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. We’re no longer recording the audio, so we can get this new written feature to members as quickly as possible. Here’s Thursday’s edition. Total recovery: The market gained momentum over the past two days and clawed back all of Tuesday’s losses. Real estate is leading the way thanks to the dip in Treasury yields and a better-than-expected quarter from commercial real estate services firm CBRE . Materials are also higher with Air Products & Chemicals at the top of the leaderboard after an upgrade from Bank of America. Keep in mind that Linde is the best-of-breed name in the industrial gas group and has significantly outperformed APD. Energy continues its strong week, with the price of WTI crude approaching $80 per barrel. The only sector in the red is technology. Perhaps the talk of inventory digestion at Cisco Systems is triggering some profit-taking. One more down: Shares of Wells Fargo hit a new 52-week high after the Office of the Comptroller of the Currency terminated a 2016 consent order linked to its sales practices. This is fantastic news for the bank and its CEO, Charlie Scharf, who has been relentlessly improving the bank’s risk and controls. This is the sixth consent order that regulators have terminated since 2019. Every consent order that is resolved brings the bank closer to having the Federal Reserve lift the asset cap that’s been holding it back since February 2018. Although there’s still more work to be done, it’s evident that Wells Fargo is on the right path. Risk to search: Alphabet underperformed the rest of its Magnificent Seven peers after The Information reported that Open AI, backed by Microsoft , is developing a web search product. While Google dominates the search industry, doubts have surfaced about its ability to maintain its competitive moat. Last spring,…
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