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☆ 'Seriously underwater' mortgages are on the rise throughout the US, with Southern states seeing the biggest jump
▼ + stars: | 2024-05-09 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

The percentage of "seriously underwater" mortgages rose in the first quarter. That's according to ATTOM, which notes the South has seen a bigger jump in seriously underwater mortgages. Though the percentage of seriously underwater mortgaged homes rose slightly nationwide, it remains lower than pre-pandemic levels. ATTOM said the South and Midwest regions account for nine out of the 10 states with the highest share of seriously underwater mortgages. Meanwhile, among 107 metropolitan areas with over 500,000 people, Baton Rouge, Louisiana, topped the list with 13.4% of all mortgages seriously underwater.

Persons: —, ATTOM Organizations: Service, Oklahoma Locations: Midwest, West Virginia, Arkansas, Baton Rouge , Louisiana, New Orleans, Jackson , Mississippi, Rock , Arkansas, Syracuse , New York

☆ Stock market today: Indexes mixed as jobless claims jump to highest since August
▼ + stars: | 2024-05-09 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Initial claims climbed to 231,000 last week, marking the highest level since August. A handful of disappointing earnings results have come at the tail end of an otherwise upbeat season. AdvertisementMajor stock indexes were mixed on Thursday as traders mulled a fresh job report that showed the labor market cooling. A handful of disappointing earnings reports have capped off what's otherwise been a fairly upbeat earnings season. Markets will be tuned into more Fed speakers Thursday and Friday.

Persons: Stocks, —, Mary Daly, Michelle Bowman Organizations: Service, Federal Reserve, Treasury, Labor Department, Dow Jones, Warner Bros, San Francisco Fed, Dow, Nasdaq Locations: Here's

☆ Stock market today: Stocks climb as traders extend Dow's winning streak to 7 days
▼ + stars: | 2024-05-09 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

The Dow rose for a seventh straight session on Thursday. Despite jobless claims coming in higher than the previous week, Citi analysts said the reading was still low. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks accelerated in afternoon trading on Thursday, propelling the Dow Jones Industrial Average to its seventh consecutive day of gains to mark its longest winning streak of 2024. Shares of Caterpillar and Home Depot led the way in powering the Dow Jones higher.

Persons: Dow, —, Dow Jones Organizations: Citi, Service, Dow Jones, Federal, Tech, Apple, Meta, Microsoft, Caterpillar, Home Depot, Dow, Nasdaq Locations: York, Here's

☆ Prices have surged so much in Argentina that the government will print 10,000 peso notes
▼ + stars: | 2024-05-09 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Astronomic inflation in Argentina has caused the government to higher denominations of the country's peso. The central bank next month will issue a 10,000 peso note, worth about $11 based on Thursday's exchange rate. AdvertisementInflation is so bad in Argentina that the central bank will issue 10,000 peso notes to relieve people from the burden of having to haul bags of cash around for day-to-day needs. The note, worth about $11 based on Thursday exchange rates, tops the 2,000 peso note as the country's biggest bill. Meanwhile, the central bank also announced that it will launch a larger bill — a 20,000-peso note — later this year.

Persons: —, Javier Milei Organizations: Service, Associated Press Locations: Argentina

☆ An escalating cold war between US and China would be a blow to global growth, IMF official says
▼ + stars: | 2024-05-08 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Read previewA more intense cold war between the US and China would have a potentially dire impact on the global economy, according to an official from the International Monetary Fund. Speaking at Stanford University on Tuesday, IMF deputy managing director Gita Gopinath said that while US-China tensions haven't yet devolved into a full-blown cold war, such an escalation would be a major headwind to global growth. Advertisement"The emergence of these 'connector' countries—perhaps most notably Mexico and Vietnam—may have helped cushion the global economic impact of direct trade decoupling between the U.S. and China," Gopinath said. Zooming out, Gopinath highlighted that geopolitical instability in regions like the Middle East and turmoil stemming from the Russia-Ukraine war has sparked trade turbulence unseen since the Cold War. The IMF emphasized that trade fragmentation carries a higher price tag today, with the goods trade-to-GDP ratio now at 45% compared to 16% at the onset of the Cold War.

