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☆ Here's the '800-pound gorilla' that has a top global strategist at Wells Fargo worried about a major market pullback — and 5 investments that can survive as AI hype goes overboard
▼ + stars: | 2024-06-23 | by ( James Faris | ) www.businessinsider.com time to read: +8 min

Scott Wren, a senior global market strategist at Wells Fargo Investment Institute, recently noted that market breadth is abnormally narrow. He found that the five best performers in the S&P 500 accounted for nearly three-fifths of its exceptional 10.6% year-to-date gain through May 31. That fate will soon apply to the S&P 500, Wren warned. Such a sell-off would take the S&P 500 below 5,000 for the first time since April. "And it's tough to be patient when the S&P 500 set a bunch of all-time high records."

Persons: —, Scott Wren, Wren, Steve Sosnick, Sosnick, who's, it's, we've, they've, they're, we're, Goldman Sachs, There's, He's Organizations: Service, Wells, Wells Fargo Investment Institute, Business, Interactive Brokers, Wells Fargo Investment, Nvidia, Investors Locations: Wells Fargo

☆ America’s housing crisis continues to worsen
▼ + stars: | 2024-06-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Washington CNN —Homeowners in America aren’t the only ones struggling with an unaffordable housing market. A report from Harvard University’s Joint Center for Housing Studies released last week showed that both homeowners and renters in recent years have become increasingly burdened by climbing housing costs. That’s all part of a broader struggle in the US housing market, and recent data shows that it hasn’t gotten any better. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China, reports my colleague Samantha Murphy Kelly. The Chicago Fed releases its National Activity Index for May.

Persons: ” Lael Brainard, ”, “, Brainard, Biden, ” Brainard, ChatGPT —, Siri —, Samantha Murphy Kelly, OpenAI, Siri, ChatGPT, Read, Christopher Waller, Lisa Cook, Michelle Bowman, General Mills, Levi Strauss, Tom Barkin Organizations: CNN Business, Bell, Washington CNN — Homeowners, America aren’t, Harvard University’s, for Housing Studies, Harvard, “, White, Economic Council, Urban Institute, Administration, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, FedEx, Chicago Fed, Global, Index, Board, Micron, General, US Commerce Department, Federal Reserve, Nike, McCormick, Walgreens, US Labor Department, National Association of Realtors, Richmond Fed, University of Michigan Locations: Washington, America, Congress, China

"[It's] the first car-free neighborhood built from scratch in the U.S.," Ryan Johnson, CEO of Culdesac tells CNBC Make It. Mickey Todiwala. Mickey Todiwala. Mickey Todiwala. Mickey Todiwala.

Persons: Jada Stratman, Ryan Johnson, They're, Mickey Todiwala, I've, I'm, Stratman, who's Organizations: Culdesac, CNBC Locations: U.S, Tempe , Arizona, Culdesac

☆ Consumer spending, inflation, and housing are 3 things to watch in the market next week
▼ + stars: | 2024-06-22 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Nvidia had some strong moves in the days after its 10-for-1 stock split traded in the market on June 10. Tuesday brought weaker-than-expected May retail sales , which the stock market took in stride, perhaps on the view that softness helps the view that the Federal Reserve will indeed cut interest rates later this year. Ultimately, the economic readings this past week signal that while U.S. growth remains resilient, things are slowing, which is an ideal setup for stock market bulls. The Fed's favorite inflation gauge and the tail end of earning season will be drivers of the market in the week ahead. ET: New Home Sales Before the bell: General Mills (GIS), Paychex (PAYX), UniFirst (UNF) After the bell: Micron (MU), BlackBerry (BB), Levi Strauss (LEVI) Thursday, June 27 8:30 a.m.

Persons: we're, Levi Strauss, Mills, LEVI, McCormick, Jim Cramer's, Jim Cramer, Jim, Emily Elconin Organizations: Nasdaq, Dow, Nvidia, Microsoft, Apple, Broadcom, Energy, West Texas, Utilities, Federal, Juneteenth, FedEx, Nike, Micron, UniFirst, UNF, BlackBerry, Walgreens Boots Alliance, Outdoor Brands, Jim Cramer's Charitable, CNBC, Shoppers, Getty Locations: U.S, Oaks, Novi , Michigan

☆ A Harvard study shows just how hard it is for renters to buy a home today
▼ + stars: | 2024-06-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The multiple exceeds 9 and approaches 12 in the hottest markets, rendering them "impossibly unaffordable," per a recent study. That's according to "The State of the Nation's Housing 2024" report published by Harvard University this week. Only 6.6 million — fewer than 15% — of the 45 million renter households in the US make enough to afford the median payment. Indeed, the Harvard study found that 23% of homeowner households were "stretched worryingly thin," and more than a quarter of renters were paying at least half their incomes toward housing and utilities in 2022. Many homeowners are seeing their incomes squeezed by steeper prices and interest payments, and many renters have given up on buying a home.

