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 Tuesday’s key moments. Stocks sink on hot CPI Looking to add some Honeywell Wait to buy Costco, Starbucks 1. Stocks sink on hot CPI Stocks were getting slammed Tuesday after the consumer price index for August came in hotter than expected . The key measure of inflation just won’t cool off, even with gas prices way off their summer highs. U.S. stock futures were up strongly before the CPI was out. When the number hit, they tanked as bond yields soared. The 2-year Treasury yield went to 2007 highs. Jim Cramer on Tuesday’s “Morning Meeting” said he does not think the current market or the economy has 2007-like conditions, which of course preceded the 2008 financial crisis. It’s worth noting that even with Tuesday’s 3% decline in the S & P 500, the index was still up 2.5% from its intraday low on Sept. 6 of 3,886, which gave way to last week’s gains that broke a three-week losing streak. The rally after August’s rough month had continued on Monday. Jim Cramer on Sunday wrote that he believes the mid-June low of 3,636 for the S & P 500 for the year will hold as a bottom for stocks. The index was still 9.5% above despite Tuesday’s decline. 2. Looking to add some Honeywell “The yahoos who trade the futures are simply looking at trend-following. You and I can’t do that. We have to predict in a six to nine month time frame.” Jim said, segueing into a trade idea for Tuesday in the midst of all the carnage. Jim said the Club was going to buy some more Honeywell International (HON), on the thought that the portfolio could use some travel exposure and Honeywell’s aerospace business isn’t a bad way to play it. Jim said he started thinking about travel after Monday’s interview with Expedia CEO Peter Kern who said business travelers are back and the industry as a whole is booming. 3. Wait to buy Costco, Starbucks Jim was also talking about how inflation might impact Club holding Costco (COST). He’s still in Seattle, interviewing CEOs from companies headquartered in Washington state, like Expedia. Jim is talking with Costco CEO Craig Jelinek for Tuesday’s “Mad Money.” The retailer reports next week. Jim said if you don’t own Costco, but want to, hold off on buying and wait for it to go lower. Jim gave the same advice on Starbucks (SBUX), which is a newer stock of ours. The coffee giant is holding its investor day today and laying out new innovation plans. He added that outgoing CEO Howard Schultz is great and ready to hand things off next year to incoming CEO Laxman Narasimhan, who made an appearance at the event. Narasimhan comes to Starbucks with a vast amount of consumer-focused company leadership. Jim will also talk to Schultz later Tuesday for “Mad Money.” (Jim Cramer’s Charitable Trust is long HON, COST and SBUX. 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.