Jim Cramer sets a Starbucks buy level — plus his take on 3 stocks we just bought

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 moments.

1. The stock market is "not that good" on Friday, according to Jim Cramer. Despite modest gains in the S & P 500 and Nasdaq, rising bond yields and flat oil prices are keeping a lid on stocks. Club stock: Apple is down 2% on a report of a drop in component orders, signaling softer demand for the iPhone 18 Pro models. Jim said that sellers are wrong, especially ahead of iPhone Duo preorders starting next Friday. Nvidia, another big portfolio holding, is little changed in what Jim called an "extreme tape," with the AI trade under pressure again after a rough ride in Thursday's session.

2. Jim said that elevated bond yields and oil prices and concerns about inflation are the reasons why the Club bought more shares of three defensive names on Thursday. Not big buys, as he said, but putting a little on to balance our exposure to AI and the data center buildout. The names were Kimberly-Clark (Jim likes the Kenvue deal), FedEx (Jim wants to gradually get big on this), and Bank of New York (Jim likes that it doesn't have credit risk). Jim said he is leaning toward hitting the pause button on trades for Friday.

3. Now to Starbucks: Jim said he had considered buying more shares Thursday after reports that the coffee giant was considering a deal to buy Chipotle slammed the stock. Starbucks is down again Friday. We're restricted from buying Starbucks because Jim talked about it on CNBC. But he said during the Morning Meeting that a further decline to $90, along with signals that Starbucks won't buy Chipotle, could be a good buy level. Jim said Thursday and reiterated Friday that buying Chipotle doesn't seem like the kind of deal that Starbucks CEO Brian Niccol would do, even though Chipotle was the company Niccol turned around before taking on the Starbucks overhaul.