Jim Cramer says the market needs a solid earnings season after Thursday’s hotter-than-expected inflation numbers
CNBC’s Jim Cramer bemoaned Thursday’s hotter-than-expected inflation figures for December, saying the data was a blow to bulls hoping for interest rate cuts from the Federal Reserve. He said the market needs a solid start to earnings season on Friday to improve the averages.
The consumer price index increased 0.3% in December from the month before, higher than most economists estimated, which suggests the U.S. doesn’t yet have a handle on inflation. Following the news, the Nasdaq Composite closed flat, the Dow Jones Industrial Average gained 0.04% and the S&P 500 edged down 0.07%.
Although Thursday brought some positive commentary on gains for the “Magnificent Seven” and their Big Tech peers, Cramer had hoped for broader market success. He said the session saw “more stocks decline than increase” which is “less healthy” than typical action the market’s seen since October.
“Tomorrow we’re getting report cards from the major banks, and if they aren’t special, if they don’t wow us, I think we’ll be 0-for-2,” Cramer said. “And that could crack the exterior of what’s been a pretty darned good year so far.” $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $Dow Jones Industrial Average (.DJI.US)$
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