Every weekday, the CNBC Investing Club with Jim Cramer hosts a “Morning Meeting” livestream at 10:20 a.m. ET. Let’s take a look at the key moments from Wednesday’s session.
Back-to-Back Losses
On Wednesday, U.S. stocks experienced their second consecutive day of decline, as investors awaited this week’s crucial inflation data. The consumer price index (CPI) will be released on Thursday, followed by the producer price index (PPI) on Friday. These indices provide insights into inflationary pressures on the U.S. economy, which the Federal Reserve considers when determining its monetary policy. The energy, financials, and materials sectors have been performing well since last month’s lower-than-expected June CPI reading. The Fed is expected to convene again in September, and market odds suggest a pause in interest rate hikes, similar to the June meeting, where two more hikes were initially predicted for the year. The question remains whether a second hike will materialize. The Fed has already raised rates 11 times since March 2022.
Still Believing in Disney
Disney (DIS) is scheduled to report its quarterly earnings after the market closes on Wednesday. Based on recent comments from CEO Bob Iger, expectations are not particularly positive. The company seems to be facing challenges with theme park attendance and a struggling box office. However, there is a glimmer of hope with the new sportsbook partnership between Disney’s ESPN and Penn Entertainment (PENN), which has the potential to diversify the company’s revenue streams.
Eli Lilly’s Continued Momentum
Eli Lilly (LLY) maintained its post-earnings rally on Wednesday, with shares rising over 1%. The pharmaceutical giant delivered impressive quarterly results on Tuesday, propelling the stock to a record closing high with nearly 15% gains. Analysts have raised their price targets for Lilly, citing the exceptional performance of its diabetes drug, Mounjaro, which surpassed expectations. The company’s long-term prospects look promising, particularly with the anticipated approval of Mounjaro for weight loss. (Jim Cramer’s Charitable Trust holds positions in DIS and LLY. You can find a complete list of the stocks here.)
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