Jim Cramer’s Top 10: Inflation and Nvidia in Focus
Jim Cramer’s Nov. 10 market watchlist highlighted hotter-than-expected inflation, rising expectations for Federal Reserve rate hikes and pressure on Nvidia shares. His list also tracked Anthropic’s planned initial public offering and upcoming earnings from CoreWeave.
Jim Cramer’s top 10 stock-market watch items for Tuesday, Nov. 10, included hotter-than-expected inflation, increased expectations for Federal Reserve rate hikes and a 1.5% decline in Nvidia shares.
The list also covered oil prices, Anthropic’s planned initial public offering and earnings due from CoreWeave. Cramer said futures were down after the consumer price index (CPI) reading raised inflation concerns.
Market odds of a quarter-point rate increase rose to 86%, while the chance of a half-point move reached 14%, Cramer wrote. Bond yields also rose after the inflation report.
A lower close would break a run of two consecutive stock-market gains following Thursday’s post-election selloff, he said.
Oil prices fell back below $90 per barrel after President Donald Trump played down the possibility of an escalation in the Iran war. Defense Secretary Pete Hegseth defended his leadership in the conflict and other military operations while criticizing a Republican congressman who introduced articles of impeachment against him.
Anthropic said it plans to offer 825 million shares in an IPO expected this month, with a proposed price range of $70 to $78 per share. At the top of that range, the company would have a fully diluted valuation of $1.405 trillion.
The AI company plans to trade on the Nasdaq under the ticker ANT. Cramer wrote that the proposed offering was overshadowed by a spy scandal involving Nvidia founder and CEO Jensen Huang.
Nvidia shares were down 1.5% that morning after Trump said the previous night that the FBI was investigating Huang’s alleged affair with a suspected Chinese spy. Nvidia’s board was also investigating, while saying it had “confidence in Jensen and his leadership team,” Cramer wrote.
Wells Fargo cited the “key man” risk Huang’s situation poses to Nvidia but kept its buy rating. The firm cut its price target to $300 from $315, while Citi lowered its target to $285 from $315; both retained buy ratings.
CoreWeave, described by Cramer as one of the companies backed by Huang, was due to report earnings that night. He said investors were concerned about the company’s borrowing to fund growth and that it needed to present a path to profitability after its stock had fallen more than 50% since mid-August.
Bernstein raised its price targets on Home Depot to $357 from $344 and on Lowe’s to $270 from $254. Cramer questioned the increases if the Federal Reserve raises rates again. Fed Governor Christopher Waller said Tuesday he would support a quarter-point increase and might back a half-point move.
UBS cut its price target on TJX to $184 from $198 while keeping a buy rating. Cantor Fitzgerald began coverage with a hold rating and a $139 target. Cramer said investors would look for management to address problems at TJX’s biggest unit.
Visa and Mastercard were the only credit card companies Cramer identified as having stocks that were performing well. He said Capital One had made little progress as it integrates Discover, while noting that Sen. Elizabeth Warren planned to introduce a bill capping credit card rates when Democrats take control of Capitol Hill in the new year.
