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. U.S. stocks were mixed Thursday as traders weighed May’s producer price index data , which showed that inflation pressures may be easing. The S & P 500 edged lower, but still traded near record highs. Weekly jobless claims also out Thursday morning came in higher than expected, signaling some loosening in the still-tight labor market. The economic data releases follow the Federal Reserve’s decision to leave rates unchanged Wednesday, though Fed chief Jerome Powell flagged progress on the inflation front. Earlier Thursday, we highlighted nine stocks in the portfolio that would benefit from rate cuts. Broadcom stock surged 13% Thursday after the semiconductor company’s artificial intelligence-driven earnings beat Wednesday evening. Management raised its full-year guidance and announced a 10-for-1 stock split. “Behind Nvidia, it’s the second-best way to play AI in the chips space,” said Jeff Marks, the Club’s director of portfolio analysis. Blue Cross Blue Shield of Michigan will reportedly drop coverage of weight loss drugs for Club holding Eli Lilly and Novo Nordisk on certain commercial insurance plans in 2025, according to Bloomberg . The news doesn’t change our investment thesis for Lilly. Drugs like Lilly’s Zepbound are in short supply with demand far exceeding supply. That appears unlikely to change for a few years, at least. Shares of Eli Lilly are up 1% on Thursday, on pace for another record close and its sixth consecutive day of gains. (Jim Cramer’s Charitable Trust is long NVDA, AVGO, LLY. 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.
This portfolio chip stock is the second-best AI play behind Nvidia
This article was originally published by Cnbc.com. Read the original article here.