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. Fed decision ahead Quick takes on Club earnings 1. Fed decision ahead Stocks edged down Wednesday ahead of the Federal Reserve’s decision on rate of interest increases, set for this afternoon. While markets are largely expecting one other 75 basis point hike, investors are looking forward to any signals from the central bank it could slow the pace of rate rises next month. On the Club, we expect it’s unlikely the Fed will alter its rate trajectory substantially until wage inflation and employment numbers level off. Stocks could either rally on dovish rhetoric from the Fed or fall further on a more hawkish statement following its policy meeting. The S & P 500 was down 0.45% in midday trading. 2. Quick takes on Club earnings Shares of Estee Lauder (EL) tumbled nearly 8% midmorning Wednesday, to roughly $190.6 a share, after the corporate slashed its earnings outlook for fiscal 2023 attributable to ongoing Covid-19 restrictions in China, inventory buildup within the U.S. and foreign exchange headwinds. Nevertheless, the cosmetics company still beat on the top- and bottom line for its fiscal first. We remain bullish on EL and are considering taking this chance so as to add to our small position within the stock. Humana (HUM) reported a powerful earnings beat on Wednesday, and we see no reason to take any motion on our position. The insurance firm is exemplary of the strong, recession-proof healthcare names investors should hold of their portfolios. Shares of Devon Energy (DVN) slid greater than 7% Wednesday, to around $71.77 a share after the oil-and-gas producer guided for lower-than-expected production within the fourth quarter, together with higher capex spending estimates. But we see this as an overreaction by the market, particularly given Devon late Tuesday reported better-than-expected earnings and revenue for the third quarter on the back of solid capital discipline . While we do not plan on making any trades without delay, we’d consider buying back more shares if the value goes much lower. Eli Lilly (LLY) reported a jumbled third-quarter before the opening bell Tuesday, however the Club’s still incredibly bullish on the stock. Our positive outlook was bolstered by CEO David Ricks’ optimism around the corporate’s drug pipeline in a Tuesday interview with Jim Cramer . Jim said that he continues to consider Mounjaro, the corporate’s type 2 diabetes drug that is expected to be approved to treat obesity as early as next yr, might be the best drug of all time. (Jim Cramer’s Charitable Trust is long EL, HUM, DVN, LLY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you’ll 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 a couple of 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.