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Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve with more impetus to start lowering interest rates. The Labor Department's Job Openings and Labor Turnover Survey released Tuesday showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and close to 19% lower than a year ago. The ratio of job openings to available workers edged down from 1.2 to 1, after being around 2 to 1 when openings peaked above 12 million in March 2022. Fed officials watch the JOLTS report closely for signs of labor market slack as they look for direction on monetary policy. While job openings slid, hires moved slightly higher as did separations and quits, a sign of worker confidence in the ability to move to other positions.
Persons: Dow Jones, nonfarm Organizations: Reserve, Labor, Bureau of Labor Statistics
CNBC's Jim Cramer reviewed Tuesday's market action, suggesting to investors the moves may be a good setup for rate cuts. "You get a day like today, it's a work in progress toward a rate cut, hence why we rebounded in the late afternoon," he said. "We have days like today that are good setups for a rate cut, but that doesn't give us enough evidence to truly move the needle." Cramer also stressed that market action can't be explained in purely simple terms — even if such a fraught summation isn't satisfying. It doesn't make things simple," he said.
Persons: CNBC's Jim Cramer, Cramer, Friday's Organizations: Federal Reserve
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. "We can't seem to mount any sort of rally for the likes of Club stocks Eaton and Dover . 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, that's, Cramer, Jim, Dell, Brown, Forman, we'll, Jim Cramer's, Michael Dell, Kike Rincon Organizations: CNBC, Labor, Procter, Procter & Gamble, Costco, May, Services, Jim Cramer's Charitable, Dell Technologies, MWC, Mobile World Congress, Fira, Gran, Europa Press, Getty Locations: Procter &, Costco, Eaton, Dover, CrowdStrike, Campbell Soup, L'Hospitalet de Llobregat, Barcelona, Catalonia, Spain
CNBC's Jim Cramer on Friday told investors what to pay attention to next week on Wall Street, highlighting the nonfarm payroll report and earnings from GitlLab and CrowdStrike . Cramer said he's waiting to see how the company will perform because some in the enterprise software sector see issues with sales. Tuesday brings quarterly results from CrowdStrike, and Cramer said this cybersecurity company has been doing better than many of its peers. Friday brings perhaps the most important event of the week, according to Cramer, the Labor Department's nonfarm payroll report. Cramer said the Federal Reserve won't be inclined to cut rates until the unemployment rate reaches 4%.
Persons: CNBC's Jim Cramer, Cramer, he's, Hewlett Packard, Ferguson, PVH, Calvin Klein, Tommy Hilfiger, Ralph Lauren, Campbell Soup, Jack Daniels, Brown, Forman, Lululemon, JM Smucker, Smucker Organizations: Dell, athleisure, Labor
Inflation is taking baby steps towards coming back to where policymakers want it, with a report due Friday expected to show more of that creeping progress. Core inflation is expected to have slowed to 0.2%, which would represent at least some further progress toward easing price pressure on weary consumers. "That said, getting to the Fed's 2% target is apt to be a bumpy landing." However, policymakers' expectations that housing inflation will cool this year have been largely thwarted, throwing another wrinkle into the debate. CPI inflation ran at 3.4% for the all-items measure in April and 3.6% for core, well above the Fed's target.
Persons: Dow Jones, Carol Schleif Organizations: Dow, BMO Family Office, Labor Locations: PCE
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewLawsuits to block some of President Joe Biden's targeted student-debt relief efforts are simmering — and a court ruling might have signaled how one case will fare. "Plaintiffs have not alleged that any of their employees have stopped seeking PSLF forgiveness because of the adjustment," the court's decision said. In March, 11 GOP state attorneys general filed a lawsuit to block the SAVE income-driven repayment plan, which the Education Department implemented last summer to give borrowers more affordable monthly payments. Economic assumptions alone were not enough for the Sixth Circuit, nor, for that matter, for the Supreme Court," the Education Department wrote in its legal filing.
Persons: , Joe Biden's, Circuit wasn't Organizations: Service, New Civil Liberties Alliance, Cato Institute and Mackinac Center for Public, Business, Public, Sixth, Circuit, Education Department, SAVE, Biden's Education Department, Sixth Circuit, Supreme Locations: PSLF
The DOJ secured the agreements with Arthur Grand Technologies Inc., an information technology services firm, earlier this month. The job ad said it was after "only US-born citizens [white] who are local within 60 miles from Dallas, TX." Arthur Grand apologized and said that an employee added discriminatory language to the listing and published it without authorization. AdvertisementAs part of its settlement with the Justice Department, Arthur Grand will pay the US Treasury a civil penalty of $7,500 and implement comprehensive training for its staff on INA compliance. Last month, Business Insider reported on a study that showed CVs with Black-sounding names are less likely to get callbacks.
