Every weekday, the CNBC Investing Club with Jim Cramer hosts a livestream of the morning meeting at 10:20 a.m. ET. Here's a rundown of Friday's key moments. 1. US stocks fell in mid-morning trading on Friday, with the S&P 500 down 0.2% and the Nasdaq Composite down 0.68%. Jim Cramer said the market is now bifurcated, with bank stocks rising on strong earnings and big tech companies under pressure. At the same time, bonds rallied and Treasury yields retreated in a flight to safety. The yield on the widely watched 10-year Treasury bond was around 4.6%. And oil prices rose about 4% amid rising geopolitical risk, as West Texas Intermediate crude surpassed $86 a barrel. Energy club name Pioneer Natural Resources (PXD) followed suit, rising more than 2%, while Jim reiterated the Club's intention to exit the position given Exxon Mobil's planned acquisition of the shale company. 2. Club holding company Wells Fargo (WFC) on Friday reported a 7% year-over-year increase in third-quarter revenue, outpacing both net interest income and noninterest income. Earnings per share of $1.48 beat analyst estimates of $1.24 per share. The bank also raised its full-year 2023 net interest income growth outlook to 16%, versus guidance of 14% and ahead of the consensus estimate of 14%. On Friday, Jim highlighted his confidence in CEO Charlie Scharf's ability to continue transforming the bank under difficult circumstances, while suggesting that he expects Wells Fargo's stock to only rise. WFC shares rose about 3.8% to more than $41 each. Stay tuned for a full Club analysis of the results later on Friday. 3. Holding company Danaher (DHR) was sold off late Thursday after German bioprocessing rival Sartorius (SARTF) previously announced a third-quarter failure and cut its organic growth outlook due to a further shortage of bioprocessing stocks. its American and Chinese clients. But TD Cowen said Sartorius' latest cut aligns its forecasts more closely with those of Danaher, which was more conservative with its outlook last quarter. We expect Danaher stock to recover before the end of the bioprocessing cycle. "This is a stock worth owning," Jim said Friday. (Jim Cramer's Charitable Trust is long PXD, WFC, DHR. See here for a full list of 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 fund'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 INVESTMENT 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 THE RECEIPT OF ANY INFORMATION PROVIDED IN RELATION TO THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR BENEFITS ARE GUARANTEED.
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Why Jim Cramer thinks the stock market is now โbifurcatedโ
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