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Jim Cramer’s top 10 things to watch Friday: Jobs, chips, FedEx

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My top 10 things to watch Friday, Dec. 2, 2022

1. U.S. stock futures point to a lower open as bond yield rise on stronger-than-expected November job growth and wage inflation. Nonfarm payrolls up 263,000. The nation’s unemployment rate holds steady, as expected, at 3.7%. Average hourly earnings up 0.6% month over month and up 5.1% year over year — both hotter than expected. Persistent wage increases come two days after Federal Reserve Chairman Jerome Powell said smaller interest rate hikes may be coming. Though he did say more needs to be done to quell inflation.

2. Marvell Technology (MRVL) gets multiple price target cuts. Shortfall coming. Guidance down on all lines but less consumer. Quarterly miss on revenue and earnings. Real issues. Data centers bad. enterprise networking (China, not government) bad. Storage bad. We exited Marvell about a month ago, selling the rest of our then-small position. It’s been a rough year for chip stocks. We’ve been recently reducing exposure to the rest of our semis: Advanced Micro Devices (AMD), Nvidia (NVDA) and Qualcomm (QCOM).



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