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☆ Many Indian stocks are in a 'bubble,' investor says, revealing the stock he just sold
▼ + stars: | 2024-05-16 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

India's mid-cap stocks are in a "bubble" despite the country's promising economic prospects, according to contrarian fund manager Jonathan Pines. Pines added that he's unable to justify current stock prices, even when accounting for "aggressive assumptions" about future growth in India's mid-cap stocks. The mid-cap 'bubble' Pines revealed that his fund recently held two Indian stocks, one of which was SJVN . SJVN, a mid-cap stock in the hydropower energy sector, has experienced a "vertical price" movement, which Pines attributed to a potential bubble in the Indian mid-cap market. The only 'reasonable' Indian stock On the other hand, GAIL India , a natural gas distribution company, remains the sole Indian stock in Pines' portfolio.

Persons: Jonathan Pines, it's, Pines, Rohit Natarajan, SJVN, Sudhanshu Bansal, GAIL India, GAIL Organizations: Federated, Antique, JM Financial, Federated Hermes Asia Locations: Pines, Japan, India, India's, U.S

☆ Gold drifts higher as rising Fed rate cut expectations boost appeal
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September. Spot gold rose 0.1% at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1% to its highest since April 19 on Wednesday. "Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective," said Tim Waterer, chief market analyst at KCM Trade. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week." Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Tim Waterer, Austan Goolsbee, Jerome Powell's Organizations: U.S . Federal Reserve, Treasury, KCM, Chicago Federal Reserve Bank Locations: .

☆ Oil prices rise on moderate U.S. inflation data, strong demand
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, strengthening the argument for an interest rate cut which could result in even stronger demand. U.S. crude oil, gasoline and distillate inventories fell, reflecting a rise in both refining activity and fuel demand, showed data from the Energy Information Administration, or EIA. Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended May 10, the EIA said, versus the 543,000 barrel consensus analyst forecast in a Reuters poll. Signs of slowing inflation and stronger demand were supporting prices, ANZ Research said in a client note, as is geopolitical risk which it said remains elevated. Gains were constrained after the IEA trimmed its forecast for 2024 oil demand growth, widening the gap between its view and that of producer group OPEC.

Persons: Brent Organizations: U.S, West Texas Intermediate, Federal Reserve, Energy Information Administration, EIA, ANZ Research, OPEC, Global, Organization for Economic Co Locations: Nolan , Texas, U.S, East, Gaza, Rafah, Qatar, Egypt, Israel

☆ CNBC Daily Open: Wall Street hits record highs as rate cut bets rise on soft inflation data
▼ + stars: | 2024-05-16 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

A trader works during the closing bell at the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street hits record highThe S&P 500 and the Nasdaq rose to record highs after inflation data came in lower than expected. The Dow Jones Industrial Average jumped 350 points as investors bet the Federal Reserve may cut rates in September. Inflation easesApril's consumer price index rose 0.3%, slightly less than expected, while on a 12-month basis, inflation increased 3.4% in line with economists' forecasts.

Persons: JPMorgan Chase Jamie Dimon, Dimon, Anton Peraire, James Peraire, Biden, Morgan Stanley Organizations: New York Stock Exchange, Wall, CNBC, Nasdaq, Dow Jones Industrial, Federal, Tech, Nvidia, Apple, Microsoft, JPMorgan, Sky News, U.S . Treasury Department, GameStop, AMC, Justice, MIT, U.S Locations: New York City, America, cryptocurrency, China

☆ Citi names one under-the-radar stock to buy on an AI opportunity, giving it 22% upside
▼ + stars: | 2024-05-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Citi recently named one under-the-radar company to buy on a "data and AI opportunity." The bank pointed out that ExlService has the talent to meet the demand too, with its more than 13,000 AI, generative AI, data and digital "experts." "EXLS also provided medium-term targets (2024-25) of double digit revenue growth, incremental margin improvement, and faster-than-revenue EPS growth," Citi analysts wrote. The current demand pipeline for its data and AI services stand at $2 billion, according to Citi. The bank gave the stock a buy rating and a price target of $37, or potential upside of 22%.

Persons: ExlService Organizations: Citi, ExlService Holdings

☆ Dollar sags as slower U.S. inflation boosts rate cut expectations
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +3 min

The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. The dollar skidded to multi-month lows on Thursday after U.S. core inflation hit its slowest in three years and retail sales turned flat, which pulled forward expectations for rate cuts in the world's biggest economy. Stocks and other risk-sensitive assets such as the Australian dollar led gains in the wake of the data release. The New Zealand dollar hit a two-month high at $0.6131. Softer-than-expected retail sales figures, which were flat last month instead of the 0.4% gain that economists had forecast, reinforced the newfound confidence in rate cuts.

