Chip stocks rebound, and Goldman racks up a series of M&A wins

Here is a story making headlines in the economy: 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. A market rally is finally holding on Monday, with the S & P 500 and Nasdaq on pace to snap a five-session losing streak. Most of the "Magnificent Seven" rebounded from last week's pullback, with Club names Amazon , Alphabet and Meta Platforms leading the charge.

Microsoft and Apple , which we also own, are still struggling. The semiconductor group has had a volatile day but are trading higher in the afternoon, with Club stocks Arm Holdings , Intel and Broadcom shaking off earlier losses. Corning and Palo Alto Networks were the two biggest gainers in the portfolio.

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Both made new all-time highs in Monday's session. Other stocks making new intraday record highs include Eli Lilly , Johnson & Johnson and Cardinal Health . That continues a nice comeback for the once-unloved healthcare group.

Several defensive stocks sat out the market rally, as TJX Companies , DuPont , Linde , Procter & Gamble , and Costco all traded lower. Also, Honeywell Technologies shares stumbled in its first day of trading since spinning off its aviation unit into Honeywell Aerospace . Conversely, Honeywell Aerospace was having a strong debut, up over 3% to over $228 a share.

Shares of Club name Goldman Sachs ended last week on a sour note, thank in large part to reports that OpenAI could delay its initial public offering until next year. This week, however, has started off with another reminder that investment banking activity remains healthy. Announced before Monday's open, Goldman served as the exclusive financial advisor on Martin Marietta's $13.

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5 billion acquisition of Lhoist North America. It also provided fully committed debt financing for the deal. Last week, Goldman was also the exclusive financial advisor to Minnesota-based Bio-Techne in its $11.

3 billion sale to Germany's Merck KGaA . The bank also served as co-financial advisor to Arcosa on its $8. 5 billion sale to CRH, which was announced on June 22 .

Goldman has played a central role in many of this year's biggest transactions, including the lead left position on SpaceX's record-breaking IPO . That leadership in investment banking is exactly why we own the stock for the Club, and it has helped make Goldman one of our best-performing non-tech holdings this year. The stock was up about half a percent Monday.

Financial markets are tracking the development closely as investors assess the likely impact.