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☆ Asia markets in mixed territory after Fed raises concern over 'persistent' inflation
▼ + stars: | 2024-05-23 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

An inflatable bull during a ceremony marking the first day of trading of the year at the Korea Exchange (KRX) headquarters in Seoul, South Korea, Tuesday, Jan. 2, 2024. SeongJoon Cho/Bloomberg via Getty ImagesAsia-Pacific markets were mixed after minutes from the last U.S. Federal Reserve meeting revealed that Fed officials have grown more concerned about inflation, with members indicating they lacked confidence to move forward on interest rate reductions. In Asia, investors will assess flash business activity data from Australia and Japan, as well as Singapore's final first quarter gross domestic figures. South Korea's central bank will be announcing its policy rate decision today. Analysts polled by Reuters expect the Bank of Korea to hold its benchmark lending rate at 3.5%, although a note from ING last week said the meeting will still be closely watched, "as two new members have joined the [BOK's] board since the last meeting and it will be interesting to see if this has changed the view of the board."

Persons: SeongJoon Cho Organizations: Korea Exchange, Bloomberg, Getty Images, Federal Reserve, Reuters, Bank of, ING Locations: Seoul, South Korea, Getty Images Asia, Pacific, U.S, Asia, Australia, Japan, Korea's, Bank of Korea

☆ CNBC Daily Open: Nvidia shares top $1,000 on AI boom
▼ + stars: | 2024-05-23 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia to split stock, sales to soarShares of Nvidia rose more than 7%, topping $1,000 for the first time, in after-hours trading after its first-quarter earnings and sales beat analysts' expectations. The company plans to split its stock 10 for 1. The media outlet went public in 2021 and has seen its shares fall 94% since then.

Persons: OpenAI, Vivek, Vivek Ramaswamy, Ramaswamy, Goldman Sachs Organizations: CNBC, Nvidia, Dow Jones, Nasdaq, Dow, Google, GOP, Securities and Exchange Commission

☆ Recession is coming — and a raft of companies will fail, warns elite investor Jeffrey Gundlach
▼ + stars: | 2024-05-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Read previewPrepare for a recession to strike and companies to collapse as stubborn inflation and sticky interest rates take their toll, Jeffrey Gundlach warned. The economy will suffer a prolonged downturn this year or next, the billionaire investor told Fox Business on Tuesday. Persistently higher rates will drive some companies to ruin and tank the wider economy, he predicted. "I think that higher for longer is going to lead to a recession," Gundlach said. "You're not going to take out Tesla necessarily — they might have other problems, but it's not going to be because of interest rates.

Persons: —, Jeffrey Gundlach, Gundlach, Tesla, it's Organizations: Service, Fox Business, Business, DoubleLine

☆ Home sales: Prices in the US housing market continue to climb
▼ + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. Housing affordability takes into account prices, household incomes and mortgage rates. Sales fell in April for the second month in a row as mortgage rates surged past 7%. Mortgage rates track the yield on the 10-year US Treasury note, which moves in anticipation of the Fed’s decisions on interest rates. Low housing affordability typically crimps demand.

Persons: it’s, ”, Lawrence Yun, Freddie Mac Organizations: Washington CNN —, National Association of Realtors, Global, NAR, Federal Reserve, Fed, Treasury Locations: San Diego, Chicago, Detroit, America, ”

☆ 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

☆ The stock market gets nailed by the Fed, again. Plus, Starbucks' quiet comeback
▼ + stars: | 2024-05-22 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

One Club stock standout Wednesday was off-price retailer TJX after the T.J. Maxx, Marshalls and HomeGoods owner's solid quarter. The recent action in the Club stock has us wondering if a big buyer is lurking out there. 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, Ralph Lauren, Jim Cramer's, Jim Organizations: CNBC, Federal, Club, Marshalls, Nvidia, Moderna, Tech, Enphase Energy, Corp, BJ's Wholesale, Jim Cramer's Charitable Locations: Maxx

☆ Opinion: If you opposed the pro-Palestinian protests, here’s why you should reconsider
▼ + stars: | 2024-05-22 | by ( Opinion Haroon Moghul | ) edition.cnn.com time to read: +10 min

The media line fed to the public about weeks of protests at Columbia — and the administrative crackdown that followed — has been selective at best. Columbia students have made clear that that’s what drives their protests. Why, even as numerous students at Columbia and elsewhere have been doxxed, harassed and bullied, were no congressional hearings called? But if Columbia students didn’t care about their university and the values it claims to uphold, they wouldn’t have risked so much with their protests. By the same token, if students didn’t care about our country, they wouldn’t protest so vocally against its policies.