Persons: —, Robert Gauthier Organizations: Service, Business, Harvard University, Survey, Consumer Finances, Harvard Locations: La Habra , California

☆ Extreme heat is making residential power cutoffs by utilities a matter of life and death, and new political target
▼ + stars: | 2024-06-21 | by ( Kevin Williams | ) www.cnbc.com time to read: +5 min

That's when Virginia joins the small but growing ranks of states protecting disconnects during extreme heat. "We have to account for extreme heat outside the normal months of the year that are increasingly hotter now," Aird said. I predict we will see more places experiencing heat crises and heat emergencies. Nearly three million people have their electricity shut off annually because they cannot afford to pay monthly bills, according to the Energy Justice Lab. A majority of states (40) have statutory-based utility disconnection protections that cover specific times of year and vulnerable populations, according to the Energy Justice Lab.

Persons: Virginia sweltering, Lashrecse Aird, Aird, David Konisky, Konisky Organizations: Indiana University, Energy Justice Lab, Energy Justice, Energy, Washington D.C Locations: Virginia, That's, Petersburg

☆ This pipeline stock could surge 17% on rising natural gas prices and coal phaseout, Argus says
▼ + stars: | 2024-06-21 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Pipeline operator Williams Companies offers a way for investors to play rising natural gas prices as demand grows due to the transition away from coal, according to the research firm Argus. "Our upgrade largely reflects our more bullish stance on natural gas prices," analyst Bill Selesky told clients in a research note Thursday. Demand for natural gas should rise due to hot weather conditions and the transition from coal to gas, while supply is constrained and inventories are low, the analyst said. The pipeline operator has rallied as natural gas prices have bounced back 70% over the past two months. "The power-hungry world we live in is rapidly turning to natural gas to generate this power," Armstrong said.

Persons: Williams, Bill Selesky, Selesky, Jenny Harrington, CNBC's, Harrington, Wells, Alan Armstrong, Armstrong Organizations: Williams Companies, Argus, U.S, Energy Information Administration, Williams, Asset Management, Street Locations: U.S, midstream, Tuesday's, Wells

☆ I left the US for Australia. Here are the differences I've spotted in the culture and job market.
▼ + stars: | 2024-06-21 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +7 min

AdvertisementIn Australia, I've benefited from financial support from my parents and partner. I don't pay rent or utilities except for WiFi. AdvertisementI also think that this culture has allowed me to feel less pressure to go out and I've performed better academically. I don't think my job outcome would have been as good if I were in the US. My parents plan on coming back to Australia when they retire, so I am very much looking forward to that.

Persons: —, Aolin Xu, I've, I, they're, Australia doesn't, Ernst & Young Organizations: Service, Business, University of New, UNSW, Australian, US, Ernst & Locations: Australia, Washington, Canada, America, University of New South Wales, Sydney, Bali, Malaysia, EY

☆ The US job market is fiercely competitive and student debt is a huge problem. I'm glad I left for Australia.
▼ + stars: | 2024-06-21 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +7 min

My parents, who still live in the US, always talked about how much we could save if I went to university in Australia. AdvertisementIn Australia, I've benefited from financial support from my parents and partner. I don't pay rent or utilities except for WiFi. I don't think my job outcome would have been as good if I were in the US. My parents plan on coming back to Australia when they retire, so I am very much looking forward to that.

☆ A Bay Area county gave low-income moms of color $1,000 a month. 2 years later, more families could put food on the table and afford stable housing.
▼ + stars: | 2024-06-21 | by ( Allie Kelly | Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

With basic income, families had more housing and food securityUpTogether reported that basic income positively impacted participants' financial stability, well-being, and food and housing security. The percentage of participants with housing stability rose from 45% to 60%, while the participants reported an 8% decline in homelessness. More basic income programs are aimed at parentsMarin County's pilot isn't the only basic program to focus on low-income mothers. A basic income program in New Mexico also gave $500 a month to mixed-citizenship status immigrant families with children. Compared to federal safety nets like SNAP, Medicaid, or rental vouchers, basic income allows families more flexible spending.

