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☆ Watch CNBC’s full interview with Ritholtz's Josh Brown, Wells Fargo’s Chris Harvey and Truist’s Keith Lerner
▼ + stars: | 2024-05-08 | 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 EmailWatch CNBC’s full interview with Ritholtz's Josh Brown, Wells Fargo’s Chris Harvey and Truist’s Keith LernerRitholtz's Josh Brown, Wells Fargo's Chris Harvey, and Truist's Keith Lerner join 'Closing Bell' to discuss the resilience of the market rally, earnings season, and opportunity play in the market.

Persons: Ritholtz's Josh Brown, Wells, Chris Harvey, Truist’s Keith Lerner, Josh Brown, Truist's Keith Lerner

☆ Two rate cuts might not be enough, warns Wells Fargo’s Michael Schumacher
▼ + stars: | 2024-04-30 | 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 EmailTwo rate cuts might not be enough, warns Wells Fargo’s Michael SchumacherMichael Schumacher, Wells Fargo, joins 'Fast Money' to talk what to expect from this week's FOMC meeting, if any rate cuts are on the table, the state of inflation, and more.

Persons: Wells Fargo’s Michael Schumacher Michael Schumacher, Wells Locations: Wells Fargo

☆ Watch CNBC’s full interview with Trivariate's Adam Parker, iCapital’s Anastasia Amoroso and Wells Fargo’s Sameer Samana
▼ + stars: | 2024-04-24 | 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 EmailWatch CNBC’s full interview with Trivariate's Adam Parker, iCapital’s Anastasia Amoroso and Wells Fargo’s Sameer SamanaTrivariate Research CEO Adam Parker, iCapital’s Anastasia Amoroso and Wells Fargo’s Sameer Samana, join 'Closing Bell' to discuss their market outlooks, earnings, and their market outlooks.

Persons: Trivariate's Adam Parker, iCapital’s Anastasia Amoroso, Wells, Sameer Samana Trivariate, Adam Parker, Sameer Samana

☆ January jobs report: Expect to see strong but slower hiring and an uptick in the unemployment rate
▼ + stars: | 2024-02-02 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

New York CNN —The first jobs report for 2024, set to be released at 8:30 am ET Friday, is expected to underscore the strength of the US economy despite 11 rate hikes from the Federal Reserve. That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

☆ Fed Chair Powell says the job market is still strong. Here’s how the numbers break down
▼ + stars: | 2024-02-01 | by ( Alicia Wallace | ) edition.cnn.com time to read: +9 min

That can make the January jobs report among the trickiest to forecast, said Sarah House, a senior economist with Wells Fargo. Friday’s jobs report also will include the final annual benchmark review of payroll data for the 12 months that ended in March 2023. Fresh data on job cuts and productivityOn Thursday, the layoff picture became clearer. However, excluding January 2023, last month’s job cuts were the highest seen in January since 2009, according to Challenger. US worker productivity grew 3.2% in the fourth quarter, according to a BLS report released Thursday.

Persons: Jerome Powell, he’s, Sarah House, Wells, “ We’re, ”, there’s, Boussour, EY, ” Boussour, Daniel Zhao, Zhao, haven’t, ” Andrew Challenger, people’s paychecks, ” Diane Swonk, “, —, Swonk Organizations: New, New York CNN, of Labor Statistics, Federal Reserve, Labor, Workers, Challenger, ”, BLS, KPMG, CNN Locations: New York, Wells Fargo, United States

☆ Here’s why it may be harder to find a job online
▼ + stars: | 2024-01-20 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

But new online job posting data suggests a possible slowdown: Total job postings on online job site Indeed have fallen more than 15% compared to the start of 2023, according to data as of January 5 shared with CNN by Nick Bunker, Indeed’s economic research director for North America. Bunker said that new job postings, or those that have been on Indeed for 7 days or less, are down 13.5% year-over-year. A surplus of open roles for the past few years has made it easy for Americans to jump from job to job, gaining higher pay and perks like remote work in the process. “Software development job postings are down 44.6% from a year ago, while postings for banking and finance jobs are down 31.3%,” Bunker said. The percentage of US remote job postings on LinkedIn dropped over 9% from January 2022 to December 2023, even as interest in these jobs remains high.

