Happy Fri-yay!

Jim Cramer weighs in on whether or not the markets are starting to weigh in downside risk, Slack's (WORK) first full day of trading, and Canopy Growth's (CGC - Get Report) earnings.

What's Going on in the Markets?

It's been a good day for gold and oil so far. 

Gold prices surged to a six-year high on Friday as investors sought safety from falling global currencies, negative interest rates and the prospect of escalating military tensions in the Gulf region. 

Meanwhile, oil has also been having a good week. So far, oil prices, have risen more than 6% this week.

Oil had a strong day Thursday after it was reported that Iran had shot down a U.S. military drone.

And then, the New York Times reported that President Trump had ordered a strike on Iran. The planned strike was meant to take place early Friday in response to the downing of the U.S. drone.

With markets highly volatile at the open, is the market signaling potential downside ahead? 

Slack's First Full Day After its Direct Listing

In case you live under a rock, or had a summer Thursday, Slack had its direct listing on the New York Stock Exchange Thursday. The direct listing valued the business-focused software company at $23 billion.

The gains for Slack Thursday came even though a company filing in April revealed it had a $139 million loss for the year ended Jan. 31, on $401 million of revenue. That compares with a year-earlier loss of $140 million on revenue of $221 million.

And Cramer has previously stated that he likes Slack as a company, but he does have some concerns. 

He wrote about Slack in his morning column over on Real Money. 

Here's what Cramer wrote.

How about Slack Technologies? I really like the story. Individuals like Slack and then they ask their companies to provide it because of how much it augments community...Remember, while it is big you still don't have index fund money that can go into it. It's an orphan among stock-picking portfolios and you can only have so many of those.

So, what will it take for Cramer to get into Slack? 

Watch: Slack's Direct Listing Day: A Look Behind the Scenes

Related. Jim Cramer: Be Aware of Possible IPO-O, aka Initial Public Offering Overload

Canopy Growth's Earnings

Here's what you need to know about the earnings, which were released after the bell Thursday. 

Real Money Stock of the Day Canopy Growth posted better-than-expected fiscal fourth-quarter revenue but cautioned that its recently approved deal to acquire rights for U.S. based Acreage Holdings (ACRGF) will lead to a charge that will have "a materially negative impact on net income in the first quarter of fiscal 2020."

And there were some worrying stats in the company's recreational marijuana sales...

Recreational cannabis sales in Canada, which became the world's second country to legalize use of the drug in October of last year, slowed 3.8% to C$68.9 million, according to the company.

Is this just a momentary buzzkill or a sign that the recreational cannabis industry can't burn as hot as we thought? Here's what Cramer thinks.

Watch: Here's How Rich Dad's Robert Kiyosaki Is Playing Gold's Breakout