CNBC's Jim Cramer on Friday gave investors tips for what to focus on during the coming week, highlighting the Federal Reserve's Wednesday decision on interest rate hikes for the rest of the year.
"We've got one of the strangest weeks of the year coming because there's an overwhelming sense that the Fed's on hold, not raising rates next week, so I have to be the only one who's worried about what Jay Powell will say when the chairman speaks on Wednesday after the next big meeting," Cramer said, referring to central bank head Jerome Powell.
"Now, I make that point because I'm simply not seeing enough evidence that inflation's been tamed to the point where Powell would have to change the language he uses," he said.
On Monday, Cramer will be paying attention to the investor summit hosted by Disney in Orlando, Florida, saying he hopes that it can shed some light on the state of the travel and leisure industry. He also said he'd like to hear about Disney's strategy for ESPN as well as whether the company's preliminary talks about selling ABC to Nexstar hold any weight. Grocery-delivery company Instacart may also release initial public offering pricing Monday night, Cramer said, and Tuesday will bring an earnings report from AutoZone.
Cramer called Wednesday a "fulcrum day," where the market's biggest themes will come together, highlighting earnings reports from General Mills, FedEx and KB Home. Wednesday will also see the outcome of the Fed's meeting, and Cramer said he thinks there is a "possibility of a harder line than people expect."
"When there's a Fed meeting coming up in less than a week and nobody seems worried about it, maybe you want to brace yourself for a little turbulence," he said.
On Thursday, Cramer will be looking at Olive Garden owner Darden's earnings report, which may provide some clarity on whether consumers are spending money dining out. And Friday will mark a week since the United Auto Workers union went on strike against the country's primary automakers. Cramer said he thinks there may be some resolution by then, but conceded that UAW leader Shawn Fain seems to want to drag out the labor stoppage.
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