My top 10 things to watch Thursday, March 20 1. Wall Street was heading for a lower open today following yesterday’s Fed-driven rally. Federal Reserve Chairman Jerome Powell said he doesn’t expect tariffs to have a lasting impact on inflation. 2. Powell and his central bank colleagues held interest rates steady Wednesday but said they would cut if the economy needed it. They kept their projections for two rate cuts this year. 3. President Donald Trump posted last night that the Fed should cut rates as tariffs “start to transition” into the economy. Investors are worried about tariffs and slowing economic growth, which has put been pressure on stocks. 4. The market’s inability to stick with any one direction for a week now, with stocks trading wildly after the close, makes for a more treacherous tape than it need be. 5. Stifel lowered its Walmart and Target price targets and kept hold ratings on both. The analysts see a weak March for retailers. Stifel also cut its PT on Club name Costco but kept it a buy, saying it favors the retailer. 6. BMO Capital said Affirm , a heavily shorted fintech that all the analysts love, could earn an adjusted $4 per share by fiscal 2027. It’s a terrific but highly volatile stock. 7. Piper Sandler put out research on the automakers: raising its price target on General Motors , saying buybacks can cushion declines, and cutting its PT on Ford , which can’t get out of it own way. 8. Piper downgraded Rivian to neutral from an overweight buy. The company has lots to do. The analysts cut their PT on embattled Tesla . They don’t solely blame politics. Meanwhile, Tesla recalled most Cybertrucks to fix an exterior panel that could detach while driving. 9. Piper upgraded Carvana to buy-equivalent from neutral. The analysts cited stable demand and lack of international exposure. This online auto sales company has seen its stock go down on nothing. It was a short squeeze. 10. Darden Restaurants , owner of Olive Garden and LongHorn Steakhouse, delivered weak quarterly sales and only a slight earnings beat. Same-store sales gains were way short of estimates. 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.
A screen broadcasting a news conference by U.S. Federal Reserve Chair Jerome Powell after a rate announcement, on the floor of the New York Stock Exchange on March 19, 2025.
Brendan McDermid | Reuters
My top 10 things to watch Thursday, March 20
1. Wall Street was heading for a lower open today following yesterday’s Fed-driven rally. Federal Reserve Chairman Jerome Powell said he doesn’t expect tariffs to have a lasting impact on inflation.
2. Powell and his central bank colleagues held interest rates steady Wednesday but said they would cut if the economy needed it. They kept their projections for two rate cuts this year.
3. President Donald Trump posted last night that the Fed should cut rates as tariffs “start to transition” into the economy. Investors are worried about tariffs and slowing economic growth, which has put been pressure on stocks.
