On Friday, the stock market showed mixed results as investors considered the implications of a possible peace agreement between the U.S. and Iran, while also gearing up for the highly anticipated SpaceX IPO.
President Trump’s warning to Iran caused a brief dip in the markets, but oil prices stabilized around $87 a barrel, reflecting traders' optimism about a diplomatic resolution that could alleviate supply concerns. Jim Cramer emphasized that global oil supplies are stronger than many investors perceive, which may lessen the market's reaction to geopolitical tensions.
The SpaceX IPO, priced at $135 per share, is projected to open at around $165, indicating strong demand. Cramer advised caution for investors not already involved in the deal, suggesting they wait for the stock to establish a trading history before making purchases.
Additionally, shares of Intel surged 5% following a double upgrade from Bank of America, contributing to a total gain of approximately 14% over two days. Cramer praised Intel's prospects, asserting it is currently his favorite stock in the semiconductor sector, with a target price suggesting a 63% upside.
He credited CEO Lip-Bu Tan for restoring confidence in the company’s future, particularly regarding its foundry and CPU business. Other stocks mentioned included Williams Sonoma, AMD, Arm, and Lennar, with Cramer’s Charitable Trust holding positions in Intel, Linde, and Nvidia