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☆ Oil prices rise as U.S. official eases market concerns over economic headwinds
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Treasury Secretary Janet Yellen told Reuters on Thursday that U.S. economic growth was likely stronger than suggested by weaker-than-expected quarterly data. Data showed that economic growth slowed in the first quarter, and prior to Yellen's comments, tremors from an acceleration in inflation had weighed on oil prices as investors calculated that the Federal Reserve would not cut interest rates before September. Personal consumption expenditures inflation data for March will be released on Friday, closely tracked by the Fed for its 2% target. Elsewhere, supply concerns as geopolitical tensions continue in the Middle East also buoyed prices early in the session.

Persons: Janet Yellen, Yellen, Israel Organizations: del, del Peru SA Talara, U.S . Treasury, Brent, U.S . West Texas, Reuters, Federal Reserve, Fed Locations: del Peru, Piura, Peru, U.S, Gazan

☆ Starbucks, Workers United made 'significant progress' in this week's contract talks
▼ + stars: | 2024-04-26 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

A Starbucks worker boards the Starbucks union bus after Starbucks workers stood on the picket line with striking SAG-AFTRA and Writers Guild of America (WGA) members in solidarity outside Netflix studios on July 28, 2023 in Los Angeles, California. Starbucks and Workers United, which represents roughly 500 of its cafes, said Friday in a joint release that they made "significant progress" in their contract talks this week. The two-day session marked the first time in nearly a year that Starbucks and Workers United came to the bargaining table. Workers United has broadly pushed for higher wages and more consistent scheduling, among a range of other priorities. After a year, workers who lose faith in the union can petition to decertify, putting a ticking clock on negotiations.

Persons: there's Organizations: SAG, Guild of America, Netflix, Starbucks, Workers United, Service Employees International Union, SEIU . Workers United Locations: Los Angeles , California, Atlanta

☆ How Abrupt U-Turns Are Defining U.S. Environmental Regulations
▼ + stars: | 2024-04-26 | by ( Coral Davenport | ) www.nytimes.com time to read: +1 min

The Biden administration’s move on Thursday to strictly limit pollution from coal-burning power plants is a major policy shift. But in many ways it’s one more hairpin turn in a zigzag approach to environmental regulation in the United States, a pattern that has grown more extreme as the political landscape has become more polarized. Now President Biden is trying once more to put an end to carbon emissions from coal plants. But Mr. Trump, who is running to replace Mr. Biden, has promised that he will again delete those plans if he wins in November. If Mr. Trump wins the presidency, he is likely to exit the accord.

Persons: Barack Obama, Donald J, Trump, Biden, Obama Organizations: Biden, Republican, United States, Mr, Democratic, White Locations: United States, Paris

☆ Russia Strikes Ukraine’s Railways and Vows to Slow Arrival of U.S. Aid
▼ + stars: | 2024-04-26 | by ( Maria Varenikova | More About Maria Varenikova | ) www.nytimes.com time to read: +1 min

At least 31 civilians were injured and six killed in the attacks, according to the Ukrainian military and local officials. Three of the dead were railway workers killed by a strike in the Donetsk region. Russia also attacked a railway facility in the Cherkasy region but no casualties were reported. The latest attacks on the rail network came after Russia’s defense minister, Sergei Shoigu, promised to target Western weapons as they arrived in Ukraine. “We will increase the intensity of strikes on logistics centers and storage bases of Western weapons,” he said in a speech Tuesday at the ministry.

Persons: Sergei Shoigu, “, ” Locations: Russia, Ukraine, Donetsk, Kharkiv, Cherkasy, Ukrainian

☆ Former Moody's top lawyer pleads guilty in tax case
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +1 min

Moody's Corporation logo is photographed on the firm's headquarters in Lower Manhattan, NY. A former longtime general counsel to Moody's has pleaded guilty to willfully failing to file federal income tax returns, federal prosecutors in New Jersey said Friday. Goggins pleaded guilty on Thursday before a federal magistrate judge in Newark, New Jersey, prosecutors said. "Mr. Goggins deeply regrets and accepts full responsibility for failing to file certain personal income tax returns," Christopher Ferguson, a lawyer for Goggins, said in a statement. Goggins retired from Moody's in September after more than two decades and was replaced as general counsel by Richard Steele.

