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. Markets: Stocks lost some momentum in afternoon trading after the S & P 500 had mounted a rally back above 6,000. The broad index was roughly flat around 2:45 p.m. ET. Meanwhile, the Dow Jones Industrial Average held on to minor gains. The tech-heavy Nasdaq was slightly lower. The bond market is a thorn in the side of the equity market, just as it was in Tuesday’s session . Initially, the yield on the 10-year Treasury note dropped after the October consumer price index report was exactly in line with economist expectations. But the pullback was short-lived as yields are now up in the session. Coterra update: Investors seem like to Coterra Energy’s acquisition splash announced earlier Wednesday. Shares of the oil-and-gas producer are up more than 2% in the session and outperforming the S & P 500’s energy sector. Coterra is paying $3.95 billion ($2.95 billion in cash and $1.0 billion in stock) to acquire a pair of privately held firms: Franklin Mountain Energy and Avant Natural Resources. The deals beef up Coterra’s presence in the Permian Basin by adding acreage in New Mexico that is adjacent to its current land. The Franklin and Avant acreage has a higher mix of oil than natural gas, which is better for margins and cash-flow generation. Importantly, Coterra believes these deals will be highly accretive without “stretching” its balance sheet — much to the relief of investors. On Coterra’s third-quarter earnings call Nov. 1, CEO Tom Jorden made an unprompted comment about what would motivate the company to engage in a transformative merger or acquisition. The market didn’t like it at all, and the stock sunk in response. But Wednesday’s deals are being well-received because they are so-called bolt-on acquisitions that keeps Coterra’s pristine balance sheet intact. Plus, the market likes how management is focused on the Permian Basin, which stretches between New Mexico and West Texas. Some had feared the company would look elsewhere to add inventory. Job cuts: Advanced Micro Devices is laying off 4% of its global workforce . “As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4 percent,” an AMD spokesperson said in a statement. Later, Bloomberg News reported that the job cuts are focused on sales and marketing positions in areas like consumer and gaming PCs. The layoffs come at a time when AMD’s margins and expenses have been scrutinized as the company tries to quickly ramp up its AI chip business. AMD has made two acquisitions this year to boost its AI talent, buying Silo AI for $665 million and ZT Systems for $4.9 billion in what is more of an “acqui-hire” transaction . It is a good thing that AMD is focusing its resources on artificial intelligence because it’s the fastest-growing part of the business and the biggest market opportunity. AMD shares are off about 2% Wednesday in what continues to be a soft tape for semiconductor stocks outside of fellow Club name Nvidia . The Philadelphia Stock Exchange Semiconductor Index, commonly called the SOX, is down roughly 4.5% this week. Up next: After the closing bell, we’ll hear from Cisco Systems . The company’s results and orders will be closely monitored by the market because some consider it to be a bellwether of tech spending. Club holding Disney is set to report before the bell Thursday. The market understands by now that Disney’s theme parks are going through a soft stretch, so we will be focusing on improving the profitability of its direct-to-consumer streaming unit and the movie studio business. On the data side, the October producer price index could move the bond market. As a reminder, our November Monthly Meeting kicks off at noon ET Thursday. (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.
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.
US President Donald Trump speaks to reporters about the Israel-Iran conflict, aboard Air Force One on June 24, 2025, while traveling to attend the NATO’s Heads of State and Government summit in The Hague in the Netherlands.
Brendan Smialowski | Afp | Getty Images
The ceasefire between Israel and Iran appears to be holding. In yesterday’s newsletter, we talked about how a blitzkrieg of missile-led diplomacy seemed to help de-escalate tensions.
The flipside of that strange path to a truce is that missiles, well, are fundamentally weapons. Mere hours after both countries agreed to the ceasefire, Israel said its longtime rival had fired missiles into its borders — an accusation which Tehran denied — and was preparing to “respond forcefully.” Probably with more missiles.
U.S. President Donald Trump — who reportedly brokered the ceasefire with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani — expressed frustration with those developments.
“I’m not happy with them. I’m not happy with Iran either but I’m really unhappy if Israel is going out this morning,” Trump told a reporter pool en route to the NATO summit in the Netherlands.
His admonishments seemed to work. There is now a fragile armistice between the two countries.
