Here's why Wells Fargo stock is down 7% despite the bank's quarterly earnings beat

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. U.S. stocks advanced Friday as the S & P 500 rebounded from its worst trading session since late April. The benchmark gauge broke its seven-day win streak Thursday as investors rotated out of Big Tech names into smaller-cap stocks, sending many Club holdings down, including Nvidia 's 5% drop.

Rather, this looks like a sell-the-news event, given that Wells Fargo shares rose into the quarterly print. We'll have the full Club analysis on results later Friday. Morgan Stanley and Abbott Laboratories will post earnings next week on Tuesday and Thursday, respectively. Capital markets were strong for other bank earnings on Friday, which could serve as a good read-through for Morgan Stanley's investment banking business.

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We are upgrading our rating on Wells Fargo as investors dump stock post-earningsWe don't like to see guidance misses, but bank interest income estimates depend on interest rates, which Wells Fargo has no real control over.
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