Jim Cramer’s Investing Club meeting Thursday: Oversold market, Costco

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 Thursday’s key moments. Monitor oversold market Stick with Salesforce Watch Costco 1. Monitor oversold market Equities markets were mainly lower in midmorning trading Thursday, as rising bond yields continued to put pressure on stocks. The yield on the 10-year Treasury climbed to around 4.08% — its highest level since early November — making defensive stocks less attractive to investors. The market has been in a wait-and-see mode ahead of the U.S. Labor Department’s highly anticipated jobs report on March 10, which will be crucial in determining whether the Federal Reserve raises interest rates by 25 or 50 basis points the following week. Meanwhile, the S & P Short Range Oscillator , at minus 4.21%, showed the market is now in oversold territory. Once it reaches around 5%, we’ll be ready to go hunting for some bargains. 2. Stick with Salesforce Enterprise software giant Salesforce (CRM) delivered an earnings blowout on Wednesday, beating expectations across the board and setting ambitious guidance for its fiscal year 2024. Investors responded enthusiastically, sending the stock soaring by more than 11% Thursday morning, to roughly $186 a share. CEO Mark Benioff — who has faced an onslaught of pressure from activist investors in recent months — said Wednesday that he had hit the “hyperspace button” to accelerate the company’s profitability push. And the fresh guidance, including a roughly 27% expected operating margin in fiscal 2024, shows he’s serious about delivering. We continue to be long-term investors in Salesforce and think Benioff is the right person for the top job. 3. Watch Costco Club holding Costco Wholesale (COST) is set to report fiscal second-quarter results Thursday after the closing bell. Investors will be looking to see whether the membership-only retailer has been able to expand profit margins, even as it navigates higher costs. The market is also widely expecting Costco to raise membership fees, which would likely be a catalyst for the stock. Any commentary on new store openings could also send shares higher. Costco stock was trading up roughly 0.77% Thursday morning, at around $482 a share. (Jim Cramer’s Charitable Trust is long CRM, COST. 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…