Cramer’s week ahead: Federal Reserve meeting, Apple and Eli Lilly earnings

CNBC's Jim Cramer on Friday told investors what he'll be focusing on in the coming week, namely remarks from the Federal Reserve's Wednesday meeting.
Cramer will also be watching as several notable companies release earnings reports next week, including Apple, Caterpillar and drug maker Eli Lilly.

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CNBC's Jim Cramer on Friday told investors what he'll be focusing on in the coming week, namely Wednesday's Federal Reserve meeting and earnings reports from companies such as Eli Lilly and Apple. Cramer noted that recent days have been "brutal" for the stock market and bemoaned the bond market's effect on stocks.

On Monday, Cramer will be waiting to see the results of McDonald's earnings report. Tuesday, he'll be watching quarterly reports from industrial equipment manufacturer Caterpillar, drug giant Amgen, power management company Eaton and semiconductor company Advanced Micro Devices. He said he expects Caterpillar to report a decent quarter, adding that the industrial sector is holding up better than other stocks because of federal infrastructure funding.

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Wednesday, Cramer is eagerly awaiting information from the Fed's meeting. He said he'll also be looking at CVS' report, noting that the company has been facing an "existential crisis" because Amazon has same-day delivery for drugstore staples. He'll also be keeping an eye on the report from Yum Brands, parent of KFC, Taco Bell and Pizza Hut.

Cramer called Thursday the most important business day of the week, with earnings from drug maker Eli Lilly and tech giant Apple. Although he admitted that those stocks haven't seen recent runs, he said he believes Eli Lilly's Mounjaro could have major success. Cramer reaffirmed his belief in owning Apple, not trading it, but conceded the tech company often has bad publicity around its quarterly report. EOG Resources, which Cramer said is among the best oil and gas companies alongside Coterra, reports earnings after the bell Thursday followed by a Friday conference call.

"I don't mean to be too cynical, but unless we get some relief from this bond market, which is totally and completely in control unless it goes where it has to go — as we used to like to say on the trading desk — everything I just described is just a trade," Cramer said. "And, unfortunately, unlike many on Wall Street who have been wrong, I think Treasury yields still have a long way to go before they get to where they have to go."