CNBC Investing Club

Jim Cramer's top 10 things to watch in the market Wednesday: Santa coming? Nike pops.

My top 10 things to watch Wednesday, Dec. 21, 2022

1. U.S. stock futures point to a higher open after the Dow Jones Industrial Average, the S&P 500 and the Nasdaq broke four-session losing streaks. Is Santa Claus coming to town? Historically, the final five trading days of the year and the first two of the new year tend to be strong. According to chartist Larry Williams, Thursday may be the time to buy.

2. Dow stock Nike (NKE) jumps more than 12% in the premarket after the company reported better-than-expected quarterly results and raised guidance. Drivers: China is not dead yet and the power of inventory and brand management. Profit margin expanding. Multiple price target increases on Wall Street.

3. FedEx (FDX) shares rose more than 6% in premarket trading after the company said it would cut $1 billion more in costs. Quarterly results were mixed. Time to make money per every package. Goal is profit margin. JPMorgan acknowledges "relief rally" but cuts its price target. Others raise PTs.