CPI and Delta data, Domino’s earnings

CNBC’s Jim Cramer reviewed next week’s top market-moving action, highlighting new CPI data and a slew of earnings reports as the season gets underway, including those from Delta, Domino’s and some major banks. He also noted Friday’s rise in stocks as Wall Street celebrated better-than-expected job creation last month.

“A market that appreciates good news, like a robust job creation number, is a market that can weather, well, let’s say, a historically difficult October,” he said. “After today’s show, all I can say is so far so good.”

Tuesday brings gains from PepsiCo and one day investor from General Motors. Cramer noted that there were some price-target cuts for the beverage company, but suggested that the stock could “stabilize based on somewhat in-line results.” Meanwhile, shares of General Motors could rise if the company maintains its forecast, according to Cramer, adding that it had a solid year.

On Wednesday, the Federal Open Market Committee will release notes from its latest meeting, which Cramer said could shed light on the central bank’s decision to cut interest rates by an aggressive 50 basis points. Wall Street, he said, continues to speculate on the Federal Reserve’s next move, adding that views are mixed, especially after Friday’s strong labor data.

The Labor Department will release its September CPI report on Thursday, and Cramer said investors looking for a rate cut are hoping for a cool number. Thursday also brings gains from Domino’s and Delta. The pizza maker’s last quarter was disappointing in part because of weak overseas business, Cramer said, adding that analysts are mixed on how that report will shake out. And while Cramer said he fears for airline stocks, he suspects Delta will tell “a good story.”

Cramer mentioned three Big Tech events on Thursday: adze will reveal its robotaxis and both AMD and HP Enterprise will organize analyst days. He anticipates that Tesla’s self-driving vehicles will be well received by investors. AMD’s “Advancing AI” event could show the company in a new light, Cramer said, and suggested the stock is being bought ahead of the meeting. HP’s analyst day could be “a needle mover,” according to Cramer, as it focuses on its artificial intelligence efforts — which he said are “substantial and understated.”

Friday brings the producer price index report, and like the CPI, that data will be a gauge for the Fed’s next decision, Cramer said. Large financial gains will also appear on that day, incl Wells Fargo, JPMorgan and Blackrock. He said banks are the least expensive group in the market and investors should use any weakness to buy them.

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Disclaimer CNBC Investing Club Charitable Trust owns shares of Wells Fargo.