Jim Cramer’s CNBC Investment Club releases Homestretch (an actionable afternoon update) every weekday, in time for the final hour of Wall Street’s close. Large Tech Stocks Lead: Wednesday’s market was mixed, with a session leading in a narrow range. Large tech stocks are holding up, with consumer discretionary, communication services and tech sectors remaining in positive territory, driven by solid gains from Amazon, Apple, Netflix and Tesla. Financials and energy were the worst performers. Treasury yields rose across the board, with the 10-year note rising to 4.30%. Expectations that the Federal Reserve will cut interest rates in September have declined slightly over the past week, with the CME FedWatch tool showing a probability of about 63%. This figure could change on Friday after the release of the May Personal Consumption Expenditures (PCE) Price Index. Amazon Joins the $2 Trillion Club: Amazon’s massive rally has pushed the company’s market capitalization past $2 trillion for the first time. The company’s shares have risen about 10% since the strong first-quarter report, driven by increased sales in its Amazon Web Services and advertising divisions and strong cost management, as shown in lower costs of serving e-commerce customers. Up next: There will be plenty of headlines after the closing bell. First, Micron will report earnings and we’ll listen to what management has to say about the demand for high-bandwidth memory, which is relevant not only to the data center market but also to the PC and smartphone industries. Jefferies Financial will also report, and we’ll get a read on second-quarter investment banking activity ahead of the big banks’ earnings releases in a few weeks. Speaking of these banks, they’ll also be releasing the results of the Fed’s stress tests. Also before the bell on Thursday will be Walgreens and McCormick. Not to forget, there’s the May monthly meeting at noon ET. (For a complete list of Jim Cramer’s Charitable Trust stocks, see here.) Subscribers to Jim Cramer’s CNBC Investment Club will receive trade alerts before Jim makes the trade. Jim will buy and sell shares in the Charitable Trust’s portfolio 45 minutes after he sends out his trade alert. If Jim talks about a stock on CNBC television, we will execute the trade 72 hours after issuing the trade alert. The above investment club information is subject to our Terms of Use and Privacy Policy and Disclaimer. Receipt of any information provided in connection with the investment club does not create any fiduciary duty or liability. No specific results or benefits are guaranteed.
Amazon CEO Andy Jassy speaks with CNBC’s Jim Cramer on the Mad Money show on December 6, 2023 in Seattle, Washington.
CNBC
Every weekday, CNBC Investing Club with Jim Cramer releases “Homestretch,” an actionable afternoon update, just in time for the final hour of Wall Street’s close.
