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

1. Stocks were lower across the board after a stronger-than-expected May jobs report. Bond yields jumped on the data, which put pressure on equities. Wall Street had been looking to this release all week for clues on when the Federal Reserve may cut interest rates. The market reaction suggests the case for cuts got weaker.
2. Nonfarm payrolls grew by 272,000 in May, well ahead of the Dow Jones estimate of 190,000 and an acceleration from 165,000 jobs added in April. The unemployment rate ticked up to 4% in the month. Average hourly earnings also were higher than expected, up 0.4% month over month and 4.1% on an annual basis.
3. GameStop shares reversed and dropped 20% early Friday after the meme stock delivered weaker quarterly sales. The struggling video game retailer also said it would sell 75 million shares ahead of Roaring Kitty trader Keith Gill’s livestream Friday.
4. Chubb is way undervalued at 12 times price-to-earnings multiple given Warren Buffett’s position size. On the business side, Chubb CEO Evan Greenberg told me on “Mad Money” that climate change is one factor that’s driving the price of insurance.
5. Bank of America double upgrades Lyft to a buy rating from a sell-equivalent underperform after the company’s Investor Day. BofA analysts hike their price target to $20 per share from $15. Lyft is going for profitability much sooner than expected. CEO David Risher on “Mad Money” told an exceptional turnaround story.
6. Oppenheimer raised its Club name Microsoft price target to $500 per share from $450 and kept its buy-equivalent outperform rating. The analysts said the partnership with OpenAI gives Microsoft access to the best artificial intelligence model.
7. Billions upon billions of dollars hang in the balance as Apple prepares to tell the world next week how AI will be integrated into the iPhone. It all comes down to Siri.
8. Mizuho cut its Adobe price target to $650 per share from $680 but kept its buy rating. Sentiment is overly negative. Stifel went to $600 from $625 but also maintained a buy. The Stifel analysts were concerned about competition from Canva and Figma.
9. J.M. Smucker got lots of analysts’ price target boosts above where the stock is trading. Citi went to $139 from $137. JPMorgan hiked to $122 from $120. The analysts were encouraged after solid earnings. Thursday’s 4.5% increase showed the power of beating even low estimates when the Street was expecting a miss.
10. Goldman Sachs cut its Dollar Tree price target to $145 per share from $152. Quarterly topline and forecast were weaker and disappointing. Dollar stores being revealed as too expensive versus Walmart, which rolled back prices on 7,000 items year over year. Dollar Tree is also exploring selling its Family Dollar chain.

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