Persons: Nick Bunker, Bunker, ” Bunker, LinkedIn’s, Karin Kimbrough, Kimbrough, ”, Wells, ” Wells, “ Organizations: Los Angeles CNN, CNN, North America, LinkedIn, Software, Labor, Google, Citigroup

Wells Fargo now says it pegs the odds of a recession at 40% in 2024. The Blue Chip Economic survey released last week echoed the bonhomie. More than two-thirds, 69%, of small business and 67% of midsize business leaders expressed optimism about their company’s performance. This week, members of Congress will learn the details and begin signaling whether the plan has the support of both houses. Meanwhile, in Davos, Switzerland, where many of the world’s leaders, business executives and others have gathered for the World Economic Forum’s 54th meeting, Chinese Premier Li Qiang delivered a bullish speech on China’s economic prospects.

Persons: –, Wells, “, ”, Wells Fargo, Sam Bullard, ” Bullard, JPMorgan Chase, Li Qiang Organizations: Federal Reserve, BCA Research, Federal Reserve Bank, Atlanta’s, University of Michigan, Wells, Investment Banking, JPMorgan, Capitol Locations: U.S, Davos, Switzerland

Last Friday provided a split-screen view of the markets and the Federal Reserve. “Indeed, we look for the return of striking workers to add nearly 45K jobs to November’s payrolls. Wednesday brings the first measure of the November job market when private payroll firm ADP releases its monthly survey of employers. October came in at 150,000, a drop from the recent trend of around 200,000 jobs added per month. Consequently, we expect the post-meeting statement will keep the door open to the possibility of additional tightening this cycle.

Persons: Jerome Powell, Powell, ” William Blair, Richard de Chazal, that’s, de Chazal, –, payrolls, “, Sam Bullard, November’s, Bullard, Wells Fargo Organizations: Federal Reserve, Spelman College, “, Futures, United Auto Workers, UAW, Hollywood, Wells, Labor

A lot of the spending was driven by deals and buy-now, pay-later programs. The Fed’s “beige book” report on the economy is out on Wednesday, and that will show how inflation is affecting businesses and consumers. But consumers continue to express concern over inflation that has left overall prices higher by about 18% since 2021. “With inflation falling as the Fed keeps rates unchanged, real interest rates continue to tighten,” said Richard de Chazal, macro analyst at William Blair. But consumers remain concerned about inflation and just how much will be seen on Tuesday when the Conference Board releases its consumer confidence index for November.

Persons: SpendingPulse, ”, Vivek Pandya, Signifyd, Richard de Chazal, William Blair, “ Organizations: Adobe Analytics, Adobe Digital, Consumers, Retailers, Federal Reserve, Fed, Wells, ”, Conference Board

The week starts off with a bevy of unpleasant surprises for the markets and the economy but with maybe a hope of good news on the inflation front. “The decline in oil prices will feature prominently in explaining October's CPI and PPI reports. Core CPI likely slowed in October as well, with lower prices of new and used cars, lower airfares, and lower shelter costs all leaning the same way. PPI inflation likely moderated in October, too, with diesel prices following crude oil prices lower, albeit not by as much as gasoline. Powell’s comments were not anything new, but the timing seemed to suggest he was dampening down enthusiasm in the markets.

Persons: Moody’s, Mike Johnson, ”, Bob Doll, Republican Sen, Tim Scott of, David Cameron, Rishi Sunak, Stocks, Bill Adams, Waran Bhahirethan, ” Adams, Jerome Powell spooked, ” Powell, Oliver Rust, Sam Bullard, ” Bullard Organizations: U.S, AAA, Louisiana Republican, GOP, Senate, Crossmark Global Investments, Republican, Tim Scott of South Carolina, Conservative, Analysts, Comerica Bank, PPI, CPI, Federal Reserve, International Monetary Fund, Central Bank, “, Wells Locations: U.S, Louisiana, Tim Scott of South, London, Iraq, Syria, Gaza City, September’s, Israel, Washington

Many people subsequently turned to remote work, and the workforce recovered but only to be plunged into three years of an incredibly tight labor market. Today, the unemployment rate is at 3.9% following an increase in October from the prior’s month’s 3.8% level, and by most measures the labor market is considered very strong. “It does seem like the labor market is getting a little more balanced,” says Gene Tannuzzo, global head of fixed income at Columbia Threadneedle Investments. The overwhelmingly takeaway is that the labor market has defied most predictions and shown a level of resiliency and adaptability that has surprised many observers. This was the “excess retirements” who were causing the labor market to be exceptionally tight.

