Every weekday, the CNBC Investing Club with Jim Cramer hosts a live “Morning Meeting” at 10:20 AM ET. Here is a summary of Monday’s key highlights. Stay tuned for CPI report. Cut overpriced technology stocks. Watch for oil as China opens 1. Stay tuned for CPI. The market soared late last week on signs of a possible slowdown in inflation and a cooling economy. Investors are looking forward to the release of the US Department of Labor’s monthly consumer price index for December, which will be released on Thursday. Any further evidence of lower prices could allow the Fed to slow down its pace of interest rate hikes, potentially supporting equities. The S&P 500 is up more than 1.3%, the Dow Jones Industrial Average is up 0.85% and the Nasdaq Composite is up more than 2%. 2. Cutting overvalued tech stocks On Monday, we cut our positions in Microsoft (MSFT) and Nvidia (NVDA) to reduce our exposure to big tech stocks ahead of the reporting season. If companies with high multiples fail to live up to high earnings expectations – which is likely due to the state of the economy – their stocks are likely to face a fall. Microsoft will report for the quarter later this month, and Nvidia in February. 3. Watch for oil as China reopens its doors. Oil prices started the week higher on expectations of renewed demand from China as the world’s second largest economy abandons its zero Covid policy and reopens in 3 years. West Texas Intermediate (WTI) oil – the benchmark for U.S. oil – rose about 2% in mid-morning to $75.31 a barrel. Shares in oil companies Club Halliburton (HAL), Coterra Energy (CTRA) and Devon Energy (DVN) followed suit on Monday. Shares of Pioneer Natural Resources (PXD), our other energy holding, fell due to the downgrade of KeyBanc. (The Jim Cramer Charitable Foundation is long MSFT, NVDA, HAL, CTRA, DVN, PXD. See the full list of stocks here.) As a CNBC Investing Club subscriber with Jim Cramer, you will receive a trade notification before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling shares in his charitable foundation’s portfolio. If Jim was talking about a stock on CNBC, he waits 72 hours after a trade alert is posted before making a trade. THE ABOVE INFORMATION ABOUT INVESTMENT CLUB IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY OBLIGATIONS OR OBLIGATIONS ARE OR ARISING IN CONNECTION WITH YOUR RECEIVING ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
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