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It's historically been a smart move to buy Apple shares around this time of year coming off the technology giant's developer conference, according to Morgan Stanley's sales team. Apple's biggest announcement was its push into artificial intelligence — the buzzy software that has helped propel large tech names, such as Nvidia , to record highs. Apple executives at the event unveiled Apple Intelligence, AI tools that will be available on the Mac, iPhone and iPad. AAPL YTD mountain Apple, year to date Shares rebounded on Tuesday, rallying more than 6% to a new all-time high. But the stock has underperformed both the S & P 500 and tech-heavy Nasdaq Composite this year with a gain of just over 6%.
Persons: Morgan, Morgan Stanley, Siri Organizations: Apple, Developers, Nvidia, Apple Intelligence
People watch the first sunrise of the new year from a footbridge overlooking the city skyline in Seoul on January 1, 2024. Asia-Pacific markets opened mixed on Tuesday, even as the S&P 500 and Nasdaq Composite reached new highs on Wall Street overnight. Investors will parse through the Fed's updated projections on the timing and frequency of rate cuts. Markets are now pricing in just one rate cut this year, coming in November, according to the CME FedWatch Tool. Asia-Pacific markets like Australia, Hong Kong, mainland China and Taiwan will return to trade on Tuesday, after being closed for a public holiday the previous day.
Organizations: Nasdaq, Traders, U.S, U.S . Federal Locations: Seoul, Asia, Pacific, U.S ., Australia, Hong Kong, China, Taiwan
Bank of America predicts large-cap value stocks will start to outperform growth stocks. AdvertisementThe most boring area of the stock market is poised for a "renaissance" of outperformance, according to Bank of America. AdvertisementA hard landingAnother scenario in which value stocks should outperform is if the economy experiences a hard landing. That would likely lead to a sharp sell-off in growth-oriented stocks and the relative outperformance of value stocks. A world of structurally higher rates and inflation should bolster value stocks," Bank of America said.
Persons: , Savita Subramanian, corporates, Banks, Ebrahim Poonawala, Consumer Staples, Staples, Subramanian Organizations: of America, Bank of America, Service, Equity, " Utilities, Energy, Banks, Consumer
.SPX YTD mountain SPX year to date Here's what they expect, based on six scenarios: 40% chance: CPI rises 0.3%-0.35%: This is the most likely outcome, according to JPMorgan. Under this scenario, the S & P 500 could fall as much as 0.75% and gain as much as 0.75%. The S & P 500 would pull back between 1% and 1.25% under this scenario. 12.5% chance: CPI rises between 0.2% and 0.25%: The S & P 500 would jump 1.25% to 1.75% as September rate cut expectations surge, JPMorgan traders said. "Given the acceleration higher in inflation, rate cut bets for 2024 would evaporate and we will see the return of views of a rate hike."
Persons: Dow Jones Organizations: Federal Reserve, CPI, JPMorgan Locations: U.S
Investors should focus on high-quality stocks, says Piper Sandler's Michael Kantrowitz. High-quality stocks have high profit margins, earnings growth + momentum, and stable balance sheets. High-quality healthcare stocks in the S&P 500 beat the overall index by 22% over the last year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPiper Sandler's Chief Investment Strategist Michael Kantrowitz says investors should be focusing on high-quality stocks.
Persons: Piper Sandler's Michael Kantrowitz ., , Piper, Michael Kantrowitz Organizations: Service, Business
CNBC Daily Open: Apple upgrades Siri with AI
  + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Apple IntelligenceShares of Apple fell 1.9% after the iPhone maker delivered its long-awaited AI strategy. Siri will get an upgrade with Apple Intelligence and access to OpenAI's ChatGPT. Investors are concerned Apple had fallen behind its rivals, Microsoft and Google, in the race to deliver AI services and tools.
Persons: Goldman Sachs, Siri, Apple, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, Moderna, Tesla, Elon, Bernstein Organizations: CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple Intelligence, Apple, Investors, Google, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, Pfizer, Novavax Locations: U.S
CNN —At least 25 people were arrested after setting up multiple pro-Palestinian encampments on UCLA’s campus Monday that police said were unlawful, according to a statement from the UCLA Police Department. A CNN analysis found that some of the most dramatic attacks caught on camera that night were committed by people outside UCLA – not the university students and faculty who were eventually arrested. A pro-Palestinian demonstrator is taken into custody Monday outside Dodd Hall at UCLA. Around 8 p.m., about 25 people were arrested for willful disruption of university operations, the police statement said. Tensions have simmered on the UCLA campus over how the university has responded to protesters and counterprotesters in recent months.
