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☆ Analysts cheer Wells Fargo to 2018 highs after earnings. We have 1 qualm with the praise
▼ + stars: | 2024-10-14 | by ( Morgan Chittum | ) www.cnbc.com time to read: +4 min

Wells Fargo stock hit new multi-year highs on Monday after Wall Street analysts praised the bank's third-quarter earnings report. Investors are mulling a slew of positive analysts' calls after Wells Fargo's better-than-expected quarterly earnings . WFC 5Y mountain Wells Fargo 5 years In response, Barclays raised Wells Fargo's price target to $75 apiece from $66 on Sunday, implying roughly 23% upside from Friday's prior close. In fact, in Jim's Sunday column , he argued that Wells Fargo's earnings report may be the best of the batch so far. Wells Fargo bank signage is seen on Broadway on April 12, 2024 in New York City.

Persons: Wells, Wells Fargo, That's, Wells Fargo's, Charlie Scharf, Piper Sandler, JPMorgan Chase, Jamie Dimon, Goldman Sachs, Morgan Stanley, Jim, we're, dealmaking, Jim Cramer, Charlie Scharf's, Piper Sandler's, Jim Cramer's, Michael M Organizations: Wall, Barclays, Wells, Federal Reserve, JPMorgan, Bank of America, Citigroup, Wall Street, Club, CNBC, Broadway, Santiago, Getty Locations: Wells Fargo, Wells, New York City

☆ The stock market is overvalued, but that's no reason to turn bearish, analyst says
▼ + stars: | 2024-10-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The firm sees no immediate catalysts like surging interest rates or inflation to trigger a downturn. AdvertisementInvestors worried that the stock market is overvalued shouldn't sell stocks, according to a Monday note from Piper Sandler. AdvertisementWithout an imminent spike in interest rates, the unemployment rate, or inflation, the stock market should continue its upward trend even if it's overvalued, according to Kantrowitz. AdvertisementKantrowitz recommends investors monitor credit spreads to determine whether there is fear in the stock market that could signal a period of negative equity returns going forward. Tight credit spreads, a solid labor market, and continued GDP growth are all signals that investors should stay bullish, according to Kantrowitz, even if the stock market is slightly overvalued.

Persons: Piper Sandler, —, Michael Kantrowitz, Kantrowitz, Stocks, it's Organizations: Service, Investors, CNBC

☆ 5 reasons why inflation will be stickier than expected going forward, Deutsche Bank says
▼ + stars: | 2024-10-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Investors need to be wary as sticky inflation remains a risk, Deutsche Bank says. But it's not yet time for investors to relax, Deutsche Bank wrote on Monday. "If inflation does return, this could have very important implications for markets," Deutsche Bank strategists said. While that much is true, history shows that easing cycles are precisely the time to be cautious over inflation, Deutsche said. The firm cited the fact that in August, US M2 money supply rose 2.0% year-over-year, the highest growth rate since September 2022.

Persons: —, Brent, Deutsche Organizations: Deutsche Bank, Service, Federal Reserve, Deutsche, Atlanta Locations: China, Israel, Iran, Iranian

☆ Dow futures are little changed after index closes above 43,000 for the first time: Live updates
▼ + stars: | 2024-10-14 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Dow Jones Industrial Average futures are near flat Monday night after the blue-chip index closed at a record. S&P 500 futures and Nasdaq 100 futures also both traded near their flatlines. Those moves come after a winning day on Wall Street that propelled the S&P 500 and Dow to new intraday highs and record closes. Information technology stocks led the S&P 500 higher in the session, with the sector finishing nearly 1.4% higher. Beyond banks, United Airlines , Walgreens Boots Alliance and Johnson & Johnson are also on the docket.

Persons: Scott Chronert, Goldman Sachs, Johnson, Mary Daly, Raphael Bostic, Adriana Kugler Organizations: New York Stock Exchange, Dow Jones Industrial, Nasdaq, Dow, Nvidia, Citigroup, Bank of America, United Airlines, Walgreens Boots Alliance, Johnson, San Francisco Federal, Atlanta Fed Locations: New York City, Citi's, United

☆ Morgan Stanley sees stabilizing economy boosting cyclical stocks, names its favorites
▼ + stars: | 2024-10-14 | by ( Brian Evans | Nicole Teo | ) www.cnbc.com time to read: +3 min

Even as focus turns to the upcoming presidential election, Morgan Stanley thinks the business cycle will matter more for stock picking. NVDA YTD mountain Nvidia stock. Wells Fargo also made the cut. WFC YTD mountain Wells Fargo stock. Wells Fargo also repurchased $3.5 billion worth of stock throughout the quarter, which marked a 60% increase from the same period a year ago.

