Bank earnings, PPI and CPI

CNBC’s Jim Cramer on Friday previewed next week’s top market-moving events, highlighting earnings reports from several major banks and new data from the Labor Department.

He also reviewed the session’s sell off, telling investors that much of the market’s performance relies on that of the bond market, which has shot up as investors worry the Federal Reserve won’t cut rates.

“For now, that’s the key determinant of the entire stock market, even as there are pockets of positivity that can escape the bond market’s tyranny,” he said.

On Monday, Cramer will be watching for earnings from KB Home, a homebuilder which does substantial business in California. While the massive loss of homes due to the devastating wildfires in the state might seem to boost business for KB Home, Cramer believes much of the damage has hit very expensive residences, which isn’t the company’s niche. He added that the threat of deportations from President-elect Donald Trump might mean homebuilders have to pay higher wages and have fewer customers. So even though KB Home has posted consistently solid earnings, the stock might get hit, Cramer said.

The producer price index comes out on Tuesday, followed by the consumer price index on Wednesday. Cramer said this data needs to come in cooler if investors want interest rates to change course. He also said he’s feeling good about Wednesday earnings from major banks — JPMorgan, Goldman Sachs, Wells Fargo and Citigroup — especially because the environment for mergers and acquisitions has improved.

Thursday brings another slew of bank earnings: Bank of America, US Bancorp, Morgan Stanley and PNC Financial. Cramer said he thinks these names will do well, but Wall Street will especially favor PNC. And even though UnitedHealth Group is dealing with the highly-publicized murder of its CEO, Cramer said he thinks the company will post solid earnings. Trucker J.B. Hunt will also report after the close, and Cramer said he thinks the company’s results are a barometer of business in general.

SLB will report on Friday, and Cramer said the past few weeks of rising oil prices aren’t enough to give the company a real boost. However, he predicted SLB may be able to provide a positive forecast because of increased optimism about drilling.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Goldman Sachs and Wells Fargo.