Top 10 Things to Watch for Jim Cramer in the Market Friday: Hot Jobs, Chip Trouble, FedEx Looking Good

Top 10 things to watch Friday, December 2, 2022

1. US stock futures point to a lower open as bond yields rose on stronger-than-expected November job growth and wage inflation. Non-farm payroll increased 263,000. The unemployment rate in the country held steady, as expected, at 3.7%. Average hourly earnings were up 0.6% month over month and up 5.1% year over year – both higher than expected. The sustained wage increases come two days after Federal Reserve Chairman Jerome Powell announced that smaller rate hikes may be on the way. Although he said more needs to be done to suppress inflation.

2. Marvell technology (MRVL) gets multiple price cuts. Shortage is coming. Routing on all lines but less consumer. Quarterly miss revenue and earnings. real issues. Data centers are bad. Enterprise network (China, not government) is bad. Storage is bad. We got out of Marvell about a month ago, selling the rest of our then small position. It’s been a tough year for chip stocks. We recently reduced exposure to the rest of our semi-finals: advanced micro devices (AMD), nvidia (NVDA) and Qualcomm (QCOM).

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