Persons: Haroon Moghul, I’ve, —, What’s, we’ve, Minouche Shafik, Shafik, aren’t, maters Organizations: The Concordia Forum, CNN, Columbia University’s Department of, Studies, Columbia, Columbia University, Columbia —, UCLA, Israel, Police, Ivy League, America, Twitter, Facebook Locations: Islam, Eastern, Europe, Columbia, Gaza, Washington , DC, America

☆ Weekly mortgage refinance demand revives as interest rates fall to 7-week low
▼ + stars: | 2024-05-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates fell for the third straight week last week, sparking increased demand for refinances. Total mortgage application volume rose 1.9% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications to refinance a home loan rose 7% for the week and were 21% higher than the same week one year ago. Rates last week were just 32 basis points higher than they were a year ago, and that gap has been shrinking. While higher mortgage rates certainly hurt affordability, today's buyers are still facing very low supply and stiff competition, which fuels bidding wars.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois

☆ Fed officials aren’t easing Wall Street’s nerves
▼ + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Optimism spurred by the latest inflation data pushed all three major stock indexes to new record highs. But now Wall Street, eager for rate cuts, is on edge again. But some financial leaders remain doubtful that the Fed is feeling confident enough to cut rates soon. “I think we’re set up for stickier inflation.”Some Fed officials say another rate hike isn’t likelyFed officials have mostly sounded a little more optimistic about inflation recently, after the Consumer Price Index for April finally provided some welcome news. Cleveland Fed President Loretta Mester told Bloomberg on Monday that she also thinks interest rates are high enough to deal with inflation.

Persons: they’re, Dow, Christopher Waller, ” Waller, Goldman Sachs, David Solomon, “ I’m, ”, “, Philip Jefferson, Mary Daly, Axios, Jerome Powell, Klaas Knot, Loretta Mester, Chris Larkin Organizations: Washington CNN, Federal Reserve, CNBC, ”, Peterson Institute for International Economics, Boston College, Mortgage, Association, ” San Francisco Fed, European Central Bank Governing, Cleveland Fed, Bloomberg, “ Locations: ” San

☆ Fed Minutes Show Officials Were Wary About Inflation at May Meeting
▼ + stars: | 2024-05-22 | by ( Jeanna Smialek | More About Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Federal Reserve officials were wary about the recent lack of progress on inflation and remained willing to lift interest rates if conditions made it necessary as of their two-day meeting that ended on May 1. Minutes from the gathering, released Wednesday, showed that “many” officials expressed uncertainty about how much today’s interest-rate setting — 5.3 percent, up sharply from near zero in early 2022 — was weighing on the economy. Officials have been clear that they expect to leave interest rates unchanged for now, hoping that they are tapping the brakes on economic growth enough to quash inflation over time. And central bankers have repeatedly emphasized that they expect the next move on interest rates to be a reduction, not an increase. But policymakers have stopped short of ruling out a future rate increase, allowing that it’s a possibility if inflation proves surprisingly rapid.

Persons: — Organizations: Federal

☆ Federal Reserve minutes indicate worries over lack of progress on inflation
▼ + stars: | 2024-05-22 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

U.S. Federal Reserve Chair Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., May 1, 2024. Federal Reserve officials grew more concerned at their most recent meeting about inflation, with members indicating that they lacked the confidence to move forward on interest rate reductions. Minutes from the April 30-May 1 policy meeting of the Federal Open Market Committee released Wednesday indicated apprehension from policymakers about when it would be time to ease. The meeting followed a slew of readings that showed inflation was more stubborn than officials had expected to start 2024. The Fed targets a 2% inflation rate, and all of the indicators showed price increases running well ahead of that mark.

Persons: Jerome Powell, Christopher Waller, FOMC, Stocks Organizations: Federal, Committee, Federal Reserve, Market, Fed, University of Michigan, New York Fed Locations: Washington , U.S

☆ Fed minutes indicate worries over the lack of progress on inflation
▼ + stars: | 2024-05-22 | 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 EmailFed minutes indicate worries over the lack of progress on inflationCNBC's Steve Liesman, Lido's Ken Stern, and Wolfe Research's Stephanie Roth join 'Power Lunch' to discuss their takeaways from today's Fed minutes.

