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☆ Bitcoin will drop 13% to $50,000 after falling below a key support level as macro drivers slow, Standard Chartered says
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin's break below $58,000 on Wednesday clears a path for it to fall as low as $50,000, Standard Chartered said in new research. The crypto's decline has been driven by rising ETF outflows and falling US liquidity levels. AdvertisementDeteriorating conditions are denting the Bitcoin rally, with this week's drop below $60,000 putting it en route for an even lower price range. According to commentary from Standard Chartered, the apex token could temporarily reach as low as $50,000, signaling an over 13% drop from current levels. Among these are shrinking investments in spot bitcoin ETFs, funds that first sparked the rally at the year's start.

Persons: —, Geoff Kendrick, Kendrick, Mike Novogratz, he's Organizations: Chartered, outflows, Service, Standard Chartered, FX Locations: Hong Kong

☆ Markets will rebel if Trump or any president tries to control the Fed, Harvard economist says
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Markets would resist executive influence over the Federal Reserve, Kenneth Rogoff told Bloomberg TV. Inflation expectations would jump while the dollar would tank, the Harvard professor said. Donald Trump allies have reportedly been brainstorming ways for him to exert more influence over the Fed, if elected. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementPolitical attempts to influence the Federal Reserve won't go over well with markets, Harvard's Kenneth Rogoff said.

Persons: Kenneth Rogoff, Donald Trump, —, Harvard's Kenneth Rogoff Organizations: Federal Reserve, Bloomberg, Service, Reserve, Business

☆ Tesla's plans to launch full self-driving tech in China could add $2 billion in earnings by 2030 and boost its stock
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Tesla's roll out of full-self driving technology in China could earn it over $2 billion by 2030, Bank of America said. AdvertisementTesla's success in getting China to approve its full self-driving technology could rev up the firm's earnings this decade, Bank of America said. AdvertisementOnce the technology rolls out, Tesla could charge Chinese FSD users around $99 a month, based on its US pricing. Rising competition in the country could spur Tesla to do this. Aside from the China FSD deal, Tesla's stock will also benefit from the August Robotaxi event, a fresh product in 2025, and the possible licensing of FSD.

Persons: Tesla, —, Elon Musk's Organizations: Bank of America, Service, ., Baidu, Tesla, . Bank of America Locations: China, Beijing, .

☆ 'Be like Buffett' and buy the dip in Apple stock before its next iPhone announcement, analyst says
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Investors should imitate Warren Buffett and buy Apple while it's cheap, Bernstein's Toni Sacconaghi said. He says the stock is attractively priced, pushed down by cyclical issues in China, not due to fundamental problems. The stock will also see boosted upside from its forthcoming iPhone 16 cycle, he told CNBC. AdvertisementInvestors should grab Apple because it's looking cheap, Bernstein said on Monday, turning bullish on the stock for the first time in years. "What we found is, we're getting a price break on it," Sacconaghi told CNBC Tuesday.

Persons: Warren Buffett, Toni Sacconaghi, —, Bernstein, Buffett, we're, Sacconaghi, Apple's Organizations: Apple, CNBC, Service Locations: China, Bernstein's

☆ Stock market today: Dow drops 570 points to end worst month of 2024 as traders brace for Fed decision
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks dropped sharply as investors readjusted rate cut expectations ahead of the latest FOMC meeting. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks plunged on Tuesday as investors got another dose of inflationary data ahead of the Federal Reserve's next policy decision. For the Fed, that adds even more restraint on its ability to cut interest rates this year, and futures markets now expect only one rate cut in December. AdvertisementThe equity decline that followed only deepened April's market losses, making it the first month of 2024 to end in the red.

Persons: Stocks, —, Bill Adams, Brent Organizations: Service, Federal, of Labor Statistics, Comerica Bank Locations: McDonald's, Israel, Here's

☆ Stock market today: Indexes drop as hot labor data adds pressure ahead of Fed meeting
▼ + stars: | 2024-04-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The quarterly measure saw wage and labor costs accelerate, adding pressure on the Fed. Tuesday marks the start of the Fed's meeting of the Federal Open Market Committee. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS equity markets slipped Tuesday as hot labor data stoked fresh bets the Federal Reserve would remain hawkish on monetary policy. The Employee Cost Index, a quarterly measure of wages and benefits, jumped 1.2%, suppressing estimates of a 1% acceleration.

