'The stabilization could be ephemeral,' Cramer warns

Published Thu, Aug 3 202311:44 AM EDT

Kevin Stankiewicz @in/kevin-stankiewicz-b5593466 @kevin_stank

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. Stocks mixed Wait for Dreamforce Watch Amazon 1. Stocks mixed Equities were mixed Thursday, as Wall Street digested a rise in Treasury yields — tied to Fitch's U.S. credit-rating downgrade — and weak corporate earnings reports from the likes of Qualcomm (QCOM) and PayPal (PYPL). The S & P 500 and tech-heavy Nasdaq on Thursday are tracking for their third-straight day of declines. Even as quality tech firms like Club holdings Nvidia (NVDA) and Advanced Micro Devices (AMD) traded higher Thursday morning, Jim Cramer cautioned that it's still an uncertain time for the market. "The stabilization that's occurring could be ephemeral," he said. 2. Wait for Dreamforce Salesforce (CRM) shares were under pressure again Thursday, extending a rough stretch for the enterprise-software giant's stock. Salesforce has finished in the green just three times over the past 14 trading days, as of Wednesday's close. "Salesforce trades in an odd way," Jim said, but he reminded investors that a positive catalyst looms in September: Dreamforce, the company's annual mega-conference, during which big deals often happen. "Dreamforce is coming," Jim said. "That could be the cavalry." 3. Watch Amazon When Club holding Amazon (AMZN) reports after the close Thursday, Jim said a key line item to watch is the growth rate at its cloud-computing division, Amazon Web Services. After posting 16% sales growth in the first quarter, Jim said he'll be monitoring whether that figure drops to 10% or below in the second quarter. "If the growth falls below 10% for Amazon Web Services, then the stock is going to break down," he argued. (Jim Cramer's Charitable Trust is long NVDA, AMD, CRM and AMZN . 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.