Every weekday, the CNBC Investing Club with Jim Cramer hosts a live “morning meeting” at 10:20 a.m. ET. Here’s a recap of Tuesday’s highlights. Wall Street began September with a rough trading month, with some big declines. The S&P 500, which closed out August sharply higher on Friday, was down nearly 1.5% on Tuesday, the first day of a holiday-shortened week. The Nasdaq was down more than 2%. Most of the portfolio was in the red. Consumer staples were the best-performing sector, with the Club’s holdings in Procter & Gamble and Constellation Brands up nearly 1.5% and 2.5%, respectively. On the downside, just behind technology, energy was crushed as falling U.S. oil prices wiped out this year’s gains. Our only oil and gas stock, Coterra Energy, fell nearly 2.5%. Technology was indeed the worst performing sector, plunging 3%. Chipmakers Nvidia and Advanced Micro Devices fell more than 7% and nearly 2.5%, respectively. Jim Cramer said he sees AMD as a possible buy, with bond yields lower and AI-fueled capital spending showing no signs of slowing. However, Jim said that to feel comfortable buying the dip at this point, the stock market must first shake off its overbought condition. As measured by the S&P Short Range Oscillator, the market has been overbought since the close on August 19. With last week’s restrictions lifted, we trimmed our Eli Lilly position on Tuesday, posting a gain of nearly 300%. September, known as one of the toughest months for stocks, promises to be eventful. The government’s latest jobs report will be released on Friday. Jim said that’s the number he’s really paying attention to to see how much the Federal Reserve will cut interest rates after its two-day meeting on September 17-18. A rate cut is universally expected—the question is how much. Next week, the government’s two inflation reports—the September 11 CPI and the September 12 PPI—will also factor into the Fed’s rate decision. (See here for a complete list of stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll 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 portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after sending the trade alert before executing the trade. THE ABOVE INFORMATION ON THE INVESTING CLUB IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, AS WELL AS OUR DISCLAIMER. NO FIDUCIARY OBLIGATION EXISTS OR IS CREATED BY REASON OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
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