Persons: Gene Tannuzzo, “, ”, Bill Armstrong, “ We've, Guy Berger, James Neave, ” Neave, –, Berger, ’ Berger, Sarah House, it’s, women’s Organizations: Columbia Threadneedle Investments, Safeguard Global, Technology, LinkedIn, Walmart, General Motors, Google, Wells, Louis Federal Reserve Bank, & $ Locations: Minnesota

☆ Premarket stocks: Small stocks are sinking, showing Wall Street is still anxious about the US economy
▼ + stars: | 2023-11-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

But declines in small-cap stocks suggest that worries about the US economy’s health still linger on Wall Street. The Russell 2000 index, which tracks the performance of US small-cap stocks, last Friday touched its lowest level since November 2020 after turning negative for the year earlier in October. Small-cap stocks tend to be an indicator of economic strength, because they generate most of their revenue domestically. Still, Mahajan says that small-cap stocks could be set up for a rally, especially if the economy sees renewed growth next year. Turkey prices drop as Thanksgiving planning ramps upSomething wild has happened with turkey prices that’s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget, reports my colleague Parija Kavilanz.

Persons: Russell, Jim Polk, ”, Mona Mahajan, Edward Jones, Jerome Powell, Mahajan, Polk, Bryan Mena, Parija Kavilanz, “ There’s, Michael Swanson, Swanson, Wells Fargo’s, Read Organizations: CNN Business, Bell, New York CNN, Federal, Big Tech, Homestead Funds, Fed, Penn Capital Management, Federal Reserve, Wells, Food Institute Locations: New York, small, Israel, Turkey

☆ Here’s how much your Thanksgiving meal will cost you this year
▼ + stars: | 2023-11-01 | by ( Parija Bhatnagar | Parija Kavilanz Cnn | ) edition.cnn.com time to read: +5 min

New York CNN —Something wild has happened with turkey prices that’s going to make the cost of cooking the Thanksgiving meal more palatable to families on a tight budget. “Because turkey prices are down so much, and that’s the centerpiece of the meal, celebrating Thanksgiving at home will be more advantageous this year for families,” he said. Drop in turkey prices could bring down the overall cost of a Thanksgiving home-cooked mean this year. Food price increases have been easing this year, offering much-needed relief for many households. Canned food is still costlier heading into the Thanksgiving month compared to last year.

Persons: “ There’s, ”, Michael Swanson, Swanson, Christopher Walljasper, Wells Fargo’s, There’s, “ Russets, –, Danielle Wiener, Bronner Organizations: New, New York CNN, Wells, Food Institute, USDA Livestock Marketing, USDA Locations: New York, “, Pacific

Do policymakers look back to last week’s report that the nation’s economy grew at a 4.9% rate in September, beating expectations? Or this week’s report on job growth for October due out on Friday after the Fed meeting on Tuesday and Wednesday? On Wednesday, the jobs data onslaught begins with private payroll firm ADP reporting its monthly employment survey for October. Political Cartoons on the Economy View All 602 ImagesWednesday also has the Fed announcing its decision on interest rates. These include adjustments to the Fed’s new regime of higher interest rates for a longer period and the government’s fiscal situation that requires a greater level of debt issuance.

Persons: Jerome Powell, ” Sam Bullard, Wells, ” Bullard, ” Chris Diaz, ”, Louisiana Republican Mike Johnson, Johnson Organizations: Conference Board, Fed, Treasury, Federal, Brown Advisory, Labor Department, McDonalds, Apple, Dow Industrial, Louisiana Republican Locations: Louisiana

That is more than double the 2.1% recorded in the second quarter and a testament to the strength of consumers. But he warned that stronger than expected economic data, particularly as regards the labor market, could leave the door open to even more pressure to raise rates or keep them higher for longer. "Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy." Complicating matters is that the post-pandemic economy has not gone according to script where higher interest rates almost always blunt economic activity and cause a marked slowdown in the labor market. “The labor market is still adjusting, if it ever does, there’s a question whether retail will ever recover completely,” he says.

Persons: ” Sam Bullard, Wells, Jerome Powell, Powell, ”, George Calhoun, Calhoun, Bill Adams, –, speakership Organizations: Federal, Economic, of New, Stevens Institute of Technology, University of, Comerica, “ Locations: U.S, of New York, Washington, Israel

With two wars, a rising price of oil and a shaky bond market, there is plenty of worry for the markets and economists this week, including a slew of corporate earnings reports and data on the state of the housing market and retail spending. Meanwhile, Russia has been pressing its invasion of Ukraine that is now a year and a half old. Last week ended with a surprise increase in consumer’s expectations of inflation in the University of Michigan’s sentiment survey. Where new home construction a few months ago was holding up the housing market, now it has slumped amid mortgage rates that have brushed 8%. The firm published its monthly economic outlook last week and did not include any more Fed rate hikes in the current cycle.

