Preheat oven to 350 degrees F (175 degrees C). Stud the whole oranges with cloves, and bake for 30 minutes.
In a large saucepan, combine the apple juice and cinnamon stick. Bring to a boil, reduce heat to medium, and simmer 5 minutes. Remove from heat, and stir in the nutmeg, honey, lemon juice, and pineapple juice.
Serve hot in a punch bowl with the 2 clove-studded baked oranges floating on top.