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. Markets drop: Wall Street struggled to hold onto its early gains and moved lower. We're not surprised to see the market take a breather after its run over the past two weeks and how overbought it is.
Technology initially started the session strong but later fell as semiconductor stocks dropped. We can't find a specific catalyst for the decline — maybe it was the disappointment around Snowflake 's quarter or the small revenue beat from chip designer Synopsys . But some of these stocks were up huge since the yen carry trade blew up earlier this month and there could be some profit-taking.
The issues: " We are beginning to get into the nitty-gritty of the platform of the Democrats and there does seem to be some villains, namely the drug companies for pricing and the supermarket gouging," Jim Cramer said Thursday. " It is actually important that the banks aren't being castigated and that could explain some of the positive action in the banks" Thursday is the final night of the Democratic National Convention, and Vice President Kamala Harris will accept her party's nomination for president. Medical devices : "The medical device sector is doing better because no one is gunning for them.
Abbott Laboratories still acts well as part of the device trade." Citi raised its price target on Abbott, calling it a medic.