Persons: “, Jerome Powell, Powell, ” Sam Bullard Organizations: Hamas, University of, “, BCA Research, ”, National Association of Home Builders, Federal Reserve Bank of Atlanta, National Association of Realtors, Economic, of New, Wells Locations: East, Ukraine, Gaza, Israel, Palestinian, U.S, Iran, Lebanon, Russia, of New York

Consumers fell prey to inflation that remains high, especially for life’s necessities like food and gasoline, according to the latest monthly survey from the University of Michigan. The consumer sentiment survey fell by 7% overall to 63 from 68.1 in September, while the current conditions reading dropped to 66.7 from 71.4 and the future expectations was at 60.7, down from 66 a month ago. Notably, expectations for the annual rate of inflation a year from now rose to 3.8% from 3.2% in September. “Assessments of personal finances declined about 15%, primarily on a substantial increase in concerns over inflation, and one-year expected business conditions plunged about 19%,” said Joanne Hsu, survey director. “Owners remain pessimistic about future business conditions, which has contributed to the low optimism they have regarding the economy,” said Bill Dunkelberg, NFIB chief economist.

Persons: ”, Joanne Hsu, Sam Bullard, Joe Brusuelas, Tuan Nguyen, NFIB, Bill Dunkelberg, JP Morgan Chase, Jamie Dimon Organizations: University of Michigan, Monetary Fund, Federal Reserve, Federal Reserve Bank of Atlanta, Wells Locations: U.S, Washington

☆ Wells Fargo’s message to investors: Use market strength to take risk out of your portfolio
▼ + stars: | 2023-10-11 | 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 EmailWells Fargo’s message to investors: Use market strength to take risk out of your portfolioChris Harvey, Wells Fargo Securities Head of Equity Strategy, joins the ‘Fast Money’ traders to discuss his expectations going into earnings season.

Persons: Wells, Chris Harvey Organizations: Wells, Wells Fargo Securities Head, Equity Locations: Wells Fargo

☆ Wells Fargo’s top fourth-quarter trade ideas include a biopharma stock that could rally 60% off a new treatment
▼ + stars: | 2023-10-06 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

As investors approach year-end, Wells Fargo is offering its top high-conviction and catalyst-driven trade ideas for the fourth quarter of 2023. Question marks notwithstanding, analysts at Wells Fargo recently shared their top 10 tactical ideas for the next three months. But the worst could now be over, wrote analyst Derek Archila. APLS YTD mountain APLS YTD chart Within technology, Wells Fargo highlighted Microsoft as a top pick. Wells Fargo also included hotel and casino company Caesars Entertainment and discount retailer Ollie's Bargain Outlet among its top trade ideas for the fourth quarter.

Persons: Derek Archila, Wells, Michael, Matt Akers, Akers, Wells Fargo, — CNBC's Michael Bloom Organizations: Nasdaq, Wells, Microsoft, Aerospace, L3Harris Technologies, Caesars Entertainment Locations: Wells Fargo, 3Q23

That was close, but in the end Congress found a way to avert a government shutdown. “That said, we still look for the gradual deceleration in labor market conditions to continue in the coming months,” Bullard added. Collectively, the three reports will show whether the labor market is slowing – and by just how much. The week will also reveal whether the markets have settled down following the aversion of a government shutdown and concern over rising interest rates in the wake of the Fed’s pause. “The continuation of the disinflation process suggests that the Fed may not need to hike interest rates again this cycle.”

Persons: ” Sam Bullard, “, ” Bullard, Jerome Powell – Organizations: Federal Reserve, Wells, Labor Department, Stock, BCA Research Locations: August’s, payrolls, Washington

Usually when a meeting of the Federal Reserve is on the week’s calendar, economists and market strategists focus on the decision to come. Fed Chairman Jerome Powell has all but said policymakers would be on hold for this meeting as they digest recent economic data and consider the effects that 11 interest rate hikes have had on the economy. But the Fed will issue a new set of economic forecasts and projections about where interest rates will be over the remaining months of 2023 and in 2024, along with the unemployment rate. However, the LEI has been flashing a recession signal now for many months. “While the LEI continues to signal recession, incoming data show a resilient economy,” said Sam Bullard, managing director and senior economist at Wells Fargo’s corporate and investment unit.

