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. Markets: The S & P 500 has slipped into the red since the Morning Meeting. The index closed at records on Monday and Tuesday. There has been no real catalyst to Wednesday’s dip. But the combination of negative daily research — a handful of stock downgrades with few upgrades — and a deeply overbought market is usually a recipe for some choppiness and declines. The tech-heavy Nasdaq was outperforming thanks to gains in Magnificent Seven stocks like Club holdings Nvidia , Meta Platforms, and Microsoft . Club name Salesforce was also working a two-session winning streak following Tuesday’s upgrade and last week’s strength on announcements from Dreamforce, including the company’s new AI tool Agentforce . The energy sector has been volatile this week. West Texas Intermediate crude dropped 2.5% on Wednesday — back below $70 per barrel — and giving up all of Tuesday’s China stimulus-related gains. Oscillator : We made three trims Wednesday — Meta, Dana her, and Alphabet — in a very overbought market that has been that way for six straight sessions. When the market is this overbought, our discipline is to refrain from any buying — unless a stock is crushed or looks like a great opportunity — and pad our cash position through a few small trims. In fact, according to the S & P 500 Short Range Oscillator , the market is the most overbought that it’s been since Aug. 26. That was in the middle of a 10-session overbought streak from Aug. 19 to Aug. 30. During that time, the S & P 500 index went on to lose more than 4% and hit its most recent low close of 5,409 on Sept. 6. The Oscillator, however, never got oversold. The last time it flashed oversold was back in the spring. By the way, since the Sept. 6 close, the S & P 500 jumped nearly 6%, closing at a record 5,732 on Tuesday. Nice shades : Meta shares hit an all-time high Wednesday after CEO Mark Zuckerberg showcased a new prototype of augmented-reality smart glasses called Orion. No timetable was given. The company also announced its latest virtual reality headset, Quest 3S, and new features for the Meta AI chatbot. The company’s Connect event was held Wednesday afternoon at Meta headquarters in Menlo Park, California. As CNBC’s tech reporters pointed out , “Zuckerberg has defended the company’s spending as a strategic initiative to prevent Apple from controlling future hardware platforms.” Apple has the Vision Pro mixed reality headsets. Up next: Memory chip supplier Micron reports quarterly results after Wednesday’s closing bell. What better way to check the pulse for consumer electronics — cellphones and personal computers — and high bandwidth memory for AI chips than listening to Micron’s post-earnings conference call. If Nvidia stock is going to extend its recent win streak to four sessions, it’s going to need Micron to make bullish comments about HBM demand for next year. Jefferies Financial reports earnings, too — providing an early look into investment banking and capital markets activity before the big banks report in a couple of weeks. Before Thursday’s opening bell, we get to see the quarters from Accenture and CarMax . On the data side, the government is out with August durable goods orders, weekly jobless claims, and the third read on second-quarter gross domestic product. Club name Costco reports earnings after Thursday’s close. (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.
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