Leaders, laggards after Powell's speech — plus, key Starbucks, Honeywell updates

Every weekday, the CNBC with Jim Cramer releases the stretch — an actionable afternoon , time for the last hour of trading on Wall Street

Market moves : Stocks were headed for a positive week, thanks to a big rally on Friday in reaction to Federal Reserve Chairman Jerome Powell 's speech at the annual Jackson Hole economic symposium

Heading into the address, the market was unsure if Powell was going to hint at a possible interest rate cut at next month's central bank policymaking meeting

So, the market jumped upon hearing Powell talk growing downside risks in the labor market and how the "shifting balance of risks may warrant adjusting our policy stance." Powell's remarks lifted stocks and pushed bond yields lower as traders increased their bets around multiple rate cuts before year-end

The market's surge Friday is playing out we discussed late Thursday, with the more dovish Fed unleashing rallies in cyclical, more economically sensitive stocks that stand to benefit the most from lower rates

Some of the biggest gainers in the portfolio Friday were Capital One , DuPont , and Depot

The laggards were defensive groups consumer staples, utilities, and health care

Within the portfolio, Bristol Myers Squibb , Costco , and TJX Companies trailed the broader market

Bids coming : Starbucks expects to receive non-binding offers for a stake in its China within the next two weeks, according to Reuters

Private equity firms Carlyle, EQT, Hillhouse Investment, and Primavera Capital were named in the story as interested partners

Bain Capital and Chinese giant Tencent were mentioned, too

It's another sign of gress in Starbucks CEO Brian Niccol's turnaround

Analysts at Bank of America ed on the report Friday, saying they believe the quantum unit's valuation "suggests upside potential to undervalued Honeywell SOTP." SOTP is an abbreviation for sum-of-the-parts and is a way to value a company undergoing a breakup, Honeywell

Next week: The stragglers of Big report earnings, including quarterly results from Nvidia , CrowdStrike , Dell nologies, Marvell nology, and Snowflake

Retail earnings will continue with Best Buy, Gap, Dick's Sporting Goods, Five Below, and many others

On the economic data side, the key report for the week will be the July personal consumption expenditures (PCE) price index on Friday morning. (Jim Cramer's Charitable Trust is long COF, DD, HD, BMY, COST, TJX, HON, NVDA, CRWD

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