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☆ From a melt-up to a sell-off, the next 2 weeks will determine the stock market's direction for the summer
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The next two weeks of data will likely set the direction for the stock market this summer, according to UBS. The bank said the upcoming release of the April CPI report and Nvidia's earnings report next week are crucial. "Inflation and NVIDIA earnings data that exceed expectations could set the stage for an early summer melt-up," UBS said. AdvertisementThe next two weeks are going to be crucial for the stock market and could determine its direction over the upcoming summer months, according to a note from UBS. Advertisement"Inflation and NVIDIA earnings data that exceed expectations could set the stage for an early summer melt-up," Draho said.

Persons: —, Jason Draho, Draho, bode Organizations: UBS, NVIDIA, Service

☆ Stock market today: Dow ends 8-day win streak as market braces for inflation data
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks were mixed on Monday, with the Nasdaq higher while the Dow ended its 8-day win streak. Investors are bracing for the release of two inflation data points this week: PPI and CPI. The inflation data will help inform investors when the Fed might cut interest rates. AdvertisementUS stocks were mixed on Monday, with the Nasdaq 100 higher while the Dow declined slightly, ending its 8-day win streak. The inflation data will help investors determine when the Federal Reserve might cut interest rates.

Persons: —, Dow, Keith Gill, Jerome Powell Organizations: Nasdaq, Dow, PPI, CPI, Service, Dow Jones, GameStop, AMC Entertainment, Federal Reserve

☆ Stock market today: US stocks rise ahead of a big week with April inflation on deck
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Investors have a big week ahead for economic data, including April CPI and retail sales results. AdvertisementUS stocks edged higher on Monday ahead of a busy week of economic data that could shake stock prices. The most anticipated report for investors this week is Wednesday's release of the April consumer price index report. The inflation data will help investors determine when the Federal Reserve might cut interest rates this year. Ahead of consumer inflation data, the producer price index will be released on Tuesday, with median estimates suggesting a 0.2% rise in April.

Persons: —, Jerome Powell, Neel Kashkari Organizations: Dow Jones, Service, Federal Reserve, Investors, CPI, Philadelphia Fed, Minneapolis Fed Locations: Here's

☆ A flood of crypto tokens with names referencing GameStop and famed trader Roaring Kitty have been created in the last 24 hours as developers try to ride a meme-coin resurgence
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The social media return of Keith Gill, aka "Roaring Kitty," has sparked a flood of crypto meme tokens. Microcap meme tokens with names like "GME" and "Roar" have soared more than 1,000%. Most of the tokens were created in the past 24 hours as developers try to capitalize on the spike of interest. Another meme token created on the Solana network is "GIL", which was created early Monday morning and soared more than 4,000% on total volume of about $7 million. "ROAR" is another Solana-based meme token that was created Sunday evening and is trading up 1,856% on total volume of about $12 million.

Persons: Keith Gill, —, Keith Gill's, GIL, KITTY, Gill Organizations: Service, Solana, GameStop, AMC Entertainment Locations: Solana

☆ GameStop's 118% spike is its biggest in 3-plus years after Roaring Kitty returns with a meme
▼ + stars: | 2024-05-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

GameStop stock soared as much as 118% on Monday, representing its biggest intraday gain in more than three years. The stock soared after Keith Gill, aka "RoaringKitty," posted on social media for the first time in years. AdvertisementGameStop stock soared as much as 118% on Monday, representing its biggest intra-day gain in over three years. The stock soared after Keith Gill, also known as "Roaring Kitty" and "DeepF---ingValue" posted to X for the first time in three years. GameStop stock isn't the only meme stock soaring on Monday.

