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☆ Stock market today: Indexes slip as traders await Nvidia's earnings report
▼ + stars: | 2024-05-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks traded lower as investors waited for Nvidia's first-quarter earnings report after the close. Investors also took in comments from Fed officials, which suggested rate cuts weren't imminent. AdvertisementUS stocks slid lower on Wednesday as traders took looked ahead to Nvidia's highly anticipated first-quarter earnings report and took in the latest commentary from Federal Reserve speakers. All three benchmark indexes traded lower, while bond yields ticked higher. Markets have been dialing back their expectations for Fed rate cuts all year.

Persons: Nvidia's, —, Susan Collins, Loretta Mester Organizations: Investors, Service, Federal Reserve, Treasury, Nvidia, Bloomberg, Boston, Cleveland Fed, Fed, Here's

Mortgage interest rates have moved lower amid signs that persistently high inflation may be starting to cool. The 10-year Treasury yield fell following the release of this data, and mortgage rates followed suit. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates and other consumer rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Treasury, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ U.S. inflation data fuels bets of Fed rate cuts as early as September — but analysts aren’t convinced
▼ + stars: | 2024-05-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Traders appear increasingly confident that the U.S. Federal Reserve could start cutting interest rates as early as September, after inflation data cooled more than expected in April. Traders are currently pricing in a roughly 70% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Jerome Schneider, head of short-term portfolio management at PIMCO, said on Thursday that the latest U.S. inflation data confirmed to investors that the potential for a near-term rate hike was now "off the table." "I think more contextually, we have to really understand that we have celebrated a lower inflation rate, the market has. But, in context, at PIMCO we're specifically thinking about the longer-term trajectory of how the Fed is going to react to this data," Schneider told CNBC's "Squawk Box Europe."

Persons: Dow Jones, Jerome Schneider, we're, Schneider, CNBC's Organizations: New York Stock Exchange, Traders, U.S . Federal, Labor Department's Bureau of Labor Statistics, Federal Reserve Locations: U.S, PIMCO

☆ Why investors shouldn't be clamoring for rate cuts this summer
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

AdvertisementThe market should be careful what it wishes for when it comes to rate cuts from the Federal Reserve. Ed Yardeni, a longtime market veteran, has warned of a stock market "meltup" if the Fed were to cut interest rates this summer. High interest rates on risk tipping the economy into recession, but lowering rates too quickly risks a resurgence in inflation, which could slam American consumers. Fed officials have said they're looking for more evidence inflation is on track to fall to its 2% price target before mulling rate cuts. AdvertisementFor the most part, investors aren't expecting interest rates to come down before September.

Persons: Ed Yardeni, meltdowns, Yardeni, —, they're Organizations: Service, Federal Reserve, Bloomberg, Yardeni, Fed

☆ Stock market today: Stocks jump on cooler April inflation report
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks rose as traders took in slightly cooler inflation figures. Consumer prices rose 3.4% year-per-year in April, down from the prior month's 3.5% increase. Still, investors have muted expectations for Fed rate cuts by the end of the year. AdvertisementUS stocks jumped on Wednesday as traders took in the latest inflation report, which showed prices cooled slightly in April. Falling inflation has fueled some hope the Fed is set to issue several interest rate cuts this year, which is bullish for stocks.

Persons: —, Seema Shah, Sonu Varghese Organizations: Service, Treasury, Asset Management, Traders, Carson Group

☆ Stock market today: S&P 500 closes at a record high as stocks rise on cooler April inflation
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks soared on Wednesday, with the S&P 500 notching an all-time high. The benchmark index surpassed 5,300 for the first time after April inflation came in cooler than expected. AdvertisementUS stocks surged on Wednesday, with the S&P 500 breaking its all-time record as traders took in cooling inflation numbers. On a monthly basis, inflation rose 0.3% in April, less than 0.4% in March. Slower economic activity helps lower inflation, though it could also indicate a slowdown in economic growth.

Persons: —, Preston Caldwell, Morningstar, Jeffrey Roach Organizations: Service, Dow Jones, Treasury, Federal Reserve, Labor Department, LPL

☆ The stock market is about to see a 10% correction, with further disinflation a 'pipe dream' and Fed rate cuts coming much later, Stifel says
▼ + stars: | 2024-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The S&P 500 could fall around 500 points in a swift correction, Stifel strategists warned. The investment firm said falling inflation was a "pipe dream," and Fed rate cuts could be delayed. Markets see just one or two rate cuts by the end of the year, per the CME FedWatch tool. "We have been wary of a broad S&P 500 correction in the middle quarters of 2024. Markets have already dialed back their outlook for Fed rate cuts this year, which drove a sell-of in stocks in April.

