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 Monday ‘ s key moments. 1. Stocks were down again on Monday in a volatile session. The S & P 500 is now 20% below its record high, signaling a bear market. The index has fallen 13% in its past three sessions alone. Goldman Sachs raised recession odds over the next year to 45% from 35% due to President Donald’s Trump’s latest tariffs, increased policy uncertainty and declining business and consumer sentiment. Speculation of a tariff pause that circulated in trading rooms and on social media briefly lifted stocks, but was shot down as “fake news” by the White House. Jeff Marks, director of portfolio analysis, reminded investors that this is a “manufactured sell-off” that can always be pulled back. At the moment, Jim Cramer says he has “no inclination to trade” as we await potential updates. 2. Morgan Stanley analysts downgraded their view on big banks to in-line (hold) from attractive (buy). In an odd move, they raised the price target on Club stock Wells Fargo a buck to $80. Portfolio stock Goldman Sachs was also included in the downgrades, with analysts citing it has the most exposure to investment banking revenues, which could be hit first in a recession. “I happen to think Goldman can make money in this [volatile] environment,” said Jim Cramer, who said the economy could look better in 6 months. Perhaps there’s a chance to add to our position in Goldman if it falls another $50 from its current price of $460. 3. Eli Lilly is taking a punch following the Trump Administration’s decision to decline coverage of obesity drugs through Medicare. Robert F. Kennedy Jr., who heads Department of Health and Human Services , is a known critic of the weight loss drugs. Analysts at Morgan Stanley said that they see a limited impact from the decision. Jim says this is one company he’s tempted to buy, though we carry a good number of shares already. We’ll wait for the results of an upcoming obesity pill trial to determine whether we purchase more shares. (Jim Cramer’s Charitable Trust is long GS and LLY. 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.
