The Homestretch update from the CNBC Investing Club with Jim Cramer provides a daily recap of market activity just before the last hour of trading on Wall Street. In the latest update, stocks were mixed on Friday afternoon, with the S & P 500 and Nasdaq on track to post weekly gains after reaching record highs earlier in the week. Despite a surge in bond yields and reduced odds of a Federal Reserve interest rate cut, Wall Street saw gains due to strong nonfarm payrolls growth and hourly wages data for May.
Sector dynamics in Friday’s trading showed expected trends, with real estate and utilities lagging as bond yields rose. On the other hand, sectors such as financials, industrials, tech, health care, and energy were performing well. Big banks like Wells Fargo and Morgan Stanley benefited from the prospect of a higher-for-longer Fed policy, while Abbott Laboratories stood out in the health care sector as a top performer. The club reiterated its positive stance on Abbott Laboratories despite concerns about litigation risk.
Upcoming catalysts include Nvidia’s 10-for-1 stock split, Apple’s WWDC event where iPhone AI news is expected, and an FDA meeting on Eli Lilly’s Alzheimer’s treatment donanemab. These events could impact the stocks involved, including Nvidia, Apple, and Lilly which are part of the club’s portfolio. Wednesday will be another significant day with the release of the May consumer price index, the Fed’s post-June meeting news conference, and earnings from Broadcom. Subscribers to the CNBC Investing Club will receive trade alerts before Jim Cramer makes a trade, with specific guidelines for timing trades based on when a stock is discussed on CNBC TV.
It is important to note that the information provided by the CNBC Investing Club with Jim Cramer is subject to terms and conditions, privacy policy, and disclaimer. Subscribers are not under any fiduciary obligation and no specific outcome or profit is guaranteed. The club aims to provide timely and actionable updates on market activity, sector dynamics, and upcoming events that may impact stock performance. By following the club’s trade alerts and insights, subscribers can stay informed and potentially make informed investment decisions in the ever-changing financial landscape.
Overall, the Homestretch update from the CNBC Investing Club provides valuable insights and analysis for investors looking to navigate the stock market. With a focus on market trends, sector performance, and upcoming events, the club aims to help subscribers make informed decisions in their investment strategies. By staying engaged with the club’s updates and trade alerts, investors can stay ahead of market movements and potentially capitalize on emerging opportunities in the stock market.
