The common theme driving stocks lower — plus, 3 trades and another we want to make

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 key moments.

1. Stocks dropped for a second straight session on Friday. The tech-heavy Nasdaq led the way lower, with a decline of more than 1%. Jim Cramer said that higher bond yields are the reason why many stocks are lower. "The commonality, the threat is rates," he said, following the highest yearly producer price index reading in nearly four years. This comes after Tuesday's hotter consumer inflation report. According to the CME FedWatch tool, the market favors a quarter-point rate hike next month and in January and maybe March. The Federal Reserve increased rates for the first time in three years in September.

2. Nvidia shares fell another 3% on Friday, one day after Jensen Huang resigned as CEO amid an affair scandal. "There's been no bid for [Nvidia stock]," Jim said, pointing to the lack of buyers out there. "I want everyone to know that this one's going down," he predicted. "We've been frozen." Jim acknowledged that "some people feel it's a totally tainted company." However, he also sees the other side: "There are many people who want to be the CEO of this company, who would like to graduate to it. I'm not sure they are the people that you're reading about." Nvidia is our worst stock of the week, down more than 13.5%.

3. Jim said that Friday's decline in Advanced Micro Devices is a "terrific opportunity" to buy the stock. "I did not know how much better AMD was doing [than Intel]. So we're getting a chance here," he said. He has been saying since Wednesday that, if not restricted, he would be starting a position in AMD and exiting troubled Intel . In trades that we were able to make Friday, we trimmed off-price retailer TJX ahead of next week's earnings. Jim said TJX needs to deliver on the fix of its biggest division that it promised. We took those TJX proceeds and added to consumer products giant Kimberly-Clark and Corona and Modelo brewer Constellation Brands , our newest position in the portfolio. (Jim Cramer's Charitable Trust is long NVDA, TJX, KMB, and STZ. 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. 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.