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 Wednesday’s key moments. 1. The S & P 500 and Dow Jones Industrial Average rose Wednesday, ahead of the Federal Reserve’s interest rate decision set for 2 p.m. ET and Chairman Jerome Powell’s press conference shortly thereafter. While the U.S. central bank is widely expected to keep rates steady, there’s usually a lot of volatility in the market around Fed decisions. As a result, we’re usually comfortable sitting on our hands on days like Wednesday. Meanwhile, the yield on the 10-year Treasury pulled back slightly on Wednesday, while U.S. crude futures were roughly flat, at around $91 per barrel. 2. Amazon (AMZN) plans to bring on an additional 250,000 workers for the upcoming U.S. holiday season, a two-thirds increase over its seasonal hires in the past two years. Morgan Stanley described the e-commerce giant’s plans a “bullish leading indicator for expected continued retail share gains.” We tend to agree, and Jim said Amazon shares remain intriguing even after their more-than-60% gain so far this year. 3. JPMorgan hiked its price target on Club name Constellation Brands (STZ) to $307 per share from $276, ahead of the Corona and Modelo parent’s earnings release set for Oct. 5. Beyond that, an investor day scheduled for early November represents a key catalyst on the horizon. While JPMorgan does not expect any incremental announcements from a strategic point of view, our hope would be that the company announces plans to divest its wine and spirits business, which lacks the growth profile of its beer brands. (Jim Cramer’s Charitable Trust is long AMZN and STZ. 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.
Read the full article here
