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 Monday’s key moments. The S & P 500 fell on the first trading day of June after a weekend of no progress on China trade talks. In fact, China refuted President Donald Trump ‘s accusation Friday morning that Beijing violated its trade agreement with the U.S. The White House on Monday said Trump will likely talk with Chinese President Xi Jinping this week. “I think the Chinese would be nuts to make a deal,” Jim Cramer said during the Morning Meeting. “China does not seem to have as much to lose as we think.” In Jim’s Sunday column , he looked at how the president’s tariff unpredictability is holding back the market in 10 ways. Late Friday, at a rally in Pennsylvania, the president said he’s doubling the tariff rate on steel to 50%, starting June 4. Shares of steelmaker and miner Cleveland-Cliffs on Monday jumped more than 25% on the news, while rival Nucor , which is in our Bullpen, gained more than 10%. Steel tariffs, in theory, can even the global playing field on price. Companies that make steel and service the domestic industry may benefit in the near term, but what about industrials that rely on steel as an input cost? Many of them are down Monday, including Club name Dover, which has some steel exposure. “We might have to go pick at this one,” Jim said. “I think that’s way too low.” “Let’s go to something I find actionable in our portfolio that I do not get,” Jim said. “The action is Capital One.” The Club stock, which was down Monday with the banks, has not been rewarded for its Discover acquisition. Goldman Sachs put Capital One on its conviction list. “When I worked at Goldman, I would have picked up the phone and told everybody they have to be in this stock,” Jim said. To investors without positions in Capital One, “I would be a huge buyer of this thing,” Jim said. The benefits of the acquisition are “intrinsic and excellent,” Jim said, noting the catalyst of Discover’s payment network and the prospects for second-half stock buybacks. Stocks covered in Monday’s rapid fire at the end of the video were Campbell’s , Bullpen name Boeing , and Club name GE Vernova . (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) 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.
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