The banking sector will set the tone for earnings season when the group begins delivering quarterly results on Friday, CNBC's Jim Cramer said Thursday.
"The fear is palpable that earnings could be down year-over-year, but no one wants to leave the table because stocks are still the only game in town," he said."Even though we've had a real slowdown since the Fed's last rate hike, the alternative to stocks — the bond market — once again offers only paltry returns."J. P. Morgan Chase: Chase reports before the market open on Friday. The stock is up $15 from its December lows.
Goldman Sachs: Goldman Sachs plans to give its earning report Monday morning. Cramer expects the investment bank will reveal an"amazing number" that won't budge the stock, which closed less than $203 on Thursday. The Malaysian fraud scandal and corresponding fines need to be resolved before the share price can climb back towards $262, Cramer said, but it's hard to believe that it will plummet on bad news. It could be worth owning.
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