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. 1. The S & P 500 moved lower since the Morning Meeting was recorded Wednesday, after a senior White House official told CNBC that President Donald Trump would likely fire Federal Reserve chief Jerome Powell soon. Shortly after that, Trump told reporters that firing Powell would be “highly unlikely” unless there is fraud, referring to White House questions about the Fed’s renovation project. The president has been calling for interest rate cuts, and he did so again. Powell has held rates steady, looking for more time to gauge how tariffs might impact the economy and inflation. Speaking of inflation, the June producer price index was unchanged month over month following an uptick seen in Tuesday’s release of the consumer price index. Bond yields were lower Wednesday after jumping on the CPI. And, after 10 straight sessions, the S & P Short Range Oscillator moved out of overbought territory. 2. We might be gearing up for another trim of Coterra Energy . With U.S. oil prices down over 1% Wednesday, Jim warned investors to “keep track of oil.” He added, “Oil could break [below] $60 here. If it breaks $60, you’re going to hear a new inflation [lower] story.” Our sole oil and natural gas name Coterra could be at an unfortunate crossroads after opting late last month to hold its Permian rig count after previously signaling a cut. Jim said he wants to “sell” Coterra because he doesn’t “like their operating ability.” We sold 500 shares last week for this exact reason and downgraded the stock to our 3 rating . “We can definitely look to sell more,” said Jeff Marks, director of portfolio analysis for the Club. 3. Club name Disney got a price target hike to $138 per share from $120 from UBS. The analysts project ongoing double-digit earnings-per-share growth. They’re betting that Disney’s fiscal third-quarter results, due out on Aug. 6, will show resilient park demand and further improvements in direct-to-consumer profitability. “I love this call,” Jim said. This year’s strong performance by the stock led the Club to sell some shares back on June 27. The Club, however, still owns a sizeable position, and Jim is still a long-term believer in the stock. 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: Johnson & Johnson , Bank of America , ASML , and Rockwell Automation . (Jim Cramer’s Charitable Trust is long CTRA, DIS. 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.
