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 fell sharply Monday. Another sell-off ensued as President Donald Trump increased his attacks on Federal Reserve Chairman Jerome Powell . The Dow , S & P 500 and Nasdaq were all down more than 2% after big declines last week. Tariff and recession fears also mounted after a long Easter weekend of no trade deals and still-simmering China tensions. Free of our Club trading restrictions , we were able to trim Apple and Nvidia as Jim Cramer first told members to do in his April 13 column . Jim reiterated last week that Apple and Nvidia are hard to own in the Trump 2.0 era. He also retired his “own it, don’t trade it” mantra on each stock. 2. Jim said during Monday’s Morning Meeting that he wants to take advantage of the recent market pullback, putting money to work in stocks that have catalysts to improve the companies’ underlying businesses. One of the catalysts we’re been expecting came to pass on Friday, when the market was closed for the holiday. Bank regulators approved Capital One ‘s $35 billion deal to buy Discover Financial . Club name Capital One shares had been higher earlier but reversed lower in the market sell-off. Jim said the stock should have stayed higher, and we bought more shares on the dip. Jim also said the Fed — now finished reviewing this merger — might be able to turn its attention to removing the central bank-imposed asset cap on Club name Wells Fargo for past misdeeds at the bank. That’s a catalyst we’ve been awaiting for years as Wells Fargo cleaned up its act. 3. Disney was upgraded at Wolfe to an outperform buy from peer perform hold with a price target of $112 per share. The analysts think that recession risk is mostly priced into the stock, saying it’s trading at a historically wide discount to the S & P 500. Wolfe said Disney shares are not getting enough credit for how 60% of its operating income comes from parks and experiences. A travel pullback from foreigners visiting the U.S. over Trump’s policies and a possible U.S. recession are factors for parks. Jim thinks the drop in the stock has to do with parks being so expensive. 4 . Stocks covered in Monday’s rapid fire at the end of the video were: Netflix , Spotify , and Norwegian Cruise Lines . (Jim Cramer’s Charitable Trust is long AMZN, AAPL, COF, DIS, NVDA . 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 ha and s 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.
Jim Cramer says stocks must have this one thing to work in this tough market
