Cramer’s week ahead: Two key economic reports and earnings from Levi's, Delta

Monday - Friday, 6:00 - 7:00 PM ETIn this articleCNBC's Jim Cramer outlined Thursday what investors should watch in the week ahead, including Middle East developments, major earnings releases and key economic prints. The "Mad Money" host's weekly game plan follows a volatile session on Wall Street. Stocks ripped higher Thursday on media reports that Iran is working with Oman to draft a protocol to "monitor" Hormuz Strait traffic – a big reversal from earlier losses seen after President Trump's escalatory rhetoric late Wednesday. "In a world where investors want the war to end quickly, it was surprising to see any sort of rally before the weekend," Cramer said. "The fog of war seems foggier than ever, except this session it ended a little clearer and more positive than we thought, after the president's bellicose speech last night."Cramer's remarks follow a hefty week of gains for the stock market. The S&P 500 and Nasdaq Composite both snapped their five-week losing streaks. The broad-market index jumped 3.4% during the holiday-shortened trading week, while the tech-heavy Nasdaq added 4.4%. In the week ahead, Cramer wants to see if the market can continue to climb higher. It might be difficult, however, if the war escalates in the coming days. In fact, Cramer said that on Monday investors will be "digesting this weekend's war damage in Iran and everywhere else." But he argued that it's nearly impossible to predict what's next with all the conflicting messages coming from Trump and Iranian authorities. "We keep expecting that there will be a moment when the Iranians have no more missiles and no more drones," Cramer said. "Frankly, Iran seems as strong as it was when the war started. Even if you cut off the head of the snake, it seems to mean nothing."Other than a resolution with Iran, Cramer's keeping a close watch on earnings reports.On Tuesday, Levi Strauss will report quarterly results after the close. Although the clothing company keeps delivering great earnings, shares continue to underperform. "Some companies ... struggle for respect," Cramer said, adding that Wall Street's treated Levi as if "they're doing nothing right, which couldn't be further from the truth." The stock is down over 8% year to date, lagging the S&P 500's nearly 4% decline.Still, Cramer predicted that CEO Michelle Gass again will put up "more than respectable earnings." He added, "I just wonder if it'll matter. Three percent yield, good growth. I don't understand why someone doesn't just create an apparel colossus around it."Delta Air Lines reports before Wednesday's opening bell. Cramer said that the company has "truly distinguished itself as one of the most reliable earners" among the airlines. He was heartened by CEO Ed Bastian's recent remarks about persistent demand for the business in an interview with CNBC. That being said, Cramer predicts that if the U.S.-Iran war goes on until the end of April, it could hurt the company's numbers.Thursday and Friday bring a "one-two punch" of economic data, Cramer said. Wall Street will get the core personal consumption expenditures (PCE) deflator, the changes in prices paid by U.S. households for goods and services, excluding energy and food costs, on Thursday morning. Cramer said that investors should keep track of PCE as its Federal Reserve chief Jerome Powell's preferred inflation gauge. This could change, however, if Trump-nominated candidate Kevin Warsh steps in when Powell's term expires in May. The consumer price index, the prices consumers pay for a broad range of goods and services, will be out on Friday as well.Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest smarter.Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.DisclaimerQuestions for Cramer? Call Cramer: 1-800-743-CNBCWant to take a deep dive into Cramer's world? Hit him up!

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