Persons: Moody's, John Goggins, Goggins, Christopher Ferguson, Richard Steele, Ferguson Organizations: Moody's, New, New Jersey U.S Locations: Lower Manhattan, NY, New Jersey, Newark , New Jersey, Moody's

☆ When U.S. Diplomats Visit China, Meal Choices Are About More Than Taste Buds
▼ + stars: | 2024-04-26 | by ( Yan Zhuang | ) www.nytimes.com time to read: +1 min

Beijing beer made with American hops, to highlight the trade relationship between the two countries. Where, what and how American dignitaries eat when they visit China is a serious matter. Choices of restaurants and dishes are rife with opportunities for geopolitical symbolism, as well as controversy and mockery. An exorbitantly expensive meal can make an official look out of touch. Authenticity, history, cooking technique and taste can all affect the perception of a meal choice.

Persons: Antony J, Blinken, Biden Locations: Beijing, China

☆ FDA approves Pfizer’s first gene therapy for rare inherited bleeding disorder
▼ + stars: | 2024-04-26 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

The Food and Drug Administration on Friday approved Pfizer 's treatment for a rare genetic bleeding disorder, making it the company's first-ever gene therapy to win clearance in the U.S. The agency greenlit the drug, which will be marketed as Beqvez, for adults with moderate to severe hemophilia B who meet certain requirements. Without that protein, called factor IX, patients with hemophilia B bruise easily and bleed more frequently and for longer periods of time. The gene therapy will compete with Australia-based CSL Behring's Hemgenix, a similar treatment that won FDA approval for hemophilia B in 2022. The company is also developing a gene therapy for Duchenne muscular dystrophy, a genetic disorder that causes muscles to weaken gradually.

Persons: IX, hemophilia, Adam Cuker, Cuker Organizations: Drug Administration, Pfizer, U.S, Penn's, Spark Therapeutics, hemophilia Locations: U.S, Australia

☆ 'The Fed is giving us a gift by keeping rates high,' says Greenwich Wealth's Vahan Janjigian
▼ + stars: | 2024-04-26 | 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 Email'The Fed is giving us a gift by keeping rates high,' says Greenwich Wealth's Vahan JanjigianVahan Janjigian, CIO of Greenwich Wealth Management, Marc Giannoni, chief U.S. economist at Barclays, and CNBC's Steve Liesman join 'The Exchange' to discuss the potential for rate cuts, outlooks on economic data, and more.

Persons: Janjigian, Marc Giannoni, Steve Liesman Organizations: Greenwich, Greenwich Wealth Management, Barclays

☆ BofA's Savita Subramanian: More to the S&P 500 than just semiconductors and megacap tech companies
▼ + stars: | 2024-04-26 | 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 EmailBofA's Savita Subramanian: More to the S&P 500 than just semiconductors and megacap tech companiesSavita Subramanian, BofA Securities head of U.S. equity and quantitative strategy, joins 'Squawk Box' to discuss the latest market trends, state of the economy, the Fed's interest rate outlook, and more.

Persons: Subramanian Organizations: BofA Securities

☆ Gold on track for first weekly dip in six; focus on U.S. inflation data
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold was little changed on Friday ahead of a key U.S. inflation report, but prices were on track for their first weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis. Focus now turns to March's core Personal Consumption Expenditures, or PCE, index data due later on Friday — the Fed's preferred measure of inflation — for further clues on the U.S. rate outlook. The dollar index was headed for its biggest weekly dip since early March, making the greenback-priced bullion less expensive for other currency holders. Spot silver rose 0.2% to $27.49 per ounce, spot platinum rose 0.8% to $921.45 and palladium gained 1.4% to $988.22.

Persons: Gold, Yeap Jun Rong, Jun Rong Organizations: Co, Federal Locations: Bangkok, Thailand, U.S

☆ Intel used to dominate the U.S. chip industry. Now it's struggling to stay relevant
▼ + stars: | 2024-04-26 | by ( Kif Leswing | ) www.cnbc.com time to read: +16 min

David Paul Morris | Getty Images News | Getty ImagesThe iPhone could have had an Intel chip inside. It would've made sense to use Intel chips, which ran on the best desktops at the time, including Apple's Macs. Braithwaite, who worked at Intel in the 1980s, said Intel's process engineers were the company's "crown jewels." Intel doesn't have a GPU competitor to Nvidia's AI accelerators, but it has an AI chip called Gaudi 3. For comparison, AMD expects about $2 billion in annual AI chip revenue.

