Jim Cramer flags Micron, FedEx and oil prices as key market themes for next week

CNBC's Jim Cramer said on Thursday that a quiet earnings calendar next week will focus investor attention sharply on a small number of high-stakes corporate reports and key economic data — with Micron Technology, FedEx, and oil price movements topping his watchlist.

His remarks came as markets staged a rebound on Thursday, shaking off the previous session's losses after the Federal Reserve signalled another interest rate rise remained possible. The Dow Jones Industrial Average climbed approximately 72 points, or 0.14%, while the Nasdaq Composite gained nearly 2% and the S&P 500 rose around 1%. Semiconductor stocks led the advance, extending the market's AI-driven rally.

Monday: Oil prices in focus

Cramer identified oil as one of the biggest stories heading into the new week. Crude exports through the Strait of Hormuz have picked up following the end of a US Navy blockade, and if peace negotiations with Iran continue to advance, Cramer said he expects "shockingly lower oil prices because of this new excess." A sustained fall in oil prices, he added, would ease inflationary pressure and ultimately create conditions for lower interest rates.

Tuesday: Carnival, FedEx and KB Home

Carnival reports before the bell on Tuesday, giving investors a read on how the Iran conflict affected travel demand and what the recent pullback in fuel costs could mean going forward. Cramer said he personally prefers Viking Holdings for its upscale customer base and pricing power, but acknowledged Carnival is a well-managed operation.

After the close, FedEx — a holding in Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club — reports its latest results. Cramer recently visited the company's Memphis headquarters and said he remains bullish on Chief Executive Raj Subramaniam's network optimisation and cost-cutting strategy. He noted FedEx has a history of issuing conservative forecasts, meaning any post-earnings share price weakness could represent a buying opportunity.

Homebuilder KB Home also reports on Tuesday. Cramer said he hopes management addresses the drag that elevated interest rates are placing on housing demand. "The housing industry just feels like it is dead in the water right now," he said.

Wednesday: New-home sales and Micron

New-home sales data arrives on Wednesday, providing a further gauge of the struggling housing market — a sector Cramer believes deserves considerably more attention from central bankers. "It's anybody's guess what this number will be," he said.

Casey's General Stores also hosts an analyst day on Wednesday. Cramer said he believes investors continue to underestimate the strength of the convenience store operator's small-town business model, though such events do not always move share prices.

After the close, Micron Technology delivers what Cramer described as the "most consequential quarter of the week." Expectations are running extremely high following the memory chipmaker's strong run this year, and Cramer said Micron must significantly beat forecasts and raise guidance to sustain its momentum.

Thursday: PCE inflation data and Darden

The Personal Consumption Expenditures price index — the Federal Reserve's preferred measure of inflation — is released on Thursday morning. Cramer said he was encouraged by comments from Fed Chairman Warsh following his first meeting in the role, which suggested the central bank may place less weight on backward-looking inflation measures such as the PCE going forward.

Restaurant group Darden Restaurants also reports on Thursday. Cramer said the company, which owns Olive Garden and LongHorn Steakhouse, has a long track record of beating expectations, and he likes the stock heading into results because falling petrol prices represent a tailwind for consumer spending.

FedEx Freight, recently spun out of FedEx, will hold a separate business update call on Thursday. Cramer said the less-than-truckload shipping company is well placed to benefit from growing e-commerce demand, ongoing cost reductions, and eventually the adoption of self-driving truck technology.