Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. Here’s today’s edition. Stocks are still broadly lower but what’s different about today compared to the past two weeks is that the market pullback finally came for tech stocks. The Nasdaq100 is of about 1% today, on pace for its worst day since the start of the year. Meanwhile, defensive groups are holding up a little better like Health care and staples. Some of the manage care stocks are rebounding after some weak trading last week. Food stocks doing well out of the staples. In addition to tech, also lagging in the market is Real Estate and Utilities in reaction to the move up in interest rates. The yield on the 10-Year Treasury moved above 4.1% in response to the better-than-expected retail sales report. There’s a push and pull in the market right now between good economic data which is generally good news but means the market is ahead of itself on rate cuts, which is viewed as being negative for stocks, especially the ones that rallied at the end of 2023 on this expectation. This has created some confusion in the market on what will happen with rates over the next few months, and markets sell off when there’s confusion. But that’s why we raised all that cash. Some top performers in the portfolio included Humana , Foot Locker and Linde . On the downside, Estee Lauder , Wynn Resorts and GE Healthcare traded lower on negative economic sentiment from China. Shares of Caterpillar were down after UBS reiterated its sell call on the name on the expectation that estimates for the company’s Energy transportation segment are too high and need to come down. Ford was also lower after a downgrade by UBS on an inability to offset costs from the UAW contract and ongoing warranty and quality costs. (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.
Source link
Denial of responsibility! NewsConcerns is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email –
[email protected]. The content will be deleted within 24 hours.
