Jim Cramer’s top 10 things to watch in the stock market Thursday

1. Wall Street was muted heading into the open Thursday. Nvidia was tracking still higher after its 5% gain the prior session and all-time high. That sent the S&P 500 and Nasdaq to records. Nvidia also joined the $3 trillion market cap club Wednesday, overtaking Club name Apple as the second-most valuable U.S. company. Microsoft, as of Wednesday’s close, was No. 1.
2. Bond yields perked up ahead of Friday’s government employment report. The 10-year Treasury yield on Wednesday dipped below 4.3% for the first time in months after two straight days of data indicating a softer jobs market and increasing the odds of the Fed cutting interest rates this year.
3. The Justice Department and Federal Trade Commission are looking into the dominance of Nvidia, Microsoft, and Microsoft-backed OpenAI in artificial intelligence. That’s according to media reports. Nvidia and Microsoft are both Club names. The DOJ will lead in investigating Nvidia, with the FTC on Microsoft and OpenAI.
4. Lululemon flames out in U.S. because of bad assortment but great in Mainland China. Skeptical crowd on the post-earnings call. Lululemon did beat on quarterly earnings and revenue but issued weak guidance. The stock still added 9% following the results. The CEO touted international growth and signaled more work needed in the Americas.
5. Shares of Five Below sank 17% early Thursday after the discount chain missed on quarterly earnings and revenue. Five Below also put out lower-than-expected guidance. Total disaster. Business didn’t get bad until Easter weekend when there was a huge falloff. Dispiriting post-earnings call. Shrink, which includes shoplifting, remains an issue.
6. JPMorgan retail analyst Matt Boss cuts Dollar Tree price target to $135 per share from $152 but keeps buy-equivalent overweight rating following the news that Dollar Tree is exploring whether to sell its Family Dollar brand. There were many other analyst PT reductions.
7. Goldman Sachs starts coverage of Charles River Laboratories with a buy rating and $290 per share price target, which represents 34% upside. The Goldman analysts think the contract research industry is undervalued. If you think that, then buy Club name Danaher, which found its footing in late 2023 and continued higher this year.
8. Serious call: MoffettNathanson fears near-to-medium-term downside on Shopify. The analysts see the cost of acquisition going higher. MoffettNathanson lowers Shopify to neutral from buy and cuts its price target to $65 per share from $74. The analysts say the e-commerce platform that helps businesses sell online must see “lean and better than expected” to justify its valuation.
9. The hoopla for GTA VI: JPMorgan raises Grand Theft Auto video game maker Take-Two Interactive price target to $200 per share from $180. The call is mostly on GTV potential but Take-Two has some 40 titles planned through fiscal 2027. The analysts keep their overweight rating.
10. The next wave of Disney theme park expansion in the U.S. is primed to be in California rather than Florida. It’s a tale of two coasts as the entertainment giant aims to invest $60 billion in its crown jewel parks and cruises over the next decade to help deliver more value to shareholders.

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