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 Thursday’s key moments. 1. U.S. stocks climbed higher Thursday morning, with the S & P 500 up 0.4%, a day after the Dow Jones Industrial Average hit a record high . The rally came as the Federal Reserve held interest rates steady, while indicating it could begin cutting rates next year. This was a bullish surprise to the market because many investors thought the Fed would not signal rate cuts this early. The news also buoyed bond prices, sending Treasury yields tumbling. The yield on the 10-year Treasury fell below 4%. Meanwhile, oil prices jumped by more than 3%, with West Texas Intermediate crude trading around $72 a barrel — boosting Club name Coterra Energy . 2. Piper Sandler upgraded Club holding Foot Locker to overweight from neutral, while raising its price target to $33 a share, up from $24. The firm is looking for turnaround stories as investors rotate from winners into names that have struggled. Foot Locker’s inventory levels, which have been far too high, should be healthier by the end of the year, helping to boost margins. At the same time, Piper sees green shoots for the footwear retailer, including its partnership with the NBA . 3. Club holding Costco Wholesale is set to report quarterly results after the closing bell Thursday. The sales picture is understood given the fact that Costco reports its sales on a monthly basis, so margins and earnings are what the market will scrutinize. The company’s view on inflation will also provide an interesting data point. And management will likely be asked about a membership-fee hike and special dividend, topics it will downplay in typical fashion with a “when, not if” stance. Shares of Costco, which are due for a rest, pulled back by more than 1% in midmorning trading, to around $633 apiece. But Jim Cramer said Thursday that the stock remains best in class. “Strap yourself to the mast…
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