CNBC's Jim Cramer reviewed the top market-moving events next week, highlighting new CPI data and a slew of earnings reports as the season gets underway, including reports from Delta, domino And many major banks. He also noted stocks rose on Friday as Wall Street celebrated better-than-expected job creation last month.
“A market that values good news, like a strong job creation number, is a market that can handle, well, let's just say, a historically difficult October,” he said. “After our performance today, all I can say is that it has been very good so far.”
Tuesday brings profits from PepsiCo And investor day from GM. Cramer noted that there have been some reductions in price targets for the beverage company, but noted that the stock could “settle for fairly consistent results.” Meanwhile, GM stock could rise if the company maintains its forecasts, according to Cramer, adding that it had a strong year.
On Wednesday, the Federal Open Market Committee will release remarks from its latest meeting, and Cramer said they could highlight the central bank's decision to cut interest rates by 50 basis points. Wall Street continues to speculate about the Fed's next move, he said, adding that opinions are mixed, especially after strong labor data on Friday.
The Labor Department will release its September CPI report on Thursday, and Cramer said investors who want interest rates lower are hoping for a great number. Thursday also brings earnings from Domino's and Delta. The pizza maker's most recent quarter was disappointing in part because of weak overseas business, Cramer said, adding that analysts are mixed on how the report will impact it. While Cramer said he's cautious about airline stocks, he suspects Delta will tell a “good story.”
Cramer pointed to three big tech events on Thursday: Tesla It will unveil robotaxi, and both AMD and HP Enterprise Analyst days will be held. It is expected that Tesla's self-driving cars will be well received by investors. Cramer said AMD's “Advancing AI” event could show the company in a new light, and suggested buying the stock before the meeting. HP's analysis day can be “catalytic,” according to Cramer, because it centers around AI efforts — which he said are “large and underestimated.”
Cramer said the Producer Price Index report will be released on Friday, and as with the CPI, this data will be a gauge for the Fed's next decision. Big financial profits will also appear on that day, including Wells Fargo, JP Morgan and Black Rock. He said that banks represent the lowest-cost group in the market, and investors should exploit any weakness to buy them.
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