Every weekday, CNBC Investment Club will host a live “Morning Meeting” with Jim Cramer at 10:20 a.m. ET. Here’s a look back at Thursday’s key moments. The S&P 500 and Nasdaq retreated from all-time highs set in the previous session on Thursday after a weaker-than-expected inflation report led investors out of large technology stocks and into small-cap stocks. The Consumer Price Index (CPI), which measures the cost of goods and services, fell to its lowest level since 2021 in June, providing support for the Federal Reserve to cut interest rates sooner rather than later. Nvidia, Apple and Microsoft held by the group all fell sharply. “Consumer Prices are really under control today,” Jim Cramer said. Shares of Morgan Stanley, Stanley Black & Decker and Best Buy soared on Thursday, giving us a look at which portfolios will benefit from a lower interest rate environment . Once borrowing costs fall, Morgan Stanley’s wealth management margins will come under less pressure. At the same time, lower interest rates could spur more housing market activity, which means stronger demand for tools maker Stanley Black & Decker’s products. Finally, Best Buy’s sales should increase when U.S. consumer spending on PCs and electronics picks up. Wells Fargo will kick off the banking industry’s quarterly earnings season on Friday. The club is monitoring changes to management’s net interest income (NII) guidance. The Wall Street firm previously forecast NII to fall 7% to 9% in 2024 as customers shift their savings to higher-yielding alternatives. We expect these estimates to be conservative to temper investor expectations. The stock rose 0.8% on Thursday. (Jim Cramer’s Charitable Trust is a long-term holding of BBY, SWK, MS, WFC, NVDA, AAPL, MSFT. See here for a full list of stocks.) As CNBC Investing Club Jim Cramer As a Jim Cramer subscriber, you will receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling stocks in his charitable trust portfolio. If Jim talked about a stock on CNBC TV, he would wait 72 hours after issuing a trade alert before executing the trade. The investment club information above is subject to our Terms and Conditions and Privacy Policy and our Disclaimer. No fiduciary duty or obligation is created or created by any information you receive in connection with the Investment Club. No specific results or profits are guaranteed.
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