Goldman Sachs

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. The market is moving higher on Wednesday, with the S & P 500 on pace to break a two-session losing streak. Stocks got a little bit of help from an in-line consumer price index (CPI) report, which pushed down interest rate hike expectations at the Federal Reserve's September meeting, according to CME Group's FedWatch tool . The AI trade was mostly higher. Chipmakers like Micron , our newest Club holding, and other AI component stocks rallied off a strong quarter from the neocloud provider CoreWeave .

However, software and the hyperscalers — Amazon , Microsoft , Alphabet and Meta Platforms — moved in the opposite direction of the chip trade and weighed on the market's gains. 25 billion in cash and equity. Neos is a provider of specialized option-based income ETFs, which have increasingly been gaining in popularity among older investors. Neos managed $30 billion in assets across 19 options-based income ETFs as of the end of June. The deal follows Goldman's recently closed roughly $2 billion purchase of Innovator Capital Management, which is a provider of defined-outcome ETFs.

With the addition of Neos, Goldman said it will become a top eight active ETF provider, with $80 billion in active ETFs across a $130 billion global ETF platform. This string of deals is part of CEO David Solomon's strategy to grow its Asset and Wealth Management division and generate more fee-based revenue. AWM fees tend to be more durable and less cyclical compared to the more volatile investment banking business. Its closest peer, Morgan Stanley , has also been aggressive in this area, acquiring ETF provider Eaton Vance in 2021 and brokerage E-Trade the year before that.

Shares of Goldman were basically flat in afternoon trading, essentially mirroring the broader financials sector in the S & P. It's another big night of tech earnings. Networking giant Cisco , Nvidia-backed photonics company Coherent , and the newly public chipmaker Cerebras are scheduled to report. Before the opening bell on Thursday, we'll see earnings from Tapestry , the owner of Kate Spade and Coach.