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 Friday’s key moments. Goldilocks jobs data? Stick with Apple and Amazon Buy more Palo Alto? Goldilocks jobs data? U.S. stocks were up Friday as markets digested a cooler-than-expected July jobs report , along with a slew of Big Tech earnings. Treasury yields were slightly lower on the labor data after a big spike earlier this week, providing some relief for growth stocks. Nonfarm payrolls, as reported by the government, increased by 187,000, slightly missing Dow Jones estimates of 200,000. We don’t think these figures will move the needle on the Federal Reserve’s next monetary policy decision. Investors are trying to figure out whether one more interest rate hike is in the cards before the end of the year. The Fed’s next meeting is in mid-September. An unemployment rate of 3.5% is another sign the labor market remains “very, very strong,” Club portfolio director, Jeff Marks, said. Average hourly earnings, a measure of wage inflation, came in above estimates. Stick with Apple and Amazon Club name Apple (AAPL) tumbled 3% during Friday trading, one day after mostly solid quarterly results . Record Services sales more than offset a Products miss, so we’re not concerned about Apple because there are several upcoming catalysts. If history proves itself again, shares of the tech giant will surge ahead of its annual new product launch in the fall. We reaffirmed our own-it, don’t-trade view of the stock. We raised our price target to $205 per share. Amazon (AMZN) shot up more than 10% on a blockbuster fiscal report , beating expectations on revenue and earnings. In terms of the quarterly results, investors are cheering stabilizing growth for the company’s cloud unit, Amazon Web Services, and an increase in operating margins. Management sees more upside for third-quarter sales, leaving us to believe there’s room for the stock to shoot higher. We…
Read the full article here
Leave a Reply