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 Monday’s key moments. 1. U.S. stocks were lower Monday as markets worried that they got ahead of themselves on expectations for the number of Federal Reserve interest rate cuts in 2024. The Dow fell roughly 1%. The S & P 500 and Nasdaq each dropped more modestly. Stocks soured as bond yields jumped following Fed chief Jerome Powell’s higher-for-longer message in a “60 Minutes” interview that aired Sunday. Jim Cramer reiterated what he wrote in his weekly column — forget the soft landing versus hard landing debate, it’s no landing. In other words, the economy is strong and it keeps chugging along. We don’t have to talk about a destination. 2. Estee Lauder reported much better-than-feared quarterly earnings early Monday, sending shares up more than 14%. In the earnings commentary, the cosmetics company said it is at an “inflection point,” adding it’s “positioned to return to strong organic sales growth and expand our profitability.” Jim said he’s encouraged by the stock reaction because he thought embattled CEO Fabrizio Freda had no credibility. Apparently he does, Jim argued, because calling an “inflection point” was viewed positively by investors and not just missed. Check back later today for a full analysis of Estee Lauder’s earnings release. 3. Nvidia received another bullish call from Wall Street. Goldman Sachs boosted its price target on the chipmaker to $800 per share from $626. The analysts said their call “reflects industry data points indicative of robust AI server demand and improving GPU supply.” Nvidia shares were up another 3%-plus on Monday. We agree with Goldman. Commentary from other Big Tech names during their earnings last week implied a strong year of AI-related investments. That means lots of demand for Nvidia chips. (Jim Cramer’s Charitable Trust is long NVDA, EL. See here for a full list of the stocks.) As a…
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