CNBC Investing Club Morning Meeting Recap: Market Volatility and Meta Shares

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.

1. The S & P 500 fell Wednesday as surging oil prices and Treasury yields continue to spook equity investors. Treasury yields rose after the Treasury Department said it's buying back $6 billion of government debt, triple the normal amount. Meanwhile, West Texas Intermediate jumped 3%, trading above $96 a barrel on escalating Middle East tensions, which sparked concerns over further disruptions to Middle East energy supplies. "If oil were to reverse, just imagine what this tape would be," Jim Cramer said. Separately, Meta shares advanced over 6% following the company's debut of its personal AI agent app late Tuesday. Even with Wednesday's advance, Meta shares remain cheap. During our September Monthly Meeting on Thursday at noon ET, Jim plans to talk about the six stocks that he believes you must buy.

2. Jim also said he liked how Meta President and Vice Chair Dina Powell McCormick talked about serving communities that agree to house data centers. On a recent podcast, the Goldman alum and ex-Trump advisor addressed concerns about energy and strains on public services. In addition to societal and political backlash, new warnings about AI safety are adding another layer of uncertainty to the data center trade. One Anthropic researcher resigned due to claims of inadequate safeguards. Another put a greater than 10% chance that AI could kill all humans within the next decade. From a stock perspective, Jim said, "You have to stay a little more reserved about data centers" based on all the negativity out there.

3. Apple shares fell over 1% ahead of the company's annual fall product launch, which will be John Ternus' first since taking over as CEO on Sept. 1. The event kicks off at 1 p.m. ET. Portfolio director Jeff Marks said investors will be focused on Apple's new foldable iPhone, which is expected to have starting price of around $2,000, according to Bloomberg News. Jeff cautioned that Apple's stock has historically performed well into the event and pulled back afterwards. Therefore, the event is "not necessarily a reason to buy," he said.

4. Stocks covered in Wednesday's rapid-fire at the end of the video were: Casey's General, Signet Jewelers, ServiceTitan, and Jersey Mike's.