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 Friday’s key moments. Weak PMI data is good for Fed When to add to energy stocks Stay bullish on Estee Lauder 1. Weak PMI data is good for Fed Stocks fell Friday , as recession fears persisted on Wall Street and put the market on track for back-to-back weekly losses. The S & P 500 was down more than 1% in midmorning trading. At the same time, S & P Global released its Purchasing Manager’s Index (PMI) Friday, which showed weaker-than-expected private sector business activity in this U.S. this month, adding to economic slowdown concerns. That’s likely good news for the Federal Reserve, though, which has been trying to tame inflation by cooling the economy through higher interest rates . 2. When to add to energy stocks The Club has been looking for opportunities to add to our energy exposure. We want to buy back some shares of our oil holdings that we sold at higher levels in recent months. But it’s important to do so gingerly, rather than all at once. If Devon Energy (DVN) were to fall to $59 per share or below, we’d be tempted at that price to buy a few more shares. For Pioneer Natural Resources (PXD), a more attractive level would be around $210 per share. Devon’s stock was trading down more than 3% Friday morning, at roughly $59.6 a share. Pioneer was also down more than 3%, at around $217.3 a share. 3. Stay bullish on Estee Lauder Atlantic Equities on Friday raised its price target on Club holding Estee Lauder (EL) to $302-per-share, while reiterating an overweight, or buy, rating. We think the cosmetics giant is the best way to invest in the reopening of China’s economy, as Beijing significantly lifts Covid-19 restrictions after 3 years of lockdowns. Estee Lauder relies on China for more than a third of total sales. We’d also look at any setbacks in China’s efforts to roll back its zero-Covid policy — and subsequent stock pullbacks — as potential buying opportunities. (Jim Cramer’s Charitable Trust is long DVN, PXD, EL. 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.