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 Wednesday’s key moments. 1. The S & P 500 was fighting into positive territory Wednesday despite an unexpected decline in payroll processing firm ADP’s monthly look at hiring at U.S. companies. The ADP number “makes a great case” for the Federal Reserve to cut interest rates at its meeting in late July,” Jim Cramer said. However, both Jim and Jeff Marks, the Club’s director of portfolio analysis, cautioned that investors shouldn’t read too much into the ADP print until we see the U.S. government’s official June jobs report on Thursday morning. “There’s been a little bit of divergence between those two readings,” Marks said. One factor that is also helping sentiment on Wednesday is President Donald Trump saying on social media that the U.S. has reached a trade deal with Vietnam. His post on Truth Social came during the middle of the Morning Meeting’s livestream, so it wasn’t discussed. 2. The rotation out of winning Club stocks into laggards that dominated Tuesday’s market conversation was less prevalent on Wednesday. For example, after falling around 3% a day ago, Nvidia shares added around 2% on Wednesday. Jim said his takeaway is that when high-flying stocks are down big on seemingly no real news, investors need to recognize that could be “opportunity knocking.” It’s always possible more downside could be had, he acknowledged. But ultimately, he said, “growth comes back.” 3. Capital One is pacing for its 10th positive session in a row — and fifth consecutive record close — adding more than 1% to around $218 a share. “It should never have been” as low as it was, Jim said. While our two other Club bank stocks in Goldman Sachs and Wells Fargo announced dividend increases Tuesday night following the Federal Reserve’s stress tests, Capital One did not. Nevertheless, we expect to hear more later this year about changes to Capital One’s capital allocation strategy in the wake of the Discover Financial acquisition. While Capital One has the firepower to up its buyback activity, “[CEO] Richard Fairbank can take some of that capital and make this into the rival to American Express . I really think that,” Jim said, adding that even modest market-share gains for Capital One can lead to a significant increase in profits. 4. Stocks covered in Wednesday’s rapid fire at the end of the video were: Constellation Brands , Centene , Ross Stores , Netflix , and Adobe . (Jim Cramer’s Charitable Trust is long GEV, NVDA and COF. 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.
