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. (We are no longer recording audio, so we can get this new article to our members as quickly as possible.) Stocks plummet: Wall Street enjoyed solid gains through most of Thursday, with the S&P 500 was on an upward trajectory. It snapped a four-day losing streak, dropping more than 3% during that time. But U.S. Treasury yields continued to rise throughout the trading period, and sellers pounced when the market lost momentum. As a result, the S&P 500 index fell into the red. The Nasdaq Composite is also falling, but the Dow Jones Industrial Average is almost flat. Meta Gains: Meta Platform's stock price rose 2% during the session. The owner of Facebook and Instagram on Thursday announced the latest version of its large-scale language model, called Llama 3. The social media giant also announced that its free-to-use artificial intelligence assistant, powered by Llama 3, will be rolled out across its family. App. It's a great tool for in-app search (powered by Club Holding Alphabet's Google), recommendations, fast image generation, and more on Facebook, Instagram, WhatsApp, and Messenger, so check it out. Although Meta is not directly monetizing this new assistant, new AI tools and services like this should improve the user experience and increase engagement on Meta's social media platforms. Meta leverages AI to improve ad targeting. Jim Cramer Chat: This morning we added a position in Estée Lauder following a bullish analyst call from Deutsche Bank. “Is it time to believe that Estée Lauder CEO Fabrizio Frieda is still a great manager? He has weathered the U.S. department store downturn,” Jim Cramer said Thursday. ” he said. “Can he work out tax exemption with China? That's what I'm starting to think.”Starbucks stock has increased for four straight sessions, trading around $87 each Thursday. Indeed, this was the only time in nine sessions that the stock ended in the green. “Is Starbucks hitting the bottom? Or does it need to reduce its numbers first before it hits the bottom?” Jim said, adding that the coffee chain will update its full-year results in conjunction with its April 30 earnings report. He hinted at Wall Street's intention to revise its forecasts downward. Meanwhile, the correction in semiconductor and other AI-related stocks continued Thursday. The VanEck Semiconductor ETF is down more than 5% so far this week and about 10% from its March 7 closing high. Taking a closer look, memory chip maker Micron has had a tough April, closing higher so far this month just three times. On Thursday, stocks fell again. “Micron's decline is a reminder that stock price strength comes from a lack of manufacturing supply. It will take a long time to get any factories up and running, which is concerning,” Jim said. said. Shares of homebuilder DR Horton rose on Thursday after the company reported better-than-expected earnings and raised its full-year earnings outlook. “Dr. Horton should have a better grasp on the Stanley Black & Decker situation, but interest rates remain static,” Jim said, referring to the club holding company and parent company of DeWalt and other tool brands. He said. Stanley Black & Decker stock was flat on Thursday, but has fallen more than 4% over the past five sessions. Next article: This week may be coming to an end, but there are still plenty of big names scheduled to report. On Thursday night, we'll hear from Netflix, medical device maker Intuitive Surgical, and chemical company PPG Industries. Club Holding Procter & Gamble released a report Friday morning that will see if volumes and margins continue to improve in the company's fiscal third quarter of 2024. Oilfield services company SLB, American Express and several local banks ended the week. (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 a charitable trust's portfolio. If Jim talks about a stock on his CNBC TV, he will wait 72 hours before executing a trade after issuing a trade alert. 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.
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. (In order to get this new written feature to our members as soon as possible, audio recordings will no longer be made.)
