nonfarm payrolls, PMI and earnings from Albertsons

CNBC’s Jim Cramer on Friday walked investors through next week’s market action, highlighting new economic data from the nonfarm payroll report and the latest purchasing managers’ index, as well as earnings from grocery giant Albertsons.

“It’s a light week, but still impactful, accept that people will be on edge ahead of Friday’s employment report,” he said. “Still, I think you should do some buying if the market gets hammered. As we saw today, it’s not nearly as bad out there as so many think.”

Monday’s PMI report will provide Wall Street with a solid look at the economy, Cramer said, but added that “any bull might be perturbed by still one more hot number.” Nvidia CEO Jensen Huang is also set to speak Monday night to kick off the annual Consumer Electronics Show in Las Vegas. Tuesday brings a job openings report, known as the JOLTS, and Cramer said it could provide clues about Friday’s labor report.

Albertsons will report Wednesday, and Cramer said he wants to hear about food inflation and whether there’s been a decline in sales of snacks and junk food as GLP-1 weight loss drugs become more prevalent. Cramer said he’ll also be paying attention to earnings from Jefferies Financial Group, which could stand to benefit from new leaders at the Federal Trade Commission under President-elect Donald Trump, as the change would likely mean looser regulations and more deals on which the company can consult. The minutes from the Federal Reserve’s last meeting will also be released on Wednesday.

The market will be closed Thursday for former President Jimmy Carter’s funeral. While Cramer said there’s not much consequential news that day, he will be following a report from ServiceTitan, a software service company for tradespeople that recently made its market debut.

On Friday, the Labor Department will release the nonfarm payroll report, and Cramer said it needs to show lower wage growth and disappointing hiring, as that could help bring down the 10-year Treasury yield. Also on Friday are reports from several notable companies, including Constellation Brands, Walgreens and Delta. Cramer noted that the beer and liquor maker has seen a pullback, perhaps due to new advisories about alcohol as a carcinogen as well as concerns about import tariffs on its Mexican products like Corona and Modelo. But Cramer said he’s still optimistic on the stock, saying that the company is growing and beer could be exempt from tariff hikes. And while he said he’s feeling positive about Delta’s profits and and its ability to keep capacity tight, it’s hard to bet on the success of the ailing drugstore business.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Nvidia and Constellation Brands.