The Homestretch report from the CNBC Investing Club provides an update on the stock market just in time for the last hour of trading on Wall Street. The S & P 500 has seen gains of roughly 2% this week, rebounding from a recent sell-off. The index remains down about 3.5% from its closing high on March 28, but better-than-expected earnings and oversold conditions have helped stocks bounce back. The Nasdaq Composite was up around 1.7% on Tuesday, with the Dow Jones Industrial Average adding about 270 points.
Treasury yields dipped after a record $69 billion of 2-year Treasury notes were issued at a lower yield than expected. This lower yield is seen as positive for stock prices, as higher yields typically have an inverse relationship with equity prices. The market also reacted to softer than expected PMI data, which indicated slower expansion in business activity. This news is being viewed positively as it potentially delays Federal Reserve rate cuts, keeping inflation in check.
Amazon announced a new low-cost delivery subscription for Prime Members, offering unlimited grocery delivery on orders over $35 from Amazon Fresh, Whole Foods, and other local grocery retailers on the platform for $9.99 per month. Apple revealed a product launch event on May 7, with expectations for new iPads. The more significant event is anticipated at the annual Worldwide Developers Conference in June, where new developments in generative artificial intelligence tools for iPhones may be announced.
Earnings reports continue to roll in after the bell, with companies like Tesla, Visa, and Texas Instruments reporting. Wednesday morning will bring earnings reports from Boeing, AT&T, Humana, Boston Scientific, and others. The CNBC Investing Club reminds members about their monthly meeting and provides information about trading alerts. Subscribers receive a trade alert before Jim Cramer makes a trade, with specific time frames for buying or selling based on when a stock is discussed on CNBC TV.
The CNBC Investing Club emphasizes that no fiduciary obligation or duty exists by receiving information provided. There is no guaranteed specific outcome or profit. The update provides a comprehensive overview of the market activity, including stock performance, earnings reports, and upcoming events that may impact the market. Members are given insights into potential market trends and opportunities, as well as information on how to access trade alerts and participate in the club’s activities.
