Tech sits out Thursday's rally as the S&P 500 inches closer to its March record

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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.) Markets : The market is moving higher Thursday after Wednesday's quiet session. Thursday's gains put the S & P 500 less than 1% away from its record close on March 28. The Dow , meanwhile, is up around 270 points, or 0.7%, on pace for its seventh straight winning day. Stocks are getting some support Thursday from the bond market. The yield on the 10-year Treasury note was initially higher in early trading, but it retreated those levels after initial jobless claims hit their highest levels since August, pointing to signs of a loosening labor market. The response follows the "bad news is good news" market reaction to the April jobs report last week. Yields dipped again shortly after 1 p.m. ET in reaction to a solid demand for a $25 billion auction of 30-year bonds. We'll be getting some notable economic data reports in the coming days. At 10 a.m. ET Friday, we'll get preliminary results from the University of Michigan's May consumer sentiment survey, which includes consumer inflation expectations. And then next week, the April producer price index (PPI) and consumer price index (CPI) are due out at 8:30 a.m. ET on Tuesday and Wednesday, respectively. Wall Street will pay close attention to those two reports because a series of hotter inflation data points in recent months have pushed out the timeline for expected Federal Reserve rate cuts. Tech sits out: The only S & P 500 sector in the red Thursday was technology. A bunch of solar stocks, which fall under the tech bucket, were lower after SolarEdge gave disappointing second-quarter guidance. It's been tough sledding for the industry lately. Remember, this cohort is extremely interest-rate sensitive because many solar systems are purchased with financing. Over the past 12 months, shares of SolarEdge are down more than 80%. The Invesco Solar ETF is down nearly 40% in the same stretch. Elsewhere in tech, chips stocks were mostly lower Thursday. Some of that may have to do with soft quarterly guidance from chip designer Arm Holdings , but we think those sellers may be missing the bigger picture of what will be a multiyear growth story for AI chips. Indeed, we got a positive read on AI spending earlier this week from Arista Networks , whose CEO, Jayshree Ullal, is on "Mad Money." Club holding Salesforce is the worst performer in the Dow on Thursday, down about 1.5%. The decline is likely tied to competitive concerns about Alphabet 's reported interest in buying HubSpot , which also sells customer relationship management software. HubSpot reported earnings Wednesday night and provided mixed guidance. S & P leaders: The top-performing sectors in the S & P 500 on Thursday were real estate, utilities and energy. Utilities, a classic defensive sector, has been the biggest gainer this week by far, up nearly 4%. Up next: We're through the big earnings reports of the week. What's left tonight is the solar tracking company Array Technologies , insulin pump maker Insulet Corp , and the content delivery company Akamai Technologies . On Friday, Canadian energy pipeline company Enbridge is set to report. (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. 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.)