CPI and Delta data, Domino’s earnings

CNBC’s Jim Cramer reviewed next week’s top market action, highlighting consumer price index data and a slew of earnings reports as the season begins, including those from The Delta, Domino’s Houses and several major banks. He also noted a rally in stocks on Friday as Wall Street celebrated better-than-expected job creation last month.

“A market that enjoys good news, like a strong job creation number, is a market that can handle, say, a historically difficult month of October,” he said. “After today’s game, what I can say so far is very good.”

Tuesday brings benefits from PepsiCo and investors date from General Motors. Cramer noted that there has been a price cut for the beverage company, but suggested that the stock “could be resilient to some linear effects.” Meanwhile, General Motors stock could rise if the company keeps its forecast, according to Cramer, adding that it had a strong year.

On Wednesday, the Federal Open Market Committee will release notes from its latest meeting, and Cramer said they could shed some 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 opinions are mixed, especially after Friday’s strong employment 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 in the proceeds of Domino’s and Delta. The pizza maker’s last quarter was disappointing in part because of weak business overseas, Cramer said, adding that analysts were mixed on how the report would fare. And while Cramer says he’s wary of airline stocks, he suspects Delta will tell “a good story.”

Cramer pointed to three Big Tech events on Thursday: Tesla it will reveal its robot, and both AMD again HP Enterprise will hold analyst days. He expects Tesla’s autonomous vehicles to be well received by investors. AMD’s “Advancing AI” event could show the company in a new light, Cramer said, and suggested that the stock be bought ahead of the meeting. The HP analyst’s day could be a “neliti-mover,” according to Cramer, as it focuses on its artificial intelligence efforts – which he said are “big and underrated.”

Friday brings the producer price index report, and like the CPI, this data will be a metric for the Fed’s next decision, Cramer said. Big ticket revenue will also be released on the same day, including Wells Fargo, JPMorgan again Blackrock. He said banks represent the least expensive group in the market, and investors should use any weakness to buy them.

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