Oil prices fell and U.S. stocks jumped.
Reuters uploaded a photo of Israeli residents playing frisbee at the beach on June 24. Flights at Israel’s Ben Gurion Airport are resuming, and Iran’s airspace is partially open, according to flight monitoring firm FlightRadar24, CNBC reported at around 3 a.m. Singapore time.
Three hours after that update, NBC News, citing three people familiar with the matter, reported that an initial assessment from the U.S. Defense Intelligence Agency found the American strikes on Iran’s nuclear sites on Saturdayleft “core pieces … still intact.”
And so it goes.
What you need to know today
Israel-Iran ceasefire holds, for now The fragile ceasefire between Israel and Iran, announced by Trump on Monday, appears to be holding. Israel on Tuesday said it would honor the ceasefire so long as Iran does the same. Earlier in the day, both countries accused each other of violating the truce, and said they were ready to retaliate, prompting Trump to say he’s “not happy” with them. Stay updated on the Israel-Iran conflict with CNBC’s live blog here.
Oil prices slump for a second day Oil prices tumbled Tuesday, its second day of declines, as the market betthat the risk of a major supply disruption had faded. U.S. crude oil settled down 6% at $64.37 a barrel while the global benchmark Brent fell 6.1%, to $67.14 during U.S. trading. Prices closed 7% lower on Monday. Earlier Tuesday, Trump said China can keep buying oil from Iran, in what seemed like a sign that the U.S. may soften its pressure campaign against Tehran.
Powell says Fed is ‘well positioned to wait’ At a U.S. congressional hearing Tuesday, Federal Reserve Chair Jerome Powell said the economy was still strong. But he noted that inflation is still above the central bank’s target of 2%, and the Fed has an “obligation” to prevent tariffs from becoming “an ongoing inflation problem.” In combination, those considerationsmake the Fed “well positioned to wait” before making a decision on interest rates.
U.S. is committed to NATO: Secretary-General There is “total commitment by the U.S. president and the U.S. senior leadership to NATO,” the military alliance’s Secretary-General Mark Rutte said Tuesday morning, as the summit kicked off in The Hague, Netherlands. But America expects Europe and Canada to spend as much as the U.S. does on defense. Ahead of the summit, members agreed to increase defense spending to 5% of gross domestic product by 2035.
[PRO] Not ‘bullish enough’ on rally: HSBC The S&P 500′s rally off its April lows has brought it back to roughly 1% off its record high in a very short time. It’s an advance that has perplexed many investors, who worry that another pullback is on the horizon. But Max Kettner, chief multi-asset strategist at HSBC, said he worries he’s not “bullish enough” on the current rally.
And finally…
Pictures from the semi-official Tasnim news agency show the Stena Impero being seized and detained between July 19 and July 21, 2019 near strait of Hormuz, Iran.
According to Angeliki Frangou, a fourth-generation shipowner and chairman and CEO of Greece-based Navios Maritime Partners, which owns and operates dry cargo ships and tankers, vessels in the Strait of Hormuz are still being threatened by continuous GPS signal blocking.
“We have had about 20% less passage of vessels through the Strait of Hormuz, and vessels are waiting outside,” Frangou told CNBC.
“You are hearing a lot from the liner [ocean shipping] companies that they are transiting only during daytime because of the jamming of GPS signals of vessels. They don’t want to pass during the nighttime because they find it dangerous. So it’s a very fluid situation,” Frangou said.
Mercedes-Benz is sending nearly 5,000 electric vans to Amazon’s European delivery partners in its biggest EV handoff to date. The fleet will hit the streets in five countries in the coming months.
Three-quarters of the fleet are Mercedes’ larger eSprinter vans, while the rest are the more compact eVito panel vans. More than 2,500 are going to Germany, and Amazon says this new EV fleet will help deliver more than 200 million parcels a year across Europe.
This is the biggest EV order Mercedes-Benz Vans has ever received. It builds on a partnership that started in 2020, when Amazon first added more than 1,800 electric vans from Mercedes to its delivery network.
“We’re further intensifying our long-standing relationship with Amazon and working together toward an all-electric future of transport,” said Sagree Sardien, head of sales & marketing at Mercedes-Benz Vans. “Our eVito and eSprinter are perfectly tailored to meet the demands of our commercial customers regarding efficiency and range.”
