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. Equities fall Stick with Nvidia Swapping semis 1. Equities fall Stocks edged down Thursday morning as the market looks ahead to a speech from Federal Reserve Chair Jerome Powell in Jackson Hole , Wyoming, on Friday. Wall Street has been anticipating hawkish rhetoric from the head of the central bank, and if Powell were to guide for further interest-rate hikes this year it would likely weigh on equities. The S & P 500 was down 0.3%, while the Nasdaq Composite fell 0.6% in midmorning trading. Bond yields were mainly flat, with that of the 10-year Treasury hovering around 4.2%. Oil prices were down slightly, with West Texas Intermediate crude trading around $78.66 a barrel. 2. Stick with Nvidia Club name Nvidia (NVDA) delivered another blowout quarter Wednesday, outpacing Wall Street’s already-lofty expectations. Shares of the artificial-intelligence chipmaker were up more than 2% Thursday on the back of the results, at roughly $482 apiece. Nvidia remains a rare “own it, don’t trade” it stock for the Club. “And I am urging you not to trade it…because it’s the best in show — maybe ever,” Jim Cramer said Thursday. 3. Swapping semis We’re aiming to sell our stake in chipmaker Advanced Micro Devices (AMD) and instead pick up shares of Broadcom (AVGO), Jim said Thursday. Broadcom is cheaper on earnings, pays a dividend and plays into the networking and software side of AI through its planned acquisition of VMware (VMW). Conversely, AMD is up against Nvidia on graphics processing units (GPUs) and central processing unites (CPUs), and could be at risk. Stay tuned. (Jim Cramer’s Charitable Trust is long NVDA, AMD. 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.
‘I am urging you not to trade it,’ Jim Cramer says of Nvidia