Persons: — Organizations: Service, Fed, PCE, Traders

Average 30-year mortgage rates dropped this week and have been hovering in the upper 6% range, according to Zillow data. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should go down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Down (-0.18%)The average 15-year mortgage rate is 6.11%, 18 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.28%)The average 30-year refinance rate is 6.99%, 28 basis points lower than last week.

Persons: you'll, It's, refinance Organizations: of Labor Statistics, Federal Reserve Bank, Federal Reserve, Investors, Zillow, FHA Locations: Chevron

☆ The US may be 'sleepwalking' into a recession as cracks form in the labor market, top economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US could be "sleepwalking" into a recession, and signs of a downturn in key areas of the economy are starting to show, according to top economist David Rosenberg. That's a strong sign the economy is weakening, as manufacturing has only contracted on two occasions since 1997 without the economy later slipping into recession, Rosenberg noted. The 2-10 Treasury yield curve, a notoriously accurate recession indicator, has signaled a coming downturn since July 2022. The labor market is cracking, a slowdown in services activity is dragging on real-time growth, and forward looking financial signals still point to a coming slowdown," Rosenberg said. Rosenberg has been warning of a coming recession for months — and fears of a downturn are rising as investors anticipate the Fed keeping interest rates higher-for-longer.

Persons: —, David Rosenberg, Rosenberg, We're, That's Organizations: Service, Business, Treasury

☆ There’s a surprising bit of good news lurking in the stock market
▼ + stars: | 2024-05-10 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

Traders fear that elevated rates will uphold painfully high borrowing costs for consumers, squeeze corporate profit and weigh down the market. The labor market has stayed strong, consumers have continued spending and stocks have notched repeated record highs. The April jobs report was a welcome sign that the labor market is cooling without cratering. The labor market added just 175,000 positions last month, marking its lowest tally since October 2023 and a sharp cooldown from the upwardly revised 315,000 jobs added in March. First-time applications for unemployment benefits climbed last week to 231,000, the highest level since last August, in another sign that the labor market is cooling.

Persons: “, ”, Jeff Buchbinder, Jerome Powell, ” Powell, April’s, David Russell, Matt Egan, Wally Adeyemo, Read, Diksha Madhok, Narendra Modi, Modi, Mukesh Ambani, Gautam Adani, Ambani, Ji, ” Modi, Rahul Gandhi Organizations: CNN Business, Bell, New York CNN, Federal, Traders, CNN, Fed, LPL, ” Treasury, Treasury, Reliance Industries, Adani, Indian National Congress Locations: New York, Thursday’s, ’, India

It turns out that a long pause between Federal Reserve rate actions is historically good for stocks, according to LPL Financial. The pause, which has reached 280 days, is the second-longest in modern market history, LPL noted, behind only the 2006-07 pause that reached 446 days. "Long pauses are typically good for stocks, and the gains achieved since the Fed's last hike in July 2023 are consistent with recent history," said Jeff Buchbinder, chief equity strategist at LPL Financial. "The pace and rise of the S & P 500 during that time are in line with what we are seeing now." Still, the strategist observed that the sectors that have historically outperformed during long pauses are financials and energy, which generally return 15% for the period.

Persons: LPL, Jeff Buchbinder, Buchbinder Organizations: Financial, Investors, LPL

☆ Stock market today: Indexes slide amid earnings-fueled tech selloff
▼ + stars: | 2024-05-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks dropped on Wednesday led by a selloff in the tech sector. 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 . AdvertisementUS stocks slid on Wednesday, led by a sell-off in the tech sector as investors took in weak financials and earnings guidance. Here's where US indexes stood at the 9:30 a.m. opening bell on Wednesday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:Advertisement

Persons: Tesla, —, David Bahnsen Organizations: Intel, Reuters, Service, Nasdaq, Justice Department, New York Fed Locations: Here's

☆ Stock market today: Rally wavers but Dow edges higher for 6th straight session
▼ + stars: | 2024-05-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks wobbled on Wednesday but the Dow managed to notch its sixth winning session in a row. Tech stocks slid. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks were mixed Wednesday, with a sell-off in tech names causing a broader stock rally to waver after a streak of gains. Tech stocks slid, with downbeat Uber earnings sparking a 5.7% decline in the stock, while Intel fell after lowering revenue guidance for the quarter.

