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☆ Societe Generale raises S&P 500 target for 2024, citing the artificial intelligence boom
▼ + stars: | 2024-03-21 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Societe Generale is raising its 2024 S & P 500 target thanks to the enthusiasm surrounding the contribution artificial intelligence will make to corporate profits. The S & P 500 closed Wednesday at 5,224.62. "We upgrade our S & P 500 target on rational optimism," Manish Kabra, head of U.S. equity strategy at the bank, wrote in a Thursday note. To be sure, Kabra raised his S & P 500 earnings outlook to 18% in 2024 from 15% previously, but anticipates a slowdown in earnings growth expectations in the second half of the year. The higher S & P 500 target is "on the back of the artificial intelligence boom in 2024," Kabra wrote.

Persons: Manish Kabra, Kabra, — CNBC's Michael Bloom Organizations: Generale, CNBC Market, Survey, Bank of America, UBS, Nasdaq, Federal Reserve

☆ ‘Uncommitted’ Effort to Protest Biden Will Shift Its Focus to Washington State
▼ + stars: | 2024-03-06 | by ( Reid J. Epstein | Mike Baker | ) www.nytimes.com time to read: +1 min

After gaining some traction in Michigan and Minnesota, the next stop in the campaign to protest President Biden’s handling of Israel’s war in Gaza will be the Washington State primary next Tuesday. Like in Michigan, which has a large Arab American population, and Minnesota, where there is a significant population of East African immigrants and their children, the Washington State effort is counting on Middle Eastern immigrants and progressives to serve as a moral voice against America’s foreign policy alliance with Israel. Rami Al-Kabra, a Palestinian-American who is a City Council member in the Seattle suburb of Bothell, said activists have been reaching out to immigrant communities and others who have expressed disillusionment with Democrats. Some, he said, had thrown away their mail ballots, feeling like they did not have a voice. But after learning of the option to vote “uncommitted,” they have requested replacement ballots to submit.

Persons: Biden’s, Israel, Rami Al, “ uncommitted, ” Organizations: Washington State, City Locations: Michigan, Minnesota, Gaza, East, Washington, Palestinian, Seattle, Bothell

Layla Elabed, campaign manager for Listen to Michigan, which spearheaded the protest vote against President Biden last week in Michigan. “Elections have a certain amount of momentum,” said Keith Ellison, Minnesota’s Democratic attorney general, who voted for Mr. Biden. Uncommitted Minnesota said it spent about $20,000 on the campaign since beginning last Monday. In Washington, organizers are pushing similar efforts to vote “uncommitted” in the state’s primary next week. It was not our first choice, but we have to let President Biden know that our votes are not to be taken for granted.”Nicholas Nehamas contributed reporting from Minneapolis.

Persons: Layla Elabed, Biden, Israel —, Mr, Uncommitted, Rashida Tlaib, Donald J, Donald Trump, ”, Elianne Farhat, Kamala Harris, “, Lauren Hitt, Cole Harrison, Trump, Keith Ellison, Ellison, Biden’s, Joe Biden, Abdullah Elagha, Harrison, Ilhan Omar, Rania Masri, —, uncommitted, Rami Al, ” Nicholas Nehamas Organizations: Democratic, Democratic National Convention, Somali, Trump, Uncommitted Minnesota, Hamas, Massachusetts Peace, Mr, “, Democratic Party, Colorado Palestine Coalition, Abandon Biden, Republican Party Locations: Michigan, Israel, Gaza, Colorado, Minnesota, Massachusetts, Cambridge, Colorado , Massachusetts, North Carolina, United States, American, Uncommitted Minnesota, In Minnesota, Georgia, Washington, Bothell, Minneapolis

☆ The S&P 500 will trade near its all-time high before a recession drags it down again in a topsy-turvy 2024, Société Générale says
▼ + stars: | 2023-11-23 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The S&P 500 will climb higher in the first quarter but then plunge 12%, the French bank said. AdvertisementGet ready for an up-and-down 2024 where the S&P 500 nears record highs, plunges, and then stages another comeback, Société Générale says. "The S&P 500 should be in 'buy-the-dip' territory, as leading indicators for profits continue to improve." The S&P 500 traded at 4,556 as of Wednesday's closing bell. Goldman Sachs' David Kostin said earlier this month that he's expecting the S&P 500 to trade at 4,700 points by the end of 2024.

