Cramer says reports from Wells Fargo and JPMorgan are 'good omens' for earnings season

CNBC's Jim Cramer on Monday celebrated quarterly reports from two of the biggest names in the financial sector, JPMorgan and Wells Fargo.

He suggested their success bodes well for the rest of earnings season and added that the start of the Fed's rate cutting cycle is helping stocks roar."While these quarters were certainly good news for JP Morgan and Wells Fargo, I think they're also good omens for earnings season and the market overall," he said. "This was an incredible reminder that a whole lot of stocks can work when the Fed is our friend again.

"Rather than getting bogged down in the details, it's better to focus on the positive overall picture, which is exactly what happened on Friday. Why stress about how quickly the Fed will cut rates?" he said. "What matters is they're giving vast swathes of the economy a big boost, and I doubt they'll stop anytime soon."

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We're hiking our Wells Fargo price target after the stock surged on earningsInvestors instead on the bank running leaner and generating better-than-expected profitability.
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