Persons: Sterling, Bart Wakabayashi, China's, Bitcoin Organizations: Australian, New Zealand, U.S, State, European Central Bank Locations: Asia, Tokyo, Treasuries

☆ Asia markets rise after Wall Street soars on soft inflation data; Japan GDP shrinks
▼ + stars: | 2024-05-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

The best-performing "Magnificent Seven" stock halfway through the second quarter is Google and YouTube owner Alphabet , up about 14.15%. All four are outpacing the S&P 500, which has risen about 2.1%. By contrast, Microsoft (+0.6%), Tesla (-0.7%) and Meta Platforms (-1%) are all trailing the S&P 500 in the second quarter. The best-performing sector this quarter is the S&P 500 Utilities, up 9.9% and more than twice as much as second-ranked S&P 500 Communication Services, higher by 3.9%. S&P 500 Information Technology (+2.8%) is also outperforming the S&P 500.

Persons: — Scott Schnipper Organizations: Apple, Nvidia, Microsoft, Communication, Real Estate, Health Care

☆ BofA banker whose death shook Wall Street was looking for new job and willing to take a lower salary for better hours, recruiter says: report
▼ + stars: | 2024-05-16 | by ( Kelsey Vlamis | Reed Alexander | ) www.businessinsider.com time to read: +3 min

Related storiesA new report from Reuters released Wednesday raised more questions about the hours Lukenas may have been logging leading up to his untimely death. Walters said Lukenas told him he was putting in more than 100 hours a week at Bank of America. "He made a comment saying like, 'Hey, I'll trade hours of sleep for a 10% (pay) cut,'" Walters told Reuters. Walters said he told Lukenas that was excessive, even by Wall Street's standards. Prior to Lukenas' death, he had been participating on deal work related to UMB's $2 billion all-stock acquisition of Heartland Financial USA — a transaction that was announced in late April.

Persons: —, Wall, Leo Lukenas III, Lukenas, Douglas Walters, Walters, GrayFox Organizations: Service, of America, Army, Bank of America, Business, Reuters, New, Office, GrayFox, BI, Heartland Financial, Vets Locations: New York

☆ At Last, Detroit Sees Population Grow, New Estimates Show
▼ + stars: | 2024-05-16 | by ( Julie Bosman | ) www.nytimes.com time to read: +1 min

After decades of painful decline, Detroit’s population grew in 2023, according to new estimates released on Thursday by the Census Bureau. The increase — to 633,218 from 631,366 residents — was slight, lifting Detroit to slightly below levels of 2021. City leaders have long promised to reverse Detroit’s long decline in residents brought on by the shrinking of the auto industry, flight to the suburbs and municipal bankruptcy. The new census estimates showed similar, moderate population rebounds for many big cities in the Midwest and Northeast after previous pandemic-era declines. In the Midwest, cities of that size grew 0.1 percent in 2023 after declining an average of 0.2 percent the year before.

Persons: — Organizations: Census, Detroit Locations: Midwest

NOW PLAYINGExplaining the Surprising Patterns of Fatal Shootings2:47Michael Cohen Says Trump Discussed Reimbursement in Oval Office2:23Getting Ready for the Westminster Dog Show1:47Cohen Testifies That Trump Directed Hush-Money Payment1:38Will Congestion Pricing Change the City? 1:33Judge Says Michael Cohen Must Stop Taunting Trump2:08Trump’s Lawyers Clash With Stormy Daniels and Are Rebuffed by Judge2:53Why Donald Trump Is Frustrated With His Lawyers2:58Have You Made an A.I. Friend Yet? 2:40Stormy Daniels Tells Her Story of Sex With Trump1:50Jury Sees Trump’s Checks in Hush-Money Case1:59

Persons: Michael Cohen Says Trump, Cohen, Michael Cohen, Stormy Daniels, Judge, Donald Trump, Daniels Organizations: Westminster, Trump

☆ Student-loan borrowers just got 2 extra months to benefit from a temporary debt relief reform
▼ + stars: | 2024-05-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

Read previewPresident Joe Biden's Education Department is giving student-loan borrowers more time to get closer to debt cancellation. On Wednesday, the Education Department announced that it's extending the deadline for borrowers to benefit from the one-time account adjustments. To receive the account adjustment automatically, borrowers must be in the federal direct loan program or have federally held loans in the Federal Family Education Loan program. "FFEL borrowers should consolidate as soon as possible in order to receive this benefit that has already provided forgiveness to nearly 1 million borrowers." Since the adjustments began, according to the department, 996,000 borrowers have received $49.2 billion in debt relief.

