Stocks on Wall Street were enjoying solid gains for most of Thursday, with the S&P 500 looking to break a four-day losing streak. However, as Treasury yields continued to rise throughout the session, sellers took advantage once the market lost momentum, pushing the S&P 500 into the red. The Nasdaq Composite also fell, while the Dow Jones Industrial Average remained relatively flat. Shares of Meta Platforms rose 2% in the session after unveiling its latest language model, Llama 3, and announcing the rollout of a new artificial intelligence assistant across its family of apps. Meta’s use of AI tools aims to enhance user experience on its platforms and increase engagement.
Jim Cramer added to the position in Estee Lauder following a bullish analyst call from Deutsche Bank, expressing confidence in CEO Fabrizio Freda’s ability to navigate challenges and improve operations in key markets. Starbucks shares were higher for a fourth session, prompting speculation about a potential bottom in the stock, while the correction in semiconductor and AI-related stocks continued. Homebuilder D.R. Horton saw its shares rise on better-than-expected earnings and a raised full-year revenue outlook. There are still big-name companies set to report earnings, including Netflix, Intuitive Surgical, and PPG Industries, with Procter & Gamble reporting on Friday morning.
As a subscriber to the CNBC Investing Club with Jim Cramer, members receive a trade alert before Jim makes a trade. Jim follows a waiting period of 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio, and waits 72 hours after discussing a stock on CNBC TV before executing a trade. The club provides up-to-date information on market trends, stock performance, and potential trading opportunities, delivering actionable updates just in time for the last hour of trading on Wall Street. The week’s activities on the market are analyzed with insights from Jim Cramer and his team of experts to help guide investment decisions.
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