CNBC Investing Club with Jim Cramer hosts a “Morning Meeting” livestream each weekday at 10:20 AM ET. Let’s know about the major moments of Wednesday. Fed Chair Powell to speak on defensive growth stocks Alphabet’s higher costs 1. Fed Chair Powell to speak Stocks were mixed on Wednesday ahead of Federal Reserve Chairman Jerome Powell’s much-anticipated speech that highlighted the central bank’s strategy to fight inflation. Could However, we suspect that Powell will not fully know the trajectory of the Fed’s interest rate hike until the monthly US employment data is released on Friday. The bank is unlikely to completely call off rate hikes, but it is likely to adopt a more hawkish approach at its next meeting on December 13-14. Wall Street broadly expects the Fed to raise rates by 50 basis points next month, down from a 75-basis point hike since November. 2. Defensive Growth Stocks We continue to prefer defensive growth stocks that can withstand a downturn, rather than tech stocks that have been battered by rising interest rates and could fall further. Some stocks we recommend as reliable plays in club portfolios include Johnson & Johnson (JNJ), Procter & Gamble (PG), Constellation Brands (STZ), Honeywell (HON), Morgan Stanley (MS), and Wells Fargo ( WFC) are included. 3. Alphabet’s high costs Mizuho cut its price target for Alphabet (GOOGL) from $140 to $135, arguing that the Google parent’s 2023 operating earnings estimates are too high. We believe tech companies like Alphabet need to align their spending with revenue growth, which has come under pressure amid gathering macroeconomic headwinds. Mizuho analysts are correct that Alphabet’s estimates are too high — and we think reducing the workforce could help pad the company’s earnings. (Jim Cramer’s charitable trust is long JNJ, PG, STZ, HON, MS, WFC, GOOGL. See here for a full list of stocks.) As a subscriber to CNBC Investing Club with Jim Cramer, you’ll receive a trade alert Will happen. Before Jim went into business. Jim waits 45 minutes to send a trade alert before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he waits 72 hours after the trade alert is issued before executing the trade. The above Investment Club information is subject to our terms and conditions and privacy policy, along with our disclaimer. No fiduciary obligation or duty exists, or is created, by virtue of your receipt of any information provided in connection with Investment Club. No specific results or benefits are guaranteed.