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. Don’t trade on Fed decision Stay cautious on QCOM Stick with Eli Lilly 1. Don’t trade on Fed decision Stocks gained on Wednesday ahead of the Federal Reserve’s December interest rate decision, with the S & P 500 up 0.6% in midmorning trading. Wall Street expects the Fed to raise interest rates by 50 basis points , following 4 consecutive 75-basis-point increases. We urge investors to wait for the dust to settle before trading on the Fed announcement, given markets are often volatile after the central bank issues a decision. 2. Stay cautious on Qualcomm JPMorgan Chase on Wednesday reiterated an overweight, or buy, rating on Qualcomm (QCOM), arguing shares could see upside in 2023 with the stabilization of the smartphone market and the company’s digestion of its inventory glut. But we remain cautious on the market’s narrow focus on Qualcomm’s smartphone business and trimmed our position earlier this month . We advise investors to exercise patience here until there are clearer signals on the chipmaker’s trajectory. Qualcomm was trading up around 1.35% Wednesday morning, at $125.18 a share. 3. Stick with Eli Lilly JPMorgan Chase also increased its price target for Eli Lilly on Wednesday, to $400 from $380, a day after the pharmaceuticals company issued weaker-than-expected profit guidance for 2023. The stock fell more than 2% Tuesday on the news, a sell-off we found misguided. So, we’re glad to see Wall Street analysts bullish on the stock. We remain pleased with the company’s strong revenue guidance for next year and its slate of medicines in the pipeline. Shares of LLY were trading up nearly 1.5% midmorning, at $363.92 a share. (Jim Cramer’s Charitable Trust is long LLY, QCOM. 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.