Jim Cramer's CNBC Investing Club hosts a “Morning Meeting” livestream every weekday at 10:20 a.m. ET. Here's a recap of Thursday's key moments. The S&P 500 and Nasdaq on Thursday slid from record highs recorded in the previous session after investors shifted money from big technology stocks to smaller caps following a weaker-than-expected inflation report. The Consumer Price Index (CPI), a measure of the cost of goods and services, fell to its lowest level since 2021 in June, strengthening the case that the Federal Reserve should cut interest rates sooner rather than later. Nvidia, Apple and Microsoft, which are club holdings, all fell sharply. “CPI is really under control today,” Jim Cramer said. Shares of Morgan Stanley, Stanley Black & Decker and Best Buy soared on Thursday, offering a glimpse into which portfolio stocks will benefit from a low-interest-rate environment.Morgan Stanley Wealth Management margins would be less pressured if borrowing costs fell. Meanwhile, lower interest rates would help the housing market pick up, meaning more demand for tool maker Stanley Black & Decker's products. Finally, Best Buy's sales should rise if U.S. consumers' spending on personal computers and electronics picks up. Wells Fargo kicks off its banking quarterly earnings season on Friday. Clubs are watching closely for any changes to management's net interest income (NII) guidance. The Wall Street firm previously projected a 7-9% decline in NII for 2024 as customers move their deposits into higher-yielding alternatives. Hopefully, those estimates are conservative to temper investor expectations. Shares rose 0.8% on Thursday. (Jim Cramer's Charitable Trust is long BBY, SWK, MS, WFC, NVDA, AAPL, MSFT. See here for a complete list of stocks.) Subscribers to Jim Cramer's CNBC Investment Club receive trade alerts before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling shares in the Charitable Trust's portfolio. If Jim talks about a stock on CNBC TV, Jim waits 72 hours after issuing a trade alert before executing the trade. The above Investment Club information is subject to our Terms of Use and Privacy Policy and Disclaimer. Receipt of any information provided in connection with the Investment Club does not and does not create any fiduciary duty or obligation. No specific results or benefits are guaranteed.