Persons: —, Gita Gopinath, Gopinath Organizations: Service, International Monetary Fund, Stanford University, Tuesday, Business, IMF, U.S Locations: China, Mexico, Vietnam, Russia, Ukraine

☆ People in Korea are buying gold from vending machines and convenience stores amid 2024's frenzy for the precious metal
▼ + stars: | 2024-05-08 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Korea's convenience stores and vending machines are selling gold, with younger people flocking to buy. Bite-sized gold bars have been selling since April, weighing in between 0.1 and 1.87 grams. AdvertisementGold bars are displayed for sale alongside packaged kimchi and ramen in convenience stores across Korea, with the yellow metal gaining among younger consumers in 2024. AdvertisementYoung Koreans are leading the pack of buyers snapping up gold from CU stores, accounting for 41.3% of the total purchases, according to data from the company's app. However, the country's central bank hasn't joined the gold rush, keeping its gold reserves steady at 104.4 tons since 2013.

Persons: —, hasn't, China —, David Rosenberg, Ed Yardeni Organizations: Service, Printing Corporation, Chosun, CNBC, World Gold Council Locations: Korea, South, South Korea, Asia's, China

☆ Interest rates still might not be high enough to quell inflation, Minneapolis Fed president says
▼ + stars: | 2024-05-07 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +1 min

Minneapolis Fed President Neel Kashkari suggested interest rates are likely to stay put for an extended period. Resilient housing inflation shows that Fed policy may still not be restrictive enough, he said. Strong housing demand suggests the neutral rate for the housing market may have risen since the pandemic. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere are signs that the Federal Reserve's inflation crusade may still not have restricted policy enough to bring down high prices, Minneapolis Fed President Neel Kashkari said Tuesday.

Persons: Neel Kashkari, —, Kashkari Organizations: Minneapolis, Service, Business

☆ A soft landing will be tough to achieve, and inflation has hit lower-income Americans hard, Citi CEO Jane Fraser says
▼ + stars: | 2024-05-07 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

A "soft landing" scenario is unlikely for the US economy, Citi CEO Jane Fraser said. "We're seeing a much more cautious low-income consumer," Fraser said. AdvertisementIt's going to be tough for the US to stick an economic soft landing, and rampant inflation is hitting lower-income Americans hard, Citi CEO Jane Fraser said. "It's hard to get a soft landing," Fraser told CNBC on Monday. Yet, Fraser cautioned against declaring a soft landing was a done deal.

Persons: Jane Fraser, Fraser, —, Gary Shilling, Roukaya Ibrahim Organizations: Citi, Service, CNBC, Federal Reserve

☆ A recession in early 2025 could send the stock market tumbling 30%, strategist says
▼ + stars: | 2024-05-07 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

A recession by early next year could send stocks down 30%, says BCA strategist Roukaya Ibrahim. AdvertisementThere are two factors signaling a recession by year-end or early 2025, and a downturn could spark a 30% correction in stocks, according to BCA strategist Roukaya Ibrahim. "But eventually, the unemployment rate is going to take higher and that's going to lead to concerns about a recession." Ibrahim isn't alone in calling a recession and a steep plunge in the stock market. Wall Street veteran Gary Shilling, known for predicting the mid-2000s mortgage bubble, is also forecasting a 30% stock market crash by the end of this year, with a recession likely to crush speculative bets that have piled up in recent years.

Persons: Roukaya Ibrahim, Gary Shilling, —, Ibrahim, Ibrahim isn't Organizations: Wall Street, Service, Bloomberg Locations: Friday's, China, Europe

☆ Russia saw its oil revenue double in April despite Western sanctions
▼ + stars: | 2024-05-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Russia's oil revenue soared by 90% in April compared to the previous year, Bloomberg reported. The rise comes as sanctions have struggled to curb Russian energy flows since the war in Ukraine began. AdvertisementThe major funding sources for Vladimir Putin's invasion of Ukraine — the country's oil and gas revenues —doubled in April despite sanctions. Bloomberg data also indicates Moscow will see approximately $126 billion in oil and gas tax revenue in 2024. That said, Bloomberg reported that April's oil and gas revenue to Russia's budget still dropped by about 6.4% compared to March, primarily due to substantial subsidies to the nation's fuel producers.