Persons: —, It's Organizations: Fed, Federal, Market, Service, Reserve, of Labor Statistics, Amazon, Apple, Here's, Trump, Bloomberg

☆ Trump advisers are mulling penalties for any countries that stop using the dollar, report says
▼ + stars: | 2024-04-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Donald Trump's advisors are discussing penalties for countries that move away from the dollar, sources told Bloomberg. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementEconomic advisors to Donald Trump are working out plans to blunt de-dollarization efforts, which could include penalties on any economy that moves away from the greenback. As of March, the dollar still leads in global payments, making up 47.4% of transactions, SWIFT data shows.

Persons: Donald, —, Donald Trump, Trump, Emmanuel Macron, hasn't, Nouriel Organizations: Bloomberg, Service, greenback, West, United, CNBC Locations: Ukraine, China, Russia, Saudi Arabia, United Arab Emirates, Europe

☆ 3 issues that could make or break the US economy over the next year, according to top economist Mohamed El-Erian
▼ + stars: | 2024-04-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Mohamed El-Erian named three key risks that will determine where US growth is headed in 2024 through 2025. That includes changes to the Fed's inflation target and low-income consumer spending. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIf Wall Street was wrong about recession odds in 2023 and 2024, forecasting for next year won't be any easier, Cambridge economist Mohamed El-Erian wrote in Project Syndicate. "Given high interest rates and some creditors' loss of enthusiasm, this cohort's willingness to consume will hinge on whether the labor market remains tight," El-Erian wrote.

Persons: Mohamed El, Erian, —, he's Organizations: Service, Project Syndicate, Federal Reserve, El Locations: Cambridge, El

☆ How China and Russia are reportedly using 'underground' channels to get around sanctions
▼ + stars: | 2024-04-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Chinese exporters are reportedly going "underground" as domestic banks pullback from transaction business with Russia, Reuters reported. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTighter US scrutiny of Beijing's trade ties is sending domestic exporters underground, Reuters exclusively reported on Monday. "Transactions between China and Russia will increasingly go through underground channels," a Chinese trade body head told Reuters: "But these methods carry significant risks." This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Reuters, Service, Business Locations: Russia, Moscow, China

☆ The US economy may end up caught in a dreaded period of stagflation. 2 experts outline the scenario, and how to keep your money safe
▼ + stars: | 2024-04-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

This would force interest rates to stay higher for longer, putting pressure on US businesses and consumers. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA pair of economic reports has brought back a word no central banker ever wants to hear: stagflation. The difficult scenario occurs when inflation rises and growth stalls, a dangerous combination just experienced by the US economy.

Persons: stagflation, —, Thursday's, LPL, Jeffrey Roach, Mike Reynolds, Reynolds, Jamie Dimon, Roach, shouldn't Organizations: Service, Federal, yesterday's, Fed, Wall Street, Bank of America

☆ 2 experts outline a looming scenario where the US economy ends up caught in a dreaded period of stagflation
▼ + stars: | 2024-04-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

☆ 2 states where home prices are falling because there are too many houses and not enough buyers
▼ + stars: | 2024-04-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Despite a US housing shortage, Florida and Texas have too much supply, Redfin said. AdvertisementA lack of US housing has fenced off most would-be buyers, but two states are dealing with the opposite problem — an overflow of homes. According to Redfin, Florida and Texas have properties stagnating on the market, as demand is shifting away from these areas. The number of homes also jumped 25% in McAllen, Texas, Redfin reported on Thursday. Of the country's top 10 metros where sellers were most likely to slash listed prices, seven are located in these two states.

Persons: Redfin, —, Eric Auciello, Auciello, isn't Organizations: Service, North Port, First Locations: Florida, Texas, Redfin , Florida, Coral, North Port , Florida, McAllen , Texas, North, North Carolina, Tennessee

☆ How Argentina's inflation fight made the peso the strongest currency in the world
▼ + stars: | 2024-04-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The Argentine peso has jumped 25% in three months against the dollar in one key exchange market. AdvertisementArgentina's President Javier Milei still hasn't dollarized the economy as promised, but he has managed to do something that's possibly more shocking: strengthen the peso. This currency has been one of 2023's most devalued tenders, and yet it's now become the top currency against the dollar. In the past three months, the peso has surged 25% in the blue-chip swap market, one of Argentina's key foreign exchanges. It's also ironic that Milei has come to lead the peso out of tougher times, given his loud disdain for the currency last year.

Persons: Javier Milei's, —, Javier Milei, he's, It's, Milei Organizations: Argentine, Service, Bloomberg, Financial Times Locations: It's, Argentine, greenbacks

☆ We have more insights as to where the economy is headed — and it's not good
▼ + stars: | 2024-04-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking at how the latest GDP data has shifted the expectations of where the economy is headed. Now, the economy will need some type of event (see: bubble popping) for rate cuts to become an option anytime soon, Miskin said. Energy price shocks could bring the world economy to a "vulnerable moment," chief economist Indermit Gill warned.

