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AdvertisementUS stocks edged lower Monday morning as traders took a moment to catch their breath after stocks set a series of records last week. The S&P 500 and the Nasdaq set four straight record highs last week and closed higher for the seventh week of the last eight. Goldman Sachs strategist David Kostin boosted his year-end S&P 500 price target to 5,600, representing potential upside of about 3% from current levels. Kostin had previously had a 5,200 year-end price target for the S&P 500. AdvertisementMeawnwhile, Evercore ISI boosted its S&P 500 year-end price target to a street-high 6,000.
Persons: Neel Kashkari nodded, , Goldman Sachs, David Kostin, Kostin, Neel Kashkari, Kashkari Organizations: Traders, Wall Street, Service, Nasdaq, Wall, ISI, Federal, CBS
CNN —China will provide a new pair of giant pandas to Australia, Premier Li Qiang said on Sunday, in the latest sign of warming relations between the two countries. He said China will send a new pair of giant pandas to the zoo in Southern Australia after its current pair return to China later this year, according to Chinese state media. Australia's Foreign Minister Penny Wong (left) shakes hands with China's Premier Li Qiang as South Australian Premier Peter Malinauskas looks on at Adelaide Zoo on June 16, 2024. Giant pandas Wang Wang and Fu Ni, the only pandas in the southern hemisphere, have been on loan to Adelaide Zoo since November 2009. “They have become envoys of friendship between China and Australia, and a symbol of the profound friendship between the two peoples,” Li said in the statement.
Persons: Premier Li Qiang, Li, Scott Morrison’s, Penny Wong, Peter Malinauskas, Asanka, Wang Wang, Fu Ni, China’s, ” Li Organizations: CNN, Premier, Adelaide Zoo, ABC, Labor, Australia's, South Australian, Beijing –, Xinhua, China’s Foreign Ministry, Locations: China, Australia, Southern Australia, Beijing
Prices of cocoa have more than tripled over the last year, creating a big headache for candy makers and other food companies that use the ingredient to make chocolate. The price surge has since eased off slightly, but the crop is still commanding well above what food companies are used to paying. This season's cocoa crop is expected to experience the largest deficit in at least six decades, according to a Rabobank report from May. A YouGov survey conducted in October found that 72% of U.S. respondents had noticed shrinkflation in food products. J&J Snack Foods CEO Daniel Fachner has been keeping an eye on cocoa and chocolate prices.
Persons: Ferley Ospina, Hershey, Kinder, Ferrero, they'll, Steve Rosenstock, Mondelez, shrinkflation, Daniel Fachner, Fachner, Justin Sullivan, Nik Modi, Modi, shea, Rosenstock Organizations: Bloomberg, Getty, Cadbury, Clarkston Consulting, Rabobank, Reuters, Mondelez, Consumers, Snack, CNBC, RBC Capital, Jumbo Locations: Ragonvalia, Norte de Santader, Colombia, . West Africa, Ghana, U.S, Novato , California, West
US stocks dipped on Friday after the S&P 500 and Nasdaq 100 reached record highs four days in a row. Investors expect the Federal Reserve to begin cutting interest rates at its September FOMC meeting. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Friday's decline in stocks was preceded by a sharp decline in European stocks, as recent election results continue to make waves in France and Germany. The market currently expects the Fed to begin cutting interest rates at its September FOMC meeting.
Persons: Loretta Mester, , DAX, Austan, Mester Organizations: Nasdaq, CNBC, Investors, Federal Reserve, Service, University of Michigan, Fed, Here's Locations: France, Germany
US stocks traded mostly lower on Friday but ended up for the week after a cool May CPI report. The Nasdaq 100 closed at record highs driven by AI excitement and solid earnings from Broadcom and Adobe. AdvertisementUS stocks traded mostly lower on Friday but gained for the week after a cool May inflation report and Apple's unveiling of its AI ambitions at WWDC. The Nasdaq 100 finished the week higher by more than 3%, while the S&P 500 was up about 1.5%. The Dow Jones, which has little exposure to the AI tech trade, finished the week down about 0.5%.
