The Homestretch is a written update released by the CNBC Investing Club with Jim Cramer every weekday, providing actionable insights for the last hour of trading on Wall Street. In a recent update, it was noted that stocks on Wall Street initially showed solid gains on Thursday, with the S & P 500 poised to break a four-day losing streak. However, as Treasury yields continued to rise throughout the session, sellers entered the market and pushed the S & P 500 into the red. The Nasdaq Composite also saw losses, while the Dow Jones Industrial Average remained flat.
Meta Platforms, the owner of Facebook and Instagram, saw a 2% increase in its shares following the unveiling of its latest large language model, Llama 3. This model powers the company’s free artificial intelligence assistant, which is rolling out across its family of apps. While Meta is not directly monetizing this new assistant, it is expected to enhance user experience and increase engagement on its social media platforms. Additionally, Meta is leveraging AI to improve ad targeting strategies.
Jim Cramer, in his analysis, mentioned adding to the position in Estee Lauder following a positive analyst call from Deutsche Bank. He also discussed the performance of Starbucks, which showed gains for the fourth consecutive session, and the ongoing correction in semiconductor and AI-related stocks. D.R. Horton, a homebuilder, reported better-than-expected earnings and raised its full-year revenue outlook, leading to positive stock performance. However, interest rates are still a concern impacting companies like Stanley Black & Decker.
Looking ahead, the week is set to conclude with several notable companies reporting earnings, including Netflix, Intuitive Surgical, and PPG Industries. Procter & Gamble is also scheduled to report, with a focus on improvements in volumes and margins in the third quarter of fiscal 2024. Oilfield services company SLB, American Express, and regional banks will also wrap up the week with their earnings reports. As subscribers to the CNBC Investing Club, members receive trade alerts before Jim makes a trade, with specific guidelines on the timing of executing trades.
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