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.) Finishing the week strong: Friday’s market rally is pushing the major U.S. stock benchmarks into positive territory for the week. Club holding Apple is doing a lot of the heavy lifting, with a more-than-7% rally in reaction to better-than-expected earnings , an upbeat guide for the June quarter and bullishness ahead of its World Wide Developer’s Conference in June. That’s when the company is expected to announce new generative artificial intelligence features coming to the iPhone. Despite a 2% gain for the tech-heavy Nasdaq, shares of Alphabet were slightly lower Friday after opening the session down more than 1%. Jim Cramer suggested some of Apple’s AI commentary Thursday night could be a factor in the Google parent’s stock move. “Google’s down because people believed they would be the firm that gave Apple the AI engine it needs,” Jim said, referring to media reports that said Apple and Alphabet had talks about licensing the latter’s AI technology. “I think that Apple is making it all in house, but that Google should be bought because it remains the most undervalued of the large cap stories.” Outside of Apple, the rest of the market got a lift Friday after Treasury yields plummeted in reaction to the softer-than-expected April jobs report ; the latest nonfarm payrolls data eased some concerns about the need for more tightening from the Federal Reserve. Later in the morning, bond yields moved off their lows of the session after S & P Global’s U.S. services purchasing managers’ index (PMI) and prices paid in the Institute for Supply Management’s services index came in higher than expected. Both releases pointed to a stronger economic picture than the jobs report. Notes from the…
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