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 rose higher Thursday, as the benchmark gauges continue to claw back losses from earlier in the week. With Thursday’s gains, the S & P 500 is now positive for the week despite notching its worst trading session since mid-February on Tuesday. Jim Cramer described Thursday as an overall “ho-hum” day for the market. Meanwhile, it’s the second day of Federal Reserve Chair Jerome Powell’s semiannual economic testimony before Congress. He’s said little to surprise us, or the markets, so far. The Fed chief reiterated Wednesday that rate cuts are on the table for 2024, but central bankers aren’t ready to scale back quite yet. “That’s one of the reasons we’re in such a holding pattern, but it’s very reassuring,” Jim said of Powell’s remarks. “It’s basically a Fed put.” 2. Wells Fargo shares notched another 52-week high on Thursday – one of several in recent weeks. The move higher comes amid troubles at New York Community Bancorp , which has thankfully not impacted the bank stock’s rally. Shares of Wells Fargo have been on a tear since regulators lifted a key penalty regarding its 2016 fake accounts scandal last month. This pushes the banking giant one step closer to having its Federal Reserve-imposed asset cap lifted – a big reason why we’ve stayed invested in the financial stock. Over the past month, Wells Fargo is our second-best performing stock, behind only Nvidia . 3. Club holdings Broadcom and Costco are scheduled to report quarterly results after the close Thursday. Keep in mind: The chipmaker’s shifted guidance to annually from quarterly due to the VMware integration, so there may be some variability there. We expect to hear more about Broadcom’s AI-related revenues, including growth in its custom chip business, and updates on the VMWare deal. For Costco, investors including the Club continue to…
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