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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. Market update: Stocks are higher Tuesday. The action was pretty choppy for most of the session with the S & P 500 seesawing between gains and losses, but the market took off higher around 1:30 p.m. ET. All S & P sectors were in the green. The gains follow a late rally on Monday that nudged the S & P 500 slightly higher, marking its fifth consecutive day of gains. A positive session Tuesday would make it sixth straight. Corporate earnings continue to flow in, and there’s been a split in companies that claim they can fully mitigate the cost impact of tariffs and others that have pulled full-year guidance altogether due to the economic uncertainty. The market is also eagerly awaiting trade deals. Wells bounce: Wells Fargo shares got a little jolt Tuesday, pushing above $70 per share for the first time since the April 3 post-Liberation day sell-off, after the bank announced its board approved an authorization to repurchase up to $40 billion of stock. This is a sizable figure that represents about 17% of the company’s current market capitalization. The new plan will take effect after the completion of its current program. The news was announced at the bank’s annual meeting and comes a day after it confirmed the Consumer Financial Protection Bureau terminated a consent order from 2018 related to compliance risk management. It was the sixth consent order closed this year, representing a clear sign that the bank has made significant improvements to its compliance and operational risk management. Only three consent orders remain, including the 2018 Federal Reserve asset cap. But with all the progress Wells Fargo has made this year, we have become increasingly confident that the cap removal is more of a when, not if, situation that could play out later this year. Up next: Starbucks reports after the closing bell Tuesday and we will focus on signs of progress in CEO Brian Niccol’s turnaround plan. Other companies reporting include Visa , Booking Holdings , Mondelez , Snap , Caesars Entertainment , First Solar , Seagate , Oneok , and PPG Industries . No companies in the portfolio report earnings before the opening bell on Wednesday. Some of the big names we’ll monitor are Caterpillar , Airbus , UBS , Barclays , Humana , Yum Brands , Yum China , Mercedes Benz , Volkswagen , Generac , Stanley Black & Decker , GE Healthcare , Martin Marietta Materials , Automatic Data , Etsy , International Paper , Newell Brands , Norwegian Cruise Line , Vulcan Materials , Wingstop , Illinois Tool Works , and Western Digital . It’s also a huge day of economic data, with the ADP national employment report, first-quarter GDP, and the Fed’s favorite inflation gauge in the PCE price index. The headline index is expected to be flat month over month and increase by just 0.1% on a core basis, according to FactSet. (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.
A Wells Fargo branch is seen in New York City.
Gary Cameron | Reuters
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.
