News of a potential Beijing stimulus package boosts the Club's China-exposed names

Published Fri, Jun 2 202312:25 PM EDTUpdated Fri, Jun 2 202312:30 PM 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 climb on jobs data, debt deal Wynn soars on hopes for China stimulus Watch Apple 1. Stocks climb on jobs data, debt deal Equities rallied Friday morning on the back of a strong jobs report for May and a deal to raise the U.S. debt ceiling, with all three major stock indices climbing more than 1%. In the 29th straight month of positive job growth, nonfarm payrolls grew by 339,000 last month, the U.S. Labor Department said Friday, well ahead of the 190,000 Dow Jones estimate. The employment data should alleviate investor concerns the economy is headed for a recession, but raises the odds the Federal Reserve could raise interest rates again on June 14. Even so, the central bank signaled this week it was likely to temporarily pause rate hikes this month. In Washington, Congress passed a bipartisan bill to raise the nation's borrowing limit and avoid a catastrophic default, sending the legislation to President Joe Biden's desk Friday. 2. Wynn soars on hopes for China stimulus The Chinese government is considering new stimulus measures to boost its property market, Bloomberg reported Friday, with investors hoping such a move could portend more spending to support the country's flailing economic recovery. Club holding Wynn Resorts (WYNN), a major casino operator in Chinese gambling hub Macao, jumped more than 4% on the news to trade around $100 a share Friday. We added to our WYNN position Thursday after Macao reported a 366% annual increase in May gross gaming revenue. The news also has bullish implications for the Club's U.S. construction giant Caterpillar (CAT) and other China-exposed names, Jim Cramer said Friday. Caterpillar stock surged more than 7% in midday trading, to nearly $224 a share, though Jim noted the shares are still "undervalued." 3. Watch Apple Morgan Stanley raised its price target on Club holding Apple (AAPL) Friday to $190 per share, from $185, while keeping an overweight, or buy, rating on the stock. Analysts at the firm expect the tech giant to unveil its new RealityPro AR/VR headset, along with new use cases and developer tool kits, at the Worldwide Developer's Conference on June 5. While Apple historically underperforms the market on the day of the conference, "this year could be different" given its new offerings, the analysts wrote in a note. We maintain our "own it, don't trade it" mantra on Apple, which was trading around $180 a share on Friday. (Jim Cramer's Charitable Trust is long AAPL, CAT, WYNN. 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.