Persons: Jerome Powell, Powell, ” Steve Wyett, Wyett, LEI, ”, Sam Bullard, ” Bullard Organizations: Federal, BOK Financial, Wells, Congress Locations: U.S

☆ Wells Fargo: Former executive avoids prison time for her role in fake-accounts fraud
▼ + stars: | 2023-09-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Former Wells Fargo executive Carrie Tolstedt was sentenced to three years’ probation on Friday for her role in the bank’s sprawling fake-accounts scandal. Wells Fargo has spent billions of dollars over the past eight years to settle allegations related to the accounts scandal, in which Tolstedt played a key role. Tolstedt, the only Wells Fargo executive to face criminal charges in the scheme, paid $17 million to settle a civil case with the the OCC, and $3 million to settle with the SEC. She received a $125 million retirement package when she left Wells Fargo, though the bank has clawed back about $67 million of that. Wells Fargo has struggled to get its house in order since the fake account scandal.

Persons: Carrie Tolstedt, Tolstedt, Wells Fargo, Wells, John Stumpf, Stumpf, Jeff Skilling, — CNN’s Matt Egan Organizations: New, New York CNN, Former Wells, Securities and Exchange Commission, OCC, SEC, Wells Locations: New York, Wells Fargo’s, Wells Fargo

☆ Guest view: Bank balance sheets hide climate risks
▼ + stars: | 2023-09-15 | by ( Natasha Landell-Mills | ) www.reuters.com time to read: +7 min

First, banks’ financial statements appear to be ignoring climate risks, which means financial institutions are probably also leaving those dangers out of their capital calculations. Second, a regulatory regime that understates the expected consequences of climate change is allowing the banks’ blind spot to persist. The few banks that refer to climate risks in their accounts tend to conclude that it is not material. Second, banks need to take a prudent view of climate risks in their financial statements. The sooner the banking sector internalises climate risks in its accounting, the better the chance of building a sustainable future.

Persons: Wells Fargo’s, Banks, Natasha Landell, Mills, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, HSBC, HK, “ Management, prudential, The, Greening, Central, Institute, Faculty of Actuaries, University of Exeter, Institutional, Sarasin, Partners, Thomson

For months now, inflation has been steadily trending down to a 3% level after hitting 9% last summer. That will likely bring the annual rate to 3.6%. The Fed actually pays attention to a less well-known inflation metric and tends to focus on core inflation minus housing and those numbers are improving. We look for the monthly pace of core inflation to rebound to 0.2%-0.3% in Q4 and keep the annual rate closer to 4% than 3% through year end. The annual rate of headline CPI is also likely to remain stuck just above 3% through the end of 2023.

Persons: ”, Sam Bullard, Wells, ” Bullard, Janet Yellen Organizations: CPI, White, Fed, PPI Locations: India, U.S

☆ Wells Fargo, a juicy target, sparks lead counsel fight among shareholder firms
▼ + stars: | 2023-09-01 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Meanwhile, yet another plaintiffs' firm, Robbins, is deep into a similar derivative suit against Wells Fargo board members in San Francisco Superior Court. But it’s worth noting that in 2022, Wells Fargo won the dismissal of a previous shareholder derivative suit accusing the board of regulatory compliance failures. Kessler said its complaint, which includes "detailed" and "substantial" references to Wells Fargo internal documents, was more likely to withstand a dismissal motion from the bank. Scott + Scott told Tigar that it had the most up-to-date documents from Wells Fargo because it brought a Section 220 demand after the $3.7 billion CFPB agreement. I would not be surprised to see a rival derivative suit filed in Delaware Chancery Court by one of the shareholder firms spurned by Tigar.

Persons: Cromwell, Wells Fargo, Wells, Robbins Geller Rudman, Dowd, Kessler Topaz Meltzer, Scott, Scott –, They're, Jon Tigar, Robbins, Wells Fargo’s, Kessler Topaz, Kessler, Robbins Geller, Tigar, Robbins Geller didn’t, Randall Baron, board's, Andrew Cheng, Read Organizations: Sullivan, U.S . Consumer Financial Protection Bureau, U.S . Office, Currency, OCC, Wells, U.S, District, San Francisco Superior Court, Tigar, Wells Fargo, San Francisco, Thomson, Reuters Locations: Oakland, Wells Fargo, San Francisco, Wells, San, California, Delaware Chancery

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