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. Stocks moved higher Thursday, extending Wednesday’s rally following comments from the Federal Reserve that hinted at a possible interest rate cut in September. The market also benefited from Meta ‘s strong second-quarter earnings and positive outlook, especially regarding artificial intelligence. The social media giant’s “holistic platform,” including Instagram and Facebook, continues to impress by attracting users of all ages, making them key destinations for advertisers, Jim Cramer said Thursday. Fellow mega-cap tech companies Amazon and Apple will report earnings after the close. For the rest of the market, Jim noted “pockets of weakness” in the consumer discretionary and industrials sectors. Shares of industrial company Eaton are down 3% Thursday despite delivering a second-quarter earnings beat and raising its 2024 growth outlook. The stock seems to be trading lower with the AI and data center cohort. We added to our position in Eaton last week after it got caught up in the AI-related sell-off. For investors who don’t yet own the stock, Jim said it’s a buy, arguing the company will benefit from its robust data center buildout. Eli Lilly shares popped 2.5% Thursday after the company said a late-stage clinical trial that showed that its fast-growing drug tirzepatide helps improve heart failure symptoms. This is a clear positive as Eli Lilly builds a case for Medicare to cover the drug, which is marketed as Zepbound for obesity. Currently, the U.S. government health plan for seniors is unable to pay for obesity drugs, so clearly demonstrating that it has other health benefits opens the door for coverage. That’s what happened earlier this year for rival Novo Nordisk ‘s Wegovy. In the short term for Eli Lilly, the lack of Medicare reimbursement is manageable because demand for Zepbound oustrips supply. But we know that won’t last forever. The company is working hard to increase supply of the drug which is a key point for investors as we approach their earnings next Thursday before market open. (Jim Cramer’s Charitable Trust is long META, AMZN, AAPL, ETN, LLY. 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.
