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. The S & P 500 is attempting a modest rebound from last week's pullback but gave back a good chunk of gains in the afternoon. Stocks got a nice boost from a roughly 8% drop in oil prices and a decline of about 4 basis points in the 10-year Treasury yield . Oil fell on hopes of peace talks to resolve the Middle East conflict. However, we would caution against reading too much into any one headline given the possibility of an escalation at some point following the midterm elections Tuesday. Still, the fall in oil and bond yields is helping many different parts of our portfolio, including our banks, Boeing (which we nibbled some on earlier), Home Depot , and our two transportation stocks FedEx and FedEx Freight . Those gains are more than offsetting ongoing pressure in semiconductors like Micron and Intel , and others. It's a busy time…
2 of our banks are at the heart of this week's biggest tech deals
In short
Goldman Sachs and Wells Fargo are managing major transactions for Big Tech, including bond sales and stock offerings for Microsoft, Oracle, and Meta Platforms. Goldman is also steering Marvell Technology through its proposed $115 billion acquisition of optical supplier Lumentum. Meanwhile, broader market sentiment is stabilizing as an 8% drop in crude oil prices and softer Treasury yields support retail and banking equities.
Key points
- Mega-cap technology firms are deploying massive debt and equity offerings to build out ne…: Mega-cap technology firms are deploying massive debt and equity offerings to build out necessary artificial intelligence infrastructure.
- Lower energy costs and declining Treasury yields are providing vital balance sheet relief…: Lower energy costs and declining Treasury yields are providing vital balance sheet relief to banking, retail, and transportation sectors.
- Impending economic data including the JOLTS labor report and durable goods orders will he…: Impending economic data including the JOLTS labor report and durable goods orders will heavily influence near-term market direction.