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

1. Wall Street on Thursday is on track to extend Wednesday’s robust gains following an intraday reversal. Nvidia CEO Jensen Huang ignited the market in the prior session after talking up demand for its AI chips and touting the company’s bright future. We’ll discuss Nvidia, a longtime Club holding, and the rest of our Investing Club portfolio at our September Monthly Meeting, which kicks off at noon ET.

2. Demand for Nvidia’s next-generation Blackwell chip platform is “so great, and everybody wants to be first,” Jensen said at a fireside chat at a Goldman Sachs conference Wednesday. Shares soared 8% in that session. Jensen also made a compelling case that the value proposition of AI chips overwhelmingly favors Nvidia — something that really resonated with us at the Club. Jensen’s comments were a real death rattle for Intel, by the way.

3. The August producer price index matched expectations at the headline level, with wholesale prices rising 0.2% month over month. Cutting out food, energy and trade, core PPI rose 0.3% versus the 0.2% estimate. On the labor front, initial jobless claims totaled 230,000 last week, slightly above expectations.

4. Wells Fargo raised its T-Mobile price target to $230 per share from $200 and kept its overweight buy rating. The analysts cited prices increases and huge free cash flow. T-Mobile, like Verizon and AT&T, is offering deals on Apple’s new iPhone 16, in what’s expected to be a robust AI-driven device upgrade cycle.

5. Citi pointed out that Palantir is one of the most expensive names in software but remained bullish on its AI push. To me, the whole company is one big black box. Palantir’s inclusion into the S&P 500 this week has been good for more than a 15% jump in shares.

6. Here’s why I continue to dislike Nike: Ollie’s Bargain Outlet new flier has an “Activewear Blowout,” Puma hoodie, unisex jacket and micro fleece pullover for $14.99 versus “theirs” up to $67.99. Puma and Adidas Fleece joggers and Men’s Tiro pants $12.99; “theirs up to $4.5” Of course, the unnamed “theirs” could be Lululemon, too.

7. TD Cowen said the restructuring of Walgreens Boots Alliance is behind schedule. The drugstore and pharmacy chain is trying to close 2,000 underperforming locations. So far, only 1,000 have been actually closed as it proves harder to shutter underperformers than previously thought.

8. Moderna shares dropped 10% after the biotech announced $1.1 billion in cut costs. It also announced plans for 10 new products by 2027. Moderna is trying to figure out the future as its Covid vaccine business rapidly declines. The company’s second commercially available product, RSV shots for seniors, was approved four months ago.

9. JPMorgan cuts price targets on a host of energy stocks, including Coterra, our lone oil and natural gas Club holding. The analysts went to $26 per share from $31, citing declines in both crude and nat gas prices. There’s concern about more OPEC+ supply. JPMorgan maintained its overweight buy rating on Coterra.

10. TD Cowen took an axe to its price target on Elf Beauty, going to $150 a share from $235. The stock has catered 42% over the past three months. What a controversial area the cosmetics industry has become. Estee Lauder also is collapsing.

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