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: The major U.S. stock averages took a hit Wednesday, led to the downside by the tech-heavy Nasdaq Composite . The S & P 500 is lower almost across the board, with only the real estate and utilities sectors in positive territory. Technology is the big underperformer amid pullbacks across semiconductor and software stocks, while consumer discretionary is close behind. Earlier Wednesday, we a dded to our position in chipmaker Advanced Micro Devices into the weakness. Some of the market pullback could be tied to profit-taking considering we’re coming off a six-week win streak in the S & P 500. But investors are also closely watching the rise in Treasury yields, with the yield on the benchmark 10-year note crossing 4.25% in Wednesday’s session. The bond market pressured stocks in Tuesday’s session, as well. Eyes on Apple : Apple shares took a spill shortly before noon ET after an influential analyst published a negative story about iPhone 16 orders. According to an online post by Ming-Chi Kuo , an analyst at TF International Securities, Apple cut its iPhone 16 orders by about 10 million units for the fourth quarter of 2024 through first half of 2025. Kuo said the change mostly affected non-Pro models. Kuo now estimates iPhone 16 production for the second half of the year to be 84 million units, down from about 88 million previously. Apple is scheduled to report its fiscal 2024 fourth-quarter results on Oct. 31.
