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 Monday’s key moments. 1. U.S. stocks ticked up Monday morning, with the tech-heavy Nasdaq Composite outperforming. The S & P 500 , meanwhile, is up 17% year-to-date, but the returns have been uneven as the “Magnificent Seven” stocks have done the bulk of the work. Bond yields were mainly unchanged, with that of the 10-year Treasury around 4.46%. And oil prices jumped more than 2% on expectations that the Organization of the Petroleum Exporting Countries (OPEC) and its allies could cut output further later this month. West Texas Intermediate crude, the U.S. oil standard, was trading around $77.80 a barrel. 2. Club holdings Apple (AAPL) and Starbucks (SBUX) are facing headwinds in China, according to two separate stories in The Wall Street Journal. Chinese companies Huawei and Xiaomi are gaining market share, posing a fresh challenge to Apple’s dominance of the premium smartphone space, one report argues. But this isn’t new information. And Apple is viewed as a status brand in China, making it unlikely customers will abandon it en masse. Meanwhile, Starbucks is facing heightened competition from Chinese coffee maker Luckin. But you wouldn’t know Starbucks is struggling in China by the numbers . 3. It’s been a weekend of AI musical chairs. After start-up OpenAI ousted CEO Sam Altman, Club holding Microsoft (MSFT) hired the executive to lead a new artificial-intelligence research team. Microsoft, which owns a roughly 49% stake in OpenAI, is the big winner here, according to Jim Cramer. Meanwhile, Wells Fargo says the news likely marks the transition to a “new era of AI development.” The bank says to expect Meta Platforms (META), Amazon (AMZN), and Alphabet (GOOGL) to be aggressive in hiring OpenAI talent. (Jim Cramer’s Charitable Trust is long AAPL, SBUX, MSFT, META, AMZN, GOOGL. See here for a full list of the stocks.) As a subscriber to the…
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