Every weekday, the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. ET. Here's a recap of Wednesday's key moments. 1. Stocks rose Wednesday after a cooler-than-expected August inflation report sent Treasury yields lower.
The personal consumption expenditures price index rose 3.4% from a year earlier, down from 3.7% in July, while core inflation also came in below expectations. Jim Cramer said that depressed bond prices are becoming increasingly attractive at these levels because yields could fall further if economic data continue to soften. Bond prices and yields move inversely.
In the portfolio, Boeing shares were up 2% after the Pentagon selected the planemaker to build the Navy's sixth-generation fighter jet. The stock later reversed lower.
Eli Lilly shares rose modestly following drug trial data showing the company's experimental combo treatment in patients with obesity and Type 2 diabetes showed greater weight loss than a high dose of top-selling tirzepatide alone. 2. Nvidia is approaching a critical level, with shares nearing their May all-time high of $236.54.
The Club stock has climbed steadily in recent months, even as other parts of the AI trade have struggled. It gained 15% in the past three months.
A breakout above its May high could bring a new group of buyers into the stock, while a failure to clear that hurdle could raise questions about the strength of the rally. "Unless it takes out this level … then people are going to say that perhaps the stock's not as strong," Jim said.
Nvidia also got another vote of confidence in its next-generation technology, with CoreWeave announcing plans to deploy the chipmaker's Vera Rubin platform in its data centers. 3. Micron rose ahead of its earnings report Wednesday evening, with investors expecting another strong quarter as AI-driven demand for memory continues to outstrip supply.
The key question for us is how long this favorable cycle can last. We'll be listening for how far management can extend its demand outlook and for updates on long-term customer agreements that could provide greater visibility into future sales.
Jim also wants confirmation that Micron remains on track to begin shipping chips from its Boise facility by Jan. 1, along with an update on its planned New York facility, which is expected to significantly expand the company's U.S. manufacturing capacity. 4.
Stocks covered in Wednesday's rapid-fire at the end of the video were: Target, Moderna, and General Mills. (Jim Cramer's Charitable Trust is long BA, LLY, MU, NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
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