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 Friday’s key moments. Jobs data weighs on stocks We’re buying more JNJ Quick takes on our chip and pharma names 1. Jobs data weighs on stocks Stocks slipped Friday morning as Wall Street digested a hotter-than-expected September jobs report , with the S & P 500 down more than 2%. While Friday’s fresh data from the Labor Department showed the U.S. economy added fewer jobs than expected last month, the unemployment rate slipped to 3.5%, down from 3.7% the month prior, in a sign the job market is still gaining strength. The data comes amid efforts by the Federal Reserve to slow the economy — and inflation — by raising interest rates, and could further incentivize the central bank to keep hiking. At the same time, oil prices continued to soar on the back of the OPEC+ decision to cut production. West Texas Intermediate — the U.S. oil benchmark — was trading up Friday morning by around 3.7%, at $92.2 a barrel. Bond yields also rose, with the 2-year Treasury yield at 4.3%. 2. We’re buying more JNJ On Friday morning, we bought more shares of Johnson & Johnson (JNJ) — a company we believe is a great defensive business that can grow even amid an economic slowdown. Meanwhile, we’re looking to potentially scoop up more shares of Constellation Brands (STZ), which reported a solid fiscal second-quarter on Thursday before the bell. Despite the earnings beat, the stock was trading down more than 3% Friday morning, at $224.69 a share, giving us a possible buying opportunity. 3. AMD’s preannouncement disappoints Club holding Advanced Micro Devices (AMD) pre-announced weaker-than-expected third-quarter revenue on Thursday after the close, taking a hit to its stock and dragging down other chipmakers (and Club stocks) like Nvidia (NVDA) and Marvell (MRVL). On the bright side, AMD’s gross margins are hanging on and we are still bullish on the stock long-term . (Jim Cramer’s Charitable Trust is long AMD, JNJ, MRVL, NVDA, STZ. 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.
