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 Thursday’s key moments. 1. Equities under pressure U.S. stocks were lower in midmorning trading Thursday following Wednesday’s bounce, with the S & P 500 down 0.67% and the Nasdaq Composite down more than 1%. Bond yields were mainly steady, with that of the 10-year Treasury hovering above 4.7%. The yield is at a 16-year high, and Jim Cramer has called it the ” tyranny of the 10-year .” Meanwhile, oil prices, which have fallen more than 9% over the past week, edged up slightly. West Texas Intermediate crude, the U.S. oil benchmark, was trading just above $84 a barrel. 2. Constellation reports Club holding Constellation Brands (STZ) delivered a beat on quarterly earnings and revenue on Thursday. Adjusted earnings-per-share for the beer maker’s second quarter of fiscal year 2024 came in at $3.70, compared with analysts’ forecasts for $3.36 a share. Quarterly revenue of $2.84 billion topped expectations for $2.82 billion. Constellation reported very strong beer numbers, with depletions up 7.9%, even as its wine-and-spirits business remained weak. The company also raised its full-year outlook. Still, Constellation stock fell more than 2% Thursday morning, to around $243.58 apiece. Stay tuned for a full analysis of the results and the post-earnings conference call later Thursday. 3. Costco’s monthly sales Club name Costco Wholesale (COST) reported solid sales for September late Wednesday. Core comparable sales, excluding gasoline and foreign exchange, rose 3.7% companywide year-over-year and 2.7% in the U.S. Store traffic continued to grow, up 4.9% worldwide and 4.5% in the U.S. Costco last week delivered solid fiscal 2023 fourth-quarter results , beating expectations on both the top and bottom lines and improving gross margins. (Jim Cramer’s Charitable Trust is long STZ, COST. 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.