Persons: Keith Gill, —, Gill Organizations: GameStop, Service, S3 Partners, AMC Entertainment

☆ From a 65% stock market crash to an imminent recession, here's a roundup of recent high-profile bear forecasts
▼ + stars: | 2024-05-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +7 min

Despite a stock market that's less than 1% away from record highs, bearish forecasts are out in full force. And a weakening in the labor market will crush investor confidence and send the stock market falling by as much as 30%. BCA Research: A recession in early 2025 will cause 30% stock market declineBCA strategist Roukaya Ibrahim warned that a 30% correction in the stock market could be sparked by a recession early next year. Rosenberg famously predicted the 2008 recession, but his consistently bearish economic outlooks since then have largely fallen flat. Advertisement"Forward earnings rose to a record high during April, consistent with a solid labor market.

Persons: —, they're, Gary Shilling, we've, Shilling, BI's Jennifer Sor, we're, John Hussman, Hussman, wouldn't, Roukaya Ibrahim, Ibrahim, David Rosenberg, We're, Rosenberg, Ed Yardeni, Yardeni, landers Organizations: Service, Wall, Hussman Investment Trust, BCA, Bloomberg Locations: Wall

Here's how much it costs to own a superyacht — and what that money is going toward. Billionaires like Jeff Bezos, Mark Zuckerberg, and Steve Jobs each spent nine figures on their megayachts. Some superyachts have space for dozens of crewmembers, including a chef, engineer, and masseuse for the guests onboard. If a superyacht has a support yacht — or a support superyacht, in Bezos' case — expect to pay another 10% of that boat's price annually. "If you charter the boat for 50 days a year, it's going to help a lot," Anders Kurtén, the CEO of brokerage firm Fraser Yachts, told BI.

Persons: you'd, Jeff Bezos, Mark Zuckerberg, Steve Jobs, Jeffrey Beneville, Eric Schmidt's, Matthew Fleissig, NFP's Beneville, it's, Anders Kurtén, Beneville Organizations: Palm, NFP, BI, Yachts Locations: South China, Russian, San Diego

☆ Stock market today: Dow hits 8-day winning streak ahead of key inflation report
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The strong gains in May come ahead of a key CPI report, set to be released on Wednesday. AdvertisementUS stocks traded higher on Friday, securing an eight-day winning streak for the Dow Jones Industrial Average. Fed Governor Michelle Bowman said she doesn't expect any interest rate cuts this year, while Fed President Lorie Logan said its still too early to be thinking about interest rate cuts based on the latest inflation data. The report will offer insights into when the Fed might move forward with interest rate cuts. Fundstrat's Tom Lee expects a lower-than-expected inflation report, which should send dovish signals to the Fed and push stocks higher for the rest of May.

Persons: —, Michelle Bowman, Lorie Logan, Fundstrat's Tom Lee, Lee Organizations: Dow, Fed, Service, Dow Jones, Federal Locations: Here's

☆ Why you should buy stocks ahead of next week's inflation report
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Investors should buy stocks ahead of next week's release of the April CPI report, according to Fundstrat's Tom Lee. An in-line CPI report or better would increase the chances of three interest rate cuts this year, Lee said. AdvertisementInvestors should buy stocks ahead of next week's release of the April CPI report, according to Fundstrat's Tom Lee. Sweden's Riskbank cut interest rates for the first time since 2016 on Wednesday, and the Bank of England signaled that interest rate cuts are imminent. And next week, we expect incoming data to show overall softening of the key components of inflation," Lee said.

Persons: Tom Lee, Lee, — Organizations: Service, Federal Reserve, Bank of England

☆ Legendary investor Stanley Druckenmiller says copper is a great bet for the next 6 years because EVs, data centers, and missiles all depend on it
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Billionaire investor Stanley Druckenmiller says demand from EVs, data centers, and even missiles are a boon for copper. Druckenmiller initiated a new position in copper miner Freeport-McMoRan in the fourth quarter. AdvertisementThe price of copper will hit new record highs over the next five to six years, according to billionaire investor Stanley Druckenmiller. "Copper is a pretty simple story, takes about 12 years, greenfield to produce copper, and you got EVs, the grid, data centers, and believe it or not munitions. At the 2023 Sohn Investment Conference, Druckenmiller said copper was "in the tightest position, well frankly I've ever studied."

