CNBC's Jim Cramer on Thursday said he thinks the upcoming earnings season might be tough due in part to continued inflation.
He also said the market is facing an "unforgiving backdrop" that may cause many on Wall Street to interpret earnings negatively.on Thursday said he thinks the upcoming earnings season might be tough thanks to continued inflation, as well as new weight loss drugs seeding fear for investors in the food and beverage sector.
"This time, it already feels like it's going to be a rough one because the market seems to be nauseated by the companies that've already reported, with the sole exception of tech, which is once again getting a pass," he said. "I think it's because we're rooting for lower inflation and less wage growth, but so far we just aren't getting that scenario."
Cramer said the market is facing an "unforgiving backdrop" that may cause many on Wall Street to interpret earnings negatively. He pointed to Thursday's consumer price index report, which sawthis season. The Frito-Lay parent's Tuesday report beat Wall Street's expectations and it raised its full-year outlook. However, its stock has dropped in the past few days, finishing Thursday down 2.79%..
Price-to-earnings is a valuation metric that compares a company's share price to its earnings per share."If the bond market behaves, like it had the last couple days, if there's no new issuance of long-term paper by the Treasury, if we get some less hot economic numbers, then we will stabilize," he said.
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