Persons: , Arthur Grand, Kristen Clarke, Michele Hodge, OpenAI, Arthur Grand didn't Organizations: Service, US Department of Justice, DOJ, Arthur Grand Technologies Inc, Immigration, Business, Department, Department of Labor's, LinkedIn, Justice Department, Labor, Justice Department's Civil, Division, US Treasury, INA, Labor Department, Bloomberg Locations: Virginia, Dallas , TX
Read previewRachel, a Pennsylvania student-loan borrower, wants President Joe Biden's new debt cancellation plan to be implemented — and she wants the relief to be as broad as possible. AdvertisementRachel is among the millions of federal student-loan borrowers contending with monthly bills again amid an uncertain time for relief. Biden's Education Department is working to implement a new debt relief plan after the Supreme Court struck down its first plan last summer. "I will never stop working to cancel student debt — no matter how many times Republican elected officials try to stop us." Where the challenges standThe administration is required to adhere to the negotiated rulemaking process to implement this new student-loan forgiveness plan.
Persons: , Rachel, Joe Biden's, cancelation, Biden, Donald Trump, Cary Coglianese, it's Organizations: Service, Federal, Business, Biden's, Public, Education Department, Republican, Department, Biden, Higher, University of Pennsylvania Locations: Pennsylvania
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Over a year after Ticketmaster crashed, preventing rabid Taylor Swift fans from purchasing tickets to her concert tour, the DOJ has announced an antitrust lawsuit against Ticketmaster's parent company, Live Nation Entertainment. Advertisement"This has given Live Nation and Ticketmaster the opportunity to freeze innovation and bend the industry to their own benefit. The lawsuit comes after Ticketmaster fumbled a pre-sale event in late 2022 for Taylor Swift's Eras Tour as fans competed with bots for a limited number of tickets. AdvertisementIn response to the antitrust suit, Live Nation said that "calling Ticketmaster a monopoly may be a PR win for the DOJ in the short term, but it will lose in court."
Persons: , Taylor Swift, Merrick Garland, Taylor, Swift Organizations: Service, Ticketmaster, DOJ, Entertainment, Business, Justice Department, Department
According to prosecutors, the scheme began sometime in 2020 and used the stolen identities of about 60 US citizens. According to prosecutors, the scheme saw overseas workers apply for remote jobs at well-known US companies, including Fortune 500 companies. In exchange, prosecutors said in the indictment that Chapman charged the workers monthly fees for her services. In 2016, the US passed the North Korea Sanctions and Policy Enhancement Act, which aimed to improve the enforcement of sanctions against North Korea. The assistant director of the FBI's Counterintelligence Division, Kevin Vorndran, said in the press release that although the allegations may seem like "typical white-collar" crime, they represent a broader trend.
Persons: , Christina Marie Chapman, Chapman, Oleksandr Didenko, Nicole M, Argentieri, Kevin Vorndran Organizations: Service, US, Office, District of Columbia, Business, Fortune, Prosecutors, Social Security Administration, Department's, North Korea Sanctions, North, FBI's Counterintelligence Division Locations: Arizona, North Korea, Valley, American, Ukrainian
Information about Wednesday's critical consumer price index release circulated early on the Bureau of Labor Statistics website, according to a statement from the agency. The statement provided few details but noted that the Labor Department agency has notified the Office of Management and Budget and the department's Office of the Inspector General. There was no other information provided concerning the early release of the CPI, a key inflation indicator that showed another increase in April, though slightly less than what the Wall Street consensus had anticipated. ET release, though there was little unusual activity in the half-hour prior, indicating that the early release was not widely seen and did not materially impact trading. Core inflation, which excludes food and energy, ran at a 0.3% rate monthly rate and 3.6% annually, the lowest since April 2022.
Persons: Wednesday's, Peter Boockvar, Trump, Boockvar, Stocks Organizations: Bureau of Labor Statistics, BLS, Labor Department, Management, Budget, CPI, Bleakley Locations: Washington
U.S. President Joe Biden delivers remarks while meeting with the Joint Chiefs and Combatant Commanders in the Cabinet Room of the White House May 15, 2024 in Washington, DC. WASHINGTON — President Joe Biden has asserted executive privilege over an audio recording of his interview with special counsel Robert Hur, the Republican federal prosecutor who declined to recommend charges against the president over his handling of classified documents. White House counsel Ed Siskel notified Reps. James Comer and Jim Jordan of the decision in a letter on Thursday. The decision came after Attorney General Merrick Garland recommended that Biden assert executive privilege. Biden defended his memory, and Garland later said it would be "absurd" for him to have tried to block Hur's language about the president's memory.