Persons: —, Vladimir Putin's, Bloomberg Organizations: Bloomberg, Service, Russia's Federal Tax Service, Bloomberg Economics Locations: Ukraine, Russia's, Russia, Moscow, China, India, Persian

☆ Investors should load up on defensive sectors like consumer staples as macro data sends mixed signals about the economy, Morgan Stanley says
▼ + stars: | 2024-05-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

The latest macro data is sending mixed signals, reflecting both a "no landing" and a "soft landing," Morgan Stanley said. The bank recommends defensive sectors, including consumer staples, to navigate volatility. AdvertisementInvestors should ramp up investments in defensive stock sectors like consumer staples and utilities as the latest data sends mixed signals about the economy, Morgan Stanley says. Based on this rationale, Wilson suggests opting for robust cyclical names in a no-landing scenario and premium growth stocks in a soft landing. It also provides some more defensiveness to portfolios as a hedge amid uncertain/unpredictable macro data," they said.

Persons: Morgan Stanley, —, Michael Wilson, Wilson, nonfarm, Staples, Jerome Powell Organizations: Service, Conference, Reserve Locations: today's

☆ High mortgage rates didn't put a lid on home prices, but soaring insurance costs might, real estate experts say
▼ + stars: | 2024-05-04 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +5 min

While high mortgage rates didn't bring prices down, steep insurance costs could put a lid on further appreciation. But there's an under-the-radar factor that could soon pull down home prices nationally, real estate experts told Business Insider — soaring home insurance costs. AdvertisementThe insurance costs usually come as a surprise to home buyers in those areas, Fairweather added. To Fairweather, it's more precise to say the rising insurance will make home values grow more slowly than they would have, as the robust demand still characterizes the current market. We take into account prices and mortgage rates and now rising insurance costs, but there's still people wanting to buy homes," she said.

Persons: —, Zillow, FRED, Daryl Fairweather, Fairweather, Danielle Hale, Hale, Jesse Keenan, Keenan, it's, homeownership, there's Organizations: Service, Business, Tulane University Locations: Florida, Texas, West, Louisiana

☆ There are 4 big factors to watch that could bring turmoil to financial markets, research firm says
▼ + stars: | 2024-05-03 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Stocks and the economy look strong but there are four factors that could pose a problem, Capital Economics said. Geopolitical risks in the Middle East and high interest rates are big risks to markets. A depreciation of the Chinese yuan and soaring US debt are also the two factors investors need to watch. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Thirdly, with the rising value of the Chinese yuan, any depreciation could trigger currency market volatility elsewhere.

Persons: —, Ruben Gargallo Abargues, Jonas Goltermann, Wednesday's, Goltermann, Bill Gross Organizations: Economics, Service, Capital Economics, Brent Locations: Israel, Treasuries

☆ China's stock market has staged a big rebound that's poised to push on, strategist says
▼ + stars: | 2024-05-03 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

The Chinese stock market has rebounded and analysts said the rally looks set to continue. After six months of outflows, foreign investors are gradually putting money to work in China again. AdvertisementChina's stock market may have shaken its label as "uninvestable," with an economic rebound and a rally that could have plenty more room to run. LPL Financial strategist Adam Turnquist wrote this week that long-held bearish calls on China's property and stock market have shaken investor confidence. China's recent reputation as "uninvestable" has been fueled by mounting real estate troubles, a plummeting stock market and dismal consumer demand that's sparked a deflationary spell for the country.

Persons: —, Adam Turnquist, Turnquist, Ray Dalio Organizations: Service, LPL, Billionaire Locations: China, Hong Kong, Beijing

☆ Stock market today: Stocks rally ahead of big April jobs report
▼ + stars: | 2024-05-02 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Stocks closed higher on Thursday ahead of Apple earnings and the April jobs report. Bank of America's Savita Subramanian said the stock market has more room to run even without a rate cut. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS indexes closed higher on Thursday ahead of Apple's earnings and a key labor report set to be published Friday morning. Bank of America's US equity head, Savita Subramanian, has said the stock market has more room to run even without looser monetary policy.

