Stocks rise on jobs data that Cramer says is ‘going the right way’
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Friday’s key moments. 1. U.S. equities moved higher Friday, on track for a fifth-straight day of gains. The S & P 500 rose 0.8%, while the Nasdaq Composite climbed 0.94%. Stocks were bolstered by the Labor Department’s monthly employment report , which showed hiring slowed in October. Nonfarm payrolls increased by just 150,000 last month, while wage growth came down and the unemployment rate ticked up to 3.9%. “If I wanted to see a number going the right way for employment, it would be this one,” Jim Cramer said Friday. The news is the latest sign inflation is decelerating, and could allow the Federal Reserve to end interest-rate hikes. Bond yields retreated on the report, with that of the 10-year Treasury hovering around 4.5%, down from around 5% two weeks ago. 2. Club holding Apple (AAPL) on Thursday reported a 1% year-over-year decline in total revenues for its fiscal fourth quarter . But importantly, iPhone and services revenues beat analyst expectations. Total earnings-per-share soared 13% on annual basis. Meanwhile, Club name Starbucks (SBUX) also reported fiscal fourth-quarter results Thursday that showed the coffee maker is “hitting on all cylinders,” according to Jim. With shares up more than 3% Friday, Jim said that “this is the beginning of the next leg of Starbucks.” 3. Next week is another busy one for Club companies reporting quarterly results. Coterra Energy (CTRA) reports Monday after the closing bell, with production and capital expenditures in focus. Emerson Electric (EMR) reports Tuesday before the bell, with investors looking for initial guidance for 2024. Walt Disney (DIS) releases its earnings report after the closing bell on Wednesday, and we’ll be looking for an update on the integration of streaming platform Hulu into Disney+. And Wynn Resorts (WYNN) is set to report Thursday after the closing bell, with the market expecting strong revenue and profit margins from its operations in Chinese gambling hub Macao. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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