Jim Cramer's top 10 things to watch in the stock market Tuesday

My top 10 things to watch Tuesday, June 11 Wall Street was under some pressure after the S & P 500 and the Nasdaq started the new week with more records. Now that we’re past Monday’s big events from Apple, Eli Lilly and Nvidia’s stock split, we turn to Wednesday . The latest consumer inflation data is out in the morning. The Fed’s two-day June meeting ends in the afternoon. Club name Broadcom reports earnings after Wednesday’s closing bell . Bank of America said total credit and debit card spending per household was still growing; up 0.7% year over year in May. But month over month, spending fell 0.9%. Many spending categories were weak in May, including gas, home improvement and clothing. Lodging and airlines were stronger. Club name Costco is the place to be when consumers turn cautious. The stock is near records as it looks to expand its nascent e-commerce presence. General Motors shares rose 1.5% early Tuesday after the automaker approved a new $6 billion buyback . The moves come as an accelerated $10 billion share repurchase program announced in November is expected to be completed by the end of this month. The Club owns Ford , and I’ve said repeatedly that shares would benefit from a GM-style approach to buybacks. Personal private Apple Intelligence. That’s a takeaway from Apple ‘s AI announcements at its annual developer conference Monday. It’s based on ChatGPT without giving up privacy. We want personal emojis and our phones to be more central to our personal and professional lives. The AI converts two-dimensional images to 3D. It’s not enterprise software. It’s not selling or using your data. It’s no ads. The new AI iPhone features are only backward compatible with higher-end versions of the iPhone 15. So, many users are going to have to upgrade to get the latest and greatest. As we said before the event, it could take a while for the stock to move higher. It lost 2% on Monday and was under mild pressure early Tuesday. Elon Musk threw a tantrum on OpenAI’s ChatGPT on Apple’s iPhone. Musk calls the integration an “unacceptable security violation.” He said, “Visitors [to his companies] will have to check their Apple devices at the door.” The CEO of Tesla and SpaceX sued OpenAI, which he co-founded, for allegedly straying from its original mission of making AI for humanity and not for profit . Morgan Stanley analysts said they’re confident in Google’s leadership on generative AI even after the Apple announcements. I say it’s just a matter of time before Apple includes Alphabet . The Morgan Stanley analysts also said that Apple didn’t announce anything that looked particularly threatening to internet search, which is of course Google’s bread and butter. Oppenheimer boosted its Nvidia price target to $150 per share from $110. Remember, the stock just split 10-for-1, so we have to get used to talking about the re-rated per-share price. The analysts said churn after split seems to have ended already. I was saying Monday when the split-adjusted shares first traded that investors often times sell a few shares after really big splits because they see that they have so many more shares. Shares of Eli Lilly were set to add to Monday’s all-time highs after the world’s most valuable drugmaker scored approval from FDA advisors for its Alzheimer’s drug donanemab. There had been some concern in the market that the drug would not advance. We told you otherwise ahead of Monday’s voting, which paves the way for full FDA approval in the U.S. later this year. JPMorgan lowered its Nucor price target to $180 per share from $190. It kept its neutral rating on the steelmaker’s stock. The analysts said plate is under pressure. JPMorgan also cut its Cleveland-Cliffs price target to $17 from $23 but downgraded it to a neutral from a buy-equivalent overweight. The analysts see weakening fundamentals at Cleveland-Cliffs. Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

My top 10 things to watch Tuesday, June 11

Wall Street was under some pressure after the S&P 500 and the Nasdaq started the new week with more records. Now that we’re past Monday’s big events from Apple, Eli Lilly and Nvidia’s stock split, we turn to Wednesday. The latest consumer inflation data is out in the morning. The Fed’s two-day June meeting ends in the afternoon. Club name Broadcom reports earnings after Wednesday’s closing bell.
Bank of America said total credit and debit card spending per household was still growing; up 0.7% year over year in May. But month over month, spending fell 0.9%. Many spending categories were weak in May, including gas, home improvement and clothing. Lodging and airlines were stronger. Club name Costco is the place to be when consumers turn cautious. The stock is near records as it looks to expand its nascent e-commerce presence.
General Motors shares rose 1.5% early Tuesday after the automaker approved a new $6 billion buyback. The moves come as an accelerated $10 billion share repurchase program announced in November is expected to be completed by the end of this month. The Club owns Ford, and I’ve said repeatedly that shares would benefit from a GM-style approach to buybacks.
Personal private Apple Intelligence. That’s a takeaway from Apple‘s AI announcements at its annual developer conference Monday. It’s based on ChatGPT without giving up privacy. We want personal emojis and our phones to be more central to our personal and professional lives. The AI converts two-dimensional images to 3D. It’s not enterprise software. It’s not selling or using your data. It’s no ads.
The new AI iPhone features are only backward compatible with higher-end versions of the iPhone 15. So, many users are going to have to upgrade to get the latest and greatest. As we said before the event, it could take a while for the stock to move higher. It lost 2% on Monday and was under mild pressure early Tuesday.
Elon Musk threw a tantrum on OpenAI’s ChatGPT on Apple’s iPhone. Musk calls the integration an “unacceptable security violation.” He said, “Visitors [to his companies] will have to check their Apple devices at the door.” The CEO of Tesla and SpaceX sued OpenAI, which he co-founded, for allegedly straying from its original mission of making AI for humanity and not for profit.
Morgan Stanley analysts said they’re confident in Google’s leadership on generative AI even after the Apple announcements. I say it’s just a matter of time before Apple includes Alphabet. The Morgan Stanley analysts also said that Apple didn’t announce anything that looked particularly threatening to internet search, which is of course Google’s bread and butter.
Oppenheimer boosted its Nvidia price target to $150 per share from $110. Remember, the stock just split 10-for-1, so we have to get used to talking about the re-rated per-share price. The analysts said churn after split seems to have ended already. I was saying Monday when the split-adjusted shares first traded that investors often times sell a few shares after really big splits because they see that they have so many more shares.
Shares of Eli Lilly were set to add to Monday’s all-time highs after the world’s most valuable drugmaker scored approval from FDA advisors for its Alzheimer’s drug donanemab. There had been some concern in the market that the drug would not advance. We told you otherwise ahead of Monday’s voting, which paves the way for full FDA approval in the U.S. later this year.
JPMorgan lowered its Nucor price target to $180 per share from $190. It kept its neutral rating on the steelmaker’s stock. The analysts said plate is under pressure. JPMorgan also cut its Cleveland-Cliffs price target to $17 from $23 but downgraded it to a neutral from a buy-equivalent overweight. The analysts see weakening fundamentals at Cleveland-Cliffs.

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As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

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