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 Friday’s key moments. 1. Wall Street was mixed Friday but still heading for solid weekly gains. The 10-year Treasury yield dipped, but the S & P 500 was little changed after the August reading of the Federal Reserve’s favorite inflation gauge came in tame. Headline and core PCE were getting closer to the Fed’s 2% inflation target. Next Friday, investors get the September jobs report, the latest look at the health of the second part of the central bank’s dual mandate: the labor market. The economic data between now and the Fed’s meeting on Nov. 6-7 will be key to how much further interest rates will be cut. 2. Shares of Best Buy rose more than 2% on Friday after JPMorgan added the stock to its analyst focus list. The analysts have had a buy-equivalent rating on the stock since February, which is around when we started buying. Looking back, that was a good call with shares up 30% year to date. JPMorgan sees value because investors are underappreciating the AI-powered personal computer cycle and the potential for TVs and appliances to inflect as housing improves. Other housing plays in our portfolio include Stanley Black & Decker and Home Depot . 3. Wells Fargo shares were slightly lower Friday, one day after popping 5% on an encouraging Bloomberg News report about the Fed-mandated asset cap, which was put in place at the bank in 2018. Bloomberg reported that Wells Fargo submitted a third-party review of its risk and control overhauls to the Fed for sign-off to remove the cap. Despite Thursday’s gains, Wells Fargo shares are having a tough month. The bank delivers quarterly earnings on Oct. 11. Our other financial name, Morgan Stanley , reports Oct. 16. (Jim Cramer’s Charitable Trust is long BBY, WFC. 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.
