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

1. Wall Street is looking up Thursday morning after the Federal Reserve’s favorite inflation gauge comes in as expected. Bond yields are lower, which tends to lend support to stocks. Thursday is the last session in February, with the Nasdaq up 5.2%, the S&P 500 up  4.6%, and the Dow up 2.1% for the month. Barring a calamity, this would mark the Dow’s first four-month winning streak since May 2021.
2. Bitcoin is trading above $63,000 on Thursday, nearing its November 2021 all-time high of $68,982. The world’s biggest cryptocurrency was flat in January but has jumped nearly 50% this month. Demand for bitcoin ETFs is behind the pop.
3. The personal consumption expenditures price index, excluding food and energy costs, increased 0.4% for the month and 2.8% from a year ago. Most importantly: core PCE saw 12 consecutive months lower than the previous month. PCE is reassuring because the consumer price index for January, which was out earlier this month, was hotter than expected and knocked the stock market. At the time, we said we wanted to see more data and a single month of strength does not make a trend. Current market odds of a Fed interest rate cut are just over 50% for June.
4. Salesforce was a great quarter and the sales projections are incredibly conservative. Boosted its stock buyback program, and management even tossed in its first-ever dividend. Initially, the stock was down more than 5% after-hours and fought into the green by the end of the post-earnings conference call. Shares are on both sides of unchanged early Thursday.
5. Snowflake is extremely disappointing. Revenue growth. New product will make things tougher for them. Iceberg like hitting an iceberg. Cheaper option. Big stepdown in margins, 30s-down to 20s growth. Revenue guidance was the shortfall. CEO Frank Slootman announces he’s retiring. Shares of Snowflake are down more than 20%.
6. Identity protection platform Okta‘s forecast was incredible and sales amazing. Total recovery. The stock surges over 20%.
7. Duolingo beats on quarterly earnings and revenue. 100 billion lessons. Daily active users surge 65% year over year to 26.9 million. The stock is up more than 20%.
8. HP was truly disappointing. Slow down in enterprise. Cautious print. Hardware down 19%. Share loss to competitors. Commercial cautious.
9. Justice Department is investigating Boeing door plug issue. Do they want the CEO to step down?
10. TJX gets multiple analyst price target increases, including our own Club PT to $110 from $100. We’re reiterating our 2 rating. The off-price retailer behind T.J. Maxx, Marshalls, and HomeGoods on Wednesday posted earnings and revenue beat, alongside conservative guidance.

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