Every weekday, the CNBC Investing Club with Jim Cramer hosts a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of the key moments from Friday’s session.
1. Wall Street experienced some volatility on Friday following Federal Reserve Chairman Jerome Powell’s morning speech at the central bank conference in Jackson Hole, Wyoming. Powell expressed concern about high inflation and stated that the Fed is prepared to raise rates further based on economic data. While no interest rate hike is expected at the next Fed meeting, there is divided opinion on whether there will be another rate hike before the year-end.
2. According to Jim Cramer’s trusted S&P Oscillator, the overall market is currently oversold, but not as much as it was earlier in the week. Strategic buying has been taking place throughout the week. Following a successful quarter, we raised our price target for Nvidia (NVDA) to $600 per share from $450. Although the Nvidia rally faded on Thursday, the market’s reaction seemed like an overreaction.
3. GE Healthcare (GEHC), a notable club member, was given a buy rating and an $80 price target by Argus. Additionally, there was an interesting Wall Street Journal article about wealthy individuals opting for preventative body scans. GEHC, being a leading manufacturer of machines used in X-Rays, MRIs, and CT scans, stands to benefit from this trend. Additionally, the need for scans among patients taking new Alzheimer’s drugs could potentially contribute to GEHC’s success in the future. Last month, GEHC exceeded expectations in its quarterly results and raised its guidance.
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(Disclaimer: Jim Cramer’s Charitable Trust holds positions in NVDA and GEHC. For a complete list of stocks, please refer to our records.)
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