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 Monday's key moments.
1. Wall Street Pressure
Wall Street was under some pressure to start off the new week after the S&P 500 posted another record-high close Friday and jumped for the third straight week. In his Sunday column, Jim Cramer wrote about never seeing a stock market that just keeps going up like this in his 42 years of investing and how to approach it.
"Maybe there are some sellers out there after all in some of the high-flying stocks like Applovin," remarked Jim on Monday.
Jim used the software provider as a metaphor for this market. On Monday, Applovin stock fell more than 15% after it was not added to the S&P 500 on Friday as many investors had hoped. But it's still up nearly 750% year to date.
2. China's Economic Policy
China pledged "moderately loose" monetary policy and "more proactive" fiscal policy next year, according to a readout from a key Communist Party meeting.
"I think Nvidia is fine," said Jim, but he would expect the U.S. chipmaking giant's stock to come down some more in the coming days.
Nvidia shares were down 3% on news that China is investigating Nvidia over possible antimonopoly violations amidst export restrictions discussions with Biden administration regarding AI chips.
3. Tech Stocks Update
As tech stocks take a breather Monday, Meta Platforms shares dropped more than 2% after another record close Friday on TikTok news. The U.S. Court of Appeals in Washington, D.C., upheld an act requiring ByteDance to divest TikTok by Jan. 19 or risk a ban in the U.S.
"TikTok is too ingrained in American society," predicted Jim, suggesting it won't be banned.
If banned, Meta's Reels and Alphabet's YouTube shorts could benefit significantly as they are also Club holdings alongside Meta and Alphabet.
4. Rapid Fire Stock Coverage
Stocks covered in Monday's rapid fire included Bank of America, Morgan Stanley, Workday, Macy's, Omnicom and Interpublic.
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