Persons: Stanley Druckenmiller, Druckenmiller, —, Druckenmiller's, he's Organizations: Service, CNBC, Investment Locations: Freeport, McMoRan, Ukraine, Israel, Taiwan

☆ Stock market today: Dow aims for 8-day win streak with next week's CPI report in focus
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks jumped on Friday as the Dow Jones Industrial Average vied for an 8-day win streak. The upcoming April CPI report next week is the big data point that could move markets. AdvertisementUS stocks edged higher on Friday, setting the Dow Jones Industrial Average up for a potential eight-day win streak. Next week, investors will be laser-focused on the Wednesday release of April's inflation report, with economists expecting a 0.3% rise in the consumer price index. Fundstrat's Tom Lee said a light CPI report next week could set the stock market up for more gains in May.

Persons: —, Jerome Powell, Michelle Bowman, Lorie Logan, Austan Goolsbee, Neel Kashkari, Michael Barr, Tom Lee, Lee Organizations: Dow Jones, Federal Reserve, Service, Federal Locations: Fundstrat, Here's

☆ US home prices have soared 47% so far this decade, outpacing all of the growth seen in the 1990s and 2010s
▼ + stars: | 2024-05-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +1 min

US home prices have soared 47% so far this decade. The price surge has outpaced the gains seen in the 1990s and 2010s, and is nearly ahead of the 2000s. AdvertisementUS home prices have soared 47.1% so far this decade, according to a ResiClub analysis of the Case-Shiller National Home Price Index. The massive price gains seen in the first four years of the 2020s have eclipsed all of the growth seen in the 1990s and 2010s, according to the analysis. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Business

☆ Sports gambling is taking a cue from Wall Street, and it could be a problem for sportsbooks
▼ + stars: | 2024-05-10 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at how a sports bettor trying to hedge a $1.7 million payout shows the gambling world is taking a page out of Wall Street's book . The big storySports gambling goes Wall StreetiStock; Rebecca Zisser/BIHow would you like to turn $100 into $1.7 million in a little over a year? Thanks to a secondary market for gambling tickets, Shelton could sell his ticket to another bettor. And not unlike Wall Street's feelings about retail traders, Shelton is the type of gambler sportsbooks love. Unlike mom-and-pop gamblers who often bet on a whim, so-called sharps' systematic approach to gambling can pose a problem for sportsbooks.

Persons: —, Rebecca Zisser, Wayne Shelton, Shelton, Matthew Fox, Anthony Edwards, Joshua Gateley, sportsbooks, Shelton's longshot, Goldman Sachs, Sam Bankman, Fried, Puck, SBF, Justin Sullivan, Getty Sundar Pichai, Pichai, Jack Dorsey, he'd, Mike Solana, Dorsey, Bluesky, Demis, Microsoft's Mustafa Suleyman, they'd, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Sports, MLB, NFL, NBA, Oklahoma City Thunder, Thunder, Dallas Mavericks, Western Conference, ESPN, Boston Celtics, Minnesota Timberwolves, Getty, Detention, MDC, Bloomberg, Bay Area, YouTube, Spotify, Apple, Warner Brothers, Justice League, Big, Honda Locations: China, Russia, Brooklyn's, Young, New York City, New York, Bay, London

☆ Buy this boring part of the stock market for overlooked exposure to the AI boom
▼ + stars: | 2024-05-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Boring utility stocks are being highlighted as the next great beneficiaries of the AI boom. Goldman Sachs highlights 4 buy-rated utility stocks that are set to benefit from the AI boom. AdvertisementThe most boring area of the stock market is being awakened by the AI boom, and investors should take notice now, according to Goldman Sachs. These are the four utility stocks Goldman Sachs rates as Buy, partly due to their exposure to AI-fueled electricity demand. NextEra Energy (NEE): "Renewable segment uniquely positioned for AI data load and interconnection queue available."

