Here are 3 key things we're watching in the stock market Wednesday afternoon

Published Wed, Jun 26 20242:49 PM EDT

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. Mega-cap tech leads: The market is mixed Wednesday in another session of narrow leadership. The mega-cap tech stocks are holding up, with solid gains in Amazon , Apple , Netflix , and Tesla keeping the consumer discretionary, communication services, and tech sectors in positive territory. The financials and the energy sector were among the worst performers. Treasury yields were higher across the curve, with the 10-Year pushing to 4.30%. Expectations that the Federal Reserve will cut interest rates in September have come down slightly in the past week, with the CME FedWatch Tool indicating a roughly 63% probability. That figure will likely change Friday after the release of the May personal consumption expenditures (PCE) price index figures. Amazon joins $2T club: Amazon's big rally pushed its market capitalization above $2 trillion for the first time. The stock has now rallied roughly 10% since reporting a strong first quarter , which was driven by higher sales from its Amazon Web Services and advertising divisions, as well as strong cost discipline indicated by a reduction in the company's cost to serve its e-commerce customers. Up next: There will be plenty of headlines after the closing bell. First up, Micron reports earnings and we'll listen for what management says about demand for high-bandwidth memory, which is tied into the data center market, but also PC and smartphone industries. Jefferies Financial reports as well, giving us a read into second-quarter investment banking activity ahead of the big bank earnings in a few weeks. Speaking of those banks, the results of the Fed's stress tests come out, too. On Thursday before the bell, Walgreens and McCormick report. Don't forget: we also have our May Monthly Meeting at noon ET. (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.

Amazon CEO, Andy Jassy speaking with CNBC's Jim Cramer on Mad Money in Seattle, WA. on Dec. 6th, 2023.

CNBC

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.