Persons: —, Joe Biden's, Education James Kvaal Organizations: Service, Joe Biden's Education, Education Department, Public, Business, Family Education, Education, Federal, Aid Locations: PSLF

☆ Here's the inflation breakdown for April 2024 — in one chart
▼ + stars: | 2024-05-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

That increase is largely due to dynamics in the market for crude oil, which is refined into gasoline, economists said. Annual housing inflation declined to 5.5% in April from 5.7% in March. Shelter and gasoline inflation combined contributed more than 70% of the monthly CPI increase for all items, according to the BLS. Americans' buying patterns also simultaneously shifted away from services — such as entertainment and travel — toward physical goods since they stayed at home more, driving up demand and fueling decades-high goods inflation. Wage growth has been one contributor to services inflation, for example, economists said.

Persons: Grace Cary, That's, Mark Zandi, we're, Zandi, Michael Pugliese, Trump, Stephen Brown, Pugliese Organizations: U.S . Labor Department, Moody's Analytics, Federal Reserve, of Labor Statistics, Wells, Wells Fargo Economics, U.S, U.S . Energy Information Administration, Finance, GameStop, AMC, Biden, North, Capital Economics, Supply Locations: U.S, Wells Fargo, North America

That's why we've gathered all the best Memorial Day mattress sales below. Some of the best early Memorial Day mattress deals include brands that drop prices less often, like Tempur-Pedic, Sleep Number, and Sealy. Top 5 Memorial Day mattress dealsStaff Pick Leesa Sapira Hybrid Mattress (Queen) $1,399.00 $1,999.00 Save 30% The Leesa Sapira Hybrid Mattress has great edge support and motion isolation. Shop at HelixBest Memorial Day mattress salesMemorial Day mattress sales on our top picksChoosing the right mattress is important, especially because you'll spend every night with it after buying it. These are the best mattress deals on picks from our guide to the best mattresses.

Persons: we've, Pick, iComfortECO, you'll, We've, It's Organizations: Business, Sealy, Direct, Helix

☆ Live Updates: Inflation Expected to Cool Slightly
▼ + stars: | 2024-05-15 | by ( Ben Casselman | ) www.nytimes.com time to read: +9 min

Housing Inflation Remains Stubbornly High Economists had expected two measures of rental inflation to fade in 2023 and 2024, but that process is taking time to play out. There are two main measures of inflation in America, the Consumer Price Index and the Personal Consumption Expenditures index. Consumer Price Index Inflation Remains Hotter The Consumer Price Index is climbing faster than the Personal Consumption Expenditures index, in large part because it weights housing more heavily. With housing, Consumer Price Index inflation totaled 3.5 percent in March. But the convergence between new and existing rent inflation is taking a lot longer than expected.

Persons: There’s, “ It’s, ”, Mark Zandi, Biden, Zandi, grousing, “, O.E.R, We’re, would’ve, Mark Franceski, I’ve, Ernie Tedeschi, Tedeschi Organizations: New York Times, Federal Reserve, Index, Housing, Zelman, Associates, White House Council, Economic Advisers Locations: America, bam, Europe

☆ The Pre-Market Rundown 2: May 15, 2024
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Pre-Market Rundown 2CNBC brings you fast, accurate, and actionable business news and market updates.

Organizations: CNBC

☆ How my family of 6 spent nearly $9,000 on a Disney vacation — and what we'll do differently next time
▼ + stars: | 2024-05-15 | by ( Daryl Austin | ) www.businessinsider.com time to read: +9 min

First off, driving instead of flying saved us a lot of moneyMy family added a road-trip component to our trip. Daryl AustinWe saved money by driving to Disney instead of flying. AdvertisementLastly, we saved money by cutting back on character-dining experiences and sharing most of our mealsOur family split meals at Disneyland when we could. In hindsight, this means we could've saved some serious money on tickets and food costs by cutting out our last two days at Disney. Otherwise, my wife and I will be dreading the next Disney vacation nearly as much as our kids will be eagerly anticipating it.