Persons: counterprotesters, UCLA –, UCPD, Dodd, Etienne Laurent, Graeme Blair, Blair, Gene Block “, grievously, Amanda Musa Organizations: CNN, UCLA Police Department, UCLA, Moore, Dodd Hall, Getty, Hall, School of Law, for Justice, Los Angeles Times, UC Police, Times Locations: Gaza, UCLA’s, Palestine, Dodd
As the AI bubble turns into a mania and AI shifts to the cloud, many companies can benefit indirectly from this boom. Since that stock has already hit new highs, I am looking to participate in this sympathy move by using another cybersecurity darling, Palo Alto Networks (PANW) , as a proxy trade. A bullish price momentum accompanied by an increasing RSI indicates the strength of the move. The trade To bet bullish on PANW, the trade structure I have used here is called a "bull call spread". BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.
Persons: CrowdStrike, bullish, PANW, Jay Powell's Organizations: Alto Networks Locations: PANW
The stock market's leaders are overvalued and could suffer a big correction, RBA's Richard Bernstein said. The RBA chief investment officer pointed to a discrepancy between the debt and equity markets, which could hint at a soon-to-come market correction. But, only a narrow group of stocks are dominating the equity market, which implies profits aren't expanding for most companies. While large-cap stocks tanked during the lost decade of the 2000s, small-cap, energy, and emerging market stocks did exceedingly well. In a previous note, he said the stock market's shifting leadership from the most-hyped names to underloved equities presents once-in-a-generation opportunity for investors.
Persons: RBA's Richard Bernstein, , Richard Bernstein, Bernstein, Goldman Sachs, Goldman Sachs Research Bernstein, Russell Organizations: Service, Wall Street, Apollo, Bloomberg, Goldman Sachs Research, Nasdaq
Broadly speaking, market observers expect that investors have already priced in how the Fed may proceed with interest rates. So long as this week's Fed meeting sticks to the consensus view, many observers expect stocks will breathe a sigh of relief. "This is one of the busiest of the days on Wednesday," said Art Hogan, chief market strategist at B.Riley Financial. Possibility for surprise Of course, the Fed meeting still has the potential to surprise investors. ET Wednesday while the Fed meeting wraps up at 2:00 p.m. and Powell's press conference starts a half hour later.
Persons: shrugging, Hogan, Dave Sekera, it's, Riley's Hogan, ChairJerome Powell, Powell, hasn't, Brian Nick, Nick, , I'd, Jeff Klingelhofer, Klingelhofer, Joshua Roberts Organizations: Federal Reserve, B.Riley, Morningstar, Fed, Macro, Bureau of Labor Statistics, Nvidia, Thornburg Investment Management, Federal Locations: U.S, Washington ,
CNBC Daily Open: Musk threatens Apple ban
  + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Technology stocks Nvidia, Meta and Microsoft boosted the indexes. Apple ban threatElon Musk threatened to ban Apple devices from his companies after Apple announced a partnership with OpenAI. Ailman suggested Musk should focus on one of his ventures and let professional managers handle Tesla's daily operations. The Taiwan Weighted index hit a record high, before paring back gains, as technology and utility stocks rose.
Persons: Elon Musk, Tesla, Goldman Sachs, Musk, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, paring, Seng, Kospi, Morgan Stanley Organizations: New York Times DealBook, CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple, OpenAI, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, CSI, Nikkei Locations: New York City, U.S, Asia, Taiwan, Pacific
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
General Motors approved yet another stock buyback — adding to our frustration that portfolio name Ford has yet to embark on a repurchase program of its own. GM on Tuesday announced a new $6 billion buyback — weeks before its November $10 billion repurchase authorization is set to be completed. "I'm very upset with Ford," Jim Cramer said during the Morning Meeting for Club members. While encouraged by Ford's successful pivot, we believe a sizeable stock buyback would be a catalyst for Ford shares as it has been for GM. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Ford, Jim Cramer, Mary Barra, GM's buyback, John Lawler, repurchases, . Ford, Ford's, Jim Cramer's, Jim, Danielle DeVries Organizations: Motors, Ford, GM, Club, CNBC, Deutsche Bank, New York Locations: .