Persons: —, Claudia Muralles, San Francisco Bay — Muralles, Muralles, UpTogether, Community Action Marin, Marin County's, Flint, Jesús Gerena, Marin, Gerena Organizations: Service, Marin County , California —, Business, UpTogether, Marin Community Foundation, Marin Housing, Community Action, Children, Child Tax, Local, Medicaid Locations: Marin County , California, San Francisco Bay, Marin, Marin County, America, Flint , Michigan, New Mexico, GBI

☆ Record heat impact on utilities: Here's what to know
▼ + stars: | 2024-06-20 | 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 EmailRecord heat impact on utilities: Here's what to knowCNBC's Pippa Stevens reports on news regarding beneficiaries of record heat across the United States.

Persons: Pippa Stevens Locations: United States

☆ These 4 US regions will see electricity bills increase the most this summer
▼ + stars: | 2024-06-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The average monthly US electricity bill this summer will be 3% higher than last year, the EIA says. AdvertisementThe possibility of a warmer-than-typical summer will make energy prices higher, the US Energy Information Administration said in a new report. The EIA finds that the average US electricity bill from June through August will be $173, a 3% climb over last year. The biggest dollar-amount increase will be seen in Mid-Atlantic states, where the average bill will rise by $14, the EIA said. In September, a Texas heat wave sent spot electricity prices up 20,000% and caused the state's grid operator to issue an emergency.

Persons: —, it's Organizations: EIA, Service, US Energy Information Administration, East South Central, East, Energy Information Administration, Utilities, West South Central, West Locations: New England, Pacific, East, East North Central, America, West South Central, Texas

☆ The Investment Committee talks their utilities investing playbook
▼ + stars: | 2024-06-20 | 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 EmailThe Investment Committee talks their utilities investing playbookUtilities is one of the best performing sectors this year. The Committee share their top Utilities plays.

Organizations: Utilities

☆ How the historic heat wave impacts the utilities and energy sectors
▼ + stars: | 2024-06-20 | 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 EmailHow the historic heat wave impacts the utilities and energy sectorsAnthony Crowdell, Senior Analyst at Mizuho Americas, discusses the impact of the historic heat wave in the U.S. on energy and utilitity stocks.

Persons: Anthony Crowdell Organizations: Mizuho Americas Locations: U.S

☆ Once you hit this credit score 'you're good,' says credit expert—here's how to get even better
▼ + stars: | 2024-06-19 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

"Once you've hit the mid 700's you're good. If you run a $5,000 balance on a credit card with a $10,000 limit, for instance, your ratio is 50%. To boost your score, credit experts recommend keeping your ratio under 30%, and ideally as low as 10%. That might mean cutting back on spending, asking your credit card company to raise your limit or opening a new credit card — as long as it won't encourage you to spend more. Add more good information to your credit historyEven if you have blemishes on your credit history, "you can offset them by filling up your report with good things," says Rossman.

Persons: you've, Ted Rossman, it's, Rod Griffin, Griffin, AnnualCreditReport.com, You'd, Rossman Organizations: Bankrate, Experian, CNBC

☆ These are Wall Street's favorite S&P 500 picks for the second half
▼ + stars: | 2024-06-19 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

The second half of the year is around the corner, and some stocks are primed to outperform, according to a screen of Wall Street analysts' favorite picks. The following names have 20% or more upside to their analyst price targets and are already in the green for 2024 — indicating their price targets are elevated not just due to a drop in share price. To note, the price targets are 12-month estimates. Out of the four analysts covering the stock, three rate it a buy or a strong buy. Around three-quarters of analysts covering the stock have a strong buy or buy rating.

Persons: Goldman Sachs, Warren Buffet's Berkshire Hathaway, Guggenheim, Hess Organizations: Street, Nvidia, ISI, Citi, CNBC Pro, CNBC, Argus, Disney, Coterra, UBS, Chevron, Exxon Mobil Locations: Warren, Chevron, Guyana

In 2023, Texas led the nation in solar installations on its power grid, surpassing California for its second consecutive year. Explosive power demand poses a challenge to the Biden administration's goal of converting the U.S. power grid to 100% clean electricity by 2035. Nextracker is a leading U.S. solar firm, building systems that allow panels to track to the position of the sun, improving the efficiency of solar power plants. Shugar pointed to the massive number of renewable projects in the U.S. seeking connection to the power grid. But as energy demand increases, the value of each additional hour should rise, eventually making longer duration batteries more cost effective, he said.