Persons: , Dow Jones, Loretta Mester, we'll, Mester, Austan Goolsbee, We've, Goolsbee Organizations: Nasdaq, Broadcom, Adobe, Service, Federal, PPI, CNBC
The head of OPEC said Thursday the world will need to invest in fossil fuels for decades to come in order to prevent an energy shortage, dismissing predictions that oil demand will peak in the near future. The OPEC chief called for "continued oil industry investment, today, tomorrow, and many decades into the future given the products derived from crude oil are essential for our daily lives." Oil supply capacity will rise to 114 million per day by 2030, 8 million barrels more than global demand, according to the IEA. Deutsche Bank and Citi, however, see OPEC coming under pressure in the coming years. Citi analysts see a substantial oil surplus in 2025 as production keeps growing in North America, Brazil and Guyana, while demand slows due to energy efficiency improvements and electric vehicle adoption.
Persons: Haitham Al Ghais, Al Ghais, Fatih Birol, OPEC's Al Ghais, Helima, Croft, I'm, Robert McNally, McNally, EVs, Michael Hsueh Organizations: OPEC, International Energy Agency, IEA, IEA ., RBC Capital Markets, Rapidan Energy, Deutsche Bank, Citi, Brent Locations: China, India, North America, Europe, Northeast Asia, Asia, U.S, OPEC, Brazil, Guyana
“Making It Work” is a series is about small-business owners striving to endure hard times. While many people can conjure up romantic visions of a Montana ranch — vast valleys, cold streams, snow-capped mountains — few understand what happens when the cattle leave those pastures. Even here, in a state with nearly twice as many cows as people, only around 1 percent of the beef purchased by Montana households is raised and processed locally, according to estimates from Highland Economics, a consulting firm. As is true in the rest of the country, many Montanans instead eat beef from as far away as Brazil. Any ranchers who want to break out from this system — and, say, sell their beef locally, instead of as anonymous commodities crisscrossing the country — are Davids in a swarm of Goliaths.
Persons: don’t, JBS, Tyson, Davids Organizations: Highland Economics, Tyson Foods, Cargill, Foods, Walmart, Costco Locations: Montana, Brazil
New US sanctions against Russia have caused an immediate suspension of trading in dollars and euros on the country’s leading financial marketplace, the Moscow Exchange. “Due to the introduction of restrictive measures by the United States against the Moscow Exchange Group, exchange trading and settlements of deliverable instruments in US dollars and euros are suspended,” the central bank said. The move means banks, companies and investors will no longer be able to trade either currency via a central exchange, which offers advantages such as better liquidity and oversight. The central bank said it would use data from those trades to set official exchange rates. The central bank reassured people these deposits were secure.
Persons: MOEX Organizations: Moscow Exchange, Moscow Exchange Group, , Reuters, Moscow, Norvik Bank, Tsifra Bank, US Treasury, Investments, Forbes Russia, MOEX, Clearing Locations: Russia, Moscow, Russian, Washington, Ukraine, United States, Beijing,
Mariupol, a port city on the Sea of Azov, was encircled and captured by Russian forces at the start of the full-scale invasion of Ukraine. This included the establishment of ad hoc distribution points for food, water and other basic necessities. They were attacking food distribution points.”There were numerous opportunities for Russian forces to alleviate civilian suffering, he said, but they failed to do so. Ukrainian authorities and some international officials have previously accused Russia of robbing the country of grain and other commodities in areas it occupied. Accusations that Russia is using food as a weapon of war have been mounting ever since the first reports emerged in the spring of 2022 of grain being stolen by Russian troops.
Persons: , Nikolai Osychenko, , Osychenko, Mariupol, Alexei Alexandrov, , Yousuf Syed Khan, Cross, ” Khan, Pavel Klimov, Khan, Vladimir Putin Organizations: CNN, Mobile, Team, Global, International Criminal Court, ICC, EU Commission, Russia’s Ministry of Defense, Mariupol City, Global Rights, International Committee, United Nations, Reuters, Russian Locations: Russia, Mariupol, Ukrainian, Netherlands, United Kingdom, United States, Azov, Russian, Ukraine, Ukraine’s Donetsk Oblast, Mariupol City, , Moscow, Syria, Aleppo City
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhat's happening in commodities is 'extraordinary,' says Ariel's Charlie BobrinskoyCharlie Bobrinskoy, vice chairman and head of investments at Ariel Investments, joins CNBC's 'The Exchange' to discuss Oracle's use of AI, other sectors to keep an eye on, and more.