Persons: —, TikTok, they're, you'd, Jia Feng, It'll, Insider's Madison Hoff, It's, Jerome Powell, Anna Moneymaker, BI's Filip De Mott, Jamie Dimon, Matt Miskin, Miskin, Mark Zuckerberg, C, Cox, Jenny Chang, Rodriguez, Goldman Sachs, Guess what's, Indermit Gill, Alphabet's, Redmond, Tyler Le, Doug McMillon, execs, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Reserve, stagflation, JPMorgan, Wall Street, John Hancock Investment Management, Galatioto Sports Partners, Bank, Google, Big Tech, Microsoft, Health, Linkedin, YouTube, ExxonMobil Locations: Chevron, New York, London

☆ Bank of America lays out the exact scenario that could finally pop the stock market's AI bubble
▼ + stars: | 2024-04-26 | by ( Joe Ciolli | Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bank of America says the ongoing "anything but bonds" bull market has led to a very top-heavy stock market. The firm is watching real 10-year yields and credit spreads for signals of when that AI-led rally could end. BofA says higher yields and tighter spreads could sound recession alarms and spur a stock sell-off. The key piece is the cohort of mega-cap tech companies that have long dominated stock-market performance, largely because of their affiliation with AI. In the meantime, if you subscribe to BofA's view, you should be watching the 10-year real yield for a signal of when any such downturn is coming.

Persons: BofA, —, YCharts There's Organizations: of America, Service, Bank of America, Apple, Nvidia, Microsoft

☆ Jamie Dimon says the US has less than 50% odds of nailing a soft landing: 'Don't get lulled into a false sense of security'
▼ + stars: | 2024-04-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Markets are too optimistic about a soft landing, JPMorgan chief Jamie Dimon told The Wall Street Journal. He expects soft landing odds to be half of what markets are pricing in. "Don't get lulled into a false sense of security because the today looks okay." AdvertisementThings aren't looking particularly rosy for markets and the economy, Jamie Dimon said in an interview with The Wall Street Journal. "The odds of a soft landing, the market kind of prices in 70%.

Persons: Jamie Dimon, —, Dimon, they're Organizations: JPMorgan, Wall Street, Service

☆ Billionaire investor Ron Baron says Tesla stock has bottomed out and will 'go up huge' on the promise of more affordable vehicles
▼ + stars: | 2024-04-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Billionaire investor Ron Baron told CNBC that Tesla is "going to go up huge." The stock has reached bottom after investors were unsure if the firm was scrapping plans for a low-cost model. "Oh, it's going to go up huge," he told CNBC on Wednesday. He also cited that Tesla could make a profit by eventually selling its full-self driving technology to other carmakers. Previously, Baron disclosed that he has made nearly 20 times its Tesla investment since buying the stock a decade prior.

Persons: Ron Baron, Tesla, Baron, —, Elon Musk, Musk Organizations: CNBC, Service, Baron Capital, Baron Partners Fund

☆ The US economy may be barrelling towards stagflation, an outcome worse than recession
▼ + stars: | 2024-04-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The provides the backdrop for stagflation, which can't be combated with rate cuts. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With additional help from high government spending and the dollar's de-coupling from gold, inflation surged into double digits, while the economy tumbled. The period was so tumultuous that it undid long-standing macroeconomic theories, and required the Fed to step up its role in the economy.

Persons: —, David Donabedian, It's, listlessness, stagflation, Paul Volcker, Jamie Dimon, we've, Pooja Sriram, Powell Organizations: Service, CIBC Private Wealth, OPEC, Economic, of New, Barclays Locations: of New York

☆ Billionaire investor Howard Marks says AI's impact doesn't make it immune to a crash
▼ + stars: | 2024-04-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

AI is transformative, but it's hard to determine its stock winners, Howard Marks told CNBC. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementArtificial intelligence might end up changing the world, but that alone can't determine the success of its underlying assets, Howard Marks said. When it comes to AI, Marks acknowledged the technology's transformative potential, and he himself can't say whether its beneficiaries are already under or overvalued. "So to say well, I think that AI will be very important, that's the easy part," the billionaire investor said.

