Jim Cramer's top 10 things to watch in the stock market Wednesday

My top 10 things to watch Wednesday, Oct. 28 1. Futures are higher ahead of this afternoon's Federal Reserve interest rate decision. Tech stocks are especially strong, thanks to the halo of SK Hynix's incredible quarter . The Fed is expected to hold rates steady, but will we get any clues about December? Fed Chairman Kevin Warsh is tight-lipped. Higher oil and bond yields are not playing spoiler this morning. 2. SK Hynix blew away the numbers: revenue up more than fourfold, operating profit up more than 600%. The South Korean memory giant sees capacity constraints through 2030, and its supply of DRAM is effectively sold out through 2029 (great for Club name Micron ). Fourteen long-term supply deals. Big increase to capex coming in 2027 (great for Lam Research ) and big increase to the buyback. 3. Terrific print from Club name GE Vernova , whose gas turbines are essential for the AI buildout. No cancellations, despite political backlash on data centers. Orders stretching out to the 2031-32 timeframe. Working closely with Elon Musk to meet demand, but still has far more business than it can handle right now. Buying grid equipment maker Trench Group to bolster its electrification segment . 4. Seagate delivered a top- and bottom-line beat, though shares are down more than 2% this morning. The maker of hard drives and solid-state drives for data storage has some long-term supply agreements that now extend through 2030. Management also talked about how AI agents and robotics are going to create insane demand. Still, there were some questions on the earnings call about how strong the book is. A contentious call for no reason because there's no supply to speak of. 5. Robinhood is down 6% after a disappointing quarter. Earnings per share (EPS) came in light, and revenue was just in line. Net interest income (NII) missed. Still largely a crypto and options-trading house, so the crypto slump is weighing on the business. Very little equities. Also lots of focus on lower "take rates" across multiple product lines. Goldman Sachs cut its price target to $128 from $145 but kept its buy rating. 6. Visa turned in modest beats on revenue and earnings for its fiscal fourth quarter. Payments volume was up 9% overall, with cross-border volume specifically up 14% (higher fees). CFO Christopher Suh said the highest spenders in the U.S. are still growing the fastest, but "we did not see signs of the lower-spend consumer weakening in our volumes." Lots of price target hikes, including Keefe Bruyette, which went to $470 from $430 and sees a "clean" setup for fiscal 2027. 7. Eli Lilly's retatrutide, one of its next-generation GLP-1s, bested Novo Nordisk's Ozempic in a head-to-head trial for type 2 diabetes care. Better blood sugar control and significant weight loss, which is notable in diabetes patients. Lilly plans to submit retatrutide, known as "Triple G" for targeting three hormones, for FDA review in early 2027. The Club drugmaker reports earnings tomorrow morning. Need to see another beat-and-raise. 8. Boeing reset: Analysts generally lowered estimates and cut price targets after yesterday's 10.7% decline in the Club stock. Shares, which are steady this morning, plunged yesterday after the company lowered its long-term free cash flow outlook. Many analysts kept their buy ratings. I think Boeing is ridiculously undervalued. They gave you the kitchen sink yesterday. 9. Lots of analyst price target hikes for UPS , following yesterday's above-consensus guide on operating income. Leaning into more profitable deliveries and getting away from low-margin Amazon packages. The stock is down modestly this morning after closing up 5.8%. Will portfolio name FedEx beat and raise when it reports earnings tonight? How about spin-off FedEx Freight tomorrow evening? 10. The main event tonight is earnings from two out of the three cloud giants: Alphabet and Microsoft . Sure, the reported quarters are important. But what everyone wants to know is how much more money they're planning to invest to build out AI infrastructure and how they're planning to pay for it. Risk negative free cash flow? Sell more stock or debt? Amazon is tomorrow night. 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 . 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