The CNBC Investing Club with Jim Cramer releases an afternoon update called the Homestretch every weekday, just in time for the last hour of trading on Wall Street. The S & P 500 on Monday gave back its early gains, but was on track for only a slight decline. The market entered Monday in overbought condition, according to the S & P Short-Range Oscillator, following the S & P 500’s nearly 2% gain last week. The index has rebounded quickly back toward its March 28 all-time closing high, leading to some choppiness and a holding pattern ahead of big economic readings in the coming days. The April consumer price index report on Wednesday morning could have significant implications for the ongoing inflation debate.
OpenAI announced a new AI model called GPT-4o, with improved capabilities in text, video, and audio. This new model allows users to speak directly to the application and listen to its response. The rise of these AI models and increased computing power may spark a new consumer electronics upgrade cycle, lifting sales of smartphones, tablets, and personal computers. Despite being a new technology, it may take a few quarters to see this play out at Best Buy, but early investments can pay off in the long run. Chief Technology Officer Mira Murati of OpenAI thanked Nvidia CEO Jensen Huang for providing the most advanced graphics processing units to make their demo possible. Nvidia shares were slightly higher on Monday.
The CNBC Investing Club is adding industrial equipment maker Dover Corp. to its watchlist of stocks known as the Bullpen. Dover Corp is an Illinois-based company with exposure to various “mega themes” such as U.S. CO2 systems, heat exchangers, and biopharma components. Jim Cramer’s quick takes include Apple laying the groundwork to start selling its mixed-reality headset, the Vision Pro, in international markets, and monitoring the economic landscape in China for consumer spending recovery. No major earning reports were expected after the bell on Monday, but Tuesday will see the U.S. government’s wholesale inflation report and earnings reports from Alibaba and Home Depot.
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