The Homestretch, released by the CNBC Investing Club with Jim Cramer, provides daily afternoon updates for the last hour of trading on Wall Street. The markets on Thursday saw stocks slightly lower, close to the S&P 500’s record close set on Wednesday. Oil prices spiked, and the China stock market rally resumed, both affecting the S&P 500 gains. The market seemed more focused on third-quarter earnings despite slightly warmer-than-expected September inflation data. A defense of Salesforce was made in response to pushback on a recent upgrade, citing reasons such as valuation, sentiment, and business operations like double-digit free cash flow growth and the launch of Agentforce, a suite of AI-enhanced chatbot tools. The stock has seen positive growth since the upgrade.
In an update on Advanced Micro Devices (AMD), shares dropped over 4% as the company held its Advancing AI event. The reasons for the dip were unclear, but it could be attributed to a “sell the news” dynamic following the recent outperformance since early September. AMD unveiled its new MI325x AI chip, expected to ship in the first quarter of 2025, with strong demand projections. Despite not announcing sales guidance for 2024 or new major customers, AMD’s underperformance compared to AI peers presents a potential buying opportunity, as CEOs believe in the company’s potential in the data center AI market. The upcoming earnings report on Oct. 29 may offer additional insights.
The upcoming earnings season kicks off with companies like Wells Fargo, JPMorgan Chase, BlackRock, and Bank of New York Mellon reporting before the opening bell on Friday. Economic data such as the producer price index report is also scheduled. Jim Cramer cautioned against reading too much into slight changes in the data, focusing instead on the overall trend and upcoming earnings reports. Subscribers to the CNBC Investing Club with Jim Cramer receive trade alerts before Jim makes a trade, with waiting periods before executing trades based on TV discussions or alerts. The club’s information is subject to terms and conditions, privacy policy, and disclaimer, emphasizing that no fiduciary obligation or guaranteed outcome exists.
Overall, the Homestretch provides timely updates on market trends, stock performances, and upcoming events impacting investors. The defense of Salesforce and discussion on AMD’s new AI chip highlight potential investment opportunities, while the caution regarding economic data emphasizes the importance of focusing on long-term trends and earnings reports. Subscribers to the CNBC Investing Club with Jim Cramer benefit from trade alerts and expert analysis, ensuring informed investment decisions. The club’s approach to trading, based on Jim Cramer’s insights and recommendations, aims to provide valuable guidance for navigating the dynamic world of finance and investing.
