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. Equities give up gains Costco reports Amazon’s antitrust woes 1. Equities give up gains Stocks lost steam in midmorning trading Wednesday, with the S & P 500 down 0.07%, as equities gave up early gains and bond yields again strengthened. The yield on the 10-year Treasury was hovering around above 4.5%. However, Jim Cramer said Wednesday that a potential shutdown of the federal government , in conjunction with an escalating strike by the United Auto Workers union, could “take out a big chunk of economic activity.” That would result in bond yields falling, Jim argued, ultimately boosting stocks. At the same time, oil prices soared by more than 2% Wednesday, with West Texas Intermediate crude trading above $92 a barrel. And the market is now officially in oversold territory, according to the S & P 500 Short Range Oscillator , meaning we’re looking for buying opportunities. 2. Costco reports Club holding Costco Wholesale (COST) delivered solid quarterly results Tuesday after the closing bell, beating expectations on both the top and bottom lines and improving gross margins year-over-year. The results demonstrated solid comparable sales and strong membership renewals, as the company opened nine new locations in the quarter. Consumer traffic was up 5.2% worldwide and 5% in the U.S. Costco also said it saw inflation trend downwards during the quarter. At the same time, the company did not implement a membership-fee hike or a special dividend. But we continue to see the former as a question of when, not if. 3. Amazon’s antitrust woes The Federal Trade Commission, in a highly anticipated antitrust lawsuit, alleged Tuesday that Club name Amazon (AMZN) wields “monopoly power” to inflate prices, degrade quality for shoppers and unlawfully exclude rivals, undermining competition. While we’ll be watching the case closely, we…
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