Every morning I grab my coffee, open the pre-market numbers, and wait for that one email that actually matters: Jim Cramer’s “Top 10 Things to Watch.” Some days it’s noise. Today—December 10, 2025—it feels like the list that could set the tone for the rest of the year.
Because when the Fed is about to cut rates for the third time, SpaceX is whispering about a $1.5 trillion IPO, and GE Vernova just lit the afterburners on guidance, you pay attention.
What Cramer Sees Coming Today (And Why It Actually Matters)
Let’s walk through his ten points, but with the context and color that turns a bullet list into something you can actually trade or invest on. I’ve been doing this long enough to know the difference between hype and signal. Here’s the signal.
1. The Fed Decision Everyone Is Pretending Isn’t a Big Deal
Another 25 basis-point cut is basically baked in. The street isn’t worried about the cut itself; they’re worried about the dot plot and whether anyone dissents. Three cuts in 2025? Four? Or the dreaded pause signal?
Powell’s press conference at 2:30 ET will be parsed word-for-word. If he sounds even mildly cautious on inflation, growth stocks could give back yesterday’s gains in a heartbeat. If he leans dovish, the party on.
“The Fed is expected to deliver a 25-basis-point rate cut… Investors will keep a close eye on how many central bankers dissent.”
– Cramer this morning
2. SpaceX Eyeing the Largest IPO Ever (Yes, Really)
Rumor has it Elon Musk is warming up Starlink (or the whole SpaceX empire) for a 2026 IPO that could raise north of $30 billion and value the company at roughly $1.5 trillion. That would smash every record in the history books.
Short term? Probably weighs on Tesla sentiment—more shares in the Musk universe means more future dilution somewhere. Long term? If they actually pull this off, it re-writes what “growth” even means.
I’m old enough to remember when a $100 billion IPO sounded insane. We’re not in Kansas anymore.
3. GE Vernova Just Went Nuclear (Literally and Figuratively)
Last night’s investor day was fireworks. Shares gapped 10% higher pre-market and are now knocking on $700—above the previous all-time high.
- 2026 guidance crushed expectations
- Long-term targets lifted again
- Nuclear renaissance narrative is real and accelerating
- JPMorgan slapped a $1,000 price target this morning (yes, one thousand)
That $1,000 target implies roughly 60% upside from yesterday’s close. When the most respected bank on the street does that the same day guidance comes out, you don’t fade it lightly.
4. JPMorgan Admits Expenses Are Running Hot
Marianne Lake dropped a quiet bomb at the conference: 2025 expenses likely $105 billion, a few billion above consensus. Blame branch build-out, marketing, and—everyone’s favorite new line item—AI investment.
Shares dipped, but honestly? This feels like the cost of staying the 800-pound gorilla. Revenue might take a tiny hit near-term, but JPMorgan doesn’t lose share by standing still.
5. Wells Fargo Keeps Swinging the Efficiency Axe
CEO Charlie Scharf reminded everyone he’s still in cost-cutting mode. Another round of layoffs coming, severance charges hitting Q4, workforce now ~210k vs 275k when he started.
But here’s the flip side: the asset cap is gone, and Scharf openly said he wants Wells to become a top-tier investment bank. From defense to offense. That pivot matters more than a few hundred million in severance.
6. Capital One Calls Discover Deal a “Home Run”
Richard Fairbank couldn’t stop smiling about the closed Discover acquisition. Growth prospects “huge,” $1 billion annual buyback in place, and the combined credit-card machine is firing on all cylinders.
Sometimes the best deals are the ones everyone thought would dragged down by antitrust. This one looks like the opposite.
7. Citigroup Finally Acting Like a Normal Bank
Piper Sandler raised their target to $120, praising the “no more silos” approach. Exiting losing markets, doubling down on winners, breaking down internal fiefdoms—basic blocking and tackling that somehow took decades.
Boring? Yes. Effective? Finally.
8. Marvell CEO Puts Amazon/Microsoft Fears to Bed
Two days of brutal selling on rumors Marvell was losing custom chip contracts with the hyperscalers. CEO Matt Murphy went on Mad Money and basically said the media invented the story.
Stock bounced 2% pre-market. When the CEO has to do cleanup on aisle five, you know the sell-off got silly.
9. Home Depot’s Honest (But Still Bullish) Outlook
Management guided fiscal 2026 softer than some hoped, and a handful of analysts trimmed targets. Yet every single one kept a Buy rating.
Why? Because Home Depot laid out a “market recovery case” showing how levered they are to lower rates and a housing rebound. They’re gaining share hand over fist in the meantime. Patience might actually pay here.
10. CVS Health Surprises to the Upside
New CEO David Joyner pivoted hard into health services, de-emphasized front-of-store retail, and the street loved it. Wave of target increases this morning, stock acting like it wants to break the yearly downtrend.
Sometimes the best turnarounds are the quiet ones.
The Bottom Line This Morning
We’ve got a Fed decision, monster guidance from an industrial name, IPO rumors that could reshape valuations forever, and a bunch of banks reminding us that running a financial institution in 2025 isn’t cheap.
In my experience, days like this—where macro (Fed) collides with micro (earnings, M&A, guidance)—are where real money is made or lost. The noise is loud, but the signals are there if you listen.
Stay nimble, keep your powder dry until Powell speaks, and maybe take a hard look at anything nuclear-related. Because if GE Vernova can trade to $1,000, we’re officially in a new era.
See you at the close.
