CNBC’s Jim Cramer on Friday guided investors through next week’s market action, telling them to pay attention when several major financial institutions report earnings.
Friday’s earnings season kicked off with Bank of America, JPMorgan Chase, and Wells Fargo failing to impress Wall Street, which disappointed Cramer. The Dow Jones Industrial Average slipped 0.31%. Cramer wondered what next week will bring for Big Tech after Bitcoin’s action-packed week, with the cryptocurrency seeing huge gains followed by losses after the U.S. Securities and Exchange Commission approved the first-ever spot bitcoin exchange-traded funds.
“It’s a tumultuous moment,” Cramer said. “We’ve already had a big run in healthcare and the banks, while tech’s taken a back seat to no one, until today. Could it roll over like Bitcoin?”
On Tuesday, Goldman Sachs, Morgan Stanley and PNC Financial will report quarterly earnings. Cramer said he wonders whether Morgan Stanley’s CEO Ted Pick can change the stock’s narrative after it was crushed last quarter. Cramer will also be listening closely to Tuesday commentary from the Federal Reserve’s Chris Waller, who he said could provide insight into the organization’s next move regarding interest rates.
Wednesday brings earnings from Charles Schwab, which he thinks will tell a positive story. Cramer will also be watching for a report from pipeline company Kinder Morgan, which he said he thinks will be a “pleasant surprise.”
Trucking outfit JB Hunt reports on Thursday, and Cramer said the results may give investors a good read on the economy because the company is involved with so many aspects of commerce. Also on Thursday is a report from First Horizon, one of Cramer’s favorite regional banks.
Cramer will be following oil service giant SLB on Friday, which he said will give investors answers to important questions about the sector, such as whether companies will pay for off-shore drilling as the price of oil rises. Insurance company Travelers also reports on Friday, and Cramer said the results will be important as the steady rise in insurance rates has “played havoc” with the consumer price index.
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