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
5 things to know before the stock market opens
  + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com   time to read: +4 min
At Apple's annual Worldwide Developers Conference on Monday, the company unveiled "Apple Intelligence" – its long-awaited AI software. Apple CEO Tim Cook stressed privacy and personalization with the system, moving beyond AI into "personal intelligence." Siri will also be getting some upgrades with Apple Intelligence, and Apple announced that Siri will also be able to tap into ChatGPT when needed through the company's partnership with OpenAI. The activist hedge fund has taken a $1.9 billion stake in Southwest Airlines , which makes it one of the airline's biggest investors. This follows a number of other stakes the firm has built within the past two months, such as a $2.5 billion stake in Texas Instruments, a $2 billion stake in SoftBank and a $1 billion stake in Anglo American.
Persons: Tim Cook, John Giannandrea, Craig Federighi, Nic Coury, Siri, Elliott, Gary Hershorn, it's, Bob Jordan, Gary Kelly, Fred Tanneau, Stephane Bancel, Francis Scott Key, Michael A Organizations: Nasdaq, Dow Jones, Nvidia, Apple, Developers, AFP, Getty, Apple Intelligence, OpenAI, Max, Southwest Airlines, Hollywood International Airport, Corbis, Elliott Management, Texas, Moderna, Afp, Francis Scott Key Bridge, McCoy, Washington Post Locations: Cupertino , California, Fort Lauderdale, Fort Lauderdale , Florida, SoftBank, U.S, Baltimore
Stock futures oscillated near the flatline Tuesday night as investors awaited the Federal Reserve's interest rate decision and May's consumer inflation data. S&P 500 futures inched lower by 0.01%, while Nasdaq 100 futures were little changed. During Tuesday's trading, investors' rotation into Apple helped lift the S&P 500 and the Nasdaq Composite to fresh closing highs. Investors are looking to Wednesday's conclusion of the Fed's two-day policy meeting, which will feature an rate policy decision and a subsequent press conference with Fed Chair Jerome Powell. Investors have grown increasingly concerned that the recent strong jobs report and sticky inflation support a higher-for-longer interest rate environment.
Persons: Dow, Jerome Powell, Quincy Krosby Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Oracle, Google, Apple, LPL
The Race for Running Mate
  + stars: | 2024-06-11 | by ( Michael C. Bender | ) www.nytimes.com   time to read: +1 min
Discipline, experience and risk aversion are not traits typically associated with Donald Trump’s political brand. But his search for those values in a running mate has helped him narrow the field, for now, to a top tier of contenders, people in his orbit tell me. People already know him, so he doesn’t need someone to woo a particular constituency, as Mike Pence did with evangelicals in 2016. But he worries that a running mate can create unwanted distractions. Advisers say he keeps injecting new contenders into the mix and pressuring his campaign for an announcement during the Republican Party’s convention next month.
Persons: Donald Trump’s, Trump, Mike Pence Organizations: Republican
The S & P 500 has been notching fresh highs as of late, but investors with a keen eye may find reasonably priced stocks that are beating the market. The benchmark is currently flexing a last 12-month price-earnings ratio of roughly 25 times, according to FactSet data. But some stocks are offering solid performance at a lower valuation when compared with the S & P 500. Shares climbed more than 18% in 2024 through Monday's close, compared with the S & P 500's 13% gain. Shares have climbed more than 35% in 2024, while Arch's TTM price-earnings ratio sits at 7.95, the lowest on the list.
Persons: Chubb, Warren, Berkshire Hathaway, Joshua Shanker, America's Shanker Organizations: CNBC Pro, CNBC, . Insurance, Berkshire, Chubb, Bank of America, " Insurance, Arch Capital, Arch, Bank, America's, Fox Corp, Hartford Financial, Altria Locations: Monday's
“My homeowners insurance doubled, with no notice – nothing,” said Jennifer Schauer, who bought her home in Novato, California, in 2021. The US homeowners insurance industry lost $101.3 billion last year as severe storms, hurricanes and wildfire did significant damage. Schauer isn’t alone among Californians grappling with high hidden costs of homeownership. By contrast, Kentucky ($11,559), Arkansas ($11,692) and Mississippi ($11,881) had the lowest hidden costs of homeownership, according to Bankrate. Since Covid, the hidden cost of homeownership has climbed most rapidly in three states: Utah (44%), Idaho (39%) and Hawaii (38%).
