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. (We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible.) Market reversal : The stock market on Thursday initially shrugged off the before-the-bell release of a stronger-than-expected increase in February producer prices. Stocks gained ground, as investors appeared to be willing to again look past an elevated inflation number and a rise in bond yields like they did following Tuesday’s uptick in consumer prices. But less than 30 minutes into the trading day, the S & P 500 reversed and moved lower. During Thursday’s Morning Meeting, Jim Cramer said he was “very concerned” about the overbought market. He also thought investors should be thankful the Federal Reserve isn’t raising interest rates, let alone cutting them, due to hotter inflation and economic data. The U.S. central bank’s policymaking arm is set to meet next week. Although it’s widely expected to keep interest rates steady at the meeting, investors are awaiting the release of the Fed’s so-called dot plot, which contains rate cut projections for this year. Sector watch : Nine of the 11 S & P 500 sectors were in the red Thursday afternoon. Only energy and communications services were in the green. Energy stocks were largely higher as the price of West Texas Intermediate crude , the U.S. oil benchmark, jumped more than 2% to over $81 per barrel. WTI was up on a surprise drop in U.S. stockpiles, which signaled stronger demand. Possible supply disruptions following Ukraine’s attacks on Russian refineries also supported prices. Lone Club play : Coterra Energy was down less than 1% with the broader market Thursday after a four-session winning streak. Coterra, which is 50/50 oil and natural gas, can be nimble on production based on the ups and downs of commodities prices. Nat gas has…
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