Cramer sees cloud growth accelerating in the second half of 2023, driven by names like Amazon

Published Wed, May 10 202311:44 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. Stocks mixed on inflation report Watch cloud holdings Disney to report 1. Stocks mixed on inflation report Stocks were mixed Wednesday morning following fresh data showing the pace of U.S. inflation slowed last month. The Labor Department's monthly consumer price index showed the cost of goods and services rose by 4.9% in April year-on-year, slightly below expectations. The annual rate in March was 5%. The new figures are the latest sign the Federal Reserve's aggressive interest-rate hikes are helping to gradually ease persistent inflation, potentially allowing the bank to pause future increases. The S & P 500 and the Nasdaq Composite were up 0.26% and 0.66%, respectively, in midmorning trading. The Dow Jones Industrial Average , meanwhile, was down 0.18%. 2. Watch cloud holdings Jim Cramer said Wednesday that the second half of the year could be a period in which cloud computing companies accelerate. While enterprise customers have been optimizing costs in a slower economic environment, if the macro pictures starts to improve there could be more investment in the cloud. That would be a positive for Club holding Amazon (AMZN) — whose stock was up more than 3% Wednesday morning, at nearly $110 a share — along with other Club names with cloud operations like Microsoft (MSFT), Alphabet (GOOGL), Salesforce (CRM), Advanced Micro Devices (AMD) and Nvidia (NVDA). 3. Disney to report Club holding Walt Disney (DIS) is set to report fiscal second-quarter earnings after the closing bell Wednesday. CEO Bob Iger's $5.5 billion cost-savings plan likely won't be evident in the results, as the entertainment giant will need at least another quarter to see meaningful benefits to profitability from the restructuring. Still, Disney's parks segment should be a strong performer. We'll also be watching for improvements at the company's streaming operations. (Jim Cramer's Charitable Trust is long AMZN, MSFT, GOOGL, CRM, AMD, NVDA, DIS. 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.