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 Thursday’s key moments. 1. Stocks were giving back some of Wednesday’s historic tariff-reprieve rally. The tech-heavy Nasdaq was down almost 3%, leading to the downside. The S & P 500 slumped more than 2%, while the blue-chip Dow Jones Industrial Average sank nearly 800 points, or 1.9%. Part of the giveback could be a recognition that President Donald Trump’s baseline 10% tariffs on most U.S. trading partners remains in place, and Washington-Beijing tensions are still at a boil and a more-than-100% tariff rate on Chinese imports is in effect, said Jeff Marks, the Club’s director of portfolio analysis. At the same time, Jim Cramer pointed out that Thursday morning’s consumer price index report was cooler than expected and oil prices are falling again, which is positive for consumers at the gas pump and inflationary pressures more generally. The push-pull between good and bad inputs is unlikely to dissipate anytime soon. 2. Broadcom was among the hardest-hit stocks in the portfolio Thursday, falling more than 5% to around $175 a share. The chipmaker surged higher by 18.7% on Wednesday after Trump’s tariff pause announcement — ending the day at $185.15 a share, adding more than $29 from its prior close. With where the stock is trading Thursday, Jim said he believes that is a good price for investors without any AI chip exposure to buy Broadcom. “I like that price,” he said, calling Broadcom “the best one” in chips to buy here. While there is an ongoing debate about the durability of the AI and data center themes, Jim said he believes it’s difficult for companies to really pull back their investments due to fears of missing out on such an important long-term trend. That is also helpful for fellow Club name Nvidia , he said. 3. Apple , another huge gainer Wednesday, dropped around 4% Thursday. Few companies are more squarely in the trade war crosshairs than Apple, which still makes a lot of iPhones in China. With a sky-high tariff rate on Chinese imports — the White House clarified after the Morning Meeting that the rate is actually 145%, not 125% — there is no doubt Apple is challenged because of China, Jim said. However, Jeff said one thing to watch is whether Apple can secure any exemptions. On Wednesday afternoon, Trump left open the possibility of company-specific exemptions. If that was to happen — and it’s still far too early to say for sure — Jim said Apple stock would rocket much higher. “It’s very hard to almost gamify what the administration might do next,” Jeff cautioned. 4. Stocks covered in Thursday’s financial-focused rapid fire at the end of the video were: Club name Wells Fargo , Club name BlackRock , Morgan Stanley and Club name Goldman Sachs . (Jim Cramer’s Charitable Trust is long AVGO, WFC, AAPL and BLK . 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.