Persons: Steve Liesman, Lido's Ken Stern, Wolfe Research's Stephanie Roth Locations: today's

☆ Fed officials seem like they have ‘no idea’ what is going on with U.S. inflation, strategist says
▼ + stars: | 2024-05-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

"I think the message that's coming through is that they have no idea what's going on," Howard said on CNBC's "Squawk Box Europe" on Wednesday. Fed Governor Christopher Waller on Tuesday said that he needed to see further data evidence that inflation was softening before supporting rate cuts. Waller's comments were echoed by other Fed officials on Tuesday, including Boston Fed President Susan Collins. 'A credibility problem'But Fed officials have not come out with a clear message about their expectations or to address why inflation remains elevated, GAM's Howard said. "And now [policymakers] think inflation is coming down but its not coming down fast enough," he said.

Persons: Valerie Plesch, Julian Howard, Howard, Christopher Waller, Waller's, Susan Collins, GAM's Howard, They've Organizations: Eccles Federal, Bloomberg, Getty, Federal, GAM, Fed, Peterson Institute for International Economics, Boston Fed, Atlanta Federal Reserve Locations: Washington , DC, U.S, Washington

☆ Today's minutes indicated the Fed is impatient with the pace of declining inflation, says Jim Cramer
▼ + stars: | 2024-05-22 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailToday's minutes indicated the Fed is impatient with the pace of declining inflation, says Jim Cramer'Mad Money' host Jim Cramer digs into how the markets reacted to today's Fed minutes.

Persons: Jim Cramer

☆ Baby boomers have been America's secret weapon for fending off recession
▼ + stars: | 2024-05-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewTalks of a looming recession are flaring across Wall Street, but the savings war chest of baby boomers has staved off a US downturn. AdvertisementInstead, only the goods sector has shown signs of a growth recession, Yardeni said. But that's after the lockdown's hard-to-beat buying spree; today, goods spending remains at a record high when adjusted for inflation. Related storiesBut to Yardeni, they're the reason no consumer recession has appeared in the past two years, he separately wrote in April:"The Baby Boomers watched a lot of 'Star Trek' during the 1960s. AdvertisementMeanwhile, the baby boomer focus on service spending may also have deformed indicators, making things look gloomier than they are.

Persons: —, Ed Yardeni, Yardeni Organizations: Service, Business, Financial Times, Boomers

☆ Cramer says recent data shows the economy has cooled since the Fed's last meeting
▼ + stars: | 2024-05-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer said inflation may be abating more quickly than some think, suggesting that comments from the Federal Reserve's most recent meeting three weeks ago may not hold much weight. The major averages declined as Wall Street fretted about the Fed minutes, which were released on Wednesday. He said data that's been released since the meeting could make the policymakers change their tune. Cramer admitted that during policymakers' last meeting, the economy was seeing "nascent commodity inflation." Cramer also mentioned that copper prices slumped on Wednesday, and shares from the U.S.'s largest copper producer, Freeport-McMoRan , sank.

Persons: CNBC's Jim Cramer, Cramer, that's Organizations: Federal, Fed, U.S Locations: Freeport, McMoRan

☆ The Dow is set to surge 50% by 2030 as the 'roaring 20s' are alive and well for stocks, market vet says
▼ + stars: | 2024-05-22 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

With the stock market trading at record highs, the "Roaring 20s" thesis is alive and well. That's according to Ed Yardeni, who expects the Dow and S&P 500 to soar 50% by 2030. "That target could be achieved with a forward P/E of 20 and forward earnings at $400 per share," Yardeni said. AdvertisementWith stocks trading at record highs, the "Roaring 20's" bull thesis remains intact, according to market veteran Ed Yardeni. AdvertisementForward S&P 500 earnings per share hit $257.20 last week, and analysts currently estimate that S&P 500 EPS will rise to $278 in 2025 and $313 in 2026.

Persons: Ed Yardeni, Yardeni, —, Eric Wallerstein, Wallerstein Organizations: Dow, Service, Dow Jones Industrial, CNBC, Yardeni Research

☆ CNBC Daily Open: New highs on Wall Street, Fed's Waller says rate cuts months away
▼ + stars: | 2024-05-22 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rate cuts several months awayFederal Reserve Governor Christopher Waller said he does not think further rate increases are necessary, but he will need convincing before backing any rate cuts. Singapore Airlines: one dead, 30 injuredOne person died and 30 people were injured aboard a Singapore Airlines flight that was hit by severe turbulence and forced to land in Thailand. Singapore Airlines Flight 321 encountered "sudden, severe turbulence" about 10 hours into a flight from London to Singapore, the airline said.

