Club meeting recap: Tech leads Wall Street higher post-Yellen drop; shares in Pioneer, Wynn jump
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by 0 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. Stocks rise Thursday Citi upgrades Pioneer Macau data helps Wynn 1. Tech leads market higher All three major U.S. stock indexes rose Thursday, led by the technology-heavy Nasdaq , which climbed more than 2%. Club holdings Nvidia (NVDA) and Meta Platforms (META) rose more than 3%. Stocks are rebounding from an afternoon sell-off Wednesday, sparked in part by Treasury Secretary Janet Yellen telling Congress that regulators haven’t discussed a universal bank deposit guarantee following the failure of three U.S. lenders earlier this month. The Club maintains its belief that insuring all bank deposits is critical to ending concerns about the health of U.S. regional banks. Wall Street sentiment on Thursday also is being lifted by hopes that the Federal Reserve’s interest-rate hiking campaign may be nearing an end. The U.S. central bank raised rates by a quarter-percentage point Wednesday, bringing its benchmark funds rate to between 4.75% and 5%. 2. Citi upgrades Pioneer Shares of Pioneer Natural Resources (PXD) are worth buying here, Citi analysts told clients in a note Thursday. The firm also boosted its price target for the Club holding to $210 per share from $193, representing 10.6% upside from where the stock closed Wednesday. Citigroup expects Pioneer’s well productivity to improve later this year, allowing the oil-and-gas producer to improve its capital efficiency into 2024. On Monday, we bought 25 shares of Pioneer to take advantage of the stock’s recent weakness. PXD rose about 1.5% Thursday, to roughly $192.59 per share. 3. Macau data helps Wynn Wynn Resorts (WYNN) shares rose more than 2% Thursday, following a positive travel update from the Macao Government Tourism Office. The government entity said 96,000 people traveled to Macau on Saturday, the most inbound visitors to the gaming hub in a day since the start of the Covid pandemic. That’s favorable news for Club holding Wynn, which has counting on a recovery at its two Macau resorts after years of a Covid-related downturn. With the Chinese government easing restrictions late last year, we’re paying close attention to signs that a recovery is playing out according to plan in the Chinese special administrative region. (Jim Cramer’s Charitable Trust is long NVDA, META, PXD and WYNN. 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.
