Every weekday, CNBC Investing Club with Jim Cramer hosts a livestream of the “Morning Meeting” at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. 1. U.S. stocks rose on Wednesday after ending the market’s three-day losing streak within the previous session. The S&P 500 rose 1.5%, while the Dow Jones Industrial Average and Nasdaq Composite gained 1% and 1.9%, respectively. “What we have here today is a good day,” Jim Cramer said. He called Monday’s decline, when the Dow and S&P 500 posted their worst sessions since 2022, “maybe a one-day glitch.” Keep in mind that this sell-off was fueled by the unwinding of the “yen carry trade” and worries a few U.S. recession following a disappointing jobs report last week. 2. Eli Lilly shares fell 1.7% on Wednesday after rival Novo Nordisk reported disappointing earnings results before the market opened. The company reported weaker-than-expected second-quarter net income and missed sales expectations for its weight-loss drug Wegovy. Investors are pondering whether club-holding Eli Lilly and its GLP-1 drugs Zepbound and Mounjaro face the identical fate. Novo Nordisk’s sales decline, nonetheless, was the results of larger-than-expected concessions to U.S. pharmacy managers — not slowing demand for its drugs. Still, Jim said Eli Lilly shares could fall further after the drugmaker releases its own quarterly results on Thursday. “It’s not the end of the world. If it goes down really hard, we’ll be tempted to buy some shares,” he added. “Eli Lilly has a lot of good things going for it.” 3. Amazon received positive news about its e-commerce business after CVS Health released quarterly earnings on Wednesday. Company executives said the corporate is heading in the right direction to shut 900 of its drugstores by year-end as a part of a restructuring that may begin in 2022. That will eliminate competition for Amazon’s platform as consumers turn to Amazon for shipping on on a regular basis items. Shares of the portfolio name rose nearly 3% on Wednesday. (Jim Cramer’s Charitable Trust is long LLY, AMZN. A full list of stocks will be found here.) As a subscriber to CNBC Investing Club with Jim Cramer, you may receive a trade alert before Jim makes a trade. After sending a trade alert, Jim waits 45 minutes before buying or selling a stock from his charitable foundation’s portfolio. If Jim has discussed a stock on TV, he waits 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION DESCRIBED ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY AND OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS OR IS CREATED BY RECEIVING INFORMATION RELATED TO THE INVESTING CLUB. NO PARTICULAR RESULT OR PROFIT IS GUARANTEED.
