The market is 'at a level where we have to do some buying,' Jim Cramer says

Published Thu, Sep 28 202311:11 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 Thursday's key moments. 1. Equities mixed, bond yields climb higher Stocks were choppy Thursday morning following Wednesday's strong intraday reversal that saw the market finish about flat on the day. After initially retreating, the S & P 500 rose about 0.3% in late morning trading. Even so, equities have been largely weighed down by soaring government-bond yields — reaching their highest levels in roughly 15 years — with that of the 10-year Treasury rising above 4.6%. But Jim Cramer said Thursday that he expects yields to peak soon, which should bolster the stock market. Meanwhile, the market remained oversold, at minus 4.88%, according to the S & P 500 Short Range Oscillator . That means "we are at a level where we have to do some buying," Jim said. We're looking to add to our positions in Procter & Gamble (PG), Broadcom (AVGO) and Stanley Black & Decker (SWK). 2. Watch GE HealthCare Mizuho on Wednesday raised its price target on Club holding GE HealthCare (GEHC) to $94 a share, up from $66.21, while reiterating a buy rating. The firm noted that Japan's health ministry earlier this week approved Biogen (BIIB) and Eisai 's (ESAIY) Alzheimer's treatment, Leqembi, citing significant opportunities for GEHC's imaging technology. Mizuho estimated the potential for roughly 300,000 PET scans in 2026, representing a roughly $400 million opportunity that climbs to $1.8 billion in 2030. More broadly, Mizuho said hospitals may try to get ahead of the coming demand for MRIs by increasing their capital spending by around 5% beginning this year. 3. Stick with Costco, TJX Following Club holding Costco Wholesale 's (COST) standout quarterly results earlier this week, some Wall Street analysts have raised their price targets to above $600 a share. "I share that enthusiasm...I think it's fantastic," Jim said Thursday. The company is doing well, despite some softness in big-ticket discretionary sales, while gaining share with a younger demographic. The company also has plenty of runway to keep adding warehouses. And in an increasingly difficult economic environment for consumers, off-price retail operator and Club name TJX Companies (TJX) remains another retailer to hold as shoppers look for bargains. (Jim Cramer's Charitable Trust is long PG, AVGO, SWK, COST, TJX. 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.