Nvidia breaks through to new record highs. Plus, more good news for Boeing

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. 1. Wall Street went into rally mode Friday, thanks to falling oil prices and a soft September jobs report that eased pressure on bond yields. The Nasdaq was leading the charge, up over 1.5% and touching a fresh record high. The S & P 500 was up roughly 1%, while the Dow was the relative laggard, up about 300 points, or 0.6%. With the one-two punch of oil prices declining on hopes for an additional strategic stockpile release and the employment number giving the Federal Reserve more room to hold at its October meeting, Jim Cramer said you might think we'd have a "buy everything" kind of market. "This is not that kind of market," Jim said, with the Dow's underperformance illustrating that dynamic. "What we end up doing is we huddle over certain communication services and tech [stocks]." 2. One of those tech stocks on the ascent Friday was Nvidia , which was up over 2.5% and trading at record levels for the first time since mid-May. "Very important. Breaks the double top," Jim said. What he means is that Nvidia had, on a few occasions, gotten within a few bucks of its May intraday peak of $236.54, only to see the sellers step in. On Friday, the stock finally punched through it. Morgan Stanley reinstated Nvidia as its top pick in semiconductors is helping the bulls' cause. "Morgan Stanley has got a pretty good reputation on these stocks," Jim said. The firm's call came after holding client meetings with Nvidia CEO Jensen Huang and CFO Colette Kress. "I believe that [Nvidia management] laid out that the best thing to own is their own stock," Jim said, referencing the $150 billion in additional buyback firepower announced Monday. "The buyback is going to be really big." 3. Boeing has thankfully avoided a potential strike from its white-collar workers, but we're still not waving the all-clear flag on the stock. The members of the Society of Professional Engineering Employees in Aerospace on Thursday afternoon agreed to Boeing's four-year contract proposal. That helped shares rise 3.35% on Thursday. While modestly lower Friday, the union vote was another proof point that this isn't a buy-everything market rally. The favorable union vote follows the Navy fighter jet contract victory, but Jim said the uncertainty around the FAA's response to a flight landing software glitch makes it difficult to recommend Boeing here. That would "really hurt" Boeing's cash flow if the outcome delayed delivery of 737 Max planes, Jim and portfolio director Jeff Marks explained. 4. Stocks covered in Friday's rapid fire at the end of the video were: Nike , Airbnb , Seagate and Western Digital . (Jim Cramer's Charitable Trust is long BA, NVDA. 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.