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. Back-to-back losses Still believe in Disney Eli Lilly keeps going 1. Back-to-back losses U.S. stocks on Wednesday were sinking for the second straight session ahead of this week’s key inflation data. The consumer price index (CPI), out Thursday, and the producer price index (PPI), out Friday, are gauges of the inflationary pressures on the U.S. economy that the Federal Reserve leans on for guidance around its monetary policy. Since the cooler-than-expected June CPI print last month, major sector winners have been energy, financials and materials. Central bankers will gather again in September. Markets odds heavily favor a pause in interest rate hikes, like at the June meeting, when the Fed forecasted two more hikes before year-end. One of those rate increases came last month. But the jury is still out on whether a second will materialize. The Fed has raised rates 11 times since March 2022. 2. Still believe in Disney Disney (DIS) is set to report quarterly earnings after markets close Wednesday, which we expect – based on CEO Bob Iger’s recent comments to CNBC – will not be good. It looks like the entertainment giant has experienced a slowdown in theme park attendance, along with a struggling box office. Still, there are bright spots. We’re hoping the new sportsbook partnership between Disney’s ESPN and Penn Entertainment (PENN) can diversify the company’s revenue streams. 3. Eli Lilly keeps going Eli Lilly (LLY) continued its post-earnings rally, up more than 1% during Wednesday trading. The pharmaceutical giant reported blowout quarterly results Tuesday, sending shares to a record closing high, up nearly 15% on the session. Lilly received multiple price target boosts from the Street, citing its diabetes drug, Mounjaro, which blew away analysts’ estimates. We continue to be bullish on the company’s long-term prospects as management’s multiyear outlook, led by Mounjaro’s growth, appears even brighter. Regulators are expected soon to approve Mounjaro for weight loss. (Jim Cramer’s Charitable Trust is long DIS, LLY. 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.