Persons: America's Savita Subramanian, —, Dow Jones, Veronica Clark, payrolls, Jerome Powell, Savita Subramanian Organizations: Apple, Bank, America's, Service, Nvidia, Microsoft, Dow, Citi, Bank of, Bloomberg, Nasdaq Locations: China

☆ Russian energy giant Gazprom reported its first annual loss in 24 years amid Western sanctions
▼ + stars: | 2024-05-02 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Russian energy giant Gazprom posted its first annual loss since 1999. AdvertisementRussian energy producer Gazprom Group reported its first annual loss in 24 years, with restricted energy flows to Europe a leading factor in dragging down earnings. International Energy Agency data indicates that gas flows to Europe hit their lowest levels since the early 1970s. Meanwhile, Gazprom has outlined investments totaling 2.57 trillion rubles for this year, indicating a reduction of nearly 16% compared to its projections for 2023. Russia has managed to reroute much of its energy flows to other countries such as China and India.

Persons: — Organizations: Gazprom, Service, Gazprom Group, Bloomberg, Ukraine, International Energy Agency, Reuters Locations: Europe, Russian, Ukraine, Russia, China, India

☆ Billionaire 'bond king' Bill Gross says soaring Treasury issuance means bond yields can't come down anytime soon
▼ + stars: | 2024-05-02 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Bill Gross says bond prices will be higher rather than lower in the near term as Treasury issuance surges. Gross also said the "total return" bond strategy he helped develop in the 1980s is dead. AdvertisementThe high level of US debt issuance signals to investors that they should expect yields to move higher, not lower, according to "bond king" Bill Gross. AdvertisementGross explained that while Treasury debt has been growing at a rapid rate, other types of debt, including business and household debt, have been growing more slowly. As a result, in order to make up for this difference, the government must ramp up Treasury debt by over 10% to uphold 5.5% nominal GDP growth, he wrote.

Persons: Bill Gross, Gross, —, PIMCO Organizations: Service, Treasury, Federal

☆ Stock market today: Indexes edge up after Fed and as trader eye Apple earnings
▼ + stars: | 2024-05-02 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

US stocks rose Thursday after the Fed meeting and as investors eyed Apple earnings. Expectations heading into Apple earnings are mixed, with analysts seeing a tough period for the iPhone maker. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks rose Thursday morning following Wednesday's Federal Reserve meeting and as traders geared up for Apple earnings after the closing bell. Expectations are for the tech firm to report revenue of $90.33 billion and earnings per share $1.50.

Persons: —, Jerome Powell, Powell Organizations: Apple, Service, Reserve, Labor Department, Dow, Nasdaq

☆ Amazon stock has 17% upside as earnings reveal a 'new era' of profits for the tech titan, Bank of America says
▼ + stars: | 2024-05-01 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Bank of America boosted Amazon's price target after earnings to $210, eyeing 17% upside from Wednesday's price levels. Amazon's Q2 guidance slightly fell short of Wall Street's expectations, but Bofa still sees upside ahead. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAmazon stock could soar as its latest earnings herald a "new era" of profits for the tech behemoth, according to Bank of America. On the guidance front, Amazon expects Q2 net sales to range between $144.0 billion and $149.0 billion, 2.5% below the estimated $150.21 billion.

Persons: Bofa, —, Justin Post, BofA Organizations: of America, Service, Bank of America . Bank of America, Amazon

☆ Crypto investor 'bitcoin Jesus' arrested and charged by the Justice Department with $48 million tax evasion
▼ + stars: | 2024-05-01 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

"Bitcoin Jesus" Roger Ver was arrested in Spain on charges of tax evasion this week. An early crypto enthusiast, he's been a long-time bitcoin evangelist, earning him the "bitcoin Jesus" nickname. AdvertisementVeteran crypto trader Roger Ver, also known as "bitcoin Jesus," was arrested in Spain and charged by the US Department of Justice with evading $48 million in taxes. Ver faces three charges of mail fraud, two charges of tax evasion, and three charges of subscribing to a false tax return. Ver, who was an early cryptocurrency evangelist, has been avidly promoting bitcoin for years, earning him the "Bitcoin Jesus" moniker.