Persons: Joe Biden, Robert Hur, Ed Siskel, James Comer, Jim Jordan, General Merrick Garland, Biden, Carlos Felipe Uriarte, Garland, Hur, Donald Trump Organizations: Joint Chiefs, WASHINGTON, Republican, Department, House Judiciary, White, Republicans Locations: Washington , DC
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
The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department's Bureau of Labor Services reported Wednesday. Excluding food and energy, the key core inflation reading came in at 0.3% monthly and 3.6% on an annual basis, both as forecast. The core 12-month inflation reading was the lowest since April 2021. Futures traders raised the implied probability that the Federal Reserve would start cutting interest rates in September. That figure is adjusted for seasonality but not inflation, suggesting consumers did not keep up with the pace of price increases.
Persons: Dow Jones Organizations: Labor Department's Bureau of Labor Services, Markets, Treasury, Federal Reserve
Bitcoin is likely to remain rangebound and trade along with macro data points, until we see a clearer path for rate cut." Bitcoin jumped with stocks on Wednesday after the April consumer price index showed inflation eased from the previous month. The consumer price index, a broad measure of how much goods and services cost at the cash register, increased 0.3% from March, the Labor Department's Bureau of Labor Statistics reported Wednesday. Earlier this week, bitcoin also sat out a two-day revival of the meme stock craze. With Wednesday's gain, bitcoin is now up 7% for the week — its best week since March 29 — and on pace to break a six-week slide.
Persons: Owen Lau, Oppenheimer, bitcoin, Bitcoin, Dow Jones, Leena ElDeeb, ElDeeb, Jeff Cox, Nick Wells Organizations: CNBC, Metrics, Labor Department's Bureau of Labor Statistics, Investors
The 2-year Treasury yield was last at 4.8061% after falling by over one basis point. U.S. Treasury yields were lower on Wednesday is investors considered the outlook for inflationary pressures and awaited the latest consumer price index data. The producer price index for April, which tracks wholesale prices, came in higher than expected on Tuesday. This comes ahead of the consumer price index for April which is expected to be released Wednesday. On an annual basis, inflation is anticipated to slow slightly to 3.4% from 3.5% in March.
Persons: Dow Jones, Jerome Powell Organizations: Treasury, Investors, Labor Department's Bureau of Labor Statistics, PPI, Core CPI
Wholesale prices rose 0.5% in April, more than expected
  + stars: | 2024-05-14 | by ( Jeff Cox | ) www.cnbc.com   time to read: +3 min
Wholesale prices jumped more than expected in April, putting up another potential roadblock to interest rate cuts anytime soon. Stripping out volatile food and energy prices, core PPI also increased 0.5% compared to the 0.2% Dow Jones estimate. On a year-over-year basis, wholesale inflation rose 2.2%, also the highest in a year. Core PPI inflation was at 2.4%, the biggest annual move since August 2023. Services prices boosted the wholesale inflation reading, rising 0.6% and accounting for about three-quarters of the headline gain, while the final demand goods index increased 0.4%.
Persons: Dow Jones, Chris Larkin, Morgan Stanley Organizations: Labor Department's Bureau of Labor Statistics, PPI, Reuters . Stock, BLS, Federal Reserve, Commerce, York
US Treasury Secretary Janet Yellen delivers remarks at the Treasury Department's Committee on Foreign Investment in the United States conference at the Treasury Department in Washington, DC, on September 14, 2023. U.S. President Joe Biden issued an order on Monday forcing a Chinese-backed cryptocurrency mining company to sell land near a Wyoming nuclear missile base, citing national security concerns. The company, MineOne, acquired the real estate in June 2022, placing its operations within a mile of the Francis E. Warren Air Force Base, a "strategic missile base and key element of America's nuclear triad," according to the White House. The company's site contained "specialized and foreign-sourced equipment potentially capable of facilitating surveillance and espionage activities," the presidential order said. MineOne was ordered to divest from the land in the next 120 days, and to remove certain improvements and equipment at the property.
Persons: Janet Yellen, Joe Biden, Francis E, Biden, MineOne Organizations: Treasury, Foreign Investment, United States, Treasury Department, Warren Air Force Base, British Virgin Islands Locations: Washington ,, Wyoming, British, United States, U.S
Apple desperately needs its Next Big Thing
  + stars: | 2024-05-14 | by ( Paris Marx | ) www.businessinsider.com   time to read: +10 min
But after a decade of doing that, iPhone sales are slowing, revenue is down, and the company, again, needs to find its next big thing. Apple's own outlook suggests poor iPhone sales will persist, especially as sales in China rapidly decline. The drawbacks of Cook's divestment from product design and development are now becoming clearer. Both the EU and the US cases would also make some people more likely to switch to a cheaper phone, which would threaten iPhone sales even further. The drawbacks of Cook's divestment from product design and development are now becoming clearer.
