Is the reported China iPhone ban 'more bark than bite'?

Published Fri, Sep 8 202311:22 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 Friday's key moments. Stocks rise Apple steadies Knock-on effects 1. Stocks rise U.S. equities climbed higher Friday, as the market tries to break a three-day losing streak. The S & P 500 and the Nasdaq Composite both rose about 0.3%. Meanwhile, bond yields moved slightly lower, with that of the 10-year Treasury around 4.2%. But oil prices remained elevated, as West Texas Intermediate crude hovered above $87 a barrel. Higher oil prices are inflationary, and if they continue their march upwards it could portend further interest-rate hikes from the Federal Reserve. 2. Apple steadies Apple (AAPL) stock stabilized Friday morning after losing 6% following reports that the Chinese government is moving to ban government employees from using iPhones at work. But Morgan Stanley thinks the news is "more bark than bite" — a view we tend to share. The firms notes that Apple is an important contributor to the Chinese economy, employing millions of people in the country. The iPhone maker also benefits from significant brand loyalty in China. Morgan Stanley reiterated an overweight rating on the stock and $215-per-share price target. Apple stock was up 0.75% in midmorning trading, at nearly $179 a share. 3. Knock-on effects for Broadcom The headlines on China and Apple hit the entire semiconductor complex Thursday, including Club name Broadcom (AVGO), which gets about 20% of its sales from its wireless business. Still, Truist on Friday raised its price target on Broadcom to $995 a share, up from $942, while maintaining a buy rating on shares. The firm cited Broadcom's M & A benefits and accelerating AI-revenue above the company's long-standing mid-single-digit-percentage growth rate. (Jim Cramer's Charitable Trust is long AAPL, AVGO. 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.