CNBC’s Jim Cramer warned Friday that the volatility on Wall Street may not be over yet.
Stocks endured a rocky week as fresh concerns over artificial intelligence trade weighed on technology stocks. High-tech oriented Nasdaq Composite It rose 2.3% through Wednesday, but fell 2.9% on Friday, ending the week down 2%. of S&P500 It followed a similar pattern, rising 1.6% through Wednesday before falling 1.8% on Friday and ending the week down 0.6%. of Dow Jones Industrial Average The stock also reversed, rising 0.5% through Wednesday, but fell 1.1% on Friday, ending the week down 0.9%.
“After a rough week for the tech industry, don’t expect the worst to come,” the “Mad Money” host said. “We’re looking at elections, overseas uncertainty, jobs numbers, and also a lot of revenue.”
“My advice?” he added. “Don’t try to push the Nasdaq to the bottom just yet. Pick up some good companies that are being dumped. And remember that in this market, even big profits may not be enough to drive stock prices up.”
With this background, Kramer turned his attention to the week ahead.
Monday
apple I’ll report after the bell. The stock recently hit new highs, helped in part by enthusiasm for its latest products, such as the upcoming Duo foldable phone. Kramer remains bullish on the company, but acknowledged that the company’s valuation of about 40 times earnings leaves little room for disappointment. “You can trade it, but I’m going to own it,” he said.
Kramer also expects promising results, including: Palantir In its report, the company cited strong feedback from customers about the value of its AI software.
Tuesday
With the midterm elections in the spotlight, Kramer is focused on whether changes in Congressional control could threaten planned data center projects. He warned that growing political opposition to the facility could delay construction and harm companies whose growth relies heavily on AI infrastructure spending. However, he said, “There are many states that welcome data centers, so we don’t intend to completely eliminate them.”
In terms of profits, advanced micro device The report provides the next important test for the semiconductor sector. Intel’s Disappointing result. Cramer expects AMD to report better numbers than rival Intel.
pharmaceutical company pfizer and amgen I will also report. Kramer said both could benefit from renewed investor enthusiasm for pharmaceutical stocks.
Wednesday
CVS Health reported that Kramer remains interested in the company’s position in the healthcare space. However, he expressed concerns about the company’s pharmacy benefit management business. “If we can disassociate ourselves from that business, the stock price will go up,” he said.
mcdonalds Earnings will also be a focus. Kramer wants to see if the company’s restaurant improvement strategy is gaining traction as franchisees report concerns.
Thursday
kimberly clark According to the report, Kramer is optimistic about the consumer products company’s prospects following the planned merger. Kenview. Cramer remains bullish on the company, as the company’s stock has benefited from investors’ shift to consumer staples. “If this drops by then, I think I’d better pick it up,” he said.
Friday
The monthly jobs report will be another important test for the market. Cramer expects that employment is strong but wage growth is limited, a combination that could ease inflation concerns and explain the relative stability in Treasury yields.
The CNBC Investment Club will also hold its annual meeting, where Mr. Kramer and Jeff Marks will discuss portfolios, market risks and the biggest investment winners.