Persons: Pat Gelsinger, Seth Wenig, Gelsinger, Biden, Nicholas Braithwaite, Akshara Bassi, It's, Steve Jobs, David Paul Morris, Apple, Paul Otellini, Walter Isaacson's, Otellini, Isaacson, Jobs, Apple didn't, Apple —, TSMC, Mikako Kitagawa, Joe Biden, Brendan Smialowski, Braithwaite, Gordon Moore, Moore's, Brian Krzanich, 7nm —, TSMC didn't, Jensen Huang, Josh Edelson, OpenAI, Gaudi, Intel's, it's, Bassi, CNBC's Jon Fortt Organizations: Intel, Taiwan Semiconductor Manufacturing Company, Nvidia, Micro Computer, Qualcomm, Broadcom, Texas Instruments, AMD, Apple, Celesta, Meta, Microsoft, Getty, Samsung, Gartner, Asus, AFP, Semiconductor, Engineers, SAP Center, Afp, Companies, Blackwell, Habana Labs, Gaudi, FactSet, U.S Locations: New York, American, U.S, Chandler , Arizona, California, San Jose , California, Taiwan, Columbus , Ohio

☆ U.S.-China relations are 'dangerous' but better managed, says Longview Global's Dewardric McNeal
▼ + stars: | 2024-04-26 | 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 EmailU.S.-China relations are 'dangerous' but better managed, says Longview Global's Dewardric McNealDewardric McNeal, managing director and senior policy analyst at Longview Global, Nicholas Lardy, senior fellow at Peterson Institute for International Economics join CNBC's 'The Exchange' to discuss Secretary Blinken's visit to China, industrial policy, and more.

Persons: Dewardric McNeal Dewardric McNeal, Nicholas Lardy, Blinken's Organizations: U.S, Longview Global, Peterson Institute for International Economics, CNBC's Locations: China, Longview

☆ Why Americans worry changes to the U.S. retirement system could upend their plans
▼ + stars: | 2024-04-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Last year, Americans' confidence that they would have enough money to live comfortably in retirement fell the most since the global financial crisis. New research shows both workers' and retirees' confidence has not recovered. But some signs of optimism have emerged, particularly as wage growth now outpaces inflation growth, according to the Employees Benefit Research Institute and Greenwald Research. The latter worry comes as both retirees and workers expect to rely on three sources of income in their golden years: Social Security, workplace retirement savings plans and personal retirement savings or investments, the research found. While 88% of workers expect Social Security will be a source of retirement income, almost all of today's retirees, 91%, say they depend on those benefit checks.

Organizations: Employees, Research, Greenwald Research, Finance, Security, U.S, Social Security, Social

☆ Micron CEO on $6.1B CHIPS Act grant: Excited to bring leading-edge chip manufacturing to the U.S.
▼ + stars: | 2024-04-26 | 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 EmailMicron CEO on $6.1B CHIPS Act grant: Excited to bring leading-edge chip manufacturing to the U.S.Micron CEO Sanjay Mehrotra joins 'Squawk on the Street' to discuss the $6.1 billion grant as part of the Biden administration's CHIPS and Science Act, impact of the funding on advanced memory manufacturing, job creation and capital investments, growth outlook, and more.

Persons: Sanjay Mehrotra Organizations: Micron, U.S, Biden

☆ Weakening Yen exposing underlying struggles in U.S. bond market, warns market forecaster Jim Bianco
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeakening Yen exposing underlying struggles in U.S. bond market, warns market forecaster Jim BiancoJim Bianco, Bianco Research President, joins 'Fast Money' to talk the Yen hitting a 34-year low against the dollar and what it signals to teh bond market.

Persons: Jim Bianco Jim Bianco Organizations: Bianco Research

☆ Our base case remains that we'll still see a soft landing in the U.S.: JPMorgan's Elyse Ausenbaugh
▼ + stars: | 2024-04-26 | 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 EmailOur base case remains that we'll still see a soft landing in the U.S.: JPMorgan's Elyse AusenbaughElyse Ausenbaugh, JPMorgan Private Bank global investment strategist, joins 'Squawk Box' to discuss the latest market trends, what to expect from today's March PCE inflation, state of the economy, and more.

