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 reversed lower Friday. The S & P 500 initially rose to an all-time high on a weak August jobs report, which helped the case for a Federal Reserve interest rate cut later this month. The 10-year Treasury yield dropped to its lowest level since April 7. “What you want is short rates to go down. Long rates come down with it, which then causes the mortgage and refinance boom,” Jim Cramer said, stressing investors should not be discouraged by the stock market turning lower. “When you see a market that is led by lower mortgage rates. That’s a good market. It could last for a long time,” Jim said. Club stock Home Depot stands to be a big gainer in a lower interest rate environment. 2. Some neglected sectors could use a boost, according to Jim. “There are parts of the economy that are not doing well that need the Fed to cut,” said Jim, pointing to the freight industry following the downgrade of J.B. Hunt ‘s stock to a hold equivalent rating from buy at UBS. “[Transport stocks] will go up when the Fed starts cutting, providing that the long rate doesn’t go up,” Jim said. He also cited FedEx as another example. 3. Costco posted strong sales for August. Same-store sales, or comps as they are known in the retail industry, rose 6.3% globally and 6.1% in the United States. Jim said Costco, along with our other portfolio retailer TJX — and even competitors like Walmart — are winners as people become more budget-conscious. “These are the winning economies,” Jim said. “Then you have these other economies where people say, ‘I’m not paying for that,'” Jim noted, with reference to the struggling high-end fitness apparel brand, Lululemon. 4. Stocks covered in Friday’s rapid fire at the end of the video were: Lululemon, ASML Holding , J.B. Hunt, Tesla , American Express , and Club stock Capital One . (Jim Cramer’s Charitable Trust is long COST, HD, TJX, COF. 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.