Persons: Brandon Bell, Andrés Gluski, Joseph Rand, We've, Kelley, Wells, Goldman Sachs, Biden, Ryan Sweezey, Wood Mackenzie, Richard Kinder, Kinder Morgan, Kinder, Amin Nasser, Nasser, Shugar, Lawrence, Lazard, Nextracker's Shugar, Lawrence Berkeley, Amol Phadke, Rand, Sweezey, Reid Ramdathsingh, Ramdathsingh, Fluence, John Zahurancik, Zahurancik, it's, Zahuranick Organizations: Getty, Renewables, Energy Information Administration, Department of Energy, Big Tech, Microsoft, AES Corporation, Google, AES, Meta, UBS, Solar, Lawrence Berkeley National Laboratory, U.S, Tech, North America, DOE, CNBC, University of California Berkeley's Goldman School of Public, Goldman School, Lawrence, Rystad Energy, Siemens Locations: Ector County , Texas, Texas, California, United States, U.S, Wells Fargo, Saudi, Houston, Lawrence Berkeley, Fluence's Americas

☆ CNBC Pro Talks: Fund manager reveals how to invest after India’s election
▼ + stars: | 2024-06-19 | by ( ) www.cnbc.com time to read: +2 min

How do investors trade volatile Indian markets after the country's surprising election result? Jayaraman manages Causeway's Emerging Markets Fund and International Opportunities Fund. The portfolio manager would focus on the small- to mid-cap segment of the Indian market, he told CNBC Pro Talks on June 19. "Since India is a strong secular growth market, we would say the mid and small-cap [market] is the place to be. With many international investors not able to access Indian stocks easily, Jayaraman also named a few ETFs that he likes.

Persons: Arjun Jayaraman, Narendra Modi's, Jayaraman Organizations: Markets Fund, International, Fund, MSCI, CNBC, REC Locations: bullish, India, South Korea, Taiwan, U.S

☆ It might be your fault you can't afford a house, says finance guru Dave Ramsey
▼ + stars: | 2024-06-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Read previewBuying a house has become especially hard, but some people can't afford one because they're mismanaging their money, personal finance guru Dave Ramsey says. "It is mathematically tough right now, it is economically tough. Overspenders can't complainDespite those challenges, the talk show host and author called out people who make bad financial decisions and then complain they can't afford a house. "Well I just told you why you can't afford a house: Your stinking overspending." "When you are broke and in debt, don't have an emergency fund, and sign up for a mortgage payment you can't afford, that is not smart real estate.

Persons: —, they're, Dave Ramsey, Overspenders, Ramsey, Warren Buffett Organizations: Service, Business, Federal Reserve, Disney

☆ Hot utility stock NextEra falls nearly 5% after announcing plan to sell $2 billion in equity units
▼ + stars: | 2024-06-18 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

NextEra Energy stock fell nearly 5% in early trading Tuesday after announcing a plan to sell $2 billion in equity units to finance power projects as electricity demand rises and to pay back debt. The Florida-based power company, which operates the largest portfolio of renewable energy in the U.S., will issue equity units for $50, which will serve as a contract to purchase shares no later than June 1, 2027. The utility sector has gained about 8.5% over the past three months, outpacing the 6.2% gain by the S&P 500. But the utility space has cooled off over the past month, with NextEra falling 5% over that period. About 71% of Wall Street analysts rate NextEra as the equivalent of buy, while 24% have put a hold on the stock and 4.8% have recommended that investors sell.

Persons: NextEra, Goldman Sachs, Goldman, Carly Davenport Organizations: Energy, Energy Capital Holdings, UBS, Wall Street Locations: Florida, U.S

☆ Stocks making the biggest moves premarket: La-Z-Boy, NextEra Energy, Kroger, Lennar and more
▼ + stars: | 2024-06-18 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Check out the companies making headlines in premarket trading: La-Z-Boy — Shares jumped more than 9% after La-Z-Boy's latest quarterly results beat expectations. The furniture company posted fiscal fourth-quarter adjusted earnings of 95 cents per share on revenue of $554 million. Analysts polled by LSEG anticipated earnings of 70 cents per share on revenue of $516 million. Semiconductor stocks — Chip stocks were higher on Tuesday, adding to the outperformance seen in recent days. Lennar reported $3.45 in earnings per share on $8.77 billion of revenue.

