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. The S & P 500 was lower Thursday ahead of arguably the biggest economic data point of the month due out Friday morning in the August nonfarm payrolls report, which will shed more light on the U.S. job growth. The market got a glimpse of the employment situation Thursday morning with ADP’s monthly payrolls report , which showed that private job creation in August slowed for the fifth straight month and was the lowest since January 2021. Meanwhile, the S & P Short Range Oscillator ticked up Wednesday, though it remained outside overbought territory. We took advantage of that situation Wednesday and initiated a position in Home Depot as a play on impending interest rate cuts from the Federal Reserve. As the Fed turns more dovish in its monetary policy, which should lead to a fall in mortgage rates, activity in the housing sector will likely pick up. And that should eventually translate into an improvement in Home Depot’s earnings. While housing-related retail stocks have done well lately, Jim Cramer said Home Depot’s stock is still “a buy here.” Shares of Broadcom were roughly flat Thursday with its earnings report looming after the closing bell. In a note to clients dated Wednesday, Evercore ISI said it would a buyer of the stock into the quarter. Its reasons include that Broadcom’s price-to-earnings multiple is below its AI chip peers and a belief that its enterprise networking business is bottoming. Jim noted some other AI and Nvidia-linked tech stocks, including Hewlett Packard Enterprise , Dell Technologies and Super Micro , have hit a rough patch recently. “This is an animal to itself,” Jim said of Broadcom. “I’d like to think of it not as an Nvidia play but as a broad technology play,” he added, noting it also has a robust software business. Nvidia rose more than 1% Thursday as a pair of positive headlines are in the air. On Wednesday afternoon, the leading AI chipmaker told Jim that it had not received subpoenas from the Department of Justice over antitrust concerns, contradicting a media report a day earlier. More recently, Bank of America defended the chipmaker in a note to clients, saying any near-term regulatory or fundamental headwinds for the company creates an attractive buying opportunity. Another catalyst on Jim’s radar: increased emphasis from Nvidia on AI adoption in industries such as health care. We spotlighted its opportunity there earlier this year , but more attention could come its way in the future. That could help quiet concerns that tech giant’s such as Club holdings Amazon and Microsoft are pouring billions into a nascent technology that lacks use cases. Stocks covered in Thursday’s rapid-fire at the end of the video are Verizon , Novartis , Hewlett Packard Enterprise , JetBlue and Topgolf Callaway . (Jim Cramer’s Charitable Trust is long HD, AVGO, NVDA, META, AMZN, MSFT. 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.
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