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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 Tuesday’s key moments. 1. U.S. stocks were mixed Tuesday, resuming some of the early 2024 pressure we saw on Wall Street last week. The Nasdaq turned positive Tuesday as Nvidia pushed to another all-time high. The tech-heavy index soared more than 2% on Monday. Taking some of the pressure off tech stocks this week has been the 10-year Treasury yield hovering pretty steady around 4%. Key to the markets later in the week are two inflation reports: the consumer price index for December on Thursday and the producer price index on Friday. 2. Wall Street analysts seem to have differing opinions on Club name Wells Fargo ahead of Friday’s earnings. Deutsche Bank downgraded Wells Fargo stock to hold from buy, citing potentially weaker net interest income guidance and limited valuation upside. HSBC, on the other hand, raised its Wells Fargo price target to $55 per share from $45 but kept its hold rating. Overall, we don’t blame anyone for a note of caution when it comes to banks before we get quarterly results since the stocks enjoyed a nice rally into the end of the year in 2023. 3. We bought more Coterra Energy on Tuesday, looking for more exposure to natural gas as prices rise. The Club added 300 shares to the portfolio. This increased the weighting of the 50/50 nat gas and oil producer to 2.17% from 1.92%. Coterra is our sole energy play. We’re bullish on the stock because of its solid balance sheet and management’s ability to use capital efficiently. We think this will lead to more cash returned to its investors. (Jim Cramer’s Charitable Trust is long NVDA, WFC, MS, CTRA. 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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