Our top 10 things to watch in the stock market Friday

The Club's 10 things to watch Friday, Oct. 23 — Today's newsletter was written by Jeff Marks, the Club's director of portfolio analysis. 1. Stocks are indicated for a lower open this morning. Semiconductor and AI infrastructure stocks are trying to stabilize after plummeting yesterday on broader concerns about how the AI buildout will be funded. Not a demand issue, it's a scarcity of capital problem. 2. WTI crude is back to $100 a barrel this morning as worries grow about a possible escalation in the Middle East conflict. Treasury yields are higher a day after the 10-year Treasury had its largest single-day yield decline since March 2023 when Silicon Valley Bank failed. 3. American Express slightly missed on the top line, but earnings per share (EPS) were better than expected. The company raised the low end of its adjusted EPS outlook by 30 cents, bringing the new range to $17.60 to $17.90. But that may not be enough to satisfy investors after a big beat. Shares are off 2%. We're most exposed to credit cards with Capital One , whose quarter and earnings call commentary this week was largely positive. 4. Oilfield services giant SLB reported a top- and bottom-line beat. Revenue up 6% year over year, while earnings per share fell 7%. The company cited a gradual recovery in the Middle East, growth in North America land, and broadening international activity in deep-water offshore. Data center solutions revenue grew 23% sequentially. SLB started this business, which includes prefabricated modular infrastructure, a few years ago, and it's been gaining traction . 5. Western Digital is down 2% despite the hard-drive maker reporting adjusted earnings per share of $4.64 versus $4.10 expected, and guiding quarterly revenue and earnings solidly above the Street. Management said it has "good visibility" with its top seven customers out to 2030 and 2031. JPMorgan raised its price target to $650 from $600, while a few shops cut, including Susquehanna ($405 from $460) and Mizuho ($490 from $590). 6. SK Hynix nixed plans for a U.S. listing of its Solidigm flash memory and storage business. This could be a good thing because the market may have struggled to absorb this new supply. The South Korean memory giant faced pushback from shareholders, and we've seen other planned AI-related listings get put on hold, such as Firmus . 7. Bloom Energy is down 4% despite a revenue beat and much better-than-expected earnings per share. Bloom, which makes fuel cells that can convert everything from fossil fuels to hydrogen into electricity, also raised its full-year revenue outlook. Shares are down 37% from their June peak, but still up roughly 150% year to date. 8. Deckers Outdoor is down 8% after the company lowered its full-year sales outlook. Both its Hoka running and casual UGG shoe brands missed quarterly sales estimates. It's been a rough 2026 for athletic and apparel companies. Nike , On Holding , and Lululemon have been much worse year to date. 9. Wireless telecom stocks AT & T , Verizon , and T-Mobile are under pressure again after Bloomberg News reported that SpaceX is in talks to lease a minimum of 80,000 cell towers to support the Elon Musk company's efforts in building a nationwide wireless carrier. SpaceX also acquired low-band spectrum earlier this month and made its ambitions clear on Tuesday night's earnings call. 10. Apple's iPhone Duo hits retail stores today with shares at record highs. Demand for these high-priced foldable phones has exceeded limited supply. We'll know more about the launch when the company reports earnings in early November. Back-to-back positive sessions put the Club stock up 28% year to date. 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.