Persons: Charlie Bobrinskoy Charlie Bobrinskoy Organizations: Ariel Investments
There are currently some "micro pockets" of deflation in the U.S. economy, said Joe Seydl, a senior markets economist at J.P. Morgan Private Bank. Why prices are deflating for goodsConsumers have largely seen prices deflate for physical goods, such as cars, furniture and appliances, economists said. For example, households have seen prices for furniture and bedding fall by 3.7% since May 2023, according to the consumer price index. watch nowThe U.S. dollar's strength relative to other global currencies has also helped rein in prices for goods, economists said. Travelers have also seen deflation for airline fares (-5.9%), hotels (-1.7%) and car rentals (-8.8%) since May 2023.
Persons: Joe Seydl, Seydl, Michael Pugliese, they've, Hayley Berg, Hopper, Olivia Cross Organizations: Getty, Morgan Private Bank, Consumers, Wells, Wells Fargo Economics, Finance, Federal Reserve, of Labor Statistics, U.S, Canadian, Capital Economics Locations: U.S, Wells Fargo, North America
After the multi-Grammy-winning superstar announced the European leg of The Eras Tour in mid-2023, they started saving, knowing that they had to "travel for Taylor." Corrie (left), KJ (center), and Callie (right) traveled from Gibraltar to Edinburgh to see The Eras Tour. AdvertisementThey estimated that the total cost for their weeklong trip, accommodation, and Eras Tour tickets was just over $2,500 each. Taylor Swift kicked off her 15-stop UK tour at Murrayfield Stadium in Edinburgh, Scotland on June 7, 2024. AdvertisementAs KJ had said at the start of the day, seeing The Eras Tour isn't "just about the show and the music.
Persons: , Callie, Corrie, Taylor Swift, Swift, Taylor, Eve Crosbie, I'm, marveling, concertgoer, Amira, she's, Leah, Simone, Gareth Cattermole, Expedia, Daniel Finch, haven't, It's, Wilde Aparthotel, Ava, Wilde, Marc Crothall, Mimi's, Mariola, We've, Pie, Erin, KJ Organizations: Service, Business, Murrayfield, Edinburgh, Barclays, QuestionPro, Edinburgh's, Management, Associated Press, Blockbuster, Expedia Brands, Scottish Tourism Alliance, NFL, Swift's Murrayfield, Sky Locations: Edinburgh, Gibraltar, Europe, Liverpool, Cardiff, London, Italy, Minneapolis, Scotland, Paris, England, North America, South America, Australia, Southeast Asia, Leith
The producer price index slid 0.2% month over month against forecasts of a 0.1% decrease. Tesla stock jumped as Elon Musk said on X his pay package was headed for approval. AdvertisementUS stocks continued their rally to record highs on Thursday after investors took in another cooler-than-expected inflation print. In May, the producer price index slid 0.2% month over month against forecasts of a 0.1% decrease. Tesla stock jumped more than 6% as Elon Musk said on X that his $56 billion compensation package was headed for shareholder approval.
Persons: Stocks, Elon Musk, , Clark, Bellwether, DealBook Organizations: Service, Bloomberg, PPI, Federal Reserve, Treasury, Vanguard, BlackRock, Here's
US stocks rose to fresh records Wednesday as traders took in cool inflation and Fed comments. AdvertisementUS stocks rose on Wednesday as investors took in cool inflation data and the Federal Reserve's latest guidance on rate cuts, helping the S&P 500 to another record close. The 10-year Treasury fell seven basis points to 6.33%, rising from steeper losses earlier in the day after the central bank updated its outlook to include fewer rate cuts than previously expected. FOMC members said they didn't believe it was "appropriate" to cut rates until they had gained more confidence inflation is trending back to 2%. Fed fund futures show that investors see a 62% chance the Fed will cut rates three times or more by year-end, according to the CME FedWatch Tool.
