My top 10 things to watch Monday, March 31 1. Goldman Sachs’ David Kostin cut his year-end target for the S & P 500 to 5,700 from 6,200, which implies roughly 2% upside from Friday’s close. The firm’s chief U.S. equity strategist said higher tariffs and greater uncertainty translate into slower earnings growth and lower stock market returns. 2. Wall Street is under heavy selling pressure this morning as investors await more details on President Donald Trump’s reciprocal tariff plans. This is the first presidentially mandated bear market I can ever recall. There is no where to run and nowhere to hide until we get more oversold, according to the S & P Oscillator, my trusted momentum indicator. We can’t bounce at current levels. 3. Tech stocks in particular are horrendous this morning, with the epicenter once again being Club name Nvidia . This time we’re seeing reports of AI spending slowdowns. There’s also been DeepSeek, AI bubble warnings and confusion on Microsoft’s data center plans. It is 100% bad for Nvidia right now. If you can’t take the pain, you have to let some go. 4. It’s hard to imagine anything happening Wednesday, the day we’re supposed to hear more on reciprocal tariffs, that makes tech stocks look any better, as I wrote in my Sunday column for Investing Club subscribers . The jobs report Friday is the other big market event this week. 5. Wells Fargo slashed its price target on Reddit to $158 a share from $215, but analysts kept their overweight buy rating on the stock. Users seem to be stabilizing, though ad market dynamics are a headwind. This one has been a mess since February, with shares losing more than half of their value. 6. Rocket Companies is buying mortgage originator and servicer Mr. Cooper in a $9.4 billion all-stock deal. Amazingly enough, Rocket is the one company taking advantage of the new Federal Trade Commission. It also announced a deal to buy real estate brokerage Redfin earlier this year. 7. Huge contrarian call here: Morgan Stanley upgraded KLA Corp. to an overweight buy rating from equal weight. Its new price target of $870 is up from $748. Analysts see a coming inflection for the chip equipment supplier’s business. I don’t see that. 8. HSBC upgraded PNC Financial to a buy from hold as the stock sits down more than 19% from its November highs. Interesting idea. This is a truly much-loved, never-downgraded bank, and this might be an opportunity to buy some. 9. Wells Fargo cut its price target on Google parent Alphabet to $167 a share from $184 and maintained its hold rating. While analysts said there is a temptation to get more positive on the stock following its recent pullback, they’re staying cautious. This has been my least favorite “Magnificent Seven” stock for ages. 10. Bank of America initiated coverage of Cava with a buy rating and price target of $112 a share. Analysts believe the fast-casual Mediterranean chain has a long runway for growth. At its current valuation, though, the stock is not really a place to hide. 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.
People walk outside of the New York Stock Exchange (NYSE) on September 05, 2023 in New York City.
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My top 10 things to watch Monday, March 31
1. Goldman Sachs’ David Kostin cut his year-end target for the S&P 500 to 5,700 from 6,200, which implies roughly 2% upside from Friday’s close. The firm’s chief U.S. equity strategist said higher tariffs and greater uncertainty translate into slower earnings growth and lower stock market returns.
2. Wall Street is under heavy selling pressure this morning as investors await more details on President Donald Trump’s reciprocal tariff plans. This is the first presidentially mandated bear market I can ever recall. There is no where to run and nowhere to hide until we get more oversold, according to the S&P Oscillator, my trusted momentum indicator. We can’t bounce at current levels.
3. Tech stocks in particular are horrendous this morning, with the epicenter once again being Club name Nvidia. This time we’re seeing reports of AI spending slowdowns. There’s also been DeepSeek, AI bubble warnings and confusion on Microsoft’s data center plans. It is 100% bad for Nvidia right now. If you can’t take the pain, you have to let some go.