Persons: Goldman Sachs, — Organizations: Service, Goldman, Xcel, Co, Nvidia, AMD, Computers Locations: MISO, Texas

☆ The US can do one big thing to weaken the dollar and put pressure on China
▼ + stars: | 2024-05-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The US could use a simple tool to strategically weaken the US dollar for economic gains. A reduction in the federal deficit would help tame inflation and weaken the US dollar. AdvertisementThat's why a weakening US dollar is music to the ears of American corporations, trade partners, and policymakers. That agreement devalued the US dollar, stabilized trade with Japan, and helped reduce the US trade deficit. A balanced Federal budget would help them achieve that scenario without putting the economy at risk.

Persons: —, It's, isn't, Donald Trump Organizations: Service, Swiss, America's, China, Accord Locations: Europe, China, Japan, Asia

☆ Don't blame Wall Street for jacking up home prices, economist says
▼ + stars: | 2024-05-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +1 min

Wall Street isn't to blame for the non-stop rise in housing prices, according to Capital Economics. The research firm said any legislation designed to block hedge funds from buying homes won't lower home prices. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe ongoing rise in home prices shouldn't be blamed on Wall Street, according to a Thursday note from Capital Economics. The worry is that a surge in big investors buying up single-family homes is driving up prices, exacerbating a shortage in housing, and preventing younger people from becoming first-time home buyers.

Persons: — Organizations: Capital Economics, Investor, Service, Business Locations: Congress

☆ This chart shows just how absurd Trump Media's valuation is
▼ + stars: | 2024-05-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

It's well known that Trump Media stock trades at a premium valuation, but one chart shows just how absurd it is. AdvertisementA lot has been written about Trump Media and Technology Group's premium valuation, but one chart really helps put it into perspective. The social media company, founded by former President Donald Trump, has a market valuation of nearly $7 billion. Another way to value the profitless Trump Media is to compare its current market valuation to its monthly active user base. Since Trump Media's recent stock surge,that valuation has surged to $1,309 per Truth Social user, and at its peak in March, each Truth Social user was worth $1,794.

Persons: Donald Trump's, —, Donald Trump, Michael Cembalest, Alex W, Cembalest, Steve Sosnick, MAGA, Sosnick Organizations: Trump Media, Service, Technology, Truth, MSNBC, JPMorgan, Trump, Interactive Brokers Locations: 1,590x

☆ Stocks could tank after an ill-advised 'melt-up' if the Fed cuts rates to avoid recession
▼ + stars: | 2024-05-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

There's a growing risk of a stock market melt-up, according to market veteran Ed Yardeni. Yardeni said the return of the "Fed Put" means stocks could soar on the anticipation and realization of interest rate cuts. But stock market melt-ups are rarely sustainable and are often followed by a painful decline. With it comes increased risk of a stock market meltup," Yardeni said. For investors, the question is whether or not a potential stock market melt-up and subsequent decline will happen at prices a lot higher or lower from current levels.

Persons: Ed Yardeni, Yardeni, —, Jerome Powell, Yardeni's Organizations: Service, Federal, Wall Street

☆ A bettor sitting on a $1.7 million payout if the Thunder win the NBA title is hedging by letting in outside investors
▼ + stars: | 2024-05-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

A bettor could score a payout of $1.7 million if the Oklahoma City Thunder win the NBA title. The original $100 bet was a parlay ticket that also included championships for the Texas Rangers and Kansas City Chiefs, both of which have happened. The parlay ticket was purchased via DraftKings and cost Shelton just $100. Now he stands to win $1.7 million, representing a potential return of 1,690,900% if the bet pans out. There is an entire separate industry dedicated to playing matchmaking between high-rolling sports bettors and opportunities with high initial buy-ins, like Shelton's parlay ticket.

