Why the market shifted to defense, plus the lingering hangover of Dell's backlog

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. Shift to defense: Usually, the market likes falling Treasury yields and stocks rally with bonds. Lower rates can make dividends look more attractive on a relative basis and expand the multiples investors are willing to pay for stocks. But that's not what's playing out Tuesday.

Dell Technologies CEO Michael Dell speaks during the MWC session 'New strategies for a new era' on the first day of the 18th edition of the Mobile World Congress at Fira de Barcelona's Gran Via venue in L'Hospitalet de Llobregat on February 26, 2024, in Barcelona, Catalonia, Spain.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.

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