- 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.
CNBC's Jim Cramer on Monday reviewed quarterly reports from two of the biggest names in the financial sector, JPMorgan and Wells Fargo. He said he was excited by both banks' performance and suggested their success means earnings season will bring more positive news.
"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."
JPMorgan's shares jumped last week after the company beat analysts' estimates and generated more interest income than expected. To Cramer, some of the company's success was driven by its investment banking and credit card businesses.
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Like JPMorgan, Wells Fargo beat Wall Street's expectations last week. Although he was pleased with the former's results, Cramer said he found the latter's quarter to be more impressive. He was encouraged that management reiterated that net interest would bottom this year and rebound in 2025. Cramer was also heartened by Wells Fargo's positive commentary about the broader economy.
Cramer advised investors to minimize their speculation about the Federal Reserve's next move. The central bank is unlikely to change course once the cutting cycle has begun, he added.
"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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