After a turbulent day on Wall Street, Friday saw a rebound in the market, with Jim Cramer attributing the previous day’s decline to rising bond yields fueled by positive economic data. Despite this, shares of Nvidia saw a 9% increase post-earnings, giving a glimmer of hope to investors. Goldman Sachs has adjusted its forecast for the first Federal Reserve interest rate cut, pushing it back to September from July in an effort to combat potential inflationary pressures. Cramer emphasized the need for rates to stay higher for longer to prevent inflation from becoming a major issue in America.
Eli Lilly made headlines by announcing a $5.3 billion investment in boosting manufacturing at an Indiana plant. This investment aims to expand production of key drugs such as Zepbound for weight loss and Mounjaro for diabetes treatment. The company’s total investment at this site now stands at $9 billion, showcasing its commitment to meeting the high demand for products containing the active ingredient tirzepatide. This move also puts Eli Lilly in direct competition with Novo Nordisk’s popular drugs, Wegovy and Ozempic.
The CNBC Investing Club previewed four major companies set to report earnings in the coming week: Salesforce, Best Buy, Foot Locker, and Costco. Salesforce, scheduled for Wednesday after the closing bell, experienced a slight dip in stock price along with HR software company Workday. Cramer expressed interest in buying Salesforce on this dip, suggesting a potential opportunity for investors. Best Buy’s earnings report is set for Thursday before the market opens, with Cramer highlighting the burgeoning market for artificial intelligence PCs as a key factor to watch. Foot Locker’s report on Thursday morning will provide insights into CEO Mary Dillon’s turnaround strategy, with a particular focus on the company’s relationship with Nike. Lastly, Costco’s report on Thursday after the bell has investors speculating on the possibility of a stock split, following the recent split by Nvidia at Cramer’s urging.
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