CNBC's Jim Cramer walked investors through next week's market action on Friday, highlighting new economic data from the Nonfarm Payroll report and the latest Purchasing Managers' Index, as well as the grocery giant's earnings Albertsons.
“It's a light week, but still impactful. Accept that people will be nervous ahead of the jobs report on Friday,” he said. “Still, I think you should buy something when the market comes under pressure. As we saw today, it’s not nearly as bad out there as so many people think.”
Monday's PMI report will give Wall Street a solid outlook on the economy, Cramer said, but added that “any bulls could be spooked by another hot number.” Nvidia CEO Jensen Huang will also give a speech at the start of the annual Consumer Electronics Show in Las Vegas on Monday evening. A job vacancies report, known as JOLTS, is coming Tuesday, and Cramer said it could provide clues to Friday's jobs report.
Albertsons will report on Wednesday, and Cramer said he wanted to hear about food inflation and whether there has been a decline in sales of snacks and junk food as GLP-1 weight-loss drugs become more widely used. Cramer said he will also pay attention to returns Jefferies Financial Groupwhich could benefit from new leadership at the Federal Trade Commission under President-elect Donald Trump, as the change would likely mean looser regulations and more deals the company can consult on. Minutes from the Federal Reserve's latest meeting will also be released on Wednesday.
The market will be closed Thursday for the funeral of former President Jimmy Carter. While Cramer said there wasn't much major news that day, he would be following a report from ServiceTitana software services company for tradespeople that recently made its market debut.
On Friday, the Labor Department will release the nonfarm payrolls report, and Cramer said it needs to show lower wage growth and disappointing hiring because that could help drive down payrolls Yield on 10-year government bonds. Also on Friday there were reports from several well-known companies, including Constellation marks, Walgreens And delta. Cramer noted that the beer and spirits maker has seen a decline, possibly due to new warnings about alcohol as a carcinogen as well as concerns about import tariffs on its Mexican products such as Corona and Modelo. But Cramer said he was still bullish on the stock, saying the company was growing and beer could be exempt from tariff increases. And while he said he's positive about Delta's profits and the company's ability to keep capacity tight, it's difficult to bet on the success of the struggling drugstore business.
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