Every weekday the CNBC with Jim Cramer holds a "Morning Meeting" at 10:20 a.m. ET. Here's a recap of Friday's key moments. 1.
The S & P 500 was under mild pressure Friday but headed for another strong week, with a gain of more than 1%.
Health-care stocks continued to bounce back at the expense of momentum names such as Palantir and name GE Vernova .
The Dow was performing better than the broader market, receiving a boost from UnitedHealth's best day in five years after Warren Buffett's Berkshire Hathaway revealed, in quarterly securities filings, a significant stake in the troubled insurer.
"Big Short" investor Michael Burry and Appaloosa Management's David Tepper also disclosed sizable stakes in the embattled health insurer. 2.
Consumers were feeling worse the economy and future inflation in the early weeks of August, according to the University of Michigan's sentiment data.
Consumers have taken the worst-case scenario tariffs off the table, the survey director said.
"However, consumers continue to expect both inflation and unemployment to deteriorate in the future." The government released July retail sales before Friday's open, and the headline and ex-auto numbers matched expectations.
3. HSBC analysts downgraded their rating on name Cisco Systems to a hold from buy, with a $69 per price target, ing this week's earnings release.
They think that a restocking benefit lifting the company's networking segment is almost over. HSBC also pointed out that Cisco's security came in below expectations.
We were also critical of that in our earnings analysis on Wednesday evening and during Thursday's monthly meeting . But the key, in our view on Cisco, is that the AI infrastructure is getting traction.
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