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 little changed ahead of the Federal Reserve's Wednesday afternoon interest rate decision, likely marking Jerome Powell's last policy meeting as Fed chairman. No rate change is expected. If confirmed, nominee Kevin Warsh would take over as Fed chief in May. The central bank's next scheduled policy meeting is set for mid-June. President Donald Trump wants the Fed to lower rates. But will the data cooperate, especially with oil so high? Warsh has said he will only cut rates if warranted by economic conditions. Bond yields are "getting uncomfortably high for me," as oil prices go higher on questions about whether the Iran war will end soon, said Jim Cramer. Those higher yields are the reason for Home Depot's over 7% year-to-date decline. The Club holding is our play on lower rates, which Jim has previously said is key to reviving the stalled housing market and overall economic recovery. "When I see rates [bond yields] go up … I always have to take a pause and say, 'OK, let's add that into the equation before we buy anything,'" Jim said. 2. Investors are also anticipating earnings from the Club's "Magnificent Seven" holdings after the close: Amazon , Alphabet , Meta , and Microsoft . "The big battleground will be Microsoft," said Jim, adding he's worried the enterprise software and cloud giant will try to dismiss Wall Street's concerns about Copilot not being up to snuff. "Do they understand that the Street views them as just another SaaS [software as a service] play? Will they be oblivious?" Jim questioned. If oblivious, Jim said Microsoft's stock will tumble, which has already dropped about 12% year to date. With Microsoft, forward guidance is only revealed in the conference call. So, any stock reaction on the release alone might change once investors get the outlook details. 3. Corning shares dropped another 3% on Wednesday, a day after a post-earnings decline of nearly 9%. A lower close would put the stock on a three-session losing streak. Jim views that as an opportunity to start a Corning position. Earnings came in solid Tuesday. But it was a matter of Street expectations being too high due to the stock's surge this year. It is still up 70% in 2026. The fiber optics maker is hosting two upcoming events: Its annual shareholders meeting Thursday and an Investor Day on May 6. Jim said those who aren't invested in Corning should get in ahead of those events. 4. Stocks covered in Wednesday's rapid fire at the end of the video were: Seagate , Robinhood , SoFi , Visa , and Brinker . (Jim Cramer's Charitable Trust is long AMZN, GOOGL, META, MSFT, HD, GLW. 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.
