Club meeting recap: It's all about the Fed. But there's good news on Nvidia, Meta while we wait

Published Wed, Mar 22 202311:49 AM EDTUpdated Wed, Mar 22 202311:56 AM EDT

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 Wednesday's key moments. Still room to buy stocks Watch Nvidia Another upgrade from Meta 1. Still room to buy stocks Stocks turned largely positive after opening lower Wednesday as investors prepare for the Federal Reserve's direction on monetary policy Wednesday afternoon. While there's speculation as to whether Fed Chair Powell will raise or pause interest rate hikes, the market is anticipating a 25-basis-point increase. We're still in a slightly oversold market as measured by the S & P Oscillator , meaning "there is still a window to buy," Jim Cramer said Wednesday. However, we don't anticipate making any moves Wednesday given the expected market volatility coming out of the Fed's announcement. 2. Watch Nvidia Nvidia 's (NVDA) GTC conference showed us the Club holding is an undeniable leader in powering artificial intelligence. In Tuesday's keynote address, CEO Jensen Huang explained how generative AI is having a moment comparable to the internet revolution. Nvidia is expected to be the key beneficiary in this sector since the chipmaker has the technology that drives AI. Given NVDA stock has rallied more than 80% year-to-date, investors who want to get in the stock may need to wait for a pullback, which is reflected in our 2 rating. 3. Meta gets another upgrade KeyBanc upgraded Club holding Meta Platforms (META) to overweight from sector weight (buy from hold) Wednesday, with a price target of $240 per share. Analysts cited the tech giant's "more efficient operating structure." According to the research note, analysts are pleased to see the company getting expenses under control, experiencing fewer headwinds in Reels monetization, foreign exchange pressures receding and better ad-targeting through AI to get around Apple 's (AAPL) privacy changes. KeyBanc's endorsement comes a day after Morgan Stanley upgraded Meta for similar reasons. We see many positives shaping up for the company and could be potential buyers of the stock on a pullback. (Jim Cramer's Charitable Trust is long NVDA, META, AAPL. 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.