CNBC’s Jim Cramer previewed what’s to come in the week ahead as Wall Street prepares for the first earnings season of 2020. Later in the show the “Mad Money” host sat down with Mobileye CEO Amnon Shashua to get insight into the self-driving vehicle arena and find out when the public could see the first wave of autonomous vehicles on the road.
The first week of 2020 that matters for the market
CNBC’s Jim Cramer on Friday said the stock market has reached a level that is “too gleeful for my taste.”
The major averages finished the trading day in the red after the U.S. Labor Department said the December jobs report missed forecasts. But the week ended with the Dow Jones Industrial Average up 0.66%, the S&P 500 up just shy of 1% and the Nasdaq Composite up 1.75% after an uncertain week of rising and easing military tension between the U.S. and Iran.
The indexes did, however, all set new highs in the past week as Wall Street readies for earnings season.
“My suggestion is tread carefully going into earnings season,” the “Mad Money” host said. “We’ve tried to take something off the table every day for my charitable trust. I think you should do the same, because this is a good moment for profit-taking.”
Cramer presented his game plan for the week ahead. Investors will find out if the coming quarterly reports will justify the market’s move higher, he said.
“I’m actually glad we got a pullback today, if only because it could help buffer the market against potentially sharper declines if the earnings start to disappoint that we hear next week,” the host said. “I hate it when stocks run going into earnings season. Any weakness here will actually give the bulls a better setup.”