Jim Cramer says investors need to be cautious next week as the markets’ attention shifts from Ukraine back to inflation and the Fed.
Wall Street spent weeks worrying about a Russian invasion of Ukraine, and during that time, stocks drifted lower, Jim Cramer told his Mad Money viewers Friday. Now that the moment has come, the market is rallying. But Cramer warned that next week, the market’s focus will shift back to inflation, and investors should be prepared to give up some of their recent gains.
Cramer’s game plan for next week begins on Monday with earnings from HP (HPQ) – Get HP Inc. Report, Workday (WDAY) – Get Workday, Inc. Class A Report and Zoom Video (ZM) – Get Zoom Video Communications, Inc. Class A Report, but Cramer was bearish on all three. HP will likely see supply chain issues. Workday is expensive. And Zoom Video needs new business to spur growth.
Next, on Tuesday, we’ll hear from Target (TGT) – Get Target Corporation Report, Domino’s Pizza (DPZ) – Get Domino’s Pizza, Inc. Report and Salesforce.com (CRM) – Get salesforce.com, inc. Report. Cramer was cautiously optimistic on these three companies, noting that Target is in a far superior position to Kohl’s (KSS) – Get Kohl’s Corporation Report, which also reports on Tuesday.
Wednesday will be a mixed bag as the Federal Reserve meets. Cramer was bullish on Snowflake (SNOW) – Get Snowflake, Inc. Class A Report and neutral on Okta OKTA.
Fed chair Jay Powell will be speaking on Thursday, again overshadowing earnings, but that didn’t deter Cramer from recommending Costco (COST) – Get Costco Wholesale Corporation Report.
Finally, on Friday we’ll get more economic data in the form of the latest unemployment report. We’ll also get earnings from Devon Energy (DVN) – Get Devon Energy Corporation Report, Cramer’s favorite oil producer.
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