The Club's top 10 things to watch in the stock market Wednesday
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The Club's top 10 things to watch in the stock market Wednesday Published Wed, Jun 24 20269:11 AM EDTUpdated 7 Min Ago Jeff Marks@jeffmarkscnbc The Club's 10 things to watch Wednesday, June 24 — Today's newsletter was written by Jeff Marks, the Club's director of portfolio analysis. 1. The S & P 500 and Nasdaq are trying to rebound this morning after back-to-back down days, with tech stocks bouncing back. Oil is falling hard, with U.S. benchmark WTI crude at $71 and international standard Brent hitting its lowest level since before the Iran war. 2. Shares of Club name FedEx are off 4% this morning after reporting a noisy quarter . We had warned it would be complicated. The quarter was a beat, led by the recently spun off FedEx Freight, but the guidance created confusion as FedEx shifts to a new fiscal calendar. The opportunity we've waited for? Analysts are mostly constructive. No downgrades. Wells Fargo reiterated its $425 price target, while Bank of America went to $378 from $376. FedEx Freight hold its first earnings call Thursday night. 3. Google parent Alphabet will be added to the Dow Jones Industrial Average , replacing Verizon . This is not a reason to buy the Club stock because there are not a lot of passive dollars tracking the Dow, unlike the S & P 500 and Nasdaq 100 . 4. Nike named a new CFO. David Denton, formerly of Pfizer , will replace Matthew Friend on Aug. 17. The company says its earnings report next week is expected to be generally in line with previously provided guidance and will include a benefit from tariff refunds that was contemplated previously. That could be viewed positively, but the bigger question is whether the company will have to reset expectations once again. BofA said focus on Nike's guidance, not the quarter. 5. Jefferies is cautious into Constellation Brands earnings next week, noting that U.S. consumption trends have slowed through May. Some on Wall Street have considered the Modelo and Corona brewer as a big World Cup beneficiary. The tournament started earlier this month and runs into July. 6. UBS raised its price targets and estimates on Advanced Micro Devices and Club name Arm Holdings , citing an acceleration in agentic AI demand. That benefits AMD and Arm as makers of central processing units (CPUs), which play a key role in executing agentic tasks. Analysts went to $670 from $455 on AMD and $470 from $260 on Arm. 7. KB Home shares are up slightly after earnings last night. The homebuilder's revenue was a slight beat, while earnings per share of 43 cents missed by two pennies. On guidance, KB Home tightened its 2026 delivery range to between 10,500 and 11,000. Housing market remains sluggish, though we're keeping Home Depot in our portfolio to bet on a potential rebound. 8. Take-Two Interactive shares are higher after its Rockstar Games subsidiary announced that preorders for Grand Theft Auto VI will begin on June 25 at midnight local time. The long-awaited video game is scheduled to be released in November. 9. Shares of Cerebras are down over 9% this morning after the AI chipmaker's first earnings report since its IPO in May. Gross margin guidance for the current quarter was lighter than expected. Cerebras counts OpenAI as a key customer, and that relationship is ramping up. 10. Linde's price target was increased to $600 from $585 at Citi. Analysts recommended a pair trade of Linde over Air Products into earnings due to Linde's improving North America volumes and price tailwinds. They also like Club name Linde due to a potential positive catalyst from additional electronics projects (semiconductor fabs). Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free (See here for a full list of the stocks at 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.More In Jim's Top 10The Club's top 10 things to watch in the stock market TuesdayJeff MarksThe Club's top 10 things to watch in the stock market MondayJeff MarksJim Cramer's top 10 things to watch in the stock market ThursdayJim CramerRead MoreSubscribe to CNBC PROSubscribe to Investing ClubLicensing & ReprintsCNBC CouncilsJoin the CNBC PanelDigital Prod