Foot Locker’s push to diversify sneakers away from Nike is a good call after a tough quarter
Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. Here's today's edition. Stocks were looking to close out the week on a higher note, even as treasury yields were now up on Friday's session despite the cooler-than-expected inflation data. Friday marked the beginning of the Santa Claus Rally period, which technically runs through the final five trading days of the year and continues into the first two days of the new year. The success rate is historically pretty good here with the market up about 80% of the time during this stretch. Some defensive groups leading Friday were Utilities, Staples, and Energy as economic data softens up a bit. Consumer Discretionary was in the red due to Nike 's plunge on a cautious global outlook. Meanwhile, Tech and Communication Services were positive but lagging. DuPont was making a nice move this week as we learned encouraging news about the semiconductor and electronics cycle from Micron. About one-third of DuPont's business is tied to electronics. Stanley Black & Decker was still going strong even as the 10-year Treasury yield ticked up. Costco , Constellation Brands and Procter & Gamble were higher as the market gives the staples a little bit of a lift. On the downside was Foot Locker after Nike shares lost rough 12% on Friday due to its cautious outlook. It makes sense since the two are linked. It looks like Foot Locker's push to rely less on Nike was a good call. The U.S. stock market is closed Monday on Christmas Day. Friday's Homestretch was our last of 2023. We're back on Jan. 2. Happy holidays and Happy New Year. (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.