Persons: we’re, That’s, Bankrate, Jeff Ostrowski, , Jennifer Schauer, Schauer, wasn’t, , Schauer isn’t, it’s, you’ll, ” Ostrowski Organizations: New, New York CNN, CNN, P Global, Federal Reserve Locations: New York, Novato , California, California, Hawaii, Massachusetts, New Jersey, Connecticut, Kentucky, Arkansas, Mississippi, Utah, Idaho
Larry Ellison, co-founder, chairman and chief technology officer of Oracle, speaks during the Oracle OpenWorld conference in San Francisco on Oct. 1, 2017. Oracle shares jumped as much as 9% in extended trading on Tuesday after the software maker announced cloud deals with Google and OpenAI, despite fourth-quarter results that fell short of Wall Street expectations. Organizations will be able to deploy workloads in Google and Oracle cloud data center regions without having to pay data-transfer charges, Oracle said. In an additional statement, Oracle said OpenAI has selected Oracle's cloud to provide additional computing capacity. During the quarter, Oracle said its database software would be available in five additional Azure data center regions, bringing the total to 15.
Persons: Larry Ellison, Oracle, OpenAI, Jim Lebenthal, Bill Baruch Organizations: Oracle, Google, Amazon Web Services, Microsoft Locations: San Francisco
Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."
Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. My wife, Kristi, and I were inspired to move to France after watching a documentary about British people who'd relocated there. This story is available exclusively to Business Insider subscribers. Kids start school at 3The education system in France is superior. Do you have an interesting story about living away from your native country that you'd like to share with Business Insider?
Persons: , Phil Coley, Kristi, who'd, Alicia, Haydn, pats, I've, they've Organizations: Service, Business, ex, pats Locations: France, Limoges, It's, , French
CNN —Nearly four years ago, while campaigning in the runup to the last presidential election, Donald Trump warned that President Joe Biden would “destroy” the oil industry. In the last three and a half years, US oil production — and oil and gas company profits — have broken records. That’s a 160% jump compared to the first three years of the pro-big-oil Trump administration, according to calculations by CNN. However, in March, the Biden administration approved ConocoPhillips’ massive Willow oil drilling project on Alaska’s North Slope, which holds around 600 million barrels of oil, angering climate advocates. Despite his mixed record with oil and gas companies, though, Biden has presided over a historic run for the industry, Kloza said.
Persons: Donald Trump, Joe Biden, Trump, Biden, That’s, , Tom Kloza, , Hess, Chevron’s, Abdullah Hasan, Darren Woods, Mike Wirth, Woods, Obama, Bob McNally, Kloza, ” Kloza, “ It’s Organizations: CNN, Global, ExxonMobil, Chevron, ConocoPhillips, Resources, Schlumberger, Oil Price Information Service, US Energy Information Administration, Oil, Natural Resources, Exxon, White, Shareholders, Microsoft, Apple, The Washington Post, Keystone XL, Rapidan Energy Group, Republican Locations: United States, Ukraine, Boon, dealmaking, The
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. "Notice where Stanley Black & Decker is when you have a good day for the bonds," Jim Cramer pointed out. 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, you'll, Stanley Black, Decker, Dupont, Ed Breen, Jim, Eli Lilly, Eli Lilly Alzheimer's, Banks, Wells, Michael Santomassimo, Santomassimo, Morgan Chittum, We've, Tom Jorden, Coterra, Jorden, Jerome Powell, Jim Cramer's Organizations: CNBC, Longtime, Apple, Treasury, Club, DuPont, GE Healthcare, Huntington, Investing Club, Coterra Energy, Broadcom, VMware, Jim Cramer's Charitable
I like to visit the water parks in the afternoon. Megan duBoisOne of my favorite things to do at Disney World is visit one of the two water parks, which alternate being open throughout the year. This summer, Typhoon Lagoon is open. As the days get longer in June and July, there are certain nights when the water park is open until 8 p.m. Additionally, Typhoon Lagoon hosts H2O Glow After Hours, a separately ticketed event during which the park is open until 11 p.m. on select summer nights.
Persons: Megan duBois, It's Organizations: Disney, Typhoon Locations: Florida
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