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 Wednesday’s key moments. Stocks fall on debt-ceiling worries Palo Alto’s beat and increase China-exposed shares face Covid hurdle 1. Stocks fall on debt-ceiling worries Equities got here below strain Wednesday, with traders more and more involved over Washington’s failure to attain a deal to increase the U.S. debt ceiling. The authorities may default on its debt obligations as early as June 1 if President Joe Biden and House Speaker Kevin McCarthy don’t attain an settlement by the finish of the month. “The market is taking place as a result of of the debt talks. … We’re now in 2011 mode ,” Jim mentioned Wednesday. He additionally urged traders to sit tight till the present market volatility subsides: “Chin up and don’t put a lot of money to work.” 2. Palo Alto’s beat and increase Club holding Palo Alto Networks (PANW) on Tuesday night delivered stronger-than-expected income and revenue for the third quarter of its fiscal 12 months 2023, whereas elevating its earnings-per-share outlook for the full 12 months. Jim mentioned Wednesday the firm has a “profitable mannequin” for delivering a full suite of cybersecurity choices to enterprise prospects. Palo Alto inventory soared greater than 8% in Wednesday buying and selling. Meanwhile, Club identify Nvidia (NVDA), which has confirmed instrumental to the improvement of synthetic intelligence, is set to report quarterly outcomes after the closing bell Wednesday. 3. China-exposed shares face Covid hurdle All three Club shares with important publicity to China — Starbucks (SBUX), Wynn Resorts (WYNN) and Estee Lauder (EL) — tumbled Wednesday as a new Covid variant unfold all through the nation. China, which solely emerged from three years of lockdowns months in the past, expects to see the newest wave peak in late June, at round 65 million infections per week. But we’re “not backing away from any of these three shares,” Jim mentioned Wednesday, suggesting a pullback may present a shopping for alternative. Stay tuned for a deeper dive on the implications of China’s latest Covid dilemma later in the afternoon. (Jim Cramer’s Charitable Trust is lengthy PANW, NVDA, SBUX, EL, WYNN. See right here for a full listing of the shares.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll obtain a commerce alert earlier than Jim makes a commerce. Jim waits 45 minutes after sending a commerce alert earlier than shopping for or promoting a inventory in his charitable belief’s portfolio. If Jim has talked about a inventory on CNBC TV, he waits 72 hours after issuing the commerce alert earlier than executing the commerce. 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.