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. The S & P 500 was modestly higher Thursday. While cheering Nvidia ‘s strong earnings and 5% rally in the stock, investors were cautious in the face of new trade policy uncertainty. That uncertainty stems from Wednesday night’s ruling by the U.S. Court of International Trade that President Donald Trump does not have the authority to impose his “reciprocal” tariffs. Jim Cramer said the ruling gives countries looking to cut a trade deal with the U.S. some breathing room to wait for a Supreme Court decision. Jim thinks the nation’s highest court could side with the trade court. Following Nvidia and Salesforce earnings Wednesday evening, quarterly results from fellow Club name Costco will be our focus after the closing bell. The company does report sales on a monthly basis, so that part is well understood. The question is what do margins look like in an evolving tariff environment? Jim said he wouldn’t be surprised if Costco shares were to trade lower following Thursday evening’s quarterly numbers. However, he said that, like Club holding TJX , which fell after its earnings but is now coming back, Costco could follow a similar pattern. Jefferies downgraded GE Vernova , our newest stock, to a hold from buy. It was a valuation call after shares surged to record highs. Out of respect for the rally, we downgraded GE Vernova to our hold-equivalent 2 rating on Tuesday. We did, however, raise our price target to $500 per share. Jefferies analysts boosted theirs even higher to $517. GE Vernova shares dropped more than 3% on Thursday after eight straight higher sessions. Jim said this may be a chance to buy for investors looking to start a position because it’s been straight up since we initiated it about two weeks ago. Stocks covered in Thursday’s rapid fire at the end of the video were: e.l.f. Beauty , Burlington Stores , HP Inc. , and SentinelOne . (Jim Cramer’s Charitable Trust is long NVDA, CRM, GEV. 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.
