CPI and Delta data, Domino’s earnings

CNBC’s Jim Cramer reviews the top market action next week, highlighting new consumer price index data and earnings reports as the season kicks off, including from Delta, Domino’s and some major banks. He also noted a rally in stocks on Friday as Wall Street celebrated better-than-expected job creation last month.

“A market that appreciates good news, like a strong job creation number, is a market that can do, for example, a very difficult month of October,” he said. “After today’s performance, all I can say now is great.”

Tuesday brings earnings from PepsiCo and day investors from General Motors. Cramer noted that there were some price target cuts for the beverage company, but suggested that the stock could “stable on slightly in-line results.” Meanwhile, shares of General Motors could go higher if the company maintains its forecast, according to Cramer, adding that it has been a solid year.

On Wednesday, the Federal Open Market Committee will release notes from its latest meeting, and Cramer said it could shed light on the central bank’s decision to aggressively cut interest rates by 50 basis points. Wall Street, he said, continued to speculate about the Federal Reserve’s next move, adding that opinions were mixed, especially after Friday’s strong employment data.

The labor department will release its September CPI report on Thursday, and Cramer said investors looking for a rate cut are hoping for a good number. There is also income from Domino and Delta. The pizza maker’s last quarter was disappointing due to weak business overseas, Cramer said, adding that analysts were mixed on how this report would shake things up. 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 open its robotaxi, and both AMD and HP Enterprise will continue today Analyst. He expects Tesla’s autonomous vehicles to be well received by investors. AMD’s “Advanced AI” event can show the company in a new light, Cramer said, and suggested buying shares ahead of the meeting. HP’s analyst day could be a “needle mover,” according to Cramer, because of its focus on artificial intelligence efforts — which he says are “substantial and underrated.”

Ana brought the producer price index report, and like the CPI, this data will be the metric for the Fed’s next decision, Cramer said. Big-ticket financial earnings will also be out that day, including Wells Fargo, JPMorgan and Blackrock. He said banks are the most valuable group in the market, and investors should use their weakness to buy.

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