Honeywell's aerospace spin approaches key milestone. Plus, the new stock supply problem

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 S & P 500 initially was on track to snap its eight-session winning streak during the first hour of trading on Tuesday, but stocks staged a slight rally that put both the S & P 500 and Nasdaq on pace to close at record highs. We'll see if that holds through the last few hours of trading. As of 2:30 p.m. ET, both indexes hovered near the flat line. A big theme in Tuesday's market: Several Magnificent 7 names came under pressure following Alphabet's announcement of an $80 billion equity offering to support its AI spending plans. Shares of Alphabet were down almost 3% in trading but slightly above their worst levels of the session. How the market absorbs the new supply from Alphabet's capital raise will be an important test ahead of several mega IPOs expected later this year, including those of SpaceX, Anthropic, and OpenAI. Jim Cramer has warned several times throughout the years that a wave of big IPOs could hurt the market rally . The idea is that fund managers will need to sell stocks to make room for the new "merchandise." Or could crypto become the source of funds? We have no view on that asset class, but it is interesting to see Bitcoin fall 5% Tuesday and drop below $70,000 per coin. For the year, bitcoin is down over 20%. …