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. Market milestones: The S & P 500 and the Dow on Monday were headed for back-to-back record high closes. The Nasdaq , which has been slower to recover from its Aug. 5 lows, was less than 1% away from eclipsing its last record close on July 10. All three stock benchmarks were riding five-week winning streaks coming into Monday. Tech stocks were leading the way followed by utilities with data center ties. Energy was the only sector in the red after crude oil fell on OPEC cutting its demand forecast for 2024 and 2025. Club names Wells Fargo and Morgan Stanley both hit new 52-week highs — extending their gains from Friday’s bank rally . In fact, Morgan Stanley hit all-time highs and Wells Fargo reached levels not seen since January 2018. Stocks tied to China moved lower Monday on some mixed views about stimulus there after a Chinese government news briefing over the weekend lacked specific details. Semiconductors: Nvidia was on track to close at a new all time high. It needs to trade above $140.76 to take out its intraday high sent on June 20. Jim Cramer pointed out earlier Monday that chip stocks have been leading the two-year bull market. We’re still looking to buy some more shares in Advanced Micro Devices after shares about 4% to $164.18 last Thursday after the company’s Advancing AI event. Since then, AMD has only recovered a small slice of that decline. AMD shares were down in Monday’s strong market. There may have been some disappointment from the AMD event around no new cloud service provider customer in attendance or that the MI300 accelerators will be dilutive to margins for quite some time. However, we think the long term story is strong, with CEO Lisa Su laying out a product roadmap that will capture share in an over $500 billion total addressable market. Based on the traction AMD is having with customers, we would be surprised if Su didn’t raise her MI300 sales forecast for 2024 when the company reports earnings later this month. Up next: Earnings pick up this week with about 39 companies in the S & P 500 scheduled to report over the next four days. Some of the big names reporting before Tuesday’s opening bell are Citigroup , Bank of America , Goldman Sachs , Johnson & Johnson , United Health , and Walgreens . Morgan Stanley delivers its quarterly results Wednesday morning, along with Club name Abbott Laboratories . Then, everybody mark your calendars for our October Monthly Meeting on Wednesday 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.
Read the full article here