CNBC’s Jim Cramer on Monday said that several elements could help propel stocks higher, even during what could be an ugly earnings season.

Tuesday kicks off a new earnings season featuring some of the biggest companies in tech, retail and consumer goods. Companies like Microsoft, IBM and ServiceNow are slated to report their quarterly financial results this week.

Here are the six factors that could help stocks as companies report earnings, according to Cramer:

1. More firms are implementing layoffs. Companies including Microsoft, Salesforce and Wayfair recently announced headcount cuts, and their stocks popped.
2. The U.S. dollar and interest rates peaked last fall. Cyclical, more economically sensitive stocks have since bounced, as many companies conduct a large portion of their business overseas.
3. The Federal Reserve could almost be done raising interest rates. That’s according to a Wall Street Journal report, and could mean that bad loan worries – and possible ensuing damage to banks – could be over.
4. China’s economy is reopening. The return of the worlds’ second-largest economy is great news for companies, particularly those in entertainment, travel and consumer goods.
5. The government is poised to spend big on infrastructure. Cash from the bipartisan infrastructure bill and the Inflation Reduction Act provide a “safety net” for companies that build roads, bridges or tunnels.
6. Analysts are upgrading chip stocks. Barclays on Monday upgraded Advanced Micro Devices and Qualcomm to overweight. “Remember, the [semiconductor chips] inventory glut included everything from cellphones to desktops to high-performance computers. This is a very big deal,” Cramer said.

Cramer cautioned that while earnings season may still not be smooth sailing, any dips in stock price aren’t necessarily unwelcome.

“At the moment of the first print, when we see the numbers, I still expect to see some vicious declines. The difference from 2022? Those declines, they might be buyable,” he said.

Disclaimer: Cramer’s Charitable Trust owns shares of Advanced Micro Devices, Qualcomm, Salesforce and Microsoft.

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