Every weekday, Jim Cramer’s CNBC Investment Club releases the Homestretch, a practical afternoon update to coincide with the last hour of trading on Wall Street. The S&P 500 hit a new intraday high on Wednesday, continuing to rebound from the decline caused by the Iran war. At one point, the S&P 500 index exceeded 7,000. The index would need to close above 6,978.6 to beat the all-time high recorded on January 27th. Wednesday’s index rally was driven by the strength of mega-cap tech stocks such as Apple, Metaplatform, Broadcom, Tesla and Microsoft. Battered enterprise software stocks also rallied, and laggards like club names Salesforce and ServiceNow extended their recoveries from multi-year lows. The market moved away from index sectors throughout the year as tech stocks outperformed. Industrials were the worst performing S&P 500 sector this session, but Barclays industrial analyst Julian Mitchell warned that recent changes to Section 232 metals tariffs could have a bigger impact on the group than investors are prepared for. The change happened this month, which explains why you didn’t hear CEOs talk about it during conference season. We will closely monitor industry earnings developments over the next week and will be flexible in assessing which companies are least affected and which may face the most pressure. Club names Dover and Eton each fell about 2% on Wednesday. Honeywell fell about 1%. CoreWeave on Wednesday announced it has acquired another big partner, with Jane Street pledging approximately $6 billion to use its CoreWeave AI cloud platform. The deal will provide Jane Street, a leading quantitative trading company, with access to next-generation computing across multiple facilities, including Nvidia’s upcoming Vera Rubin chips. While we don’t have a position in CoreWeave, deals like this speak to how AI is impacting so many different industries, and Nvidia’s AI platform is often the technology of choice to power those systems. Shares of the club name Nvidia rose on Wednesday, extending its winning streak to 11 sessions. The stock price briefly exceeded $200 per share, the first time since late last year. The highest closing price was $207.04 on October 29th. Nvidia’s months of weak trading have been frustrating, but it’s these moves that prompted investors to be patient and hold the stock price during last month’s GTC. Fundamentals have always been your friend, but timing the market by buying and selling stocks is extremely difficult. JB Hunt reported after the final bell on Wednesday. Before Thursday’s opening bell, we’ll see quarters from Taiwan Semi, PepsiCo, Charles Schwab, Prologis, Abbott Labs, and BNY Mellon. On the data side, there are weekly unemployment claims and March industrial production. (See here for a complete list of Jim Cramer Charitable Trust stocks.) As a subscriber to Jim Cramer’s CNBC Investment Club, you will receive trade alerts before Jim makes a trade. After Jim sends a trade alert, he waits 45 minutes before buying or selling stocks in his charitable trust’s portfolio. If Jim talks about a stock on CNBC TV, he will issue a trade alert and then wait 72 hours before executing the trade. The above investment club information is subject to our Terms of Use and Privacy Policy, along with our disclaimer. No fiduciary duties or obligations exist or arise from your receipt of information provided in connection with the Investment Club. No specific results or benefits are guaranteed.
