CNBC’s Jim Cramer on Thursday mentioned Federal Reserve motion made one other week of mind-blowing unemployment filings moot on Wall Street.
Fed Chairman Jerome Powell earlier within the day authorized injecting another $2.3 trillion into struggling businesses and governments to assist blunt the financial harm of the pandemic, which has led to unprecedented ranges of unemployment claims.
“Without Powell’s … extraordinary announcement, those hideous jobless claims would’ve pancaked the stock market,” the “Mad Money” host mentioned. “Between the Fed’s latest moves and the $2.2 trillion rescue package from Congress, and some more that’s on the way, it’s really clear to me that the policymakers are thinking big and they’re willing to spend big to keep this economy afloat.”
Another 6.6 million Americans filed for jobless benefits in the past week amid the coronavirus pandemic, totaling as much as greater than 16 million functions up to now three weeks. The excessive quantity of turnovers is a results of the closures of scores of non-essential companies throughout the nation as officers attempt to get a hand on the lethal virus.
The inventory market managed to climb about 1% larger in the course of the session, with the Dow Jones advancing about 286 factors, or 1.22%, powered by the central financial institution’s choice to take these additional steps.
“I know we’re in lockdown now and it’s hard to judge the future, but at least when it comes to the economy, both the Fed and our elected leaders are on the same side,” Cramer mentioned. “Now, we just need to nail down that public-health side of the equation.”
Cramer broke down the company earnings stories he has circled on his calendar subsequent week. All earnings and income estimates are based mostly on FactSet projections.
Tuesday: Wells Fargo, JPMorgan Chase earnings stories
Wells Fargo stories first-quarter earnings earlier than the inventory market opens.
- Projected income: $19.36 billion
JPMorgan Chase additionally stories outcomes from the primary quarter earlier than the morning bell.
- Projected income: $29.5 billion
“There’s just no way to forecast anything right now, especially not with Jamie Dimon, the CEO of JP Morgan, still convalescing after a heart procedure and new [Wells Fargo CEO] Charlie Scharf,” Cramer mentioned. “That said, I’m still hoping both banks will swear by their dividends.”
Johnson & Johnson releases if monetary report from the final three months within the morning.
- Projected income: $19.86 billion
“J&J has an amazing pipeline of new drugs … but they also have a big medical device division that could disappoint because COVID has upended the whole surgery market,” the host mentioned.
Wednesday: Bank of America, Goldman Sachs and Citigroup
Bank of America‘s report for the primary quarter of the yr comes out previous to the market open.
- Projected income: $22.7 billion
“I think Bank of America will talk about how far ahead it is on giving out Payroll Protection Program loans,” Cramer mentioned.
Goldman Sachs‘ first-quarter report goes public within the morning.
- Projected income: $8.2 billion
“I hope Goldman shows us something about their joint credit card with Apple,” he mentioned.
Citigroup additionally stories earnings earlier than the opening bell.
- Projected income: $19 billion
“Citi’s ridiculously cheap, but it can’t buyback stock anymore, so I wonder if management can justify the gigantic spread between the tangible book value and the actual stock price,” Cramer mentioned.
UnitedHealth Group stories quarterly earnings within the morning.
- Projected income: $64.2 billion
The “pandemic’s going to be tough for the managed care industry, but I think UNH has a lot of levers, it can pull,” he mentioned.
Thursday: Abbott Laboratories, Intuitive Surgical
Abbott Laboratories stories earlier than buying and selling begins within the morning.
- Projected income: $7.56 billion
“Abbott’s a fabulous company. I think this [five-minute coronavirus] test is a game changer, if they can make enough of them,” Cramer mentioned.
Intuitive Surgical releases its outcomes after the closing bell.
- Projected income: $1.06 billion
“Right now, surgeries are being postponed all over the country. Not so good for Intuitive,” he mentioned.
Schlumberger stories ends in the morning.
- Projected income: $7.6 billion
“Unfortunately, the oil market’s a total disaster right now. The price of crude got hammered again today,” he mentioned.
Disclosure: Cramer’s charitable belief owns shares of Apple, Goldman Sachs, JPMorgan Chase, Citigroup, Johnson & Johnson and Abbott Laboratories.