Persons: Howard Marks, —, it's, Marks, Goldman Sachs, Wall, Steve Eisman, they're Organizations: CNBC, Service, Bank of America

☆ Live updates: Meta to report quarterly earnings today after market close
▼ + stars: | 2024-04-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: 1 min

Meta reports first-quarter earnings on Tuesday. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMeta will report first-quarter earnings on Wednesday after the closing bell. The company has had a strong start to 2024, riding the wave of interest in artificial intelligence.

Persons: —, Meta's Organizations: Service, JPMorgan

☆ 'Reels, Messaging, and AI:' What Wall Street analysts expect from Meta as it gears up for first-quarter earnings
▼ + stars: | 2024-04-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +6 min

Meta Platforms will report its first-quarter earnings on Wednesday after the closing bell. Wall Street is optimistic about the social media firm's result, citing optimism around AI and ad spending. Here's what Wall Street expects from Meta's first-quarter earnings after the closing bell on Wednesday:Wells Fargo: In need of a new catalystWells Fargo has projected ad-led strength in the first-quarter, with Meta benefiting from a robust e-commerce environment. The bank highlighted the fact that Instagram Reels has reached revenue neutrality, and should remain a key revenue growth tailwind over the coming years. JPMorgan rates Meta at "Overweight" with a $535 price target.

Persons: —, Wells, Ken Gawrelski, optionality, Brad Erickson, Goldman Sachs, Goldman, Justin Post, Nitin Bansal, Doug Anmuth Organizations: Service, Meta, RBC, Bank of America, Washington . Bank of America, JPMorgan Locations: Meta's, Fargo, Wells, Washington .

☆ Stock market today: US indexes rise as mega-cap earnings take the spotlight
▼ + stars: | 2024-04-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Markets climbed higher as investors get ready for a line up of mega-cap earnings. AdvertisementStocks ticked higher Tuesday morning, as a lineup of mega-cap earnings this week fuels hope for a market comeback. That's after the equity rally tumbled sharply last week, with rate-cut outlooks crushed by hot economic data. Investors are pinning their hopes on strong earnings to kickstart a new rally, with the stock market's 10% year-to-date gain through the end of March now cut by more than half. AdvertisementMeta's earnings are set to follow on Wednesday, after which Alphabet and Microsoft will report on Thursday.

Persons: Tesla, —, That's Organizations: Meta, Microsoft, Service Locations: Here's

☆ Donald Trump will get $1.3 billion in Trump Media bonus shares if the stock doesn't crash today
▼ + stars: | 2024-04-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Trump is set to get millions of extra shares if Trump Media trades above $17.50 through Tuesday's session. That would see the former president awarded $1.3 billion in extra stock. AdvertisementTrump Media & Technology just has to manage not to crash Tuesday for former President Donald Trump to be awarded an extra $1.3 billion worth of stock in the Truth Social parent company. When Trump Media made its market debut in late March, the stock peaked sharply before crashing nearly 40% in a matter of weeks. Last week, Trump Media CEO Devin Nunes lashed out at short sellers for helping to tank the stock.

Persons: Trump, —, Donald Trump, Devin Nunes, Nunes Organizations: Trump Media, Service, Trump Media & Technology, Social, . Company, Trump, Bloomberg, Truth, Citadel Securities

☆ Stock market today: US stocks climb ahead of Tesla and mega-cap tech earnings
▼ + stars: | 2024-04-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Investors are turning their attention to mega-cap earnings, hoping for a new rally catalyst. Tesla is slated to report after Tuesday's closing bell, followed by Meta on Wednesday. Tesla is slated to publish after Tuesday's closing bell, with many on Wall Street having misgivings about its performance, given its massive stock slide and first-quarter delivery disappointment. If earnings exceed expectations, investors are hoping to jump-start another rally, with the stock market's 10% year-to-date gain through the end of March now cut by more than half. AdvertisementHere's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:Here's what else is going on:AdvertisementIn commodities, bonds, and crypto:

Persons: Stocks, —, Tesla Organizations: Meta, Service, Microsoft, Here's

☆ The US is eyeing sanctions that could cut off some Chinese banks from the rest of the world
▼ + stars: | 2024-04-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US is drafting sanctions on Chinese lenders, The Wall Street Journal reported. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Previously, the threat of US secondary sanctions has already sparked a pullback in Chinese-Russian financial dealings, including restricted yuan payment transactions. New sanctions could go as far as cutting China from accessing the US dollar, the linchpin currency used in global trade.

Persons: —, hasn't, State Anthony Blinken, Wang Webin Organizations: Street Journal, Service, Lawmakers, Street, Center for Strategic, International, Washington, State, Reuters Locations: China, Russia, Washington, Beijing, Moscow, Ukraine, Russian, Western, Europe

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