The Homestretch update from the CNBC Investing Club with Jim Cramer provides an actionable afternoon update for the last hour of trading on Wall Street. On Friday afternoon, stocks were mixed with the S&P 500 and Nasdaq poised to post weekly gains after closing at record highs on Wednesday. The surge in bond yields and strong-than-expected nonfarm payrolls growth and average hourly wages for May led to a pushout of Federal Reserve interest rate cut odds. The FedWatch tool suggested a 50/50 chance of a rate cut in September.
With bond yields shooting higher, sectors like real estate and utilities that tend to trade opposite rates were lagging on Friday. However, sectors like financials, industrials, tech, health care, and energy were solidly higher. Big banks like Wells Fargo and Morgan Stanley welcomed the higher-for-longer Fed policy as long as the economy remains resilient and growing. Abbott Laboratories was a leader within health care as it quietly put together a big week despite litigation risk.
There are several big events on the horizon, including Nvidia’s 10-for-1 stock split, Apple’s annual Worldwide Developers Conference (WWDC) with iPhone AI news expected, and an FDA meeting discussing Eli Lilly’s Alzheimer’s treatment donanemab. Other upcoming events include the May consumer price index, the Fed’s post-June meeting news conference, and earnings from Broadcom. Subscribers to the CNBC Investing Club with Jim Cramer will receive a trade alert before Jim makes a trade, and there is a waiting period before executing trades to ensure transparency.
The information provided by the CNBC Investing Club with Jim Cramer is subject to terms and conditions and a privacy policy, along with a disclaimer stating that no fiduciary obligation or duty exists by virtue of receiving information from the club. Specific outcomes or profits are not guaranteed. The club aims to provide timely updates and insights for investors looking to navigate the market landscape. By staying informed on market dynamics, upcoming events, and potential trade opportunities, subscribers can make informed investment decisions with the guidance of Jim Cramer and his team.
Overall, the Homestretch update offers valuable insights for investors looking to stay abreast of market developments and potential trading opportunities. By highlighting key sector dynamics, market trends, and upcoming catalysts, the CNBC Investing Club with Jim Cramer helps subscribers navigate the complex world of investing with actionable information. With a focus on transparency, accountability, and timely updates, the club seeks to empower investors to make informed decisions and maximize their investment potential in a dynamic market environment.
