Jim Cramer calls this Mag 7 stock a battleground; urges new investors to buy Corning

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 was little changed ahead of the Federal Reserve's Wednesday afternoon interest rate decision, likely marking Jerome Powell's last policy meeting as Fed chairman. No rate change is expected. If confirmed, nominee Kevin Warsh would take over as Fed chief in May. The central bank's next scheduled policy meeting is set for mid-June. President Donald Trump wants the Fed to lower rates. But will the data cooperate, especially with oil so high? Warsh has said he will only cut rates if warranted by economic conditions. Bond yields are "getting uncomfortably high for me," as oil prices go higher on questions about whether the Iran war will end soon, said Jim Cramer. Those higher yields are the reason for Home Depot's over 7% year-to-date decline. The Club holding is our play on lower rates, which Jim has previously said is key to reviving the stalled housing market and overall economic recovery. "When I see rates [bond yields] go up … I always have to take a pause and say, 'OK, let's add that into the equation before we buy anything,'" Jim said. 2. Investors are also anticipating earnings from the Club's "Magnificent Seven" holdings after the close: Amazon , Alphabet , Meta , and Microsoft . …