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. The S & P 500 soared nearly 2% on Wednesday. The two drivers of what’s shaping up to be a second straight up session are President Donald Trump saying he won’t fire Federal Reserve Chairman Jerome Powell and signaling an off-ramp to de-escalate trade tensions with China. During the Morning Meeting, Jim Cramer pointed to the broad-based rally in our portfolio names with China exposure and our recently out-of-favor megacaps. The Nasdaq , which gained more than 2.5% on Tuesday, jumped another 2.5% on Wednesday. Lower bond yields and oil prices were also supporting stocks. To be sure, the stock market had been even higher earlier in Wednesday’s session. Bristol Myers Squibb has suffered a setback in a late-stage trial of its Cobenfy schizophrenia drug as an add-on treatment. Despite its failure for this indication, Piper Sandler thinks psychiatrists will still prescribe it that way off-label. The news broke after Tuesday’s closing bell, and the Club stock sank more than 6% at one stage. However, shares on Wednesday were down half that — indicating the Cobenfy developments may not be as negative as previously thought. Remember, as the first novel schizophrenia drug in decades, Cobenfy is still approved to treat the disorder. Plus, there is another trial ongoing for Alzheimer’s psychosis, which would a big opportunity. We are not making any decisions on the stock ahead of hearing from Bristol Myers on Thursday when the company reports earnings. Shares of Salesforce rose more than 3.5% in Wednesday’s strong market. The stock has had a pretty rough year as investors worried about whether CEO Marc Benioff was putting too much emphasis on Agentforce, the company’s artificial intelligence assistant platform, at the expense of other areas of the business. In Tuesday evening’s “Mad Money” interview , Jim asked Benioff about this criticism. He said Benioff made a strong case that he has not neglected the rest of the business but made it better through full Agentforce integration. Jim still believes in Salesforce and thinks this is not the time to sell the stock. Stocks covered in Wednesday’s rapid fire at the end of the video were: Tesla , GE Vernova , Vertiv , Intuitive Surgical , and Boeing . (Jim Cramer’s Charitable Trust is long BMY, CRM. 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.
