Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. Here’s today’s edition. Big Tech selloff : Stocks were still broadly lower. But what’s different about Wednesday compared to the past two weeks was that the market pullback finally came for tech stocks. The Nasdaq 100 was off about 1% on pace for its worst day since the start of the year. Defensive groups were holding up a little better like health care and staples. Some of the managed care stocks were rebounding after some weak trading last week. Food stocks were doing well out of the staples sector. In addition to tech, also lagging in the market were real estate and utilities in reaction to the move up in interest rates. The Club does not own stocks in those sectors. The 10-year Treasury yield moved above 4.1% in response to a better-than-expected retail sales report. Good news is bad news : There’s a push and pull in the market right with good economic news being viewed as a negative. That’s because good economic news at this stage of the cycle means the market is ahead of itself on the number of Federal Reserve interest rate cuts for this year. This is bad news for stocks, especially the ones that rallied at the end of 2023 on expectations of an aggressive, rate-cutting Fed. This has created some confusion in the market on what will happen with rates over the next few months. Stocks sell off when there’s confusion. But that’s why we raised all that cash. “We’re hoarding our cash position for now. Maybe we’ll look to put some money to work as the market moves closer to oversold territory,” Director of Portfolio Analysis Jeff Marks said Wednesday. Club movers : Some top performers in the portfolio included Humana , Foot Locker and Linde . On the downside, Estee Lauder , Wynn Resorts and GE Healthcare traded lower on negative economic sentiment from China. Shares of Caterpillar were down after UBS reiterated its sell…
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