Fed meeting and CPI report: Jim Cramer’s week ahead

CNBC’s Jim Cramer on Friday guided investors through next week’s most market-moving events, highlighting the Federal Reserve’s meeting and the latest consumer price index report.

“I’d be careful making a big move before the Fed meeting. We can’t be sure if Jay Powell won’t be more emphatic about leaving rates higher for longer given this morning’s hotter-than-expected jobs report,” he said. “Lots to chew on, not enough to pull the trigger.”

Monday brings events from three mega caps, Nvidia, Apple and Eli Lilly. Cramer will be watching Apple’s Worldwide Developers Conference to learn more about the Vision Pro and the iPhone 16. Nvidia will implement its 10-for-1 stock split, and Cramer said shares might drop on Monday as buyers take profits. An FDA advisory panel will consider Eli Lilly’s Alzheimer’s drug, and he said he’s optimistic about the outcome.

Oracle reports on Tuesday, and Cramer said he’s not sure how this enterprise software company will fare. He noted that Cerner, an electronic health records business Oracle bought two years ago, hasn’t been performing well. Casey’s General Stores will also report that day, and Cramer said business is strong and the stock has been “a total winner.”

May’s CPI report will come out on Wednesday, and Cramer said he suspects it will be hot after Friday’s nonfarm payrolls were stronger than expected. In that vein, the Fed will likely leave rates higher for longer at its Wednesday meeting, Cramer said. He’ll also be waiting to see earnings results from Broadcom, saying shares could jump if the company’s wireless business improves.

Signet Jewelers, RH and Adobe will report on Thursday. Cramer said he likes the jewelry retailer, and there may be a good buying opportunity if the stock takes a hit. He added that he’s not expecting much upside for RH until there’s more housing turnover. And while he said he likes Adobe, he noted that the company is seeing competition from Figma, a design tool outfit it attempted to buy.

Friday brings a fireside chat from Affirm, a buy-now pay-later company. Cramer said he thinks the company has been doing well, but institutional investors may not be interested in financial technology outfits because interest rates remain high.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Apple, Nvidia, Broadcom and Eli Lilly.