Persons: —, Daryl Austin, That's, we'd, we've, Dole, would've, could've, Daryl Austin Disney Organizations: Service, Universal Studios, Business, Marriott, Gas, Disney, we've, Disneyland, Minnie Locations: Utah, Southern California, California, Salt Lake City, Los Angeles, Las Vegas, Marriott Anaheim, Disneyland

☆ Executive Edge: Nvidia CEO pay rises to $34.2 million
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExecutive Edge: Nvidia CEO pay rises to $34.2 millionThe 'Squawk Box' team discusses Nvidia as the company gave its CEO, Jensen Huang, a 60% pay hike last year.

Persons: Jensen Huang Organizations: Nvidia

☆ The top 10 most affordable colleges on the 'New Ivies' list from Forbes—2 are private schools
▼ + stars: | 2024-05-15 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Going to an Ivy League school for college may help you earn a competitive salary down the line. The average tuition price across the Ivy League colleges is $64,829 — and that's before factoring in housing, food, books and other fees, according to the schools' latest available listed prices. Often, as is the case with Ivy League schools, private colleges can offer better financial aid packages through institutional grants and scholarships. These are the 10 new Ivies with the lowest average net price, according to Department of Education data:1. University of Michigan—Ann ArborOut-of-state tuition: $27,864 (figure reflects 2023-24 tuition price, 2024-25 price not available)Average net price: $16,7928.

Persons: University of Texas — Austin Organizations: Ivy League, Princeton University, Harvard College, Department, Education's, Forbes, —, CNBC, of Education, University of Florida, University of North, Georgia Institute of Technology, Rice, University of Illinois, University of Maryland —, University of Michigan, University of Wisconsin —, University of Texas —, Johns Hopkins Locations: University of North Carolina, University of Illinois Urbana — Champaign, Ann Arbor

☆ NBA playoffs: Nikola Jokić erupts for 40 points as Denver Nuggets take 3-2 series lead over Minnesota Timberwolves
▼ + stars: | 2024-05-15 | by ( Matias Grez | ) edition.cnn.com time to read: +3 min

CNN —Newly crowned three-time NBA Most Valuable Player (MVP) Nikola Jokić put on a show and proved why he is the rightful recipient of the award in the Denver Nuggets’ 112-97 playoff victory over the Minnesota Timberwolves on Tuesday. So good was Jokić’s performance that teammates and opponents alike were lavishing him with praise after the game. He’s the best player in the NBA, he showed it the last three games, three games in a row. Only five teams in NBA history have come back to win a best-of-seven series when losing the first two at home. Brunson, who bounced back impressively after a poor showing in Game 4, also added seven assists and four rebounds.

Persons: Nikola Jokić, Rudy Gobert, Aaron Gordon, “, ”, Anthony Edwards, Jokić “, ” “, ” Edwards, He’s, ” Gordon, Jamal Murray, Karl, Anthony Towns, Edwards, Garrett Ellwood, “ Nikola, Michael Malone, Brunson, Pacers Jalen Brunson, LeBron James, Pascal Siakam, Tyrese Haliburton Organizations: CNN, Denver Nuggets, Minnesota Timberwolves, Denver, Nuggets, ESPN, “, NBA, Timberwolves, Western, Knicks, Pacers, New York Knicks, Indiana Pacers, Eastern Locations: Serbian, Minnesota, Minneapolis, Indianapolis, Indiana

☆ Commerzbank reports better-than-expected 29% rise in Q1 net profit
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: 1 min

Germany's Commerzbank said on Wednesday that net profit rose 29% in the first quarter, its strongest quarterly profit in a decade, and it raised its outlook for net interest income for the full year. Net profit of 747 million euros ($808.25 million) in the quarter compares with a profit of 580 million euros a year earlier. Analysts had on average expected profit of 652 million euros, according to an April consensus forecast published by Commerzbank. Net interest income rose 9.2% in the first quarter to 2.126 billion euros, better than expectations for 2.096 billion euros. The bank raised its full-year forecast for net interest income to 8.1 billion euros from 7.9 billion euros previously.

Persons: Germany's Commerzbank, Commerzbank Locations: Frankfurt

☆ These are the top 10 holdings of the Mormon church's $55 billion stock portfolio
▼ + stars: | 2024-05-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The investment arm of the Mormon church revealed some of its holdings in a 13F filing Wednesday. These are the top 10 holdings of the church's stock portfolio as of March 31. AdvertisementThe Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks. AdvertisementThe church, widely known as the Mormon church, reports its stock holdings on a quarterly basis, and a recent 13F filing revealed its top holdings as of March 31. These are the church's top 10 stock holdings at the end of the fourth quarter, as well as the changes in each position.