Persons: Dow, Uber, —, Wells Fargo Organizations: Tech, Service, Dow Jones Industrial, Intel, Investors

☆ The Fed will spark an economic crash by delaying rate cuts, State Street equity research chief says
▼ + stars: | 2024-05-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe economy is bound to enter a downturn if the Federal Reserve delays cutting interest rates, according to Marija Veitmane, the head of equity research at State Street Global Markets. The Wall Street vet warned of an impending economic crash if the Fed doesn't ease monetary policy soon. Higher interest rates are already taking a toll on economic strength, she noted, even if growth numbers looked fine last quarter. But the economy is already showing signs of strain from the burden of elevated interest rates, Veitmane warned. Markets are largely expecting the Fed to keep interest rates level at its next policy meeting.

Persons: —, Marija Veitmane, Veitmane Organizations: Service, Federal, Street Global Markets, Business, CNBC, AAA

☆ Buy stocks in May because inflation is set to plunge through the rest of 2024, Fundstrat's Tom Lee says
▼ + stars: | 2024-05-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

That's because inflation is set to fall "dramatically" through the rest of the year, Lee predicted. AdvertisementInvestors should be buying stocks this month, as inflation is bound for a steep decline for the rest of the year, according to Fundstrat's head of research Tom Lee. Real-time price declines will eventually catch up with the official inflation report. High rates risk tipping the economy into a recession and sparking market volatility, as investors, banks, and consumers grapple with a higher cost of borrowing. It is quite high, and as you know, it's putting a lot of pressure on regional banking ... the cost of money is quite high," Lee said.

Persons: Tom Lee, Lee, —, That's, it'll Organizations: Service, CNBC

Mortgage rates trended down a bit late last week, with 30-year mortgage rates dropping just below 7%, according to Zillow data. This is a sign that the economy is coming into better balance, which is good news for mortgage rates. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

Once the Fed is able to start cutting the federal funds rate, mortgage rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Down (-0.24%)The average 15-year mortgage rate is 6.24%, 24 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall Slightly (-0.06%)The average 30-year refinance rate is 7.36%, six basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: Jerome Powell, Powell, you'll, It's, refinance Organizations: of Labor Statistics, Investors, Zillow, FHA Locations: Chevron

☆ Markets jump higher after softer-than-expected jobs report fuels hopes of an earlier rate cut
▼ + stars: | 2024-05-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

The unemployment rate ticked higher as well, to 3.9% from 3.8% the month before. That’s because the Federal Reserve is working to slow the economy by hiking interest rates — the only tool it has to fight inflation. A still-robust job market means the central bank could continue to keep rates elevated without fear of sending the economy into a recession. If the labor market weakens, the Fed is more likely to consider a rate cut. “We’re also prepared to respond to an unexpected weakening in the labor market,” he said.

Persons: Dow, “, ”, Matt Peron, Janus Henderson, They’re, Jerome Powell, “ We’re Organizations: New, New York CNN, Nasdaq, of Labor Statistics, Wall, Federal Reserve, Janus, Janus Henderson Investors, ”, Treasury, Apple Locations: New York

☆ Sell in May and go away? Think again
▼ + stars: | 2024-05-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —It’s “sell in May and go away” season. All three major indexes broke five-month winning streaks as hotter-than-expected inflation data stoked fears that interest rate cuts will come later than forecast. The central bank kept interest rates on hold at a 23-year high at its policy meeting. Persistent inflation has kept long-anticipated rate cuts on the backburner. Tesla “has let our entire charging org go,” William Navarro Jameson, strategic charging programs lead at Tesla, wrote on X.

Persons: Stocks, Jerome Powell, ”, Alex McGrath, Larry Tentarelli, Bryan Mena, it’s, Read, Tesla, Tesla “, ” William Navarro Jameson, Lane Chaplin, Hanna Ziady, Peter Valdes Organizations: CNN Business, Bell, New York CNN, The, Dow Jones, Nasdaq, Wednesday, Traders, Blue, Carson Group, Research, Federal Reserve, Fed, Motors, Ford, Tesla Locations: New York

☆ The stock market's sell-off is over and the Fed gave 5 bullish signs to investors at its latest meeting, Fundstrat's Tom Lee says
▼ + stars: | 2024-05-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The sell-off that battered stocks in April probably won't stretch into May, according to Fundstrat's Tom Lee. AdvertisementThe stock market's sell-off could be over, and five bullish signals the Fed gave at its latest policy meeting are setting the stage for gains in May, according to Fundstrat's head of research Tom Lee. Investors are now pricing in a 69% chance the Fed could rate rates once or twice by the end of the year, according to the CME FedWatch tool. Stock investors have already perked up on a brighter outlook for Fed rate cuts this year. Stocks reacted positively to the Wednesday Fed meeting.

