Jim Cramer's top 10 things to watch in the stock market Wednesday

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Jim Cramer's top 10 things to watch in the stock market Wednesday Published Wed, Jun 17 20268:48 AM EDTJim Cramer@jimcramer My top 10 things to watch Wednesday, June 17 1. S & P and Dow futures are basically flat. Tech-heavy Nasdaq is the outperformer this morning ahead of the first Federal Reserve meeting with Chairman Kevin Warsh at the helm. The Fed is widely expected to leave rates unchanged, but what will Warsh say at the press conference? I think he's right to push for less "Fedspeak." SpaceX is up again in the premarket, but only modestly. Yesterday it closed well off its highs. 2. We're holding our June Monthly Meeting for the Investing Club at noon ET. Not too late to sign up . My partner Jeff Marks and I will discuss each name in our portfolio, and I plan to reveal which is my favorite stock to buy right now. 3. JPMorgan came out in defense of Club name Broadcom , saying it would be an "aggressive buyer" of the chipmaker with shares still down big from their pre-earnings high . Also pushed back on chatter that there's been a delay or cancellation to Google's ninth-generation tensor processing unit (TPU), which is co-designed with Broadcom. A small insider buyer from Broadcom's chairman caught my eye yesterday . 4. Citi lifted its price targets on semiconductor equipment stocks Applied Materials , Lam Research , and KLA Corp . Analysts believe spending on wafer fab equipment could reach $250 billion in 2028, implying 25% growth that year, due to continued capacity constraints at TSMC and the memory chipmakers. These are the best three in the semicap group. They benefit from shortages. 5. Intel has started production of its most advanced manufacturing process to date, known as 18A-P. The company says this node delivers 9% higher performance or uses 18% less power than its predecessor. Could be good for locking down Apple as a foundry customer. Intel's manufacturing opportunity is a big reason we took a stake for the Club two weeks ago. 6. Wells Fargo upped its price target on Cummins to $874 from $794. Like Caterpillar , Cummins has huge upside from the data center buildout and all its power requirements. But is it as good as Club name Eaton ? Hard to say because Eaton has wisely moved inside the server rack with its liquid cooling acquisition . Divesting its automotive business is another smart move . 7. FedEx saw its price target was lowered at Wells Fargo, but only because analysts are adjusting for the FedEx Freight separation. With the spin-off and FDX adopting a new fiscal calendar, Wells cautioned that next week's earnings report could be noisy. They expect the actual results to be strong, potentially compensating for a complex outlook. Kept buy rating. We own FDX and FedEx Freight for the Club. 8. Citi started Figma with a buy, arguing that more AI traction will drive "significant upside" to consensus estimates. Competition from Figma and others may be really hurting rival Adobe . I can't recommend Adobe here despite being down over 40% year to date. We still don't know who will be running the company. Wait to bet on a comeback until you can at least put a face on Adobe's future. 9. TD Cowen likes SailPoint even more after its investor day. Analysts said that yesterday's event showed how the cyber company will benefit from managing digital services used by AI or other machines rather than people. They said an "unprecedented expansion" of cybersecurity threats is another tailwind. I'm less sanguine on SailPoint. A bad Thoma Bravo deal that has hurt so many. 10. Citi opened an upside 30-day catalyst watch on RTX . Analysts not only expect the stock to rebound into earnings next month, but said that the aerospace and defense conglomerate is more likely to deliver a beat-and-raise quarter than its peers. Citi kept it at a buy. For the Club, Honeywell and Boeing are our aerospace bets. 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.More In Jim's Top 10Jim Cramer's top 10 things to watch in the stock market Tuesday Jim CramerThe Club's