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 Tuesday’s key moments. U.S. stocks rose Tuesday following back-to-back losses for the S & P 500 and Nasdaq . Markets digested a slightly warmer-than-expected February consumer price index . “We’re getting lucky that the S & P is up like this,” Jim Cramer said during Tuesday’s Morning Meeting, adding the CPI has little to do with the market’s gains, which were in the face of higher bond yields. “There’s just a lot of stocks that are reacting positively to good earnings per share news,” he said. JPMorgan CEO Jamie Dimon said Tuesday the U.S. economy is booming and the Fed should wait past June to start cutting interest rates. A recession could still happen, but the market is largely pricing in a soft landing, Dimon added. Jim described Dimon as an “optimist,” adding that the positive moves in equities are pinned to solid corporate earnings and continued artificial intelligence interest rather than the central bank’s next move. An upbeat quarter on artificial intelligence strength from Oracle boosted shares roughly 11% — giving the overall market a boost in sentiment as well. Oracle partner and Club name Nvidia also gained ground after sharp back-to-back losses. Gains extended to non-AI Club names Eli Lilly and Costco , which were also down Monday and Friday. Jim pointed out that these three stocks are now moving in unison, which poses a risk to the portfolio’s diversification efforts. “I’m not crazy about that,” Jim said while adding that he’s looking for another high-quality stock to add. Broadcom, however, has not been linked to the group’s performance. This presents a potential buying opportunity for investors, Jim said, because it’s a great low multiple stock. (Jim Cramer’s Charitable Trust is long NVDA, LLY, COST, AVGO. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will…
Read the full article here