Persons: , FOMC, Powell, Bill Adams Organizations: Service, Federal, Treasury, Fed, Comerica Bank Locations: April's
AdvertisementDavid Solomon Goldman SachsPressure-cooker cultureWith signs suggesting mergers and acquisitions could soon return — including the megadeals Goldman specializes in — the firm's dealmakers are itching to end 2024 on a high note. In M&A, Goldman has fallen to No. AdvertisementMark Sorrell Goldman SachsGoldman is also seeking to become more interconnected across its business lines via the One Goldman Sachs program. "They figure that if they're talking to one person at Goldman Sachs, they're talking to everybody." The result, bankers said, is an M&A machine built to withstand threats like star dealmakers leaving for more-nimble rivals.
Persons: , Goldman Sachs, Bill Quinn, Goldman, Jacki Zehner, Rishi Bali, Hank Paulson, John Thornton, John Thain, David Solomon, Solomon, Dan Dees, What's, David Solomon Goldman Sachs, Gene Sykes, Alison, It's, LSEG, dealmaking, Goldman dealmakers, Momo Takahashi, We've, Mark Sorrell, Mark Sorrell Goldman Sachs Goldman, Sykes, they're, Sorrell, Dees, it's, Dan Dees Goldman Sachs, we're, John Waldron, Kim Posnett, that's, Timothy Ingrassia, Ingrassia, Stephan Feldgoise, I'm, Reed Alexander Organizations: Service, Business, Goldman, JPMorgan, playbook Bank, Wall Street, Competition, & $ Locations: Silicon Valley, London, New York City, Latin America
Stock markets slipped as investors prepare for the Fed's June policy meeting. The FOMC meeting will end Wednesday, and will help determine where interest rates are going. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Investors are convinced that interest rates will remain unchanged, futures markets data shows. Upcoming inflation data on Wednesday should also help determine where interest rates are headed beyond in the coming months.
Persons: , Jerome Powell, eyeing, Brent, Bitcoin Organizations: Service, Federal, Apple, West Texas, Treasury
The outlook for stocks looks dour as the chances of Federal Reserve rate cuts decrease and risks abound, according to JPMorgan's Marko Kolanovic. Indeed, the S & P 500 initially ripped higher on Friday after the data was released but closed along the flatline for the day. .SPX YTD mountain S & P 500, YTD Against this backdrop, the strategist reiterated his "defensive tilt," staying overweight commodities and cash and being underweight stocks. JPMorgan is the most bearish firm out of all those surveyed by CNBC PRO with an S & P 500 target of 4,200. The S & P 500 closed Monday at 5,360.79.
Persons: JPMorgan's Marko Kolanovic, Dow Jones, Kolanovic Organizations: Equity, Labor Department, Dow, Investors, JPMorgan, CNBC PRO Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCompanies that don't lower their prices will lose business, says Jim Cramer'Mad Money' host Jim Cramer shares his expectations from the Fed ahead of Wednesday's meeting and he weighs in on commodities pricing.
Persons: Jim Cramer Organizations: Companies
The S&P 500 and Nasdaq notched new highs Tuesday as investors geared up for the Fed's policy decision. Shares of Apple soared as much as 7% as Wall Street cheered its WWDC event. AdvertisementUS stocks were mostly higher Tuesday, with the S&P 500 and Nasdaq hitting all-time highs as traders looked ahead to the Federal Reserve's latest policy decision. If so, that will be below the recent highs of 3.7% from September and October, but still well above the 3% recorded last July, and way above the Fed's own 2% target. The firm's unveiled developments were met with fanfare on Wall Street, and the stock jumped as much as 7%.
Persons: , Jerome Powell, David Morrison, Apple Organizations: Nasdaq, Apple, Service, Federal
US stocks started the week with gains as the S&P 500 and Nasdaq hit record highs. The all-time highs come ahead of the May inflation report and the Fed's two-day FOMC Meeting. AdvertisementUS stocks climbed to kick the week, with the S&P 500 and Nasdaq 100 closing at record highs. Earlier that day, investors will digest the May consumer price index report, which will set the tone for markets as investors head into the summer months. Economists expect Core CPI to have risen 0.3% month over month last month.
