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. Stocks opened higher Monday in a continuation of last week’s momentum, which saw all major indexes gain more than 1%. The Dow closed Friday at a record while the S & P 500 did so Thursday . The strength followed the Federal Reserve’s half-percentage point interest rate cut Wednesday. Health care, a classic defensive sector, is underperforming Monday as investors grow more confident in the possibility of a soft landing for the U.S. economy. Meanwhile, technology — and the semiconductor industry, more specifically — are having a mixed day as Wall Street weighs reports around Intel . In addition to last week’s reports that Qualcomm has discussed buying Intel, Bloomberg News said private equity giant Apollo Global Management has approached the struggling chipmaker with an multibillion investment offer. 2. Despite a slight dip in the S & P 500 Friday, the S & P Short Range Oscillator moved further into overbought territory at 7.3%. A session prior, Jim Cramer’s trusted momentum indicator was at 6.68%. We want to see some market choppiness to work off the overbought reading — as a reminder, anything above 4% on the Oscillator is considered overbought. In this environment, we prefer to raise cash rather than buying stocks. That helps explain why we trimmed Morgan Stanley last week during the post-Fed rate cut rally. Another reason for offloading some shares is the possibility of switching to a different financial stock such as Goldman Sachs , a move Jim has been considering for some time now. 3. Wall Street’s early checks for Apple ‘s new iPhone 16, which hit stores Friday, remain all over the place. Barclays concluded there’s muted demand across both Pro and base models due to shorter lead times compared with last year. Conversely, JPMorgan observed expanding lead times mid-week, suggesting “healthy demand” overall, though lead times were a little softer versus last year on higher-end Pro and Pro Max models. Citigroup analysts also reported an increase in delivery times for the base and Pro models. Director of Portfolio Analysis Jeff Marks advised investors to minimize the noise. “If you’re trying to trade it on every headline, you would have missed such a fantastic move,” Jeff said, alluding to our “own it, don’t trade it” mantra. Additionally, last week T-Mobile’s CEO told Jim in an interview that initial demand for the iPhone 16 looked good relative to the iPhone 15 a year ago. (Jim Cramer’s Charitable Trust is long AAPL, MS. 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.
Wall Street hovers near record highs. Here’s why we want to see choppiness
