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. Markets: Stocks on Wednesday are bouncing back from Tuesday’s slight dip. Prior to that, the S & P 500 went on one of its great all-time runs, rallying eight sessions in a row and nearly 8% over that span. Better-than-expected earnings are driving the gains Wednesday, with strong quarters from Club holding TJX Companies and Target lifting others in retail and consumer-related stocks. Both luxury homebuilder Toll Brothers and chipmaker Analog Devices had good results, as well. Earnings slate: In our in-depth look at TJX’s quarter , we upped our price target on the stock, which is rallying to new highs Wednesday, to $130 a share from $115. With TJX and Palo Alto Networks’ quarterly earnings behind us, the next portfolio names set to report are Nvidia and Salesforce after the bell on Aug. 28. The following morning, Best Buy ‘s earnings are scheduled. BLS revision: Outside of earnings, we’re in a market that likes to trade on each new economic data point. This is especially true if the data is related to the labor market. Jobs are a big focus of the Federal Reserve because softness allows the U.S. central bank to lower interest rates next month. But if the data gets too weak, the market tends to react to the downside on fears that a recession is coming. This push-and-pull dynamic is why there was a ton of buzz about the key economic release of the day: the Bureau of Labor Statistics’ preliminary annual payrolls benchmark revision. We learned from the Labor Department that the U.S. economy created 818,000 fewer jobs than originally reported in the 12 months through March 2024. The result was worse than the consensus, but the market took the number in stride because it was within a wide range of outcomes — in fact, some thought the loss could be up to 1 million jobs —and the Fed is acutely aware of the labor risks. Indeed, minutes from the Fed’s July policy meeting released Wednesday point to a “likely” rate cut in September . That is widely expected by the market, with current odds favoring a quarter-point reduction. Up next: Some of the notable earnings reports after the closing bell are from Snowflake , Synopsys , Zoom Video , and Agilent Technologies . Before the open bell Thursday, we’ll see the quarters from BJ’s Wholesale , Viking Holdings , Baidu , Peloton and Advance Auto Parts . On the data side, there is Initial jobless claims and flash PMIs. Back-to-back weeks of lower-than-expected jobless claims has been one of key drivers of the recent market comeback, so traders and investors (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.
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