The past three weeks in the stock market have been highly volatile. The S & P 500 saw its worst session in eight months on June 5, just days after the index reached record highs. The CNBC Investing Club portfolio has been going along for the ride. Iran-U.S. war uncertainty, SpaceX ‘s historic public debut, and the artificial intelligence trade whipsawed the market since our last Monthly Meeting on May 27. Ultimately, as of Wednesday morning, the S & P 500 was flat over that stretch, while the Nasdaq fell nearly 1%. The market’s bright spot? The Dow . The 30-stock average jumped 2.7% since our last meeting and was trading at record highs. It has been benefiting from a rotation out of tech and into value-based names. Nineteen stocks in our 34-name portfolio were higher since our May meeting. As we look ahead to our June Monthly Meeting livestream , which starts at noon ET on Wednesday, here’s a breakdown of what moved our three top and bottom performers. Top performers Arm up 38.2% This chip stock continues to hit record highs on enthusiasm around agentic AI. The bulk of its gains came on June 1 after Nvidia CEO Jensen Huang announced a new Arm-based chip for personal computers. Shares soared nearly 16% that day. Arm took another leap last week after Oracle ‘s earnings showed how strong demand for AI computing continues to be. Oracle announced an extra $20 billion raise for its AI infrastructure plans. Despite a better-than-expected quarter, Oracle shares plummeted on the release. Arm, on the other hand, jumped over 11%. Since the May Monthly Meeting, we have also booked some profits to protect against the stock giving back its parabolic move. Wells Fargo up 13.9% The struggling stock saw a steady advance since the last meeting as money came back into the banks. The financial sector is the best-performing group in the S & P 500 over the past roughly three weeks — up 14%, which pretty much mirrors the gain in Wells Fargo. While up recently, shares are still down nearly 7% since the start of 2026. That means it’s not out of the penalty box yet. We still have our reservations , given the past two disappointing earnings releases. That’s especially true since Goldman Sachs has been on a roll — up 11.2% since last meeting and up nearly 27% year to date. The stock hit an intraday all-time high on Wednesday. Cardinal Health up 13.5% The pharmaceutical distributor benefited from the market’s rotation into healthcare and other defensive sectors. Cardinal Health is nearing its record-high close, last seen on March 2. This happens periodically when tech sells off, and investors want to move into perceived “safe havens” during times of economic uncertainty. That was seen in advances from drugmakers Eli Lilly and Johnson & Johnson , along with consumer goods giant Procter & Gamble . We sold some Cardinal Health and P & G for this very reason. Worst performers Amazon down 10.8% There wasn’t one single catalyst for Amazon ‘s decline, but increased AI-related capital raises did raise concern for investors. They want to know exactly how the company plans on paying for its AI spending plans. Bloomberg reported June 10 that Amazon secured a $17.5 billion loan for its AI buildout. That was two days after reports that Amazon tapped the Canadian bond market for $10.4 billion. Alphabet was in the same boat — down 5.6% over the past three weeks following the announcement that it will sell $85 billion worth of stock to help fund its AI ambitions. Salesforce down 10.2% This one has been an absolute dog. Not only is Salesforce trading at its lowest levels since 2023, but the stock is on a 12-session losing streak. Losses can be chalked up to software falling out of favor again. Investors also can’t seem to make up their mind on whether AI will be a friend or foe to Salesforce in the long run. Earlier this week, for example, management announced plans to purchase AI customer service platform Fin for $3.6 billion. Shares tumbled on the announcement. “This is a truly hated stock,” Jim Cramer said during Tuesday’s Morning Meeting . As for whether or not to keep Salesforce, he said, “I fear selling at the low. But it’s quite daunting.” Meta down 7.6% Other hyperscalers have lagged as well. Meta Platforms was our third-worst-performing stock for the same reason as Amazon and Alphabet. The Financial Times reported earlier this month that the Mark Zuckerberg-led company is looking to raise billions of dollars in an equity offering to fund its AI plans. We still like the Facebook and Instagram company’s solid advertising business and great communications product in WhatsApp. Meta re-grouped on AI and released a new model, Muse Spark, back in April. It is the company’s first proprietary effort and a move away from a strict adherence to open source. (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.
3 of our stocks striking gold and 3 others hitting the skids over the past 3 weeks
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