Persons: we'll, Ausenbaugh Organizations: JPMorgan Private Bank Locations: U.S

☆ Earnings will continue to be the market driver in 2024, says Ned Davis Research's Ed Clissold
▼ + stars: | 2024-04-26 | 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 EmailEarnings will continue to be the market driver in 2024, says Ned Davis Research's Ed ClissoldEd Clissold, Ned Davis Research chief U.S. strategist, joins 'Closing Bell' to discuss the moves in today's trading day.

Persons: Ned Davis, Ed Clissold Ed Clissold Organizations: Ned Davis Research

☆ New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says
▼ + stars: | 2024-04-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

While the spring housing market has been plagued with low supply, high prices and spiking interest rates, would-be homebuyers are focusing on new construction. New homes have more incentives and availability than previously owned ones. "There's more opportunity in new construction," said Nicole Bachaud, a senior economist at Zillow Group. Meanwhile, sales for previously owned homes dropped by 3.7% from March 2023, the National Association of Realtors found. With 30-year fixed-rate mortgage rates sitting above 7%, homeowners who bought at much lower rates in recent years don't like the prospect of trading in their low rate for a higher one.

Persons: Nicole Bachaud, Biden, Bachaud Organizations: Zillow, . Census, U.S . Department of Housing, Urban Development, National Association of Realtors, Finance, Buyers Locations: U.S

☆ Former WH CHIPS Coordinator on CHIPS Act: We have all the leading-edge producers here in the U.S.
▼ + stars: | 2024-04-26 | 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 EmailFormer WH CHIPS Coordinator on CHIPS Act: We have all the leading-edge producers here in the U.S.Ronnie Chatterji, Duke University distinguished professor and former White House CHIPS Coordinator, joins 'Squawk Box' to discuss the state of the CHIPS and Science Act, whether the act is paying off, private sector chip investments, and more.

Persons: Ronnie Chatterji Organizations: Duke University, White Locations: U.S

U.S. Secretary of State Antony Blinken waves as he prepares to depart Shanghai Hongqiao International Airport en route to Beijing, on April 25, 2024. The U.S. and China will hold their first high-level talks on artificial intelligence within the "coming weeks," U.S. Secretary of State Anthony Blinken said Friday, providing no update over the future of Chinese social media giant TikTok. During wide-ranging talks with Chinese officials in Beijing, Blinken said the two sides had agreed to the first U.S.-China intergovernmental dialogue on AI to discuss the risks and safety concerns surrounding the emerging technology. The U.S. imposed restrictions on Beijing's ability to access high-end tech and is moving close to banning social media app TikTok, unless its Chinese parent ByteDance sells it. Speaking at a press conference, Blinken said that TikTok "did not come up" in the talks.

Persons: Antony Blinken, State Anthony Blinken, Blinken Organizations: State, U.S Locations: Shanghai Hongqiao, Beijing, U.S, China

BEIJING — Chinese electric car start-ups Nio and Xpeng are turning to a lower-priced segment of the market with plans to release newly branded cars this year. Nio's first such mass market car will be an SUV cheaper than Tesla 's Model Y, CEO William Li told CNBC's Eunice Yoon on Thursday. The Tesla SUV starts at 249,900 yuan ($35,197) in China. Like many early entrants to China's electric car market, U.S.-listed Nio targeted the premium market when it launched about a decade ago. The new cars come amid an intense price war in China's new energy car market, which includes battery-only and hybrid-powered vehicles.

Persons: William Li, Nio's, Eunice Yoon, Li Organizations: New York Stock Exchange, Tesla, Volkswagen Locations: BEIJING, China, U.S

☆ Nvidia jumps more than 15% this week. A key reason: what other companies are saying
▼ + stars: | 2024-04-26 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +8 min

"These are big checks made out to get Blackwells and H200s from, yes, Nvidia," Jim Cramer said during Friday's Morning Meeting . "There are a lot of people … that think this stock is a dangerous stock," Jim said. The next earnings report to shed light on demand for Nvidia's AI chips is set for Tuesday evening when Club name Amazon releases first-quarter results. While Amazon also has custom AI chips, it's a sizable Nvidia customer and the companies have enjoyed a longtime partnership. Even electric vehicle maker Tesla indicated earlier this week that it plans to buy tens of thousands more Nvidia chips this year to support self-driving car efforts.

