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 S & P 500 and the Nasdaq Composite edged higher Tuesday as Wall Street assessed President-elect Donald Trump’s plans, announced Monday evening, to impose new tariffs on imports from Canada, Mexico and China. Meanwhile, the Dow Jones Industrial Average fell slightly. The U.S. market will be closed Thursday for Thanksgiving, and closes at 1 p.m. ET on Friday. Jim Cramer said he usually approaches Thanksgiving week by buying shares Wednesday and selling during Friday’s shortened session. However, this year Jim says members should stay put and regroup next week, citing the possibility of a Trump social media post or statement swinging the market. “I want to get out of the seasonal pattern,” Jim said Tuesday. “You simply want to stay focused on the good stocks.” 2. Best Buy and Stanley Black & Decker were among Tuesday’s biggest laggards. Shares of the electronics retailer plunged 8% on a lackluster earnings report . The Club will release a full analysis of Best Buy’s quarter later Tuesday. Meanwhile, Stanley Black & Decker shares declined 3.5% as investors weighed what Trump’s potential tariff increases could mean for the company’s China operations. We’re staying long on the toolmaker for now. 3. Wells Fargo stock is up 0.6% Tuesday after Reuters reported that the firm could have its $1.95 trillion asset cap lifted in the first half of 2025. To be sure, these claims has not been confirmed by the bank. Still, we’re hopeful that Wells may be closer to shedding its growth cap, which is key to the bank’s turnaround story and our investment thesis. The cap was put in place in 2018 by the Federal Reserve after years of misconduct that harmed customers. To be sure, these issues predated current CEO Charlie Scharf’s tenure. We will not be buyers on Tuesday’s move higher, given the run the stock’s had recently. “Be aware when Wells Fargo comes down, then you do have an interesting investment,” Jim said. 4. Shares of Morgan Stanley tumbled more than 2% Tuesday on a slew of negative news. Investors are digesting a Wall Street Journal report from late Monday that detailed poor risk controls within the firm’s wealth management division. “This was very disappointing,” Jim said Tuesday. Meanwhile, HSBC downgraded Morgan Stanley stock to a hold from buy Monday evening. Analysts at the bank cited a less attractive risk-reward profile for shares following its recent run higher. “I do not think you can buy the stock here,” Jim added. “I think it has to triple down.” (Jim Cramer’s Charitable Trust is long WFC, MS, BBY, SWK. 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.