Persons: Tom Lee, Lee, —, Powell, presser, Stocks Organizations: Service, Markets, Fed, stagflation, Investors

☆ Interest rates staying where they are is a forgone conclusion, but the Fed's decision day still matters
▼ + stars: | 2024-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, what another delay to interest rate cuts means for a market banking on them. The big storyThe waiting game continuesChip Somodevilla/Getty Images; BISpoiler alert: The Federal Reserve won't be lowering interest rates today. The official announcement won't come until this afternoon, but interest rates staying where they are is a forgone conclusion. The CME FedWatch Tool, which calculates the probability of the Fed's decision based on interest rate traders, has the odds of rates staying untouched at 97.5%.) Talk of cutting interest rates has been going on for the better part of a year.

Persons: —, it's, doesn't, We'll, Chip Somodevilla, Jerome Powell, Matt Rourke, Sarah Silbiger, Alyssa Powell, CME's, aren't, Powell, Erin Schaff, Paul Krugman, Donald Trump's, Krugman, Trump, Marko Kolanovic, Rebecca Zisser, Instagram, Changpeng Zhao, Binance, Amazon, Emma Tucker's, Steve Bannon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Stagecoach, Trump, Tech, Investors, Bloomberg, Getty, The New York Times, Hunterbrook, JPMorgan, Adobe, Wall Street Journal, Staff, eBay, Pfizer, Google Locations: stagflation, New York, London

☆ Lock in attractive real yields with this inflation-protected investment, says UBS
▼ + stars: | 2024-05-01 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Investors can lock in some juicy real yields with Treasury inflation-protected securities, according to UBS. "The result has been rising real yields further out the curve, offering the opportunity to lock in attractive real yields ahead of expected falling nominal yields later this year," she added. Treasury yields are expected to decline when the Federal Reserve starts reducing the fed funds rate. Nominal yields have been rising as the market reassesses those interest rate expectations. "Our expectation of declining nominal yields in the second half of the year will be a tailwind to performance," she said.

Persons: Leslie Falconio Organizations: Treasury, UBS, Federal Reserve, Treasury Department Locations: UBS Americas

☆ Federal Reserve interest rate verdict: Central bankers meet to decide on next move
▼ + stars: | 2024-05-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —The Federal Reserve is expected to announce Wednesday that it is keeping interest rates at a quarter-century high for the sixth-straight meeting. Other Fed officials have already introduced the possibility of a rate hike, in addition to the chance of no rate cuts this year. Williams later said that another rate hike is possible if economic data warrants it. That combination eerily resembled stagflation, which triggered a broad stocks selloff on Wall Street Thursday. The threshold for a rate hike is ‘extremely high’Another interest rate hike is back in the conversation, but at the moment, it’s still not likely the Fed will do that.

Persons: Jerome Powell, ” Powell, Powell, John Williams, Williams, Neel Kashkari, Austan Goolsbee, “, can’t, it’s, Goldman Sachs, Wall, ” Oren Klachkin Organizations: Washington CNN, Federal, Index, New York Fed, Bloomberg, Minneapolis, Chicago Fed, Commerce Department, JPMorgan, Bank of America, Nationwide, CNN Locations: New, Chicago, Wells Fargo

☆ Stock market today: Indexes mixed after Fed meeting as Powell calms nerves over possible hike
▼ + stars: | 2024-05-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Central bankers chose to keep interest rates steady, and Powell said a rate hike was "unlikely." Fed officials chose to keep interest rates unchanged, in line with the market's expectations. Investors have been fretting over higher interest rates as inflation came in hotter-than-expected throughout the first quarter. The odds of a Fed rate hike in June are less than 1%. Calling that out in the first paragraph is tantamount to saying that interest rate cuts are not coming soon."

Persons: Powell, —, Greg McBride, Bankrate, Charlie Ripley Organizations: Service, Federal Reserve, Nasdaq, Fed, Allianz Investment Management

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