Jim Cramer breaks down the S&P 500's best first quarter since 2019

CNBC’s Jim Cramer on Thursday guided investors through next week’s Wall Street action, saying to pay attention to new nonfarm payroll data and Walt Disney’s annual shareholder meeting, where its long and arduous proxy fight will come to a head.

“In my view, the market’s now well-prepared for a hot employment number, so if the labor report is more lukewarm, we’ll go into earnings season with a pleasant backdrop,” he said. “Keep an eye on the employment report, because everything else that’s coming next week pales in comparison — even the no-holds-barred Disney proxy fight.”

On Monday, Cramer expects decent earnings from PVH, an apparel maker known for brands including Calvin Klein and Tommy Hilfiger. He said the company will be “an amazing test case of the new quarter” because it has run so much, and he’s not sure if its gains will continue.

Tuesday brings a report from Paychex, a payroll processor. Cramer said Paychex’s stock tends to run up and then sell off after earnings even if results are positive, so there may be an opportunity to buy after the pullback. The company’s report will also provide insight into the welfare of small and medium-sized businesses that are its main clients, he said.

Walt Disney‘s annual shareholder meeting will take place on Wednesday, bringing an end to the company’s monthslong bitter proxy fight with activist investor Nelson Peltz. Cramer noted that Disney has put a lot of resources into this battle, saying it may turn out to be “among the most expensive proxy fights in history.” Cramer will also be paying attention to a Wednesday analyst meeting from Enterprise Products Partners and earnings from retailer Levi Strauss.

Conagra, which owns several popular food brands including Slim Jims, Orville Redenbacher’s popcorn and Chef Boyardee, is set to report Thursday before the market opens. Cramer said the company has struggled recently with sales, but he added that it could have positive earnings even if revenues aren’t impressive.

On Friday, the U.S. Department of Labor will release the nonfarm payroll report, and Cramer said he’s expecting strong figures. To Cramer, the economy “still has a healthy head of steam,” and there haven’t been the mass layoffs many had expected.

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Walt Disney.

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