Jim Cramer’s top 10 things to watch in the stock market Friday

By News Room Last updated May 24, 2024

My top 10 things to watch Friday, May 24 Wall Street was headed for a higher open Friday following a late-day selloff in the prior session. Thursday’s decline was most pronounced in the Dow , which lost 1.5% and was on pace to break a five-week winning streak. It was strange that Club name Nvidia was able to hold on to most of its post-earnings as the market was sinking. The S & P 500 and Nasdaq were on the bubble and dependent on Friday’s trading to keep their multiple-week winning streaks alive. Nvidia stock’s incredible march higher has not only put the AI chip maker on pace to be a $3 trillion market cap company but also increased founder and CEO Jensen Huang’s net worth from $3 billion to $90 billion over the past five years. CNBC did the math : Jensen’s net worth rose by more than $7 billion on Thursday alone. Wells Fargo upgraded its DuPont rating to a buy rating from a hold. The stock should have been up much more on news late Wednesday that the conglomerate’s intentions to split into three publicly traded companies. The companies will be electronics, water, and the remaining DuPont, centered around health care, advanced mobility, and safety and production. We told Club members on Thursday we would buy this Investing Club portfolio name right here. Wedbush raised its Apple price target to $275 per share from $250. Analyst Dan Ives sees an iPhone 16 supercycle refresh due to artificial intelligence integrations, which are expected to be announced at Apple’s annual Worldwide Developers Conference (WWDC) next month. Separately, top Apple analyst Ming-Chi Kuo of TF International Securities reported that the Club name is working on a full-screen foldable MacBook launch in 2026. Deckers Outdoor shares were up nearly 9% after a quarter that blew the doors off estimates. With its fiscal 2024 fourth quarter in the books, the UGG and Hoka company saw an 18% gain in full-year revenue to a record $4.29 billion. Full-year net sales: Hoka was up nearly 28% and UGG was up 16%. Hoka running shoes going right after Nike . There were multiple price target increases on Wall Street. Ross Stores saw an excellent quarter, but not as good as Club name TJX, which should be up more. Ross Stores shares were up nearly 7%. Results on Wednesday from TJX, the company behind T.J. Maxx, Marshalls, and HomeGoods, showcased the off-price retailer’s appeal to bargain-hunting shoppers and prompted us to boost our price target on the stock. Don’t believe the negativity, the Intuit quarter was good, and Jefferies raised its price target on the QuickBooks and Turbo Tax stock to $770 per share from $760. Shares were down 5.5%. Workday had good a quarter but cut its subscription outlook, which is surprising. Shares of the cloud application provider for finance and human resources were hit 11%. Elevated sales scrutiny and lower customer headcount were to blame. More scrutiny is code for it’s taking longer for its big platform wins. Wells Fargo has quietly gone on a hiring spree to grab a bigger slice of the profitable investment banking business long dominated by its Wall Street rivals. Expanding investment banking improves our outlook on the Club stock. Wells Fargo has long relied on its retail and business lending but wants to expand its fee-based revenue streams. U.S. oil prices fell to three-month lows Friday, heading to a weekly loss as the summer driving season gets underway with the Memorial Day holiday. CNBC wrote a great story on what’s behind the moves in West Texas Intermediate crude. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at 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.

My top 10 things to watch Friday, May 24

Wall Street was headed for a higher open Friday following a late-day selloff in the prior session. Thursday’s decline was most pronounced in the Dow, which lost 1.5% and was on pace to break a five-week winning streak. It was strange that Club name Nvidia was able to hold on to most of its post-earnings as the market was sinking. The S&P 500 and Nasdaq were on the bubble and dependent on Friday’s trading to keep their multiple-week winning streaks alive.
Nvidia stock’s incredible march higher has not only put the AI chip maker on pace to be a $3 trillion market cap company but also increased founder and CEO Jensen Huang’s net worth from $3 billion to $90 billion over the past five years. CNBC did the math: Jensen’s net worth rose by more than $7 billion on Thursday alone.
Wells Fargo upgraded its DuPont rating to a buy rating from a hold. The stock should have been up much more on news late Wednesday that the conglomerate’s intentions to split into three publicly traded companies. The companies will be electronics, water, and the remaining DuPont, centered around health care, advanced mobility, and safety and production. We told Club members on Thursday we would buy this Investing Club portfolio name right here.
Wedbush raised its Apple price target to $275 per share from $250. Analyst Dan Ives sees an iPhone 16 supercycle refresh due to artificial intelligence integrations, which are expected to be announced at Apple’s annual Worldwide Developers Conference (WWDC) next month. Separately, top Apple analyst Ming-Chi Kuo of TF International Securities reported that the Club name is working on a full-screen foldable MacBook launch in 2026.
Deckers Outdoor shares were up nearly 9% after a quarter that blew the doors off estimates. With its fiscal 2024 fourth quarter in the books, the UGG and Hoka company saw an 18% gain in full-year revenue to a record $4.29 billion. Full-year net sales: Hoka was up nearly 28% and UGG was up 16%. Hoka running shoes going right after Nike. There were multiple price target increases on Wall Street.
Ross Stores saw an excellent quarter, but not as good as Club name TJX, which should be up more. Ross Stores shares were up nearly 7%. Results on Wednesday from TJX, the company behind T.J. Maxx, Marshalls, and HomeGoods, showcased the off-price retailer’s appeal to bargain-hunting shoppers and prompted us to boost our price target on the stock.
Don’t believe the negativity, the Intuit quarter was good, and Jefferies raised its price target on the QuickBooks and Turbo Tax stock to $770 per share from $760. Shares were down 5.5%.
Workday had good a quarter but cut its subscription outlook, which is surprising. Shares of the cloud application provider for finance and human resources were hit 11%. Elevated sales scrutiny and lower customer headcount were to blame. More scrutiny is code for it’s taking longer for its big platform wins.
Wells Fargo has quietly gone on a hiring spree to grab a bigger slice of the profitable investment banking business long dominated by its Wall Street rivals. Expanding investment banking improves our outlook on the Club stock. Wells Fargo has long relied on its retail and business lending but wants to expand its fee-based revenue streams.
U.S. oil prices fell to three-month lows Friday, heading to a weekly loss as the summer driving season gets underway with the Memorial Day holiday. CNBC wrote a great story on what’s behind the moves in West Texas Intermediate crude.

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(See here for a full list of the stocks at Jim Cramer’s Charitable Trust.)

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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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