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. U.S. stocks plunged Monday on mounting recession fears following last week’s disappointing July jobs report. The Dow Jones Industrial Average and the S & P 500 are down 2.6% and 3.1%, respectively, in early morning trading. Jim Cramer said the market’s decline has been accelerated by the unwinding of the “carry trade,” a popular strategy where investors borrow in a currency with low interest rates, such as the Japanese yen, and invest in higher-yielding assets elsewhere. So as the Japanese yen jumped to its highest level in over seven months against the dollar on Monday, investors aggressively unwound these trades. Major portfolio laggards include Big Tech names like Apple. Shares are down 4.7% after Warren Buffett’s Berkshire Hathaway disclosed over the weekend that it dumped half its stake in the iPhone maker during the last quarter. If Buffett didn’t sell, “that stock would probably be up today,” Jim said, citing the company’s solid quarterly earnings report last Thursday. We’re not concerned about the news. The stock still has plenty of catalysts such as an upgrade cycle on its forthcoming artificial intelligence-integrated iPhone. Despite the market’s turmoil, Jim argued that there’s plenty of buying opportunities for investors right now. “You want to buy things that are not in the blast zone,” Jim said, including banks like Wells Fargo. “Wells is probably the most attractive stock we can buy right now.” We bought shares of Wells on Monday’s dip because of its great dividend yield and long-term growth prospects. Wells was one of six trades the Club executed to start the week. (Jim Cramer’s Charitable Trust is long AAPL, WFC. 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.
