economy
Chip stocks rebound, and Goldman racks up a series of M&A wins
Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.
TL;DR
- Market rally occurred on Monday, with S&P 500 and Nasdaq snapping a five-session losing streak.
- Most 'Magnificent Seven' stocks rebounded, led by Amazon, Alphabet, and Meta Platforms, though Microsoft and Apple are still struggling.
- Semiconductor stocks traded higher after a volatile day, with Arm Holdings, Intel, and Broadcom recovering.
- Corning and Palo Alto Networks reached new all-time highs; Eli Lilly, Johnson & Johnson, and Cardinal Health also made record highs.
- Defensive stocks like TJX Companies, DuPont, Linde, Procter & Gamble, and Costco traded lower.
- Honeywell Technologies shares declined after spinning off its aviation unit, Honeywell Aerospace, which debuted strongly.
- Goldman Sachs advised on Martin Marietta's $13.5 billion acquisition of Lhoist North America and Bio-Techne's $11.3 billion sale to Merck KGaA.
- Wells Fargo is involved in financing for Rocket Lab's acquisition of Iridium's satellite operations, indicating progress in its investment banking growth.
- Wells Fargo's stock is down year to date, with investors anticipating its second-quarter earnings report.
- Upcoming economic data includes consumer confidence and the JOLTS report, with the nonfarm payroll report for June being a key release.
- Jim Cramer's Investing Club provides afternoon market updates and follows specific trading protocols for its portfolio.