Every weekday, the CNBC Investing Club with Jim Cramer hosts a “Morning Meeting” livestream at 10:20 a.m. ET. Here's a recap of Tuesday's key moments. The Nasdaq was down slightly on Tuesday, retreating from the previous session's all-time highs. Jim Cramer described the market as “benign” overall, while the S&P 500 and Dow also traded fairly flat. During a speech in Washington, Federal Reserve Governor Christopher Waller said no further interest rate increases will be necessary, but cuts are likely “several months away.” Jim said Waller's comments were not “momentous.” The S&P 500 short-range oscillator still points to an overbought market, so we are hesitant about any major buying opportunities at this time. Palo Alto Networks fell about 3.5% on Tuesday despite posting an in-line quarter. While still down, the stock was a long way from its 9% after-hours drop. The cybersecurity company missed billing estimates. But Jim said turnover is the wrong metric to focus on. He prefers to maintain the performance obligation, or RPO, which was strong. We were pleased by signs that Palo Alto's platform strategy appears to be working. Generally, we view stock declines like Palo Alto's as a buying opportunity, but for the Club, we'll wait for a more favorable level, given the stock's recovery in the run-up to earnings. Eli Lilly has received approval for its GLP-1 drug, tirzepatide, in China. Shares rose about 2.5%. They rose even earlier in the day, hitting a new all-time intraday high. This is a big deal because China is a key growth market for the pharmaceutical giant, and tirzepatide is the active ingredient in its popular U.S.-approved diabetes drug Mounjaro and weight-loss treatment Zepbound. Jim said demand will continue to increase because tirzepatide is a “medical drug” and “not necessarily a weight-loss drug,” making it essential for customers. (Jim Cramer's Charitable Trust is long LLY, PANW. 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.
