My top 10 things to watch Friday, May 30 1. President Donald Trump said this morning China violated its preliminary trade deal with the U.S. Trump’s social media post Friday came after Treasury Secretary Scott Bessent said U.S.-China trade talks “are a bit stalled. Wall Street turned lower immediately after Trump’s accusation. 2. Moments later, the Fed’s favorite inflation gauge was released. On a year-over-year basis, the PCE index was cooler than expected . It left investors weighing trade uncertainty against a tamer inflation picture. The S & P 500 was heading for strong weekly and monthly gains. 3. A federal appeals court ruling yesterday afternoon allowed President Donald Trump to temporarily reinstate his “reciprocal” tariffs, a day after the U.S. Court of International Trade struck them down. The White House has said it would try to take the matter to the Supreme Court as soon as today. 4. Costco delivered a perfect quarter last night. Bernstein raised its price target to $1,153 per share from $1,148. We reiterated our PT of $1,100. We were impressed by how Costco improved its margins as many retailers scrambled to figure out tariffs. 5. What really happened at Salesforce ? The Club stock fell modestly this morning after falling more than 3% lower yesterday. The quarter, out Wednesday night, was good. But it’s a battleground between those who like Agentforce enough to overlook weakness in “old” CRM and those who think old CRM is weighing down the company. 6. Dell delivered a great quarter, revealing much less of a tariff hit. Artificial intelligence orders were strong, but they could slow down. The company brought back $2.4 billion worth stock at $90 per share. Amazing. Personal computers are still slow. But AI servers rose six times quarter over quarter to $12.1 billion. 7. Deutsche Bank said Marvell reported a solid-not-shiny quarter and took down its price target on the stock. Same situation at Wolfe Research. They had “leftover” price targets. KeyBanc also cut its PT, but said worries over Amazon Web Services were dispelled. 8. Ulta Beauty shares jumped 9% this morning after good numbers. Citi raised its price target to $450 per share from $425, which is below where the stock was trading in the premarket. The analysts think Ulta is fairly valued. I think it is better than that. Baird went to $525 from $440. 9. I also like e.l.f. Beauty , whose stock soared more than 23% yesterday after it bought Hailey Bieber’s Rhode skincare company for a good price of $1 billion. On “Mad Money” last night , e.l.f. CEO Tarang Amin attributed the stock surge to the deal and company fundamentals. Shares were slightly lower this morning. 10. Gap provided good guidance but did not reflect tariffs. So, that’s scaring people, and the stock plunged more than 14% this morning. Lots of price target trims on Wall Street. Same-store sales beat at Gap global and Old Navy. Banana Republic and Athleta were not very good. Gross margin was a slight beat. 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 Friday
May 30, 2025
