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. The S & P 500 and Nasdaq fluctuated Friday as the indexes try to bounce back from Thursday’s AI-stock-related rout. Jim Cramer called Thursday’s nosedive “jarring.” Friday, however, investors were enthused by remarks from New York Fed President John Williams, who suggested a chance for a December interest rate cut. According to the CME FedWatch tool, the likelihood of a rate cut next month spiked to roughly 73%, up from just 39% the day before. “That’s reverberating through the market today,” Jim said. “But it’s not helping tech because tech’s got its own problems.” 2. Nvidia was one of the tech names under pressure Friday, falling modestly as worries about artificial intelligence overspending persist. “We thought maybe some of those concerns were alleviated,” following Nvidia’s blowout earnings report Wednesday evening, said Jeff Marks, director of portfolio analysis for the Club. Jim reminded, “I don’t think the market can bottom” without Nvidia going much lower. When Nvidia lost its post-earnings stock gains Thursday, the entire market turned with it. 3. Eli Lilly on Friday became the first drugmaker to hit a $1 trillion market cap, briefly touching an all-time intraday of $1,061 before cooling a bit. Interestingly, Piper Sandler lowered its price targets on several food and beverage stocks due to the quick adoption of GLP-1 injectables. Eli Lilly is set to release a pill version next year. It also recently cut a deal with the Trump administration to lower prices for its popular weight loss treatments. “That concern about the impact it could have on food and beverage is why we also leaned more on Procter & Gamble ,” said Jeff. P & G is our newest Club stock. We also added Kimberly-Clark to the Bullpen for similar reasons as “household products won’t be impacted by GLP’s.” 4. Stocks covered in Friday’s rapid fire at the end of the video were: Gap , T-Mobile , Ross Stores , Intuit , and Constellation Brands . (Jim Cramer’s Charitable Trust is long NVDA, LLY, PG. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Eli Lilly tops $1 trillion — plus, how a Fed head threw the market a lifeline
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