On Friday, the Wall Street market experienced a rebound after a rough trading day previously. Bond yields had risen due to positive economic data, which was interpreted negatively. Despite this, Nvidia saw a post-earnings increase of 9%, leading to a moderate increase in stock value on Friday. Goldman Sachs adjusted its forecast for the first Federal Reserve interest rate cut, pushing it to September from July. Jim Cramer emphasized the importance of keeping rates higher for longer to prevent inflation from becoming a major issue in the country.
Eli Lilly announced a significant investment of $5.3 billion in expanding manufacturing at an Indiana plant. The goal is to increase production of weight loss drug Zepbound, diabetes treatment Mounjaro, and other medications. This investment brings Lilly’s total commitment at the site to $9 billion. The company plans to begin manufacturing medicines at the plant by the end of 2026, with operations expected to ramp up through 2028. Jim Cramer highlighted Lilly’s dedication to meeting the demand for products like GLP-1s with tirzepatide as an active ingredient, which compete with Novo Nordisk’s offerings.
Several key companies are set to report earnings next week, including Salesforce, Best Buy, Foot Locker, and Costco. Salesforce’s earnings report is scheduled for Wednesday after the market closes. Despite a dip in stock value associated with Workday’s performance, Cramer expressed interest in potentially buying Salesforce shares. Best Buy will report earnings on Thursday before the market opens, with Cramer reflecting on his early investment strategy anticipating the arrival of artificial intelligence PCs. Foot Locker is also reporting on Thursday morning, and the focus is on CEO Mary Dillon’s efforts to turn the company around amidst Nike’s recent underperformance. Costco will announce earnings on Thursday after the bell, and Cramer speculated on the possibility of a stock split similar to Nvidia’s recent decision.
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