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In 2020, Mercedes-Benz joined Amazon’s Climate Pledge, a commitment Amazon co-founded with Global Optimism to reach net zero by 2040.
Both the eSprinter and eVito are designed with delivery drivers in mind. With batteries tucked into the underbody, the vans offer unrestricted cargo space. Both come standard with the MBUX multimedia system, which supports the integration of automatic charging stops and Mercedes’ public charging network via navigation.
Safety and comfort got upgrades, too. New driver assistance features come standard, and the Amazon vans are customized with shelves and a sliding door between the cabin and cargo area for easy parcel access.
The eVito vans, which were built at Mercedes’ plant in Vitoria, Spain, are ideal for last-mile urban deliveries. They come in 60 kWh or 90 kWh battery options, with peak motor outputs of either 85 kW or 150 kW, and can travel up to 480 km (298 miles) on a full charge.
Meanwhile, the eSprinter is the all-rounder for range and loading volume. Built in Düsseldorf, it comes in two lengths and three battery sizes, with a range of up to 484 km (300 miles). It boasts up to 14 cubic meters of cargo space and can handle a gross weight of up to 4.25 tonnes.
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It already outsold Tesla in the UK and Europe, but this could be just the start. BYD said it’s launching new vehicles, including EVs, faster than any carmaker in Europe has done so far.
BYD goes all in on Europe with new EVs, PHEVs
BYD took the spotlight earlier this month after launching its most affordable EV in Europe so far. The Dolphin Surf, a rebadged version of the Seagull EV sold in China, starts at just £18,650 (just over $25,000) in the UK.
At a UK launch event, Alfredo Altavilla, BYD’s special advisor for Europe, said (via Autocar) the “Dolphin Surf was the missing piece in the A/B-segment.”
It will compete with entry-level EVs, such as the Dacia Spring, the UK’s cheapest EV, which starts at £14,995 ($20,000).
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Yet, the low-cost Dolphin Surf is only one piece of BYD’s master plan. “We have been launching six cars in less than a year,” Altavilla explained, adding, “We are covering all of the most important segments of the European car market.”
BYD Dolphin Surf EV for Europe (Source: BYD)
Altavilla even boasted that, “I have zero problem in saying I don’t think there has ever been such a product offensive done in Europe as the one BYD is doing.”
Although BYD is best known for its low-cost EVs, like the Seagull, which starts under $10,000 in China, the auto giant is quickly expanding into new segments.
BYD Denza Z9 GT (Source: Denza)
BYD sells luxury vehicles under the Denza Yangwang brands. Denza is BYD’s answer to Porsche and other German luxury brands. Meanwhile, Yangwang is an ultra-luxury brand that will serve as BYD’s tech beacon.
According to Altavilla, this could be just the start. “We’re going to get together again after the summer break for another important reveal, and through the end of the year, there will be others,” BYD’s special advisor for Europe said.
BYD “Xi’an” car carrier loading EVs and PHEVs for Europe (Source: BYD)
BYD is set to begin production at its new plant in Hungary by the end of the year, enabling the company to customize vehicles for buyers in the region.
“As we go forward into 2026, more and more of the BYD line-up will be specific to this region,” Altavilla explained.
In separate news, BYD announced on Monday that its “Xi’an” car carrier is loaded and ready to ship off to the UK, Italy, Spain, Belgium, and other countries, carrying about 7,000 EVs and PHEVs.
Electrek’s Take
In what was called a “watershed moment,” BYD registered more vehicles in Europe than Tesla for the first time in April.
It also had more vehicle registrations in the UK than Tesla last month, with the Seal U taking the top spot for the most popular plug-in hybrid.
With the Dolphin Surf arriving, local production set to come online later this year, and several new models on the way, BYD is laying the groundwork to capture its share of the European auto market.
According to S&P Global Mobility forecasts, BYD is expected to more than double its sales in Europe this year, with around 186,000 vehicles sold. By 2029, BYD’s sales could double again to around 400,000. Between its plants in Hungary and Turkey, China’s EV leader is expected to have a combined capacity of 500,000 units.
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