Every weekday, 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. U.S. stocks were mixed on Thursday as traders weighed May producer price index data that showed inflationary pressures could also be easing. The S&P 500 edged down barely but still traded near record highs. Weekly jobless claims, also released Thursday morning, got here in higher than expected, suggesting some easing within the still-tight labor market. The economic data release follows the Federal Reserve’s decision to maintain rates of interest unchanged on Wednesday, whilst Fed Chairman Jerome Powell signaled progress on the inflation front. Earlier on Thursday, we highlighted nine portfolio stocks that might profit from rate cuts. Broadcom shares rose 13% on Thursday after the semiconductor company’s artificial intelligence-based earnings beat expectations on Wednesday evening. Management raised its full-year guidance and announced a 10-for-1 stock split. “After Nvidia, it’s the second-best way to bet on AI in the chip space,” said Jeff Marks, the club’s head of portfolio evaluation. According to Bloomberg, Blue Cross Blue Shield of Michigan will reportedly stop covering weight-loss drugs for club holdings Eli Lilly and Novo Nordisk in certain industrial insurance coverage in 2025. The news doesn’t change our investment thesis for Lilly. Drugs like Lilly’s Zepbound are in brief supply because demand far exceeds supply. That’s not more likely to change for no less than the subsequent few years. Eli Lilly shares rose 1% on Thursday, on the right track for an additional record close and sixth straight day of gains. (Jim Cramer’s Charitable Trust is long NVDA, AVGO, LLY. A full list of stocks will be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim makes a trade. Jim waits 45 minutes after he issues a trade alert before buying or selling a stock in his charitable foundation’s portfolio. If Jim has discussed a stock on television on CNBC, he’ll wait 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS AND WILL NOT BE CREATED BY RECEIVING INFORMATION RELATED TO THE INVESTING CLUB. NO PARTICULAR RESULT OR PROFIT IS GUARANTEED.
