Afternoon update: Market off lows, Amazon job cuts not enough, Corona beer maker sinks

Published Thu, Jan 5 20232:40 PM ESTUpdated Thu, Jan 5 20232:51 PM EST

Here are some highlights from "The Homestretch," our new audio feature with Jim Cramer and portfolio director Jeff Marks to get Club members ready for the final hour of trading on Wall Street. S & P 500 off session lows on Fedspeak Jim Cramer: "The market ... bounced a bit because St. Louis Fed President Jim Bullard, who is widely respected, did give a speech where he talked about interest rates not yet sufficiently restrictive enough but getting closer. That matters because Bullard has been a real hawk. And that has turned the S & P, not around, but certainly up from where it was." Amazon needs to cut more jobs JC: "The Fed is certainly getting things it wants. We're seeing layoffs but not enough layoffs. As I said last night [before the announcement] on "Mad Money," we need to see big ones from Amazon . Well, we got 18,000. That's not big. Amazon has 1.5 million people working for it." Corona beer maker selling deepens Jeff Marks: " Constellation , have to hit it, too. Stock, the selling did progress as this [post-earnings] conference call progressed. Selling picked up. Not the same type of conference call we're used to. ... It's a little more muted." JC: "What people are saying is this is recession resistant, not recession proof. ... I will say this about this call. It was not a great call. ... But the cash flow was terrific. I have [Constellation Brands CEO] Bill Newlands on tonight [on 'Mad Money']. ... We're going to have to take a hard look at it." (Jim Cramer's Charitable Trust is long AMZN, STZ. See here for a full list of the stocks.) 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.