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 Friday’s key moments. 1. U.S. stocks declined Friday as investors interpreted hot inflation data. Investors weighed the odds that the Federal Reserve may take even longer to deliver interest rate cuts in 2024, pushing bond yields higher. The p roducer price index (PCI) print came in hotter-than-expected, but that doesn’t mean the downward trend in inflation is over. More important economic data is on the horizon. We’re waiting for the central bank’s closely-watched personal consumption expenditures (PCE) report next week. 2. Wall Street made a huge call on Eli Lilly stock. Morgan Stanley bumped the healthcare name’s price target to a Street high of $950 apiece from $805 apiece. Analysts speculated that Eli Lilly could be the first $1 trillion biopharma stock, citing huge upside for sales in medicines like Mounjaro and Zepbound. We’re upbeat on research that highlights the company’s massive growth prospects. Shares climbed 3.62% after the opening, notching a new 52-week high. 3. We received some positive updates on Wells Fargo on Thursday. The Office of the Comptroller of the Currency terminated a 2016 consent order linked to the bank’s fake accounts scandal. This is the sixth consent order that regulators have terminated since 2019, which indicates the firm’s turnaround plan is working. Still, it’s too early to talk about Wells Fargo’s asset cap being lifted though — likely a 2025 story —but it’s definitely a step in the right direction. Wells Fargo stock surged 7% on the announcement, hitting a new 52-week high on Thursday. Now that the financial name accounts for roughly 5% of the portfolio, we’re leaning towards right sizing and making a small sale of shares. (Jim Cramer’s Charitable Trust is long WFC, LLY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a…
Read the full article here
