Market Highlights from Friday
Every weekday at 10:20 AM, the CNBC Investment Club with Jim Cramer hosts a live stream called “Morning Meeting.” Here’s a recap of some key events from Friday.
1. US stocks experienced a substantial rise on Friday, buoyed by better-than-expected job data. Non-Farm Payrolls increased by 139,000 in May, surpassing Dow Jones’ forecast of 125,000. As a result, the S&P 500 climbed over 1% in early trading, reaching heights not witnessed since late February. That’s encouraging news, especially considering concerns about the effects of tariffs and a potential economic downturn. “Sometimes, you get an employment number that really makes a difference,” Jim noted. This surge followed a decline on Thursday, triggered by a public dispute between President Trump and Tesla CEO Elon Musk, which saw electric vehicle stocks tumble and dragged down the entire market.
2. On Friday, Broadcom shares fell by more than 2%, following the release of the chipmaker’s quarterly revenue report. While the figures for the second quarter were impressive, and the company’s AI division continues to show promise, the stock is taking a breather after a significant rise post-earnings announcement on Thursday evening. Jim advised new investors to consider buying Broadcom at this price, as the long-term outlook remains strong.
3. Apple’s annual global developer conference kicks off on Monday, with investors keenly watching for updates on Apple Intelligence, its generative AI initiative. This comes after a challenging year of developing new AI features, including an improved Siri, which Jim labeled as “disappointing.” The iPhone maker faces several other challenges, too. Although software-centric events usually don’t drive major changes, the year 2024 might bring unexpected surprises. “What I find interesting is that it might have room to bounce back,” Jim remarked regarding Apple’s stock. “It seems a bit less risky than I initially thought.”
4. The rapid-fire inventory review at the end of Friday’s video included Lululemon, McDonald’s, MP Materials, and Applied Materials. As part of Jim Cramer’s Charitable Trust, certain stocks like Avgo and Aapl are held. Subscribers to the CNBC Investing Club receive trade alerts before Jim executes transactions. He waits 45 minutes after sending an alert before making a trade in the Charitable Trust portfolio. If stocks are discussed on CNBC TV, Jim will hold off for 72 hours after a trade alert before proceeding with any transactions. The investment club information is governed by the Terms of Use and Privacy Policy, and there’s no specific guarantee of outcomes or benefits.
