07 Jun ‘I think we have to let it run,’ Cramer says of this industrial
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. Equities mixed, with tech down Stick with Caterpillar Watch Eli Lilly 1. Equities mixed, with tech down Stocks largely edged down Wednesday morning, a day after the S & P 500 and the Nasdaq Composite climbed to new 2023 closing highs. Large-cap technology stocks, which have fueled Wall Street’s recent gains on the back of artificial intelligence (AI), mostly took a breather Wednesday. Shares of Club holdings Meta Platforms (META), Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN) and AI powerhouse Nvidia (NVDA) were all under pressure in midmorning trading. Earlier Wednesday, we took a look at how Meta is using AI to drive engagement and improve advertisements on its platforms. The Instagram and Facebook parent is “having the time of its life” using AI to its benefit, Jim Cramer said Wednesday. 2. Stick with Caterpillar Construction-equipment manufacturer Caterpillar (CAT) extended its strong June performance, gaining more than 2% Wednesday morning to push the Club holding’s month-to-date gains to nearly 13%. “I think we have to let it run,” Jim said. Caterpillar, which has generally been sensitive to macroeconomic indicators, may have been bolstered by a stronger-than-expected U.S. jobs report for May and rising copper prices Wednesday. Industrial giant Caterpillar also makes equipment used for mining. 3. Watch Eli Lilly Eli Lilly (LLY) is set to present data on its earlier-stage diabetes-and-obesity drugs in the coming weeks, offering another potential upside catalyst for a stock that’s already climbed nearly 40% over the past three months. Jim said those presentations, slated for the American Diabetes Association’s conference on June 23 to June 26, are important to monitor even if the financial benefits won’t be seen for several years. In the near term, Jim said it’s positive for Eli Lilly that investors recognize the company has the balance sheet needed to expand manufacturing capacity for Mounjaro, its current Type-2 diabetes drug that is awaiting U.S. approval to treat obesity. (Jim Cramer’s Charitable Trust is long META, AMZN, GOOGL, MSFT, NVDA, CAT, 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.