10 things to watch in the stock market on Friday, including bank earnings and inflation

1. Will the market rotation out of tech stocks into other stocks this year continue? It usually tends to last three sessions. Interest rates are key. The June producer price index rose slightly on Friday morning but failed to back up Thursday’s weak consumer price index that reversed the market and raised hopes of a Federal Reserve rate cut, the third this year. Nasdaq It fell nearly 2% on Thursday, snapping a string of six consecutive days of closing at record highs.
2. J.P. Morgan The company reported that sales and earnings beat expectations. Revenue was $50.99, beating expectations of $49.87 billion. Adjusted earnings per share (EPS) was $4.26, beating expectations by 7 cents. Full-year 2024 net interest income (NII) guidance of $91 billion and adjusted expenses of $92 billion remain unchanged. Investment banking (IB) fees beat expectations by about $300 million. Equity trading increased 21%, while fixed income trading increased 5%.
3. It was a mixed bag given the club name. Wells FargoCEO Charlie Scharf’s drive to build a top-tier investment bank continued to pay off as fee-based revenue beat sales and profit expectations. Revenues were $20.69 billion, beating expectations of $20.29 billion, and EPS was $1.33, beating 4 cents. But the market focused on net interest income, which fell more than expected year-over-year, sending shares down about 6%. The bank now expects full-year net interest income to fall 8% to 9% year-over-year, although many had expected an improvement from expectations of a 7% to 9% decline. Non-interest expense outlook was also raised, driven by strength in fee-based business. Wells has repurchased more than $12 billion of its own stock in the first half of the year.
4. Citigroup Revenues and earnings beat expectations: $20.12 billion versus $20.07 billion expected, and EPS was $1.52 versus $1.39. NII was about $13.5 billion, beating expectations of $13.22 billion.
5. Tesla UBS downgraded the stock to sell from neutral as it believes other initiatives (excluding autos) are being priced into the stock price too early.
6. Array Technologies Upgrade to purchase with City. They manufacture utility-scale solar-powered tracking solutions like the club name Next TrackerSolar power stocks thrived on Thursday as bond yields plummeted.
7. Citi has issued a 90-day upside forecast for Wester Digital based on confidence in flash memory prices and shipment shortfalls relative to demand.
8. Club Name Starbucks Morgan Stanley lowered its price target on the stock to $98 a share from $104 a share but maintained an overweight buy recommendation. Analysts said they now see risks largely abated in the second half of the year after downgrading the stock last quarter.
9. AT&T The stock price fell after the company revealed details of a major hack in April.
10. The City chipotle pepper The price target was raised to $71 per share from $67.38, and the chain is expected to beat expectations again when it reports earnings in the coming weeks. The stock has struggled to stabilize amid volatility following the stock split and concerns about increased promotional activity from other restaurants.

Sign up for my top 10 morning thoughts on the markets Free Email Newsletter

(look here You can see a complete list of Jim Cramer Charitable Trust stocks here.

Subscribers to Jim Cramer’s CNBC Investment Club receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling shares in his charitable trust’s portfolio. If Jim talks about a stock on CNBC television, he waits 72 hours after issuing the trade alert before executing the trade.

The above Investment Club information is subject to our Terms of Use and Privacy Policy, as well as our Disclaimer. Receipt of any information provided in connection with the Investment Club does not create any fiduciary duty or obligation, and no particular results or benefits can be guaranteed.