Every weekday, CNBC Investing Club with Jim Cramer holds a live broadcast of “Morning Meeting” at 10:20 a.m. ET. Here is a summary of Friday’s most important moments. Stocks Heading for a Bullish Week Questions about our Banks Major Upcoming Events Next Week 1. Stocks Heading for a Bullish Week Stocks got a boost on Friday from the US dollar’s drop, sending the S&P 500 up more than 1%. A strong US currency could be a headwind for multinational corporations doing business abroad. Despite this week’s strength, the market remains in oversold territory, according to the short-term S&P 500 Index. Oil was headed for a second consecutive weekly decline despite WTI up 3% on Friday. We’ve had some trades in our oil stock in the past two weeks to lock in some profits and reduce our exposure to overweight energy. In this still oversold market, we added 100 shares of Qualcomm Corporation (QCOM) at $132 per share. The semiconductor company will host the auto investor later this month, which could be a positive catalyst for the stock. Recently, the company partnered with Meta Platforms (META) to make custom chips for Facebook’s parent virtual reality headset in a multi-year agreement. QCOM stock has had some steam this week, rising about 2% on Friday but still down about 13% since the mid-August peak of the summer rally in the market. 2. Questions About Our Banking Holdings While banks are sensitive to a slowing economy, we believe that Club Holdings Wells Fargo (WFC) and Morgan Stanley (MS) stocks are solid picks for dividend yields and buyback programs. “I like to think of Morgan Stanley as an asset pool and I think they do really well on that strategy, driving revenue on a fee basis,” said Jeff Marks, director of portfolio analysis at the club. For Wells Fargo, we believe the bank could benefit from higher rates during the restructuring to reduce expenses. 3. Major Upcoming Events Next Week The Starbucks Club (SBUX) will hold its investor meeting next Tuesday. We hope to get more insights into the coffee giant’s investments to elevate the customer experience. We love the insight Howard Schultz and Starbucks CEO Laxman Narasimhan presented in this week’s CNBC interview. On Tuesday and Wednesday, the government is set to publish its consumer and wholesale price readings for August. These two reports will be very important as investors try to gauge whether later this month the Federal Reserve will raise interest rates by 75 basis points at its third consecutive meeting. Club Holding and health insurance company Humana (HUM) are holding an investor update Thursday. We’re looking for more color around the company’s earnings growth target and its Medicare Advantage product offerings. Finally, the Investment Club will be hosting our “Monthly Meeting” on Thursday as well, where we’ll look at the portfolio and answer members’ questions. (Jim Cramer’s Charitable Trust is WFC, MS, SBUX, QCOM, META, and HUM. See here for a full list of stocks.) As a subscriber to the CNBC Investment Club with Jim Cramer, you’ll 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 fund portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. The above investment club information is subject to our Terms and Conditions and Privacy Policy, along with our disclaimer. No fiduciary obligation or duty will be created, or be created, by virtue of your receipt of any information provided in connection with the Investment Club. There are no definite results or guaranteed profit.
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