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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. Top heavy : Stocks were on pace for a higher close Monday in what has been a volatile session for both equities and bonds. The 10-year Treasury yield was once again nearing 4.

5%. Picking up where the second quarter left off, the mega tech stocks continued doing the heavy lifting for the S & P 500 , with Club names Apple up more than 2.5%, Amazon up over 2%, and Microsoft up roughly 1.



5%. The average stock, however, was having a rougher time, as indicated by the S & P 500 Equal Weight index , which was down nearly 1% on the session. Monday was the start of the third quarter on Wall Street, with hopes for the kind of strength the market saw in the first half of 2024.

Downgrade : We're dropping Estee Lauder to our 2 rating from a buy-equivalent 1 rating and lowering our price target to $140 per share from $162. That PT is slightly below the current consensus of $148, following a string of negative data points toward the end of last week. First, it was the Nike earnings call, which was downbeat on China.

Management said its quarterly results fell below plan there when excluding a timing benefit. Nike lowered its outlook for Greater China — pointing to a highly promotional environment. Then there was a negative update last Friday from L'Oreal CEO Nicolas Hieronimus at a JPMorgan investor event.

Globally, the.

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