The stock market has more evidence to quell fears that a recession could be looming, CNBC’s Jim Cramer said Friday.
The major averages all surged about 1% during the session, the same day the October jobs report showed that companies added 128,000 new payrolls. That topped the 75,000 that economists had estimated.
The U.S. consumer economy remains strong and the weaker manufacturing economy received a boost from the Federal Reserve when it issued its third interest rate cut this year, the “Mad Money” host said.
“That’s exactly what happened this week, which is why today’s rebound from yesterday’s depressed levels makes perfect sense,” he said.
“Next week is an important week, not as important as this week when it comes to earnings, but it’s certainly going to take us to where we have to go, which is more record highs if everything works out.”
Monday: Adobe, Under Armour, Uber
Adobe will hold an analyst meeting after the market closes. Cramer thinks the event will set the tone for the cloud sector.
Under Armour, now being led by new CEO Patrick Frisk, releases third-quarter earnings before the morning bell. Cramer said he is curious to find out why Frisk took over instead of founder Kevin Plank. Analysts expect to see 18 cents of earnings per share on $1.4 billion of revenue.
Uber‘s quarterly results will come after the market closes. Wall Street expects the ride-hailing company to bring in $3.6 billion in revenue and cut down its losses to 70 cents per share. Uber disappointed greatly in its June quarter when it reported losses of $4.72 per share when analyst consensus had estimated it to be $2.08. Cramer wants to see if Uber Freight and Uber Eats will provide some help.