Persons: Steve Jobs, Jobs, Apple, Tim Cook, Cook, haven't, Steve, Tripp Mickle, Jony Ive, we've, wouldn't, Let's, aren't, Peter Kafka Organizations: Apple, Apple Watch, IBM, Google, EU, Bloomberg, Nasdaq, Business Locations: China, Asia, India, Indonesia
"I expect that inflation will move back down on a monthly basis to levels that were more like the lower readings we were having last year," he told attendees at a banking conference. So we're just going to have to see where the inflation data fall out." The index, a proxy for wholesale prices, accelerated 2.2% on an annual basis, the highest reading in a year. "This will be the most important read of the month [excluding nonfarm payrolls] as inflation continues to defy expectations," said Dan North, senior economist at Allianz Trade North America. Even if the report comes in around consensus expectations, it will be "inadequate progress for the Fed to consider a cut until September," he added.
Persons: Frederic J, Brown, Dow Jones, Jerome Powell, we're, Dan North Organizations: AFP, Getty, Federal Reserve, Labor Department's Bureau of Labor Statistics, Allianz Trade North, Fed Locations: Rosemead , California, Amsterdam, Allianz Trade North America
Dollar slips after unexpected rise in U.S. producer prices
  + stars: | 2024-05-13 | by ( ) www.cnbc.com   time to read: 1 min
Euros, U.S. dollars, Canadian dollars, Russian rubles and Czech korunas lie on a table as banknotes. The dollar was slightly lower on Tuesday after an initial jump following an unexpected increase in U.S. producer prices in April that indicated inflation remained elevated early in the second quarter. The producer price index for final demand rose 0.5% last month after falling by a downwardly revised 0.1% in March, the Labor Department's Bureau of Labor Statistics said on Tuesday. The dollar index, which measures the U.S. currency against six rivals, was down 0.18% at 105.03. The dollar strengthened against the yen, up 0.15% at 156.43.
Organizations: Labor Department's Bureau of Labor Statistics Locations: Czech
A pair of political operatives tied to Rep. Henry Cuellar, D-Texas, have agreed to plead guilty and cooperate with the Justice Department's bribery case against Cuellar, according to court documents unsealed this week. A pair of political operatives tied to Rep. Henry Cuellar, D-Texas, have agreed to plead guilty and cooperate with the Justice Department's bribery case against Cuellar, according to court documents unsealed this week. They devised a "sham consulting contract" with the bank and a plan for Rendon to funnel a majority of its proceeds to Cuellar's wife, according to court documents. Strother used the money to make $10,000 payments every month to Cuellar's wife, totaling $214,890, authorities say. In a statement last week before the charges were unsealed, Cuellar denied any wrongdoing and said he had "proactively sought legal advice" from the House Ethics Committee.
Persons: Henry Cuellar, Cuellar, Mina Colin Strother, Cuellar's, Florencio, Lencho, Imelda, Strother, Rendon, we're, Chris Flood Organizations: Department, Azerbaijan, NBC, Justice Locations: Texas, Mexican, U.S, South Texas
The 2-year Treasury yield, meanwhile, was marginally higher at 4.819%. U.S. Treasury yields were broadly flat early Friday as traders digested the jump in weekly jobless claims and what this could mean for interest rates. Relief at the auction outcome means traders are now firmly focused — once again — on the interest rate trajectory of the Federal Reserve. Weekly initial jobless claims, released Thursday, hit their highest level since August 2023, coming in at 231,000. It comes after the Bank of England on Thursday held interest rates as expected, but raised expectations of a cut in June.
Persons: , Henry Allen, Treasurys, Dallas, Lorie Logan, Neel Kashkari, Goolsbee, Michelle Bowman Organizations: Treasury, U.S, Federal Reserve, Deutsche Bank, Bank of England Locations: U.S, Minneapolis
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJustice Department's antitrust division forms task force on health care monopolies and collusionCNBC's Eamon Javers joins 'Closing Bell' to discuss the latest annoucement from Justice Department's antitrust division.
Persons: Eamon Javers
Sen. Elizabeth Warren led a group of Democrats in pushing for increased Federal Student Aid funding. AdvertisementA group of Democratic lawmakers is pointing to one key thing that will help student-loan borrowers and families navigate financial aid: more funding. Advertisement"FSA's responsibilities have increased to protect students and borrowers, but its federal funding has remained stagnant," they wrote. AdvertisementWhen it comes to the FAFSA, both Republican and Democratic lawmakers have been highly critical of the way the Education Department has facilitated the rollout. The Education Department is also in the process of crafting its broader student-debt relief plan, which is currently in the public comment period.
Persons: Sen, Elizabeth Warren, , Massachusetts Sen, Tammy Baldwin, Shelley Moore Capito, Joe Biden's, Biden, Secretary Miguel Cardona, Cardona Organizations: Federal Student Aid, Service, Democratic, Massachusetts, Sens, Republicans, Business, Education Department, Public, Republican, Secretary
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