Cramer’s week ahead: 3 events will determine if the market's bad momentum will continue in October

CNBC's Jim Cramer connected Friday said that 3 cardinal events adjacent week volition find if the nightmarish period for the banal marketplace volition proceed into October.

Here are the events:

• The merchandise of the non-farm labour study Friday. Cramer said helium expects it to amusement inflated hiring and wages.
• Two speaking engagements by Cleveland Fed President Loretta Mester, whom Cramer believes is the superior ostentation hawk connected the Federal Open Market Committee. "She wants to support america … from precocious inflation, adjacent if that means raising involvement rates into a recession," helium said.

The S&P 500 closed retired its worst period since March 2020 connected Friday. The Dow Jones Industrial Average and the Nasdaq Composite fell 8.8% and 10.5%, respectively, for the month.

While it's apt that Mester and the study volition some bring atrocious news, investors tin support themselves from the marketplace wreckage if they instrumentality to a coagulated crippled plan, according to Cramer. 

"Own high-quality companies with bully equilibrium sheets and precocious dividends that volition payment from a diminution successful inflation, due to the fact that that's what's going to happen," he said.

He besides previewed adjacent week's slate of earnings. All net and gross estimates are courtesy of FactSet.

Wednesday: Helen of Troy, Lamb Wesson

Helen of Troy

• Q2 2023 net merchandise earlier the bell; league telephone astatine 9 a.m. ET
• Projected EPS: $2.21
• Projected revenue: $521 million

Lamb Weston Holdings

• Q1 2023 net merchandise astatine 8:30 a.m. ET; league telephone astatine 10 a.m. ET
• Projected EPS: 79 cents
• Projected revenue: $1.21 billion

"We saw this from Nike past nighttime – each that happens is the downside gets accentuated arsenic the upside conscionable treads h2o oregon goes marginally higher. That's what I expect volition hap with some erstwhile they report," Cramer said.

Thursday: Constellation Brands, Conagra Brands, McCormick, Norwegian Cruise Line Holdings

Constellation Brands

• Q2 2023 net merchandise astatine 7:30 a.m. ET; league telephone astatine 10:30 a.m. ET
• Projected EPS: $2.81
• Projected revenue: $2.51 billion

He said helium expects the company's apical enactment to beryllium "extraordinarily good."

Conagra Brands

• Q1 2023 net merchandise astatine 7:30 a.m. ET; league telephone astatine 9:30 a.m. ET
• Projected EPS: 52 cents
• Projected revenue: $2.85 billion

The institution needs to turn its business, according to Cramer.

McCormick

• Q3 2022 net merchandise astatine 6:30 a.m. ET; league telephone astatine 8 a.m. ET
• Projected EPS: 71 cents
• Projected revenue: $1.6 billion

Cramer said that the company's net telephone volition simply reenforce its preannounced weaker-than-expected third-quarter net and full-year outlook chopped earlier this month.

Norwegian Cruise Line

• Investor gathering astatine 10 a.m. ET

Cramer said that helium expects Norwegian to beryllium performing amended than rival Carnival, which struggled with higher costs successful its latest quarter, but it's unclear whether that volition beryllium capable to assistance Norwegian's stock.

Friday: Tilray Brands

• Q1 2023 net merchandise astatine 7 a.m. ET; league telephone astatine 8:30 a.m. ET
• Projected loss: nonaccomplishment of 5 cents per share
• Projected revenue: $169 million

He predicted that the institution volition marque a "bold" connection astir the legalization of cannabis, and said he's pondering whether this could beryllium a large speculative banal to ain during the Biden administration.

Disclosure: Cramer's Charitable Trust owns shares of Constellation Brands.