My top 10 things to watch Wednesday, July 1 1. Stock futures are lower this morning as we start the second half of the year. Expect profit-taking on the winners. Something else to consider going forward: Trump Accounts officially launch July 4. This passive money coming into the market could be more meaningful than people think, especially as companies contribute additional funds beyond the government’s one-time $1,000 deposit for newborns. 2. Meta shares are surging more than 7% this morning after Bloomberg News reported that the social media giant plans to build a cloud business to sell excess AI compute capacity. Huge news. I’ve been pushing them to do exactly this. This is another way to make money from all that AI spending. 3. Micron CEO Sanjay Mehrotra told me last night to expect more long-term supply agreements with customers. They currently have 16 on the books across data center, consumer and automotive. With memory chip prices soaring and supply tight. Mehrotra said customers regard these as win-win. For Micron, it adds visibility and confidence in long-term plans. Still, he said the supply crunch will persist beyond 2027. 4. Club name Nike delivered an uninspiring quarter last night. Not as bad as the previous two, but also not good enough to expect a major inflection anytime soon. Disappointing. The question that I’m asking isn’t, “Would you sell the stock?” I am asking, “Would you buy it?” If someone were to wipe the position from the books, would you insist on buying it back? (We made a decision for the Club on Nike.) 5. Guggenheim upgraded Salesforce and ServiceNow , two software stocks that have been huge underperformers this year due to AI disruption fears. While analysts said they believe AI does pose risk to both companies, they argued the Armageddon scenario is unrealistic, and valuations have become attractive. We haven’t been eager to add to our Salesforce position. 6. Club name FedEx Freight was started with a buy at Goldman Sachs. Price target of $186 represents 26% upside. Recently spun from FedEx , FedEx Freight provides less-than-truckload shipping services (not enough for a full trailer, but too big for regular parcel delivery). Goldman likes it for similar reasons we do: improving freight environment and self-help opportunities now that it’s a standalone company. 7. Goldman Sachs said to buy Wells Fargo as the bank shifts “from defense to offense,” citing balance sheet expansion, strength in its credit cards business, and strong capital markets activity. I’ve been disappointed in Wells. The asset cap removal last year was supposed to be a catalyst , but its last two quarters have been shaky. Need to see improvement when they report July 14. 8. Affirm ‘s price target was taken to $115 from $110 at Citi. Analysts said business momentum remains strong. I like this call as this one’s been the winner in “buy now, pay later.” The stock had a terrible start to the year, but has made a remarkable comeback since the wartime market bottom in late March. 9. QXO completed its acquisition of TopBuild. The deal boosts the company’s position in the building products distribution market. In North America, QXO will be No. 1 in insulation and waterproofing. They will be No. 2 in roofing. And in the lumber and building materials sector, QXO will be either No. 1 or No. 2. Don’t bet against serial entrepreneur CEO Brad Jacobs. 10. The U.S. lifted its export restrictions on Anthropic’s Claude Fable 5 and Mythos 5 models. Good news for Club holdings CrowdStrike and Palo Alto , whose cybersecurity solutions are becoming even more important as companies up their defenses against rapidly evolving AI risks. Shares of both soared yesterday after the Wall Street Journal reported on highly capable Chinese AI models . Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Jim Cramer’s top 10 things to watch in the stock market Wednesday
Jul 1, 2026
