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. Stocks were pulling back from record levels on Thursday as oil prices and bond yields climbed amid ongoing uncertainty surrounding the Iran ceasefire and crude transport disruptions in the Strait of Hormuz. West Texas Intermediate crude, the American benchmark, was once again nearing $100 per barrel, an unsettling development. For most of the session, the semiconductor stocks remained the market's main source of strength, with the Philadelphia Semiconductor Index up an astonishing 40% or so since the end of March. We typically grow more cautious when we see such sharp moves over a short period, explaining Thursday's trim of Qnity Electronics at record highs. Software was experiencing a sharp drop following ServiceNow 's earnings report, which has reignited market fears about AI's impact on enterprise software. Cybersecurity stocks, like CrowdStrike and Palo Alto Networks , were getting caught up in this indiscriminate selloff, and we continue to think that's the wrong move because advancements in AI models accelerate computer systems' vulnerabilities and risks. To that point, CrowdStrike announced Thursday it's launching Project QuiltWorks, an industry-wide coalition that will help find and remediate vulnerabilities in code being found by frontier AI models. Meta Platforms' job-cut plan is official . The company is laying off about 10% of its workforce and closing roughly 6,000 open roles. The move should help boost efficiency, and cost savings will partially offset the rising cost of AI investments. Intel reports after the closing bell, and we'll be watching to see what they say about the strength of the central processing unit (CPU) market. Demand for CPUs is surging due to the rise of agentic AI, which is why we put on a starter position in Arm Holdings earlier this week. Arm is rolling out its own CPU later this year and already has several big customers lined up. The stock has already surged past our $200 price target set on Monday, leaving us with a high-quality problem that we will get back to you on. Before the opening bell Friday , we'll see earnings from Club name Procter & Gamble , as well as HCA Healthcare, and Norfolk Southern. On the data side, we'll get the latest University of Michigan survey of consumer sentiment and inflation expectations. (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.
