Investing Club: What we're watching Wednesday afternoon — including Big Tech and Nucor's new high
Here's what we're watching Wednesday afternoon The overall stock market was at session lows this afternoon and the price action in Adobe will likely weigh on technology, which makes up such a large portion of the S & P 500 — about 28% as of Feb. 28. Wall Street has also had such a strong run lately, with the S & P 500 gaining about 7% since its March 14 close. The market was due for a rest. However, we don't want to be too negative about high-quality, profitable tech companies that generate a ton of free cash flow and have pristine balance sheets. That's why Wednesday could be a good day to pick up our FAANG and Microsoft (MSFT) stocks. We upgraded Apple (AAPL) and Facebook-parent Meta Platforms (FB) earlier in the week. We also still like Google-parent Alphabet (GOOGL) and Microsoft even after adding up shares at lower prices earlier in the month. Read our trade updates here and here . Holy cow: Another all-time high for steelmaker Nucor (NUE), which now trades about $10 per share above our highest sale . Wednesday's rally comes despite news of a United States-Britain trade deal that relaxes on steel tariffs. We debated taking profits again but we also want to let our winners run. Maybe at $150 per share? We'll see. Must See TV: Re-watch Tuesday's GTC 2022 keynote with Nvidia (NVDA) CEO Jensen Huang and read our story about how the chip maker continues to push the boundaries of computing power and blur the lines between reality and science fiction. Toy Jensen stole the show. Abbott Laboratories (ABT) was still struggling with a recent powdered baby formula recall. Reuters reports that a FDA probe found quality control issues. Ouch. Here's what Abbott says . A lot of specialty retail names simply can't catch a bid. From Club holding American Eagle Outfitters (AEO) to the others that recently reported great quarters like Williams-Sonoma , the action here has been terrible. We downgraded AEO to a 2 rating earlier in the week because we'd rather see new buys happen in higher-quality companies. Here's a reminder of how we rate stocks . (Jim Cramer's Charitable Trust is long MSFT, APPL, FB, GOOGL, NUE, NVDA, ABT and AEO. See here for a full list of the stocks.) 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.

Here's what we're watching Wednesday afternoon

The overall stock market was at session lows this afternoon and the price action in Adobe