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What Cramer is watching Wednesday — more hot inflation, PepsiCo strong, drug stocks mixed

Traders on the floor of the NYSE Sept. 30, 2022.
Source: NYSE

What I am looking at Wednesday, Oct. 12, 2022

  • U.S. stock futures lose some steam as bond yields rise after the government says producer prices in September were hotter than expected. There's nothing good here. Market still expects a fourth straight 75-basis-point interest rate hike at the Federal Reserve's meeting next month. Thursday, we get the latest read on consumer prices.
  • PepsiCo (PEP) jumped more than 2% in the premarket after reporting better-than-expected quarterly earnings and revenue and raises guidance. Starting to see turn in costs. Revenue growth 16%. Case volumes up. Taking share everywhere, especially in Frito and Gatorade. Growing everywhere in major brands. Big change: Backing big categories no longer niche items. Affordable luxury.