Constellation is on pace for its best day of the year — here's what may be fueling the rally

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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. Markets rally: The gains on Wall Street picked up steam midafternoon Monday, putting the S & P 500 on track for another record close. The tech-heavy Nasdaq is on pace for its sixth all-time high in a row. Strong advances in technology stocks like Club holdings Nvidia , Apple and Broadcom were the dominant theme in last week's trading. The latter two extended their recent gains Monday session while Nvidia was roughly flattish. But Monday's session overall is a little different, with a bounce in other S & P 500 sectors like consumer staples, industrials, and consumer discretionary. Club industrial Honeywell hit a fresh 52-week high Monday. Energy also rose as the U.S. oil benchmark topped $80 a barrel. It was not all green, though, with the real estate and utilities sectors falling as Treasury yields rose. Health care also pulled back despite Club name Eli Lilly once again registering a new all-time high. The stock has posted down days just twice since May 28. Its latest move higher comes after its Alzheimer's treatment donanemab received a positive recommendation last week from a key Food and Drug Administration advisory panel . Constellation rebounds: There's a strong move happening in Constellation Brands for reasons that are not entirely clear. The Club holding is up nearly 4% in the session, good enough to be the top-performing stock in the consumer staples sector Monday. Constellation also is on track for its best day of 2024. However, the only news we see on the stock is a positive note by analysts at Jefferies, who rate the Modelo and Corona parent's stock a buy with a price target of $310 a share. The analysts pointed out that the beer maker's popularity among Hispanic consumers is a key reason its business has been able to withstand a tougher macroeconomic environment. The loyalty of Constellation Brands' core customers is why its beer volumes continue to grow in a weaker category. Constellation's next earnings report is set for July 3. Bring on the AI PCs: In an interview Monday with CNBC's Sara Eisen, Dell Technologies CEO Michael Dell spoke about the highly anticipated personal computer refresh cycle, most of which will be for AI-enabled PCs. With these new PCs set to launch Tuesday and other tech innovations in the pipeline, we remain believers that Best Buy is at the beginning of a big new sales cycle. UBS agreed with our call Monday, upgrading the stock to buy from a hold-equivalent rating and raising its price target to $106. The upgrade sent shares to a new 52-week high, at more than $91 apiece. Up next : Homebuilder Lennar is scheduled to report quarterly results after the close Monday. Then on Tuesday morning, May retail sales will show whether consumer spending is still resilient in the face of slowing U.S. economic activity. (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.