Cramer's Club: Oil Spike Drags Market Lower; CrowdStrike Upgrade, Capital One Earnings Loom

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 Tuesday's key moments.

1. The stock market turned lower after Tuesday's Morning Meeting ended. A possible culprit: a rise in oil prices ahead of the Iran war ceasefire agreement set to end Wednesday. After holding steady in morning trade, U.S. oil benchmark West Texas Intermediate crude rose about 4% to $93 per barrel. Before the opening bell, President Donald Trump told CNBC he thinks the U.S. will "end up with a great deal" with Iran to end the war. Even before stocks rolled over, Jim Cramer said the market was having a "whacky day," as he pointed to notable moves across a variety of corners such as banks, defense stocks, semiconductors and software. Meanwhile, the Club initiated a new position in Arm Holdings on Monday. Shares of Arm were fractionally higher Tuesday.

2. CrowdStrike was upgraded to a buy-equivalent rating from hold by KeyBanc, which also issued a $525 price target. Analysts said AI tailwinds have arrived, arguing that Anthropic's Mythos model is a catalyst to AI-driven cybersecurity demand. "That upgrade was against the grain," Jim said, because many people think Anthropic is trying to replace companies like CrowdStrike. On the contrary, Jim said he's discussed with CrowdStrike CEO George Kurtz about how the company "is the great hope and will have more customers than ever" in a world filled with AI-enabled cyberattacks. "This stock is well off its high. And it's crazy," Jim said. Analysts, however, held off on upgrading our other cyber name, Palo Alto Networks, saying they want to see clearer execution on recent deals to buy CyberArk and Chronosphere before turning more bullish.

3. Capital One reports Tuesday night after the closing bell. The company reported a disappointing quarter the last time around, with higher investments resulting in an earnings-per-share miss. Jim said he's a little wary about the stock rallying in recent weeks into earnings. When the results land Tuesday, Jim indicated he wants to see that Capital One got more aggressive in buying back stock. He also wants to see "some rationalization" of its acquisitions of Discover and fintech firm Brex. "We've not seen either yet," he said.

4. Stocks covered in Tuesday's rapid fire at the end of the video were: GE Aerospace, RTX, UnitedHealth Group, 3M and D.R. Horton. (Jim Cramer's Charitable Trust is long CRWD, COF, and PANW 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.