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. Stocks fall as Powell speaks Watch Foot Locker Earnings on deck 1. Stocks fall as Powell speaks Stocks gave up initial gains Friday morning after a two-day rally for the major U.S. indices, with the S & P 500 edging down 0.25% and the Nasdaq Composite down 0.3%. The reversal came amid a speech on monetary policy by Federal Reserve Chair Jerome Powell. The market remains divided over whether the Fed will continue to raise interest rates when it next convenes in June, or pause the hikes, as Powell had indicated earlier this month. Oil prices, meanwhile, were down slightly but still on track to break four-straight weekly declines. West Texas Intermediate crude was trading just under $72 a barrel. 2. Watch Foot Locker Club holding Foot Locker ‘s (FL) stock plummeted more than 27% Friday after the sneaker retailer missed on sales and profit for the first quarter and lowered its guidance. While we didn’t expect the results to be this bad, we certainly didn’t have high expectations for the quarter. CEO Mary Dillon, who took over the top job at the start of the year, only recently implemented her “Lace Up” turnaround strategy. It will take time for the changes to take shape and translate into growth. That’s why we’ve kept our position small since first buying the stock in late March . Shares of FL were trading around $30 apiece late morning. 3. Earnings on deck Palo Alto (PANW) reports fiscal third-quarter results Tuesday after the closing bell. The company is a leader in cybersecurity and continuing to gain market share. If there’s a pullback, we would look to pick up more shares. Nvidia (NVDA) reports fiscal year 2024 first-quarter results Wednesday after the closing bell. The stock has had an impressive 112% gain year-to-date. We’ll be paying attention to its core data-center business and whether gaming inventory improved. Costco Wholesale (COST) reports fiscal third-quarter results Thursday after the closing bell. We’re still wondering whether the retailer might raise its membership fee, and if it will offer shareholders a special cash dividend. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.
