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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 Monday’s key moments. 1. U.S. stocks climbed higher Monday, with both the S & P 500 and Nasdaq Composite gaining more than 1% in midmorning trading. Bank stocks were some of Monday’s outperformers, with Club holding Wells Fargo (WFC) up more than 2% following the firm’s quarterly earnings beat on Friday. At the same time, bond yields pushed higher, with that of the 10-year Treasury again rising above 4.7%, ahead of a speech by Federal Reserve Chair Jerome Powell later this week. And oil prices tumbled more than 1% following last week’s 6% surge, as West Texas Intermediate crude hovered just below $87 a barrel. 2. We rang the register on Pioneer Natural Resources (PXD) on Monday, following the announcement of Exxon Mobil ‘s (XOM) $59.5 billion all-stock acquisition of the shale player. We could have held out for the deal to close and become XOM shareholders, while collecting a few dividend payments. But there’s always a possibility the transaction could fall apart, which would likely cause PXD to give back some of the roughly 18% premium Exxon agreed to pay for it. So, we’d rather have the cash on hand to potentially build up our position in Coterra Energy (CTRA) on pullbacks. 3. Piper Sandler named Club holding Microsoft (MSFT) its highest conviction large-cap stock to own into year-end, citing the software giant’s “first-mover advantage” in generative artificial intelligence. Microsoft is set to release its AI assistant — known as M365 Copilot — for products like like Office, Word and Excel to the general public on Nov. 1. This is definitely a stock we continue to like and would look for further opportunities to pick up more shares on weakness. (Jim Cramer’s Charitable Trust is long WFC, CTRA, 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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