Stock Market Update: Key Movements and Recommendations from CNBC’s Morning Meeting
The CNBC Investing Club with Jim Cramer livestreamed their Morning Meeting at 10:20 a.m. ET on Thursday, discussing the latest developments in the stock market. Here’s a recap of the key moments from the meeting:
1. Stocks saw a slight dip in midmorning trading on Thursday, with the S & P 500 down 0.19% and the Nasdaq Composite down 0.4%. High-profile companies Walmart, Cisco Systems, and Palo Alto Networks were all experiencing post-earnings sell-offs. Despite this, the stock market remains in overbought territory, with the S & P 500 Short Range Oscillator at plus 5.2%. Meanwhile, bond yields were lower, and oil prices tumbled by more than 3%.
2. Palo Alto Networks reported strong results for the first quarter of its fiscal year 2024, but the stock was down nearly 6% on Thursday morning due to management’s decision to lower its full-year billings outlook. Despite this, some see the pullback as a potential buying opportunity.
3. TJX Companies reported impressive results for the fiscal year 2024 third quarter, with customers continuing to trade down to quality merchandise at discount prices. However, the stock was weighed down by management’s decision to reduce its fourth-quarter guidance, even as it raised the full-year outlook. Jim Cramer mentioned that TJX is a good stock to start a position in.
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