Every weekday, CNBC Investing Club hosts a “Morning Meeting” livestream with Jim Cramer at 10:20 a.m. ET. Here’s a recap of Tuesday’s key moments. Wall Street was under pressure on Tuesday. If the Dow closes lower, the 30-stock average would snap its first nine-day losing streak since 1978, when Jimmy Carter was president. “I want you to look for a crescendo. At a crescendo, the market goes down, down, down, and then the volume explodes. This results in a clearing event that goes back up. We haven’t had that crescendo yet,” Jim said during the morning meeting. Remember that the Dow is price-weighted. And as the highest-priced component, UnitedHealth’s sharp decline since the CEO of its insurance unit was gunned down on the streets of New York City could distort the overall move. There was also a rotation back into the Magnificent Seven stocks, which is why the Nasdaq posted a record close on Monday. U.S. West Texas Intermediate oil fell below $70 a barrel on demand concerns. Peter Navarro, who is set to become Donald Trump’s top trade adviser, said on CNBC Tuesday that a “drill-baby-drill” policy will further drive down oil prices. Navarro said any inflation from the president-elect’s proposed tariffs could be offset by WTI at $50 per barrel, which would lower the cost of gasoline. Jim said, “(Navarro) is going to need the oil majors to play ball,” noting that the energy giants are wary of crowding the market and watching crude oil prices fall. Once we were out of restrictions, we implemented our Broadcom reduction plans and took profits on Tuesday. We weren’t alone, as shares of the custom chip maker fell more than 4%. “We don’t like doing nothing when we see parabolic rallies,” Jim said. “Let’s talk about the tough question,” he added, referring to Advanced Micro Devices, which we also cut on Tuesday. After speaking to Marvell CEO Matt Murphy on “Mad Money” on Monday night, Jim said big tech companies want Broadcom and Marvell’s AI processors and custom chips from Nvidia, putting AMD in a difficult market position. Jim also commented on the recent decline in Nvidia’s Club stock. The stock ended Monday’s session down nearly 14% from its all-time intraday high of $152.89 per share on Nov. 21 and was under pressure again on Tuesday. “Nvidia has surges. It doesn’t matter and then there are flare-ups,” he said. “We decided not to cut Nvidia. Why? Because we believe the future is bright.” The stocks covered in rapid fire Tuesday at the end of the video were: Pfizer, Brown-Forman, Cisco Systems, Planet Fitness, Dell and Arista Networks. (Jim Cramer’s Charitable Trust consists of AVGO, AMD, NVDA. See a full list of stocks here.) As a subscriber to 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 foundation’s portfolio. If Jim discussed a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION SET FORTH ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. THERE ARE NO fiduciary duty or duty IN RECEIVING YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.
Jim Cramer talks about Nvidia’s recent 14% decline and what he’s doing with the stock
