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.) Stocks fizzle: Wall Street was enjoying solid gains for most of Thursday, and the S & P 500 was on track to break a four-day losing streak during which it pulled back more than 3%. But Treasury yields kept creeping up throughout the session and the sellers pounced once the market lost its momentum. That’s pushed the S & P 500 into the red. The Nasdaq Composite also is lower, while the Dow Jones Industrial Average is basically flat. Meta gains : Shares of Meta Platforms rose 2% in the session. The Facebook and Instagram owner on Thursday unveiled the latest version of its large language model, called Llama 3. The social media giant also announced that its free-to-use artificial intelligence assistant, powered by Llama 3, is rolling out across its family of apps. Check it out because it’s a pretty cool tool that can be used on Facebook, Instagram, WhatsApp, and Messenger for in-app search (powered by Club holding Alphabet ‘s Google), recommendations, and fast image generation. Meta isn’t monetizing this new assistant directly, but new AI tools and services like this should enhance the user experience on Meta’s social media platforms and increase engagement. Meta is also leveraging AI to improve ad targeting. Jim Cramer’s chatter: We added to our position in Estee Lauder this morning after a bullish analyst call from Deutsche Bank. “Is it time to believe that Estee Lauder CEO Fabrizio Freda is still a good operator? He navigated the downturn in U.S. department stores,” Jim Cramer said Thursday. “Can he fix China and duty free? Starting to think so.” Shares of Starbucks are higher for a fourth session in a row and traded around $87 each Thursday. To be sure, it follows a nine-session stretch in which the stock finished in the green just once. “Is Starbucks bottoming? Or do you need the number cuts first before a bottom?” Jim said, alluding to the idea on Wall Street that the coffee chain will revise its full-year guidance lower alongside its earnings report April 30. Meanwhile, the correction in semiconductor and other AI-related stocks continued Thursday. The VanEck Semiconductor ETF has fallen more than 5% so far this week and has fallen about 10% since its closing high on March 7. Zooming in, memory chipmaker Micron has had a rough April, closing higher just three times so far this month. The stock was lower again Thursday. “Micron’s decline reminds me that the strength in the stock comes from a lack of supply of manufacturing. It will be a long time before any plants come on line, but it is troubling,” Jim said. Shares of the homebuilder D.R. Horton were higher Thursday on better-than-expected earnings and a raise to its full-year revenue outlook. “D.R Horton…
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