Cramer's week ahead: New economic data and earnings from FedEx, Jabil

CNBC's Jim Cramer on Friday told investors what to look out for next week on Wall Street, including new economic data and earnings from FedEx and manufacturer Jabil.

He also remarked on this week's big decline in tech stocks. He said he still believes in the power of artificial intelligence and suggested some of these names might be worth buying once their valuations come down.

"We need every piece of data to keep up on what's really happening as the money rotates from the Magnificent Seven to all these other different other areas, kind of like a fire hose," he said.

Tuesday brings the Labor Department's nonfarm payroll report. Cramer noted that Wall Street has largely been in the dark about macroeconomic data for the past few months thanks to the lengthy government shutdown. A strong jobs report could call into question the need for more rate cuts from the Federal Reserve, Cramer said, while weaker figures mean the central bank can keep easing. Retail sales data is also set to be released on Tuesday, and Cramer added that this report needs to be weak to justify more cuts.

Jabil and General Mills are set to report Wednesday. Cramer noted that Jabil is a major manufacturer of infrastructure and hardware for data centers. He said the company's earnings could reverse the declines in AI stocks. Cramer indicated he'll be waiting to hear from industry giant General Mills, noting that a number of food stocks have struggled recently due to the popularity of GLP-1 weight loss drugs and a growing emphasis on healthier eating habits.

On Thursday, Darden, Cintas, Nike and FedEx will report. While the rising price of beef has hurt some restaurants, Cramer suggested restaurant giant Darden has been protected by its Olive Garden chain, which he said has "minimal beef exposure." He said uniform and safety equipment supplier Cintas will be a solid measure of how small businesses are faring. It may be too soon to expect a turnaround at Nike, Cramer continued, but FedEx could be the "star of the week." He praised the shipping company's management, adding that the e-commerce boom seems set to to continue.

Friday brings earnings from Carnival, Conagra and Paychex, and Cramer suggested all three reports will provide valuable insight. Carnival can speak to the state of discretionary spending, Conagra can show whether consumers are cooking more meals at home, and payroll processer Paychex can give a read on small and medium-sized businesses.

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Disclaimer The CNBC Investing Club holds shares of Nike.