Persons: Wayne Shelton, —, Shelton, let's, it's, DraftKings Organizations: Oklahoma City Thunder, NBA, Texas Rangers, Kansas City Chiefs, Service, ESPN, MLB, NFL Super, Thunder, Oklahoma City, New Orleans Pelicans, Western Conference, Dallas Mavericks Locations: DraftKings

☆ What earnings beat? Disney's streaming slowdown is all anyone on Wall Street cares about
▼ + stars: | 2024-05-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

But that wasn't enough for Wall Street, with the stock diving as much as 11% following the earnings report, its worst daily decline in 18 months. Related storiesWhile Disney+ added 6.3 million new subscribers in the quarter, its total number of streaming subscribers, 153.6 million, was below Wall Street estimates by about 2 million. AdvertisementThe sharp move lower highlights the high standard Wall Street has set for Disney's streaming portfolio, which includes Disney+, Hulu, ESPN, and India's Hotstar. So far, that doesn't appear to be happening, at least not at a quick enough pace for Wall Street. And while Disney's streaming business is moving in the right direction overall, it will likely still be a bumpy ride ahead for the unit to deliver consistent profits.

Persons: —, India's, Hugh Johnston, Geetha Ranganathan, Kevin Organizations: Service, Business, Disney, ESPN, Netflix, Wall, Wall Street, Bloomberg Intelligence Locations: Hulu, India

☆ An ultra-rare Magic: The Gathering card just sold for a record $3 million
▼ + stars: | 2024-05-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

An ultra-rare Magic: The Gathering card just sold for a record $3 million. The new record exceeds Post Malone's $2 million purchase of a one-of-a-kind Magic: The Gathering card last year. AdvertisementAn ultra-rare Magic: The Gathering card just shattered records and sold for $3 million, according to CGC Cards. AdvertisementThe previous record sale for a Magic: The Gathering card took place last year when rapper Post Malone acquired the one-of-a-kind "One Ring" card for $2 million. The buyer of the $3 million Black Lotus card remains unknown.

Persons: —, Adam Cai, Post Malone, Tolkien's, Malone, Christopher Rush Organizations: Service, Post

☆ Nvidia will surge another 22%, and is still cheap compared to peers despite nearly doubling this year, Goldman Sachs says
▼ + stars: | 2024-05-07 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Nvidia stock still has 22% upside, even after its near-doubling this year, according to Goldman Sachs. According to Goldman, Nvidia stock still trades at a relatively attractive valuation compared to its peers given how quickly it is growing and how durable those growth trends look in the coming years. Goldman SachsThose investments should power continued revenue and profit growth at Nvidia, especially with its next-generation Blackwell AI chip set to be released later this year. "Notable intra-quarter data points that support the view that AI spending is likely to continue beyond 2024 include" commentary from tech-focused companies, Hari said. Super Micro Computer reported strong revenue growth and a record backlog driven by elevated demand for AI servers.

Persons: Goldman Sachs, Goldman, —, Toshiya Hari, Hari, TSMC Organizations: Nvidia, Service, Blackwell, AMD, Micro Computer

☆ Stock market today: US stocks climb as investors keep rate-cut hopes alive
▼ + stars: | 2024-05-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks jumped on Monday as investors kept hopes of Fed interest rate cuts alive. The renewed hopes for interest rate cuts came following the lighter-than-expected April jobs report. The futures market is now pricing in two interest rate cuts by the end of the year. AdvertisementUS stocks edged higher on Monday, extending its gains from Friday as investor hope around potential interest rate cuts continues to build. Investors will look for further clues about interest rate cuts from several Federal Reserve members this week, with nine scheduled to speak between throughout the week.

Persons: — Organizations: Service, Federal Reserve Locations: Fundstrat, Here's

☆ Markets aren't prepared for the price swings that could follow a too-close-to-call election, Goldman says
▼ + stars: | 2024-05-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market hasn't been pricing in sizable volatility risk with the 2024 Presidential election only months away, Goldman says. That uncertainty could stir up price swings that investors aren't currently prepared for, according to the firm. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe upcoming Presidential election poses a big risk for the stock market if the winner is not decisive and the results are drawn out, according to Goldman Sachs. It's not a matter of who wins the election that matters, but rather when they win the election that matters most, Goldman Sachs said.

Persons: Goldman, doesn't, aren't, —, Goldman Sachs, Joe Biden, Donald Trump, Biden, David Kostin, it's, It's Organizations: Service, Trump, Wall Locations: Arizona , Michigan, Pennsylvania

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