Persons: Wall, Jim Cramer, Blackwell, OpenAI, There's, Jim, Wednesday's, – tanked, Alphabet's, FactSet, Ruth Porat, capex, Porat, Amy Hood, Hood, Microsoft's, Tesla, Jim Cramer's, Jensen Huang, Josh Edelson Organizations: Nvidia, Microsoft, Investors, Devices, Meta, Facebook, Bank of America, AMD, Broadcom, Wall, Google, Amazon, CNBC, SAP Center, AFP, Getty Locations: –, U.S, San Jose , California

☆ Middle East Crisis Army Begins Work on Floating Pier Meant to Get More Aid to Gaza, U.S. Says
▼ + stars: | 2024-04-26 | by ( Helene Cooper | ) www.nytimes.com time to read: +8 min

- [NON-ENGLISH SPEECH] More than 200 aid workers have been killed in the war in Gaza, according to the United Nations. Weeks before the World Central Kitchen strike, a logistics coordinator for another American aid group called ANERA returned home after distributing supplies. Mousa Shawa was still wearing his ANERA vest when an Israeli strike hit the house, killing him; his 6-year-old son, Kareem; and several neighbors. “We’ve seen tracers going towards the sea.” At this shelter on January 8, the aid group said a projectile was fired through the building, killing a 5-year-old girl. What went wrong in the deconfliction system is still not clear to the aid group.

Persons: “, misclassification, It’s, ANERA, Shawa, Kareem, Mousa, Dua, they’d, they’ve, —, ” Israel, Israel Organizations: Central Kitchen, Washington , D.C, Israel Defense Forces, United Nations, The Times, Hamas, Times, Munitions, Sky News, International Rescue Committee, Aid, “ Locations: Washington ,, Gaza, Israel, Israeli, ANERA, British, U.S

☆ Blinken says U.S. and China must avoid miscalculations as Beijing warns against 'red lines'
▼ + stars: | 2024-04-26 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

US Secretary of State Antony Blinken (L) shakes hands with China's Director of the Office of the Central Foreign Affairs Commission Wang Yi at the Diaoyutai State Guesthouse in Beijing on June 19, 2023. (Photo by Leah MILLIS / POOL / AFP) (Photo by LEAH MILLIS/POOL/AFP via Getty Images)Secretary of State Antony Blinken on Friday emphasized the need for the U.S. and China to avoid "miscalculations" and "misunderstandings." Speaking in Beijing ahead of a closed-door meeting with Chinese Foreign Minister Wang Yi, Blinken said there is no substitute for "face-to-face diplomacy." Both sides need to make sure "that we're as clear as possible about the areas where we have differences, at the very least to avoid misunderstandings, to avoid miscalculations," he told reporters. In his remarks, Wang told Blinken that U.S.-China relations are "beginning to stabilize" with increased dialogue and cooperation.

Persons: Antony Blinken, Central Foreign Affairs Commission Wang Yi, Leah MILLIS, LEAH MILLIS, Wang Yi, Blinken, Wang, Joe Biden, Xi Jinping, Xi —, — Biden Organizations: Central Foreign Affairs Commission, Getty Images, U.S, Foreign, Economic Cooperation Locations: Diaoyutai, Beijing, China, Washington, San Francisco, Asia, U.S

☆ Why chipmakers are the stars of the week, plus Cramer's read-through on 3 reports
▼ + stars: | 2024-04-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Best in months: The S & P 500 and Nasdaq are both higher on Friday, on pace for their best weeks since November. The gains break a three-week losing streak for the broad-based S & P and four straight losing weeks for the tech-heavy Nasdaq. About 46% of the S & P 500 has reported earnings so far, with nearly three quarters beating consensus expectations, according to FactSet. Earnings ahead : The busiest week of the first-quarter earnings season is coming up. But the company will still be buying back stock ahead of better times."

Persons: Jim Cramer, there's, Grace Hopper Superchip, Sanjay Mehrotra, Lam, Sanjay, we'll, Dow, Dupont, Jim Cramer's, Jim, Milton J, Kevin Lamarque Organizations: CNBC, Nasdaq, Microsoft, Intel, Nvidia, Micron, Lam Research, Apple, Coterra Energy, Starbucks, DuPont, Jim Cramer's Charitable, Micron Technology, Rubenstein Museum of Science, Technology Locations: Chevron, Devon, Syracuse , New York, U.S

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