Why Jim Cramer is frustrated by Friday's lower market — plus, good news for 2 of our bank stocks
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. 1. Wall Street was lower Friday after President Donald Trump said in a Truth Social post that China violated a preliminary trade deal between the two countries, suggesting a tougher stance may be afoot. "We have to literally expect that maybe something happens today, and it just drives me crazy because ... we would have a good market" if not for Trump's threats, Jim Cramer said. Case in point: Stocks temporarily came off their lows after a better-than-expected consumer sentiment survey from the University of Michigan, which showed that respondents' one-year inflation expectations came down from the very high levels seen in prior readings. On top of that, the Federal Reserve's preferred inflation gauge came in mostly aligned with expectations and continued to trend lower. Meanwhile, Jim said he's keeping an eye on headlines out of this weekend's OPEC+ meeting, which could determine where oil prices go next. On Friday, U.S. oil benchmark WTI hovered just above $60 a barrel. 2. Club name Goldman Sachs actually worked on a deal in the oil industry announced Friday — good news for the bank as merger-and-acquisition activity shows further signs of a rebound. The bank is the financial advisor for EOG's $5.6 billion purchase of Encino, while also providing financing. "Deal chatter really, really picked up" after Trump paused his "reciprocal" tariffs in April, Jim said. Shares of fellow Club financial Wells Fargo are slightly lower on Friday after Thursday's 1% gain. On Thursday, the bank confirmed its termination of a 2015 consent order with the Office of the Comptroller of the Currency. The last remaining enforcement action left against Wells for a series of scandals is the Federal Reserve's asset cap imposed in 2018. Thursday's OCC news is a positive sign that we could see the asset cap removed by year-end, said Jeff Marks, director of portfolio analysis. "If you just joined [the Club], buy it," Jim said of Wells Fargo's stock. 3. CrowdStrike and Broadcom are set to report earnings next week on Tuesday and Thursday, respectively. CrowdStrike shares are up a little over 1% Friday, a reaction that Jim said was driven by cybersecurity peer Zscaler's good quarter. With custom AI chipmaker Broadcom, we're also looking forward to seeing the progress its making with cloud software firm VMWare, particularly on gross margins. "The VMware deal has been awesome for them," Marks said. "The stock is up huge since that deal closed." 4. Stocks covered in Friday's rapid fire at the end of the video were: Dell Technologies , Marvell Technology , Ulta Beauty, Gap Inc. , and Airbnb . (Jim Cramer's Charitable Trust is long AVGO,CRWD, GS, WFC . See here for a full list of the stocks.) As a subscriber to the 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 trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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