My top 10 things to watch Wednesday, Dec. 10 1. Stocks were little changed early this morning as Wall Street awaits the Federal Reserve’s interest rate decision at 2 p.m. ET. The Fed is expected to deliver a 25-basis-point rate cut, which would be the third such move this year. Investors will keep a close eye on how many central bankers dissent , and what they see for the U.S. economy. Fed Chairman Jerome Powell holds his post-meeting news conference at 2:30 p.m. ET. 2. SpaceX is looking to pursue an initial public offering that would raise more than $30 billion and value the Elon Musk-led company at roughly $1.5 trillion, according to Bloomberg . The transaction, expected to take place sometime in 2026, would be the biggest IPO in history. It could impact the market negatively. 3. GE Vernova shares jumped 10% this morning after the energy equipment maker delivered upbeat fiscal 2026 guidance and raised its long-term outlook at last night’s investor meeting. The Club stock is trading around $688, above its all-time high. Much better EBITDA and returning capital . There’s excitement about nuclear, but it’s realistic. There are a lot of price target increases, including JPMorgan, which went to $1,000 from $740, implying 60% upside to yesterday’s close. 4. JPMorgan shares were down after the bank warned of higher-than-expected spending during an industry conference yesterday. JPMorgan’s CEO of consumer and community banking, Marianne Lake, said that expenses next year will total $105 billion, slightly higher than the FactSet consensus estimate of roughly $101.4 billion. Revenue, as a result, could be slightly lower than estimates. Lake cited product marketing, building branches and investing in AI as what’s causing the cost increase. 5. Speaking at that same conference, Wells Fargo CEO Charlie Scharf said that the bank will likely cut more of its workforce, which will result in higher severance expenses in the current fourth quarter. Wells Fargo has roughly 210,000 employees, down drastically from the 275,000 the firm employed when Scharf joined in 2019 as the CEO continues to focus on efficiency. Wells is now playing offense since getting its $1.95 trillion asset cap removed earlier this year, as well. After all, Scharf said yesterday that Wells wants to become a top investment banking player on Wall Street. 6. Discover Financial was a homerun acquisition for Club holding Capital One . That’s according to remarks on the completed deal from Capital One CEO Richard Fairbank at the same industry conference yesterday. Fairbank also said that Capital One is buying back $1 billion in stock each year. The growth at this credit card issuer is huge. 7. Piper Sandler raised its Citigroup price target to $120 from $110 and kept its buy rating, saying the bank is approaching old problems in new ways. No more silos, breaking down business, exiting loser markets, and putting more in winning markets. 8. Marvell CEO Matt Murphy sets the record straight , telling me on “Mad Money” last night that the custom chipmaker is not losing Amazon Web Services or Microsoft as customers. Murphy said that speculation to the contrary is just the media and analysts making something out of nothing. Marvell shares bounced about 2% this morning after sharp back-to-back losses on those reports. The Club owns Amazon and Microsoft. 9. A handful of analysts cut their price targets on Club name Home Depot after management delivered disappointing guidance for fiscal 2026 at yesterday’s investor event. Goldman Sachs bucked the trend and raised its PT. All the analysts kept their buy ratings, thinking Home Depot is doing lots of things in its control right and taking share. The company did issue what it called a long-term “market recovery case,” showing how it is prepped for a housing comeback. Fed rate cuts will help. 10. CVS Health delivered upbeat guidance at its investor day yesterday. It was a much better than expected outlook. CEO David Joyner is doing it right: Minimizing front of store and leaning into the health side. Tons of analysts raised their price targets. And again, they all kept buy ratings on the stock. 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.