Persons: Jesus, Roger Ver, Ver, he's, —, Agilestar —, Ver didn't, Binance's, Changpeng Zhao, Sam Bankman, Fried Organizations: DOJ, Service, Veteran, US Department of Justice, Justice Department Locations: Spain, St, Kitts, Nevis, US

☆ The stock rally is masking stagflation risk raised by the latest GDP report, JPMorgan says
▼ + stars: | 2024-04-30 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

JPMorgan says the recent stock rebound driven by robust earnings masks looming stagflationary risks. The soft landing narrative is challenged by the first-quarter GDP report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe recent rally in the stock market, bolstered by a wave of upbeat earnings, is glossing over a host of risks raised by the latest economic data points, JPMorgan said this week. Jamie Dimon and other experts are sounding the alarm, saying the US might be headed for a 1970s-style scenario, complete with a stock market crash.

Persons: —, JPMorgan's Marko Kolanovic, Kolanovic, hasn't, Jamie Dimon Organizations: JPMorgan, Service, Microsoft

☆ Bitcoin's bull run may be over and the next move could see it drop nearly 50%, says a market vet who predicted the token's 2018 crash
▼ + stars: | 2024-04-30 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Bitcoin may have peaked for this cycle, and what awaits investors could be a steep fall in the token's value. That's from Peter Brandt, a veteran chart analyst who forecast bitcoin's price plunge in 2018. He notes that the gain in each bitcoin bull cycle from 2009 to 2021 has declined by 20%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . "The fact is that the bull market cycles in Bitcoin have lost a tremendous amount of thrust over the years," he said.

Persons: Peter Brandt, —, Bitcoin, Brandt Organizations: Service

☆ Tesla stock drops as Elon Musk reportedly announces hundreds more layoffs including senior execs
▼ + stars: | 2024-04-30 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Tesla stock dropped as much as 5% on Tuesday amid reports of more layoffs at the company. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementShares of Tesla dropped as much as 5.5% on Tuesday amid reports that Elon Musk announced hundreds more layoffs, including two high-level executives. The loss eats into some of Monday's big gain following the Tesla CEO's trip to China. Tesla stock is down almost 30% since the beginning of this year, while its rating and price target were slashed by a number of Wall Street analysts.

Persons: —, Tesla, Elon, Rebecca Tinucci, Daniel Ho, Rohan Patel Organizations: Service, Elon Musk, Elon, The, Wall Street, EV Locations: China, New York

☆ The Fed is focusing on 'flawed' data and keeping rates high will result in a big policy mistake, economist says
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Read previewThe Federal Reserve's fixation on a streak of "flawed" data to justify keeping interest rates higher for longer is bound to spark a policy mistake, according to top economist David Rosenberg. "The Fed seems to be focusing not just on flawed data, but on headlines only. Finally, he noted that the Fed's long-term view of the economy as still hot based on non-farm payroll data was dashed by the Quarterly Census of Employment and Wages and Business Employment Dynamics. Rosenberg pointed out that the payroll report may be exaggerating actual employment by 70,000 per month. Meanwhile, BED data indicated a 192,000 drop in private employment in Q3 of last year, whereas private job payroll data reported a significant 521,000 increase in that time.

Persons: —, David Rosenberg, Rosenberg, it's Organizations: Service, Business, Fed, Quarterly, Employment Dynamics

☆ Oil prices drop as reports say Israel and Hamas could soon head for cease-fire talks
▼ + stars: | 2024-04-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Oil prices fell as reports on Monday indicated that Israel and Hamas could engage in cease-fire talks this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOil prices dropped Monday with energy markets eyeing fading geopolitical risks as Israel and Hamas reportedly move toward cease-fire talks. Cease-fire discussions could begin as soon as Tuesday if both parties agree to meet Cairo, the report said. Analysts say they see as much as a 20% surge for stocks in the sector as conflict and supply disruptions keep prices elevated.

Persons: Antony Blinken, —, Brent, Israel, David Rosenberg Organizations: Service, Hamas, West Texas Intermediate, The New York Times, United, Reuters, Bank Locations: Israel, Cairo, United States, Saudi Arabia, Rafah, Russia, Ukraine, OPEC

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