintains its forecast, according to Cramer, adding that it has had a solid year.
On Wednesday, the Federal Open Market Committee will release notes from its most recent meeting, and Cramer said they could shed light on the central bank’s decision to cut interest rates by an aggressive 50 basis points. Wall Street, he said, continues to speculate about the Federal Reserve’s next move, adding that opinions are mixed, especially after Friday’s strong labor data.
The labor department will release September’s CPI report on Thursday, and Cramer said investors who want a rate cut are hoping for a cool number. Thursday also brings earnings from Domino’s and Delta. The pizza maker’s last quarter was disappointing in part due to weak business overseas, Cramer said, adding that analysts are mixed about how this report will shake out. And while Cramer said he’s wary of airline stocks, he suspects Delta will tell “a good story.”
Cramer pointed to three Big Tech events on Thursday: Tesla will unveil its robotaxi, and both AMD and HP Enterprise will hold analyst days. He anticipates Tesla’s autonomous vehicles will be well-received by investors. AMD’s “Advancing AI” event could show the company in a new light, Cramer said, and he suggested the stock is a buy ahead of the meeting. HP’s analyst day could be “a needle-mover,” according to Cramer, as it’s centered around its artificial intelligence efforts — which he said are “substantial and underestimated.”
Friday brings the producer price index report, and like the CPI, this data will be a metric for the Fed’s next decision, Cramer said. Big ticket financial earnings will also come out that day, including Wells Fargo, JPMorgan and Blackrock. He said banks represent the least expensive group on the market, and investors should use any weakness to buy them.
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