Jim Cramer’s Investing Club meeting Monday: Consumer prices, tech

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. Look for consumer price report Trim overvalued tech stocks Watch oil as China reopens 1. Look for consumer price report Stocks climbed Monday, with the 3 major indices all up in midmorning trading following Friday’s strong rally. The market soared at the end of last week on signs inflation may be easing and the economy cooling. Investors are looking ahead to the U.S. Labor Department’s monthly consumer price index for December, to be released Thursday. Any further evidence of moderating prices could allow the Federal Reserve to slow its pace of interest rate hikes, potentially bolstering stocks. The S & P 500 rose more than 1.3%, the Dow Jones Industrial Average was up 0.85% and the Nasdaq Composite jumped more than 2%. 2. Trim overvalued tech stocks We trimmed our positions in Microsoft (MSFT) and Nvidia (NVDA) on Monday to lessen our exposure to high-multiple tech firms ahead of earnings season. If companies with high multiples don’t meet lofty earnings expectations – which is likely, due to the state of the economy – their stocks will likely face a beating. Microsoft reports quarterly results later this month and Nvidia reports in February. 3. Watch oil as China reopens Oil prices started the week up on expectations of renewed demand from China , as the world’s second-largest economy abandons its zero-Covid policy and reopens after 3 years. West Texas Intermediate (WTI) crude – the U.S. oil benchmark — rose roughly 2% midmorning, to $75.31 a barrel. Shares of Club oil stocks Halliburton (HAL), Coterra Energy (CTRA) and Devon Energy (DVN) followed suit Monday. Pioneer Natural Resources (PXD), our other energy holding, fell on the back of a downgrade from KeyBanc. (Jim Cramer’s Charitable Trust is long MSFT, NVDA, HAL, CTRA, DVN, PXD. 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.