Apple and Nvidia fight Wednesday’s stock market decline. Here is what’s supporting them
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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 Tuesday key moments. The stock market experienced a broad decline Wednesday as Club name Nvidia seesawed on either side of unchanged. Nvidia has been on a tear since last Wednesday’s blockbuster quarter — jumping 20% in the three sessions. A rise in Treasury yields was pressuring all three major stock benchmarks Wednesday. The Dow , as has been the case lately, was getting the worst of it, dropping roughly 1%. The declines in the S & P 500 and Nasdaq were about half that. Apple shares rose modestly Wednesday, bucking the overall market’s decline. Since its post-earnings surge on May 3, the stock has only dropped three sessions out of the past 16. Wall Street likes the bullish prospects of an iPhone sales rebound in China and an expected AI-driven iPhone and Mac upgrade cycle . Jim Cramer said the stock’s move higher is “important because Apple should’ve been up [more] yesterday.” Shares closed fractionally higher Tuesday. He added, “That was money going out of everything into Nvidia. [When] that’s over, look what happens.” The Club scooped up more shares of two portfolio names on Wednesday’s market weakness. Abbott Laboratories was bought due to the overblown stock reaction to baby formula litigation concerns. Coterra Energy was purchased to bolster our geopolitical uncertainty hedge. “This is, to me, the best-run oil company in the world,” Jim said. (Jim Cramer’s Charitable Trust is long AAPL, NVDA, ABT, CTRA. 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.
