Cramer's Club Recap: Fed Decision Looms, Microsoft Earnings in Focus, Corning Opportunity Emerges

The S&P 500 was flat ahead of the Federal Reserve's interest rate decision, likely Jerome Powell's last meeting as Fed chair, with Kevin Warsh expected to take over in May. Jim Cramer expressed concern about rising bond yields and oil prices threatening rate cuts, impacting Home Depot. Microsoft earnings after the close represent a battleground, with Cramer worried about the company's response to Copilot concerns. Despite Corning's post-earnings decline, Cramer sees an opportunity to add ahead of upcoming investor events.