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. Market reverse: The markets initially opened lower Monday as volatility in the European markets spilled over into the United States. But both the S & P 500 and the Nasdaq climbed out of the red and turned slightly higher while Nvidia flipped positive, overcoming some early selling tied to its 10-for-1 stock split. Power on: We’re seeing a strong comeback in the date center buildout-electricity-power generation theme, which has been more volatile of late. Club stock Eaton traded more than 2% higher at one point Monday after pulling back more than 5% last week. Other names in the data center buildout complex are Dell Technologies , Vertiv , and Super Micro Computer , and, to a lesser extent, Dover Corp . Some names in the power generation theme are Vistra Energy , Constellation Energy , and GE Vernova . Jim Cramer added: “The worry about data centers and the Justice Department is forgotten as of today, with Enphase , Constellation on fire.” The solar stocks were trading higher, too. Apple watch: We’re keeping an eye on the big headlines coming from Apple’s annual World Wide Developers Conference. The focus so far has been on what’s coming to Apple TV+, a new major software update to the Vision Pro (which will also be sold in many new markets, including China), improved personalization tools, a new Tap to Cash feature for the wallet , and some health-care tools for the watch . As usual, it’s a lot of incremental features and the stock rallied into the event so there’s been some selling on the news. We’re still waiting on the intelligence section of the presentation when we expect to learn more about what’s happening in AI. SaaS challenges: Jim is concerned about enterprise software after the Melius research piece on Monday about how enterprise software — specifically software-as-a-service subscriptions of all kinds, including Salesforce — could be threatened by Nvidia . “I didn’t see a lot of software as a service execs at GTC [Nvidia’s big AI conference in March],” Jim said. “I do know that ServiceNow may be exempt given its partnership with Nvidia.” Up next: There are no major earning reports after the close or Tuesday before the opening bell. No major economic data until Wednesday when we’ll see May’s CPI report and the FOMC’s updates to its summary of economic projections. We would not be surprised to see the market trade in somewhat of a holding pattern before these two key events. (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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