Jim Cramer’s top 10 things to watch in the stock market Thursday

1. The S&P 500 and Nasdaq are higher Thursday, one day after they surrendered their post-Federal Reserve meeting gains and closed modestly lower. After leaving interest rates unchanged, Fed chief Jerome Powell essentially ruled out a hike as central bankers’ next move. He said that cutting rates would only be considered when policymakers are confident that inflation is on its way to their 2% target.
2. Powell said during Wednesday’s news conference: “I don’t see the ‘stag’ or the ‘flation,'” knocking down worries about stagnating economic growth and overheating inflation that arose when GDP data for the first quarter was released last week. The government is out with its April employment report Friday. Recent numbers have shown resilient job growth. Wages will be a key focus.
3. Qualcomm calls the bottom in cellphones. Beats quarter on earnings and revenue. Apple must, must, must, boost artificial intelligence efforts. Qualcomm says China business up 40% year over year. Qualcomm CEO Cristiano Amon says AI is a reason to upgrade. Lots of price target boosts on Wall Street. The stock is up nearly 6%.
4. We’re going to find out how Apple performed in the first three months of 2024 when the Club name reports earnings after the closing bell Thursday. The stock, which has been in a slump this year, has gotten a recent boost after longtime skeptic Toni Sacconaghi, analyst at Bernstein, upgraded Apple shares. He sees a good entry point. I’ve been skeptical of the call. Wait for numbers.
5. Coterra Energy, the Club’s lone oil and natural gas name, also reports earnings after Thursday’s close. But the analyst conference call won’t happen until Friday morning. West Texas Intermediate crude is higher Thursday, though still below $80 per barrel. WTI sank 3.5% on Wednesday. Coterra is up more than 5% year to date. About half the 2024 gains in oil.
6. Before the bell Club earnings: Linde beats on quarterly earnings but misses on revenue. The industrial gas and engineering giant tightens EPS range. Long term very good still 10% earnings grower. decarbonization theme still on. The stock, which hit an all-time high in March, is down nearly 4% on Thursday. We did trim some shares are higher levels.
7. Also, Thursday morning: Club name Stanley Black & Decker delivers a beat on earnings and revenue. Drop in inventories. Fed rate cut story: this stock needs rate cut. We’re being paid big dividend to wait. Gross margin is much better. The stock is down more than 4.5%.
8. Ford April auto sales: Electric vehicles up 129% year over year. Hybrids up 59%. Internal combustion engine (ICE) vehicles down 9%.
9. Etsy gross merchandise value down 5%: “not where we wanted them to be,” CEO Josh Silverman acknowledged in disappointment about the quarter. Macroeconomic conditions also continue to be quite challenging in top markets, the UK and Germany. The stock is down 15%.
10. Consumer wallets remain squeezed so there’s often little left after paying for food, gas rent and childcare. Large platforms have been winning because they are selling everyday essentials at low prices. That means Walmart and Club name Amazon. Not Etsy.

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