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. Rotation back: The S & P 500 and Nasdaq were lower to start the week. While flat in afternoon trading, the Dow touched a record high earlier in the day. The Russell 2000 was holding onto slight gains. We’re chalking up this divergence to a renewal of the “broadening out” rotation that lifts stocks of companies that benefit from lower interest rates and sells off secular growth stories — mainly stocks tied to artificial intelligence and the proliferation of data centers. The latter won’t benefit as much from Federal Reserve cuts rates, which the market believes will begin next month. Also working against the market is how overbought it has become, accordingly to the S & P Short Range Oscillator . We would like to see the Oscillator firmly back off overbought levels before putting money to work on pullbacks. We trimmed Best Buy on Monday ahead of Thursday’s before-the-bell earnings . Every time we mention the Oscillator, we’re flooded with requests from Club members: “How can we access?” Well, we went directly to the source, our partners at MarketEdge, the data provider that publishes the Oscillator. We’re excited to share that Club members can now get an exclusive discount for this helpful tool. Click here . Overseas expansion: If you didn’t see on social media, Costco opened a new warehouse in Okinawa, Japan over the weekend with great fanfare. People waited for hours just to get in. The early success of one new warehouse probably isn’t material enough to move a nearly $400 billion market cap company like Costco. But the cult-like love for the wholesaler overseas speaks to its ability to continue to put new stores up around the world and that expansion opportunity is what can drive the stock higher. Costco shares hit a new all-time high Monday. We wrote about the importance of Costco’s overseas expansion plans back in January when a store location opening in Shenzhen, China was a mob scene. Mark your calendars : Apple announced it will hold a press event on Sept. 9. That’s when the company is expected to unveil new iPhone and Apple Watch models. What everyone wants to hear about are the latest iPhones. The reason why is that they will have the ability, when the software becomes available, to run Apple Intelligence, the company’s new AI features announced back in June at its annual Worldwide Developer’s Conference. Our thesis has been that integrating AI features into the iPhone will be the catalyst for a major upgrade cycle, so we look forward to learning the price point of these phones and getting more information about when Apple Intelligence will be ready. Up next: There aren’t a lot of big earning reports or economic data released in the next few days. The big market-moving events like Nvidia earnings, initial jobless claims, and the personal consumption expenditures (PCE) price index are toward the middle and back end of the week. Online travel agency Trip reports Monday evening, and it may provide some clues into the consumer’s willingness to travel. (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.