Cramer’s week ahead: Earnings from Tesla, Merck and Big Tech
CNBC's Jim Cramer on Friday noted that major quarterly results from players like Verizon , Meta , Microsoft and Alphabet will be coming next week, but he zeroed in on the importance of the Personal Consumption Expenditures index because it is the real gauge of inflation.

Cramer said the Federal Reserve prefers to use the PCE index, not the consumer price index, to best evaluate inflation. If the number comes in too hot, Cramer said any market gains may prove to be short-lived. But if the number is cool, it could give most stocks a lift.

He warned that even if the market is oversold next week, the PCE index report on Friday will be where the rubber truly meets the road.

On Monday, Verizon will report its quarterly results before the market opens, and two steel companies, Nucor and Cleveland Cliffs , will report after the close. Cramer said the latter companies could be strong, noting that Nucor in particular has performed well during the aggressive rate tightening.

Companies like GM , GE Aerospace and Spotify report on Tuesday, but Cramer said Tesla is the one to watch that day. He said the electric vehicle maker had a rough quarter and noted concerns about the company's weak sales, as well as the possibility for a substantial decline in cash flow.

The fun doesn't stop there, as the embattled plane-maker Boeing reports results Wednesday morning, and the social media giant Meta will post earnings after the bell. Cramer said analysts largely agree that Meta will report rosy numbers, which means CEO Mark Zuckerberg, unlike Tesla CEO Elon Musk, will not have to pull a rabbit out of a hat.

On Thursday, Caterpillar , Merck and the tech giants Microsoft and Alphabet will release earnings. With Alphabet's business model based on advertising, Cramer warned that the company does have a tendency to perform badly at earnings time, though there could be a bright spot because of its developments in artificial intelligence.

Oil companies Exxon Mobil and Chevron report on Friday.

It's going to be a busy week, and Cramer said to be wary of the market and to especially watch out for the PCE index report.