Every weekday, the CNBC Investing Club hosts a “Morning Meeting” live stream with Jim Cramer at 10:20 am ET. Here’s a recap of Friday’s key moments. Jobs data weighs on stocks We buy more JNJ Quick takes over our chip and pharma stocks 1. Jobs data weighs on stocks Stocks slid on Friday morning as Wall Street digested a hotter-than-expected September jobs report with the S&P 500 down more than 2%. While new data from the Labor Department on Friday showed the US economy created fewer jobs than expected last month, the unemployment rate slipped to 3.5% from 3.7% in the previous month, in a sign that the economy is struggling Labor market still gaining strength. The data comes amid the Federal Reserve’s efforts to slow the economy — and inflation — by raising interest rates and could further spur the central bank to hike further. At the same time, oil prices continued to rise due to OPEC+’s decision to cut production. West Texas Intermediate — the US oil benchmark — was trading down about 3.7% to $92.2 a barrel on Friday morning. Bond yields also rose, with the 2-year Treasury yield coming in at 4.3%. 2. We Buy More JNJ On Friday morning we bought more shares of Johnson & Johnson (JNJ) – a company we think is a great defensive company that can grow even in the midst of an economic slowdown. In the meantime, we may want to add more shares to Constellation Brands (STZ), which reported a solid fiscal second quarter before the close on Thursday. Despite the drop in earnings, the stock was trading down more than 3% at $224.69 per share as of Friday morning, giving us a potential buying opportunity. 3. AMD Advance Announcement Disappointed Club holding Advanced Micro Devices (AMD) announced weaker-than-expected third-quarter sales after the market close Thursday, sending the stock down and hurting other chipmakers (and Club stocks) like Nvidia (NVDA) and Marvell (MRVL). On the bright side, AMD’s gross margins remain in place and we’re still bullish on the stock over the long term. (Jim Cramer’s Charitable Trust is Long AMD, JNJ, MRVL, NVDA, STZ. For a full list of stocks click here.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert before Jim trades a trade. Jim waits 45 minutes after sending a trade alert before buying or selling any stock in his charitable foundation’s portfolio. When Jim spoke about a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE ABOVE INVESTMENT CLUB INFORMATION IS GOVERNED BY OUR TERMS AND CONDITIONS AND PRIVACY POLICY ALONG WITH OUR DISCLAIMER. NO OBLIGATION OR OBLIGATION SHALL BE OR CREATED BY YOUR RECEIVING OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC RESULT OR PROFIT IS GUARANTEED.
Shares fall, purchase JNJ, AMD disenchanted