Persons: Christopher Waller, Waller, Biden, Jennifer Granholm, Walt Disney, Bob Iger, Jesse Pound, JPMorgan's Marko Kolanovic Organizations: New York Stock Exchange, CNBC, Nasdaq, Nvidia, Dow Jones, Federal, Gasoline, East, Pixar, Studios, Disney, Walt Disney Animation, Singapore Airlines, Singapore Airlines Flight, Boeing, Wall Street Locations: New York City, Israel, Thailand, London, Singapore

☆ Fed could cut rates after 1 or 2 months, analyst says
▼ + stars: | 2024-05-22 | 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 EmailFed could cut rates after 1 or 2 months, analyst saysAlexandre Tavazzi, head of the CIO office and macro research at Pictet Wealth Management, discusses the Federal Reserve's next interest rate move.

Persons: Alexandre Tavazzi Organizations: Pictet Wealth Management, Federal

☆ U.S. Treasury yields rise as investors weigh Fed speaker comments
▼ + stars: | 2024-05-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

ET, the 10-year Treasury yield was up by over two basis points to 4.4374%. The 2-year Treasury yield was last at 4.8626% after rising by nearly three basis points. U.S. Treasury yields were higher on Wednesday as investors considered the latest comments from Federal Reserve speakers about the outlook for inflation and interest rates. A series of Fed officials on Tuesday urged patience when it comes to rate cuts as inflation remains above the Fed's 2% target. On Wednesday, further Fed officials are set to give remarks and minutes from the central bank's latest meeting are due to be released.

Persons: Christopher Waller, Susan Collins, Raphael Bostic Organizations: U.S, Treasury, Federal Reserve, Boston Fed, Atlanta Fed

☆ Fed Governor Waller wants 'several months' of good inflation data before lowering rates
▼ + stars: | 2024-05-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Christopher Waller, governor of the US Federal Reserve, during a Fed Listens event in Washington, D.C., on Friday, Sept. 23, 2022. Federal Reserve Governor Christopher Waller, citing a string of data showing that inflation appears to be easing, said Tuesday that he does not think further interest rate increases will be necessary. Yet Waller said he's not ready to back interest rate cuts. Markets have had to recalibrate their expectations for monetary policy this year. In the early months, futures markets traders priced in at least six rate cuts this year starting in March.

Persons: Christopher Waller, Waller, he's Organizations: US Federal Reserve, Washington , D.C, Federal, Peterson Institute for International Economics, Market, Labor Department Locations: Washington ,, Washington

☆ Stock market today: S&P 500 edges higher to new record as traders brace for Nvidia earnings
▼ + stars: | 2024-05-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The S&P 500 came close to breaching a new high, as investors gear up for Nvidia earnings on Wednesday. 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 closed at a record high Tuesday, as investors gear up for Nvidia's highly-anticipated earnings report. By now, the semiconductor manufacturer has a reputation for leading broader stock market upside and traders are eyeing the release as the next big catalyst as the market heads toward summer.

Persons: Christopher Waller, Crypto, —, cryptocurrency Organizations: Service, Nasdaq, Federal Reserve, ethereum, Here's

☆ Fed is in 'wait and see' mode on rate policy timeline, says Bleakley's Peter Boockvar
▼ + stars: | 2024-05-21 | 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 EmailFed is in 'wait and see' mode on rate policy timeline, says Bleakley's Peter BoockvarPeter Boockvar, chief investment officer at Bleakley Financial Group, joins CNBC's 'The Exchange' to discuss the Fed's rate policy stance, signals from the metal rally, and more.

Persons: Bleakley's Peter Boockvar Peter Boockvar Organizations: Bleakley Financial

☆ 'Several months' of good inflation data needed before lowering rate, Fed's Waller says
▼ + stars: | 2024-05-21 | 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 Email'Several months' of good inflation data needed before lowering rate, Fed's Waller saysCNBC's Steve Liesman reports on the latest news from the Federal Reserve.

Persons: Fed's Waller, Steve Liesman Organizations: Federal Reserve

☆ The Fed is managing inflation 'extraordinarily well', says Jefferies' David Zervos
▼ + stars: | 2024-05-21 | 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 EmailThe Fed is managing inflation 'extraordinarily well', says Jefferies' David ZervosDavid Zervos, Jefferies Chief Market Strategist, joins 'Closing Bell Overtime' to talk what's ahead for the Federal Reserve and what the latest round of Fed speak is signaling.

Persons: Jefferies, David Zervos David Zervos Organizations: Jefferies, Federal Reserve

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