Persons: , Morningstar, Dave Sekera, Jerome Powell, Sekera, Dan Ives, Ives Organizations: Nasdaq, Apple, Service, Federal Reserve, CPI, Here's
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer said investors shouldn't make any big moves in anticipation of the market-moving events. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, shouldn't, Jim, Nat, Jim Cramer's Organizations: CNBC, Broadcom, Nvidia, Apple, Energy, UBS, Club, Honeywell Locations: CTRA
Oil slips on dollar's strength from U.S. jobs data
  + stars: | 2024-06-10 | by ( ) www.cnbc.com   time to read: +3 min
Oil wells are seen at an oil facility by the Highway 5 near Bakersfield in California, U.S. on Nov. 27, 2022. Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dollar to rally. In the U.S., Washington stepped up purchasing of crude oil to replenish the Strategic Petroleum Reserve after prices fell. Last week, U.S. energy firms cut the number of oil and natural gas rigs operating to the lowest since January 2022, energy services firm Baker Hughes said on Friday.
Persons: Emmanuel Macron, Le, Tony Sycamore, Sycamore, Brent, WTI, FGE, Washington, Baker Hughes, Hayan Abdel, Ghani Organizations: Brent, . West Texas, greenback, European Union, IG, U.S . Federal Reserve, Bank of Japan, Organization of, Petroleum, bbl, Strategic Petroleum Reserve, Iraq's Oil Locations: Bakersfield, California, U.S, European, Sydney, OPEC, Kurdistan, Iraq, Turkey
US stocks fell as bond yields increased ahead of a big week of updates for the market. Investors are eyeing Apple's WWDC event, a Fed meeting, and key inflation reports this week. The Fed is expected to leave rates unchanged but officials will offer more insight into future moves. AdvertisementUS stocks edged lower while bond yields rose ahead of a big week for the market. Investors will have to navigate Apple's WWDC event, a Federal Reserve meeting, and multiple inflation reports this week, all of which could shake up stock prices.
Persons: , David Morrison Organizations: Service, Investors, Reserve, CPI, Fed, Trade Nation
They are vigilante taxi drivers taking direct action, having become increasingly frustrated about Hong Kong authorities’ failure to regulate the ride-hailing platform. Noemi Cassanelli/CNNA Uber app is seen on a mobile phone in Hong Kong, China, on May 24, 2024. Patrick Tam, secretary general of the Hong Kong Taxi & Public Light Bus Association, acknowledged the complaints against some unruly taxi drivers, and said he supported the police going after them. “We just want fair treatment.”So far, Hong Kong police have said they had not arrested any Uber drivers ensnared in the amateur sting operations. And CUHK’s Chan said that, after years of ambiguity, Hong Kong is already playing catch-up.
Persons: Ka Chun, , Uber, Noemi Cassanelli, CNN Uber, , Oliver Chan, Hong, John Lee, Lau, tim, ” Jason Chan, Mo, “ Uber, Patrick Tam, CNN Estyn Chung, CUHK’s Chan Organizations: CNN, Hong, Chinese University of Hong, Taxi, Pictures, hackney, CNN Taxis, HK, Hong Kong Taxi, Light Bus Association, Uber Taxi, Uber Locations: Hong Kong, China, Central, Chinese University of Hong Kong, Jordan, Singapore
The S & P 500 made a new record high, its 25 th of the year. And on the surface, there is a stolid calm that suggests a system in comfortable equilibrium, the market achieving a kind of homeostasis. Four of the past five days last week, the S & P 500 moved less than 0.2%. The S & P 500 is up almost 2% since its closing peak at the end of the first quarter, perhaps the moment of maximum belief in a seamless soft economic landing. Three stocks together now account for fully 20% of the S & P 500 market value, mocking the notion of diversification and dashing most active investors' hopes of beating the bogey.
Persons: Keith Gill, Michael Mauboussin, Scott Chronert Organizations: Nvidia, GameStop, Apple, Microsoft, Federal Reserve, Investment, Morgan Stanley Investment Management, Fed, Citi, CPI Locations: rebalancing, U.S
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