Keep an eye on banks as earnings season kicks off

CNBC’s Jim Cramer on Friday told investors what to look out for in the coming week as earnings season kicks off. He said news about the Israel-Hamas war is likely to eclipse much of next week, but he still recommended investors pay attention to numerous reports, including Charles Schwab, Bank of America and Goldman Sachs.

“The war will continue to overshadow earnings season, but if you keep track of these companies and there’s a cessation in the conflict, the market will eventually embrace the good ones,” he said.

On Monday, Cramer will be looking at Charles Schwab’s report. He said many on Wall Street are worried about the company’s balance sheet, but to Cramer, those fears are overblown.

Cramer called Tuesday “huge,” as it will see several major companies report, including Bank of America and Goldman Sachs. Also reporting Tuesday are Lockheed Martin, Johnson & Johnson and United Airlines.

Wednesday will close out reports for important banks with Morgan Stanley, Cramer said. Cramer will also be watching earnings from consumer packaged goods company Procter & Gamble and medical device maker Abbott Laboratories. Cramer said he thinks both stocks have been brought down by the anticipated effects of GLP-1 drugs on the market. Cramer also noted there was “suboptimal commentary” surrounding Netflix and Tesla, which will report Wednesday after the market closes.

On Thursday, Cramer said he’s paying close attention to reports from KeyCorp as well as Union Pacific, whose cargo volume figures might be a good barometer of different kinds of economic activity. Cramer will also be looking at Friday reports from American Express and oil service giant SLB, formerly known as Schlumberger.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Morgan Stanley and Procter & Gamble.