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 update: The S & P 500 is higher Tuesday, bouncing back from Monday’s tariff-driven sell-off. Energy, communication services, and technology stocks are strong, while utilities, staples, and health care are mixed. The main market narrative this week is trade and tariffs, and the Trump administration quickly striking a deal with Mexico and Canada to delay tariffs by one month put the market at ease. And the retaliatory measures announced by China, which Trump slapped with an additional 10% tariff, appear to be not nearly as bad as feared, though we remain cautious about the region and the potential for tariff rhetoric to ratchet up from here. Wells Fargo: Shares of Wells Fargo hit a new high Tuesday after the bank confirmed the Federal Reserve Board of Governors terminated two consent orders that date back to 2011. With two more down, Wells Fargo has closed a total of nine since 2019. It’s another win for CEO Charlie Scharf and his team in the pursuit of significantly improving the bank’s risk management, controls, and reputation. The key hurdle — the 2018 asset cap that has limited the bank’s ability to grow — is still in place and it’s uncertain when it will be lifted. However, there is an expectation that it could happen this year. The market sees today’s announcement as further evidence that the bank is moving in the right direction and one step closer. Up next: It’s a big night of earnings after the closing bell. The headlines are Alphabet , AMD , and Chipotle , but Enphase , Mattel , Simon Property Group , and many others are scheduled to report. Before the opening bell Wednesday is a busy one, too: Disney , Stanley Black & Decker (which we sold Tuesday), Uber , Novo Nordisk , Boston Scientific , and Johnson Controls are scheduled to report. (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.
A Wells Fargo branch is seen in New York City.
Gary Cameron | Reuters
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.