Persons: —, of Jesus Christ, Eli Lilly Vincent Kessler, Seth Wenig, Ethan Miller, Apple Justin Sullivan, Microsoft Satya Nadella, Sean Gallup Organizations: Service, of Jesus, Securities and Exchange Commission, Advisors, Reuters, JPMorgan AP, UnitedHealth, Mastercard Reuters, Nvidia, Microsoft, Getty

☆ Palo Alto nears a key test that could break it out of Wall Street's penalty box
▼ + stars: | 2024-05-15 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Shares of Palo Alto plunged 28% on Feb. 21, a session after the company delivered a more cautious outlook for the rest of 2024. The shift in business strategy requires Palo Alto to give customers its new services and products for free to demonstrate their many benefits. PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance 2. The Club is focused on how much industry spend is going to Palo Alto versus competitors, but we're not concerned about demand for the company's offerings. In this photo illustration the Palo Alto Networks logo seen displayed on a smartphone and on the background.

Persons: Morgan Stanley, Sellers, Nikesh Arora, Palo, We'd, it's, PANW, Arora, Jim Cramer, We've, nudging, Stephen Vintz, we're, Jim, Jim Cramer's, Rafael Henrique Organizations: Palo Alto Networks, Wall Street, Palo, Tech, Barclays, Palo Alto, billings, Wall, Alto Networks, UnitedHealth Group, Change, Healthcare, Club, Microsoft, Vans, Corp, Caesars Entertainment, Securities, Exchange, US Fed, CNBC, Networks, Getty Locations: Palo Alto, U.S, Palo, billings, Palo Alto's, Alto

☆ One of Y Combinator's newest AI startups landed $2.8 million in seed funding using this 5-slide pitch deck. We got an exclusive look.
▼ + stars: | 2024-05-15 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +1 min

Apriora's tech uses conversational AI to conduct job interviews. The startup, which just graduated from Y Combinator, raised a $2.8 million seed round. We got an exclusive look at the presentation Apriora used to raise its seed funding. AdvertisementJob seekers are already using ChatGPT to prepare for job interviews, and one startup is working to even the playing field by bringing AI tools to hiring managers. Apriora, a startup that uses conversational AI to conduct job interviews, just announced its $2.8 million seed funding round led by 1984 Ventures.

Persons: Y, —, Dan Gross Organizations: Service, 1984 Ventures, Pioneer Fund, Business Locations: HOF Capital

☆ A former Bridgewater executive shares his 2 highest-conviction trades right now — and breaks down why the US labor market remains exceptionally strong despite apparent signs of weakness
▼ + stars: | 2024-05-15 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Another common worry among investors is the risk that elevated interest rates pose to the labor market and overall economy. AdvertisementThat difference is that prior cycles have been driven by lending, Elliott said. Lending growth fueled economic expansions and drops in lending led to economic contractions. He said it can act as a hedge against the Fed cutting rates too early with the economy still strong. AdvertisementInvestors can gain exposure to gold through funds like the SPDR Gold Shares (GLD) and the iShares Gold Trust (IAU).

Persons: St, Louis, Bob Elliott, Elliott, Louis Fed, It's Organizations: Service, Unlimited Funds, Bridgewater Associates, Federal Reserve, Treasury, Trust

☆ Caitlin Clark’s debut draws largest WNBA audience in two decades, beating NHL playoffs head-to-head
▼ + stars: | 2024-05-15 | by ( Hadas Gold | ) edition.cnn.com time to read: +1 min

Viewership peaked at 2.3 million viewers, ESPN said. The NHL game drew an average of 2 million viewers, the network said. Last month, the NCAA women’s basketball National Championship matchup between Clark’s Iowa Hawkeyes and the South Carolina Gamecocks drew 18.9 million viewers, smashing television ratings records. The game was not only the most watched women’s college basketball game in history, but it also surpassed the viewership of any basketball game, including both men’s and professional, since 2019, according to Nielsen. 1 overall pick, drew an average of 2.4 million viewers, shattering viewership records and far surpassing the previous all-time high of 601,000 viewers in 2004.

Persons: Caitlin Clark, NHL men’s Staley, Clark Organizations: CNN, WNBA, Indiana Fever, Connecticut Sun, ESPN2, ESPN, Sun, Angeles Sparks, Houston Comets, Sports Illustrated, Disney, NHL, Boston Bruins, Florida Panthers, NCAA, Clark’s Iowa Hawkeyes, South Carolina Gamecocks, Nielsen, New York Liberty Locations: Indianapolis

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