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Wells Fargo's Darrell Cronk expects two rate cuts this year
  + stars: | 2024-05-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo's Darrell Cronk expects two rate cuts this yearDarrell Cronk, Wells Fargo CIO for wealth & investment management, joins 'Squawk on the Street' to discuss what to expect from Jerome Powell today, the delineations in the consumer, and the real test ahead for equity markets.
Persons: Wells, Darrell Cronk, Jerome Powell Locations: Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEarnings need to deliver in 2024 or stock market could contract, says Wells Fargo's CronkDarrell Cronk, Wells Fargo, joins 'Squawk on the Street' to discuss Cronk's outlook for equities for the full-year, where the growth in equities can come from, and more.
Persons: Wells Fargo's Cronk Darrell Cronk Locations: Wells Fargo
Investors should focus on defensive stocks ahead of an expected economic slowdown in 2024, according to the Wells Fargo Investment Institute. Against this forecast, Cronk added that investors may have to wait until the second half of 2024 before visibility improves and markets meaningfully recover. Wednesday saw stocks climb after two back to back losing sessions for both the Dow Jones Industrial Average and S & P 500 . "The lack of market breadth (along with our expectation for an economic slowdown) suggests late-cycle dynamics are at play, leading us to maintain our defensive positioning entering 2024," he said. Cronk highlighted health care, industrials and materials as three key market segments that fit his suggested defensive investor focus.
Persons: Darrell Cronk, Cronk, Michael Bloom Organizations: Wells, Investment Institute, Wells Fargo Investment Institute, Dow Jones Industrial Locations: Wells Fargo
It’s no longer “higher for longer,” said Steve Sosnick, chief strategist at Interactive Brokers, it’s just “high for long.”What’s happening: 10-year Treasury yields are flirting with 5% for the first time since 2007, before the global financial crisis. It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fed officials, including Powell, have indicated that rates could be high enough to help lower inflation towards their target goal of 2%.
Persons: , Steve Sosnick, Rob Almeida, Powell, they’re, Jerome Powell, Paul McCartney, Darrell Cronk, Anna Bahney, , ” Lawrence Yun, Snapchat isn’t, Snapchat, Clare Duffy, Evan Spiegel Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Interactive, MFS Investment Management, US Treasury, Treasury, Economic, of New, Financial, , National Association of Realtors, NAR, Twitter Locations: New York, Ukraine, of New York, Wells Fargo, Northeast, Midwest, South, homeownership
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFade credit, 'credit spreads and high yield are too tight' right now: Wells Fargo's Darrell CronkDarrell Cronk, Wells Fargo CIO for Wealth & Investment Management and John Porter, Newton Investment Management CIO, join 'Closing Bell Overtime' to talk the day's market action, the Federal Reserve's next moves and more.
Persons: Wells Fargo's Darrell Cronk Darrell Cronk, John Porter Organizations: Wealth & Investment Management, Newton Investment Management, Federal Locations: Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed doesn't expect to cut rates as rapidly as it hiked them, says KPMG's Diane SwonkDarrell Cronk, Wells Fargo CIO for wealth & investment management, and Diane Swonk, KPMG chief economist, join 'Squawk on the Street' to discuss central bank policy around the globe, a rotation in consumer spending, and student loan repayments slowing growth.
Persons: Diane Swonk Darrell Cronk, Diane Swonk Organizations: KPMG Locations: Wells
Watch CNBC's full interview with Wells Fargo's Darrell Cronk
  + stars: | 2023-07-17 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Wells Fargo's Darrell CronkDarrell Cronk, Wells Fargo CIO for wealth & investment management, joins 'Squawk on the Street' to discuss why the risk-reward balance for stocks looks challenging, whether earnings have reached a low, and more.
Persons: Wells Fargo's Darrell Cronk Darrell Cronk Locations: Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWells Fargo's Darrell Cronk: You likely could see inflation rise in the second half of the yearDarrell Cronk, Wells Fargo CIO for wealth & investment management, joins 'Squawk on the Street' to discuss why the risk-reward balance for stocks looks challenging, whether earnings have reached a low, and more.