Persons: —, LSEG, Wells Fargo, Lennar, — CNBC's Michelle Fox, Sarah Min, Jesse Pound Organizations: Semiconductor, Broadcom, Qualcomm, Micron Technology, Nvidia, NextEra Energy, NextEra Energy Capital Holdings, Kroger, BMO Capital Markets

☆ Stock market today: S&P 500 closes at fresh record high as Nvidia becomes world's biggest company
▼ + stars: | 2024-06-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Nvidia is now the world's most valued company, overtaking Microsoft on Tuesday. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe S&P 500 hit another fresh record on Tuesday, as a semiconductor rally crowned Nvidia the world's most valued company. May's retail sales data came in below expectations, indicating consumers are pulling back spending.

Persons: —, Jeffrey Roach, Quicy Krosby Organizations: Nvidia, Microsoft, Treasury, Service, Qualcomm, Taiwan Semiconductor, Micron Technology, Financial, Federal, Fed, Here's

☆ My kids go to summer camp in Taipei. They get to learn Chinese and it's cheaper than in the US.
▼ + stars: | 2024-06-18 | by ( Virginia Duan | ) www.businessinsider.com time to read: +4 min

Every year, it seems like the rush to sign my kids up for summer camp begins earlier and earlier. Related storiesInstead, I send my kids to summer camp in Taipei because not only will my children have fun and learn, but they'll be doing so in Chinese. AdvertisementThe author can afford to send her kids to camp in Taipei thanks to the exchange rate and lower costs. Truthfully, many Taiwanese people will try to speak English to my kids even though my kids understand Chinese just fine. For an 8-day, 7-night sleep-away camp for teenagers, the cost for the entire camp would be $711.

Persons: they'll Organizations: Service, Business, UN Locations: Taipei, Taiwan

☆ Opinion: America needs a paradigm shift in how we respond to extreme heat
▼ + stars: | 2024-06-18 | by ( Opinion Mark Wolfe | ) edition.cnn.com time to read: +5 min

Editor’s Note: Mark Wolfe is an energy economist and serves as the executive director of the National Energy Assistance Directors Association, representing the state directors of the Low Income Home Energy Assistance Program and co-director of the Center on Climate, Energy and Poverty. Triple-digit temperatures have hit the western states, with the Northeast, Midwest and Great Lakes regions expected to see extreme heat waves this week. Weather-related deaths from extreme heat are more common than from those from hurricanes, floods, extreme cold and other natural disasters. According to the US Centers for Disease Control and Prevention, about 1,220 people die from extreme heat every year. During periods of extreme heat, cooling is not just a luxury that provides comfort, but a necessary measure that helps families across all income brackets, and especially low-income families, stay safe.

Persons: Mark Wolfe, That’s Organizations: National Energy Assistance, Association, Income, Energy Assistance Program, Energy, CNN, Triple, US Centers for Disease Control, Center for Energy, US Energy Information Administration, Low Income, Energy Assistance, Twitter, Facebook, Federal Locations: United States, Midwest, Great, Washington, Connecticut

☆ A lower-risk and lower-cost way to play increased electricity usage around the country
▼ + stars: | 2024-06-17 | by ( Michael Khouw | ) www.cnbc.com time to read: +4 min

I'll review a way to play increased electricity use as electric vehicle adoption progresses around the country. Eversource Energy (ES) , a public utility holding company, operates in the electric distribution, electric transmission, natural gas distribution, and water distribution segments. It is involved in transmitting and distributing electricity, solar power facilities, and natural gas distribution. Eversource Energy was incorporated in 1927 and is headquartered in Springfield, Massachusetts. ES 1Y mountain Eversource Energy, 1-year The stock hasn't traded particularly well recently, but that may present an opportunity.

Persons: I've Organizations: California Air Resources Board, Nvidia, Eversource Energy, Utilities, Energy Locations: California, United States, Los Angeles, Connecticut , Massachusetts, New Hampshire, Springfield , Massachusetts

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