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 Wednesday’s key moments. 1. The S & P 500 and Nasdaq fell Wednesday, dragged down by influential tech stocks including Club holdings Alphabet and Microsoft , which reported quarterly results after the close Tuesday amid high expectations. The decline in Bullpen name Advanced Micro Devices , which released numbers Tuesday, also weighed the indexes and chip stocks, more broadly. The Dow was flat Wednesday ahead of the Federal Reserve’s latest policy decision, which is due out at 2 p.m. ET followed by a 2:30 p.m. ET press conference from central bank chief Jerome Powell. While the Fed is widely expected to hold interest rates steady, investors will be pouring through its post-meeting statement and listening to Powell for clues about the future path, specifically when the first rate cut may arrive. 2. Shares of Microsoft dropped more than 1% Wednesday, as investors digested the artificial intelligence leader’s fiscal second-quarter earnings report. Microsoft’s results were impressive, and its guidance was strong in the most important areas, such as its Intelligent Cloud division, prompting us to boost our price target on the stock to $450 per share from $400. The post-earnings decline isn’t necessarily surprising, though, given the stock was priced for perfection going into the report after climbing more than 11% since early January. For Club members without a Microsoft position, we suggest waiting for a little more weakness before initiating a position. At that point, though, investors should have the confidence to buy because the long-term AI-fueled growth story is so strong. 3. Alphabet’s earnings report was not as strong as Microsoft’s, but the stock’s steep slide Wednesday — down more than 6% — opens the door for investors without a stake in Google’s parent company to begin building one, Jim Cramer said. Jim recommended that…
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