Persons: Société, —, Société Générale, SocGen, Manish Kabra, It's, Kabra, who's, Goldman Sachs, David Kostin, he's Organizations: Service, Federal Reserve, Big Tech, Wall, Bank of America, RBC Capital Markets

☆ This startup wants to curb fast fashion by helping you rent out your closet
▼ + stars: | 2023-05-31 | by ( Cait Freda | In Caitfreda | ) www.cnbc.com time to read: +7 min

By Rotation, a U.K.-based clothing rental app, hopes to eliminate the need for fast fashion by making peer-to-peer clothing rental mainstream in the United States. Individual users decide if they are willing to ship their items to users in other states. Despite the expected growth, online fashion rental and resale has proven to be a difficult business, especially on Wall Street. As the app grows, the startup is taking steps to ensure renters are trustworthy and lenders' items are protected from damage. "I wanted to wear nice clothes on my holiday and I thought about renting but there was no sort of digital fashion rental player here in the U.K. or even Europe," she said.

Persons: Eshita Kabra, Davies, Uber, we've, Kabra, Randi Wood, Wood, Martha Petrocheilos, Esther Gross, Ester Gross Organizations: Research, European Environment Agency, Marathon Asset Management Locations: U.K, United States, New York City, U.S, London, Los Angeles, Mexico, Rajasthan, India, Europe, Africa, Asia, New York

☆ Wall St Week Ahead Artificial intelligence gives real boost to U.S. stock market
▼ + stars: | 2023-05-19 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

NEW YORK, May 19 (Reuters) - Recent advances in artificial intelligence are fueling optimism over how businesses can operate more productively in the years ahead. They are also providing a big boost to the stock market. About 25% to 50% of those gains are owed to "the buzz around artificial intelligence," she noted. Indeed, optimism over AI is a key factor supporting a stock market facing numerous headwinds. His firm owns shares of Microsoft, Nvidia and Alphabet.

☆ AI boom could expose investors’ natural stupidity
▼ + stars: | 2023-05-19 | by ( Felix Martin | ) www.reuters.com time to read: +7 min

Indeed, enthusiasm about AI has become the one ray of light piercing the stock market gloom created by the record-breaking rise in U.S. interest rates. It’s a good moment for investors to be especially alert to the tendency of natural stupidity to drive stock market valuations to unrealistic – and therefore ultimately unprofitable – extremes. However, the most important lessons of behavioural economics relate to a more fundamental question: Will the new generation of AI do what it promises? Behavioural economics offers some cautionary tales for such attempts to apply AI in the wild. For example, stock market returns can be affected by a small number of rare but extreme movements in share prices.

☆ Russian oil is still flowing in huge volumes even as EU sanctions and a price cap are less than a week away.
▼ + stars: | 2022-11-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

European governments still can't agree on a price cap for Russian oil even as the December 5 deadline is less than a week away. Poland, for example, is committed to a $30 price cap. Even with a price cap of, say, $65, it's unclear whether that can really make an impact, given that Russia's flagship crude oil — Urals grade crude — is trading 20% below that level already. Despite the West's repeated condemnation of Russia and President Vladimir Putin, Russia remains Europe's largest single refined oil products supplier. A) The West agrees to a price cap above $40B) The West agrees to a price cap below $40C) The West does not agree to any price capLet me know on Twitter (@philrosenn) or email me (prosen@insider.com).

☆ Give up on a traditional 60-40 portfolio in 2023 and adopt this unconventional allocation, according to a US stock chief for French financial giant SocGen
▼ + stars: | 2022-11-29 | by ( Marley Jay | ) www.businessinsider.com time to read: +5 min

Kabra laid out his strategy for investing in stocks, bonds, and credit. People have argued for years that a traditional 60% stock and 40% bond portfolio no longer makes any sense. A multi-decade bull market in bonds translated to high prices and low yields, while stock market returns were outstanding. If the purpose of the traditional portfolio was for bonds to provide stability and keep investors' money safe during tough times, it didn't work. Kabra explained that he's cut his stock allocations to barely half of what the 60-40 formula recommends.

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