Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Markets up: The S & P 500 continued to rebound from its recent sell-off, climbing more than 1% to extend this week’s gains to roughly 2%. Oversold conditions and better-than-expected earnings from a handful of large-cap companies across several industries have helped stocks bounce. The index, which broke a six-session losing streak Monday, remains off about 3.5% from its closing high on March 28. The tech-heavy Nasdaq Composite led the way Tuesday, up about 1.7%, while the Dow Jones Industrial Average added about 270 points, or 0.7%. Treasury yields dip: In addition to earnings, the other part of the market’s gauntlet this week is a trio of huge Treasury auctions. The first of the three happened at 1 p.m., when a record $69 billion of 2-year Treasury notes issued was awarded at 4.898%, which was below the pre-auction yield of 4.904%. This went the way of the stock bulls because higher yields tend to have an inverse relationship with equity prices. Yields initially moved lower this morning after the S & P Global Purchasing Managers’ Index numbers were released. The PMI data was softer than expected, confirming signs of the economic “brown shoots” that Jim Cramer has recently been flagging. The report said that U.S. business activity “continued to increase in April, but the rate of expansion slowed amid signs of weaker demand.” The market is viewing this bad news as good news because a raging U.S. economy has kept inflation sticky and pushed out the timeline for Federal Reserve rate cuts. New Amazon subscription: Amazon is making it a whole lot easier and affordable to get groceries delivered. The company announced Tuesday a new low-cost delivery subscription for Prime Members. For $9.99 per month for Prime Members, users can get unlimited grocery delivery on orders over $35 from Amazon Fresh, Whole Foods, and other local grocery and specialty retailers that are on Amazon’s platform. Mark your calendars : Apple on Tuesday announced a product launch event will be held May 7. The expectation is that new iPads will be unveiled. However, this is secondary to what should be a more meaningful event in June when Apple hosts its annual Worldwide Developers Conference. That’s when we expect to learn about how Apple is integrating generative artificial intelligence tools into iPhones – a crucial development to spark the next big upgrade cycle . It’s no secret Apple’s stock has been disappointing this year, and additional weakness could ensue. But, as Jim explained earlier Tuesday , we see reasons why shares should not stay down. Coming up: Earnings continue after the bell, with Tesla , Visa , Enphase Energy , Texas Instruments , Veralto and many others reporting. The big releases Wednesday morning we’ll be focused on are Boeing , AT & T , Vertiv , Humana , Boston Scientific , Thermo Fisher , Biogen and Otis Worldwide . Don’t forget : Our April Monthly Meeting is tomorrow (Wednesday, April 24) at noon ET. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.)
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