Persons: Wells, Darrell Cronk Locations: Wells
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe should see modest gains in the second half of 2023 driven by earnings, says Truist's Keith LernerKeith Lerner, Truist Advisory Services co-CIO and Darrell Cronk, Wells Fargo Investment Institute president, join 'Closing Bell Overtime' to talk the day's market action and what is ahead for the second half of 2023.
Persons: Truist's Keith Lerner Keith Lerner, Darrell Cronk Organizations: Truist Advisory Services, Wells Fargo Investment Institute Locations: Wells Fargo
So what does the rest of the year have in store for Wall Street? Unfortunately, Wall Street is unlikely to receive the clarity it seeks anytime soon. Still, economists at the Federal Reserve believe that a recession seems more likely by the end of 2023 than not. AI boom: Wall Street has a lot to worry about, but there’s at least one source of market euphoria: artificial intelligence. Satisfying your sweet tooth is about to get more expensiveIf you have a sweet tooth, take note: Cocoa prices have been soaring — and that could drive chocolate prices higher.
Persons: it’s, Rachel, Ross, Mulder, Scully, Sam, Diane, Vladimir, Estragon, Samuel Beckett’s, , Michael Arone, Matthew Bartolini, Darrell Cronk, , Arif Husain, Rowe Price, Wells, Justin Thomson, Liz Ann Sonders, Charles Schwab, Samantha Delouya, It’s, Danielle Wiener, Bronner, El, Paul Organizations: CNN Business, Bell, New York CNN, Investors, State, Federal Reserve, JPMorgan, Wells, Investment Institute, Silicon Valley Bank, Signature Bank, First, State Street, JPMorgan Chase, , , OceanGate Expeditions, Federal Aviation Administration, Virgin Galactic, SpaceX, Rabobank Locations: New York, Silicon, First Republic, Washington, Europe, Asia, United States, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMoney market funds can be a fools game in the long run, says Pimco's Tony CrescenziTony Crescenzi from Pimco and Darrell Cronk from Wells Fargo join 'Closing Bell Overtime' to discuss expectations for the Fed's balance sheet release, opportunities in the bond market, and credit quality exposure.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Alli McCartney and Darrell CronkAlli McCartney, UBS Private Wealth Management Managing Director, and Darrell Cronk, Wells Fargo CIO for wealth & investment management, join 'Squawk on the Street' to break down their thoughts on the market and Fed rate hike decision coming up this Wednesday.
The Labor Department's report showed U.S. consumer prices grew 6.5% on an annual basis in December, in line with expectations, from a 7.1% rise last month. Markets initially spiked lower after the data, but quickly reversed to edge higher as investors assessed the numbers. Consumer prices unexpectedly fell for the first time in more than 2-1/2 years in December, suggesting that inflation was now on a sustained downward trend. Some Fed policymakers earlier this week signaled the possibility of a 25-basis point hike during the February meeting, if the much-awaited consumer prices data further adds to evidence of a cooling economy. ET, Dow e-minis were up 138 points, or 0.4%, S&P 500 e-minis were up 17.25 points, or 0.43%, and Nasdaq 100 e-minis were up 45 points, or 0.39%.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Charles Schwab's Liz Ann Sonders and Wells Fargo's Darrell CronkCharles Schwab's Liz Ann Sonders and Wells Fargo Investment Institute's Darrell Cronk, join 'Squawk on the Street' to discuss markets moving lower after the Fed meeting, the relationship unit demand has with pricing, and trajectory estimates for the 2-year note.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Oppenheimer's John Stoltzfus and Wells Fargo's Darrell CronkJohn Stoltzfus, Oppenheimer Asset Management chief investment strategist, and Darrell Cronk, Wells Fargo CIO for wealth & investment management, join 'Squawk on the Street' to discuss whether valuations have fallen enough, what Stoltzfus makes of the December selloff and if the absolute level of rates matters.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere will be better buying opportunities in the first quarter of next year, says Darrell CronkJohn Stoltzfus, Oppenheimer Asset Management chief investment strategist, and Darrell Cronk, Wells Fargo CIO for wealth & investment management, join 'Squawk on the Street' to discuss whether valuations have fallen enough, what Stoltzfus makes of the December selloff and if the absolute level of rates matters.
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