Persons: Morgan Stanley, Michael Wilson, Wilson, Nvidia, Goldman Sachs, Toshiya Hari, Wells Fargo, Jason Goldberg, Goldberg Organizations: Nvidia, Barclays Locations: Wells Fargo

☆ Bank of America thinks this senior housing stock trouncing the market has another 50% run to go
▼ + stars: | 2024-10-14 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Unappreciated aspects of Welltower , a real estate investment trust, or REIT, that invests in health-care infrastructure, are likely to translate into long-term growth ahead, according to Bank of America. Analyst Joshua Dennerlein reiterated his buy rating on the S & P 500 company, which owns senior housing as well as post-acute care and outpatient medical facilities. He also increased his price target by $61 to $190, the highest on the Street, according to FactSet, which implies nearly 52% upside from Friday's close. This year, the stock has been on a monster run, soaring about 41%, excluding reinvested dividends, versus 22.5% for the S & P 500. The Bank of America recommendation joins several other analysts on Wall Street who are bullish on Welltower.

Persons: Joshua Dennerlein, Welltower, Dennerlein, — Organizations: Bank of America, of, Wall Locations: Toledo , Ohio

☆ There's not much consensus for a Fed pause right now, says Roger Ferguson
▼ + stars: | 2024-10-14 | 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 EmailThere's not much consensus for a Fed pause right now, says Roger FergusonFormer Federal Reserve Vice Chairman Roger Ferguson joins 'Squawk Box' to discuss the state of the economy, the Fed's inflation fight, rate path outlook, and more.

Persons: Roger Ferguson Organizations: Roger Ferguson Former Federal

☆ CNBC Daily Open: With an unchanged PPI, the Fed’s near the finish line
▼ + stars: | 2024-10-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 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. Winning week for marketsAll major U.S. indexes rose Friday on the back of encouraging inflation data and positive earnings from big banks. That gave them a winning week. Banks' earnings in good shapeJPMorgan Chase , the biggest bank in the U.S., reported third-quarter earnings and revenue that beat estimates.

Persons: Tesla's, Tesla, Elon Musk, Musk, of Finance Lan Fo'an, Lan, Banks, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley Organizations: New York Stock Exchange, CNBC, of Finance, JPMorgan, It's Bank of America Locations: New York, Asia, Pacific, Shanghai, Beijing, China, U.S

But mortgage rates are expected to go down next year, so it could be worth waiting if you aren't in a rush. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they're, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

☆ Dollar extends gains while investors parse China's stimulus plans
▼ + stars: | 2024-10-14 | by ( ) www.cnbc.com time to read: +4 min

The dollar extended its gains in early Monday trades in Asia as a holiday in Japan sapped liquidity, leaving China's somewhat disappointing weekend stimulus announcements the focus of market attention. The dollar extended its gains in early Monday trades in Asia as a holiday in Japan sapped liquidity, leaving China's somewhat disappointing weekend stimulus announcements the focus of market attention. "Markets are likely disappointed that China's Finance Ministry did not unveil concrete additional stimulus," said Richard Franulovich, head of FX strategy at Westpac, in a note. The yuan is down 0.9% against the dollar since Sept. 24, when the People's Bank of China kicked off China's most aggressive stimulus measures since the pandemic. The yen and euro both fell around 0.3% each, sterling shed 0.4% and the dollar index climbed 0.4%.

Persons: Lan Foan, Richard Franulovich, Christopher Wong, Christopher Waller Organizations: Federal Reserve, Finance, China's Finance Ministry, Westpac, People's Bank of China, CSI, Fed, Traders, New Zealand Locations: Asia, Japan, China, Singapore, U.S, United States

☆ Stock market today: Indexes trade mixed as investors await wave of earnings results
▼ + stars: | 2024-10-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks were mixed on Monday as investors await third-quarter earnings from major companies. Investors will monitor retail sales and jobless claims data this week. AdvertisementUS stocks were mixed on Monday as investors await a wave of third-quarter earnings results this week. More than 40 S&P 500 companies are set to report results this week, including Netflix, Morgan Stanley, and Goldman Sachs. AdvertisementBoth data points will give investors insights into the health of the consumer and job market, respectively.

Persons: Christopher Waller, Adriana Kugler, —, Morgan Stanley, Goldman Sachs Organizations: Investors, Federal Reserve, Service, Netflix, Fed Locations: Fundstrat, Here's

☆ CNBC Daily Open: With a stagnant PPI, the Fed’s nearly at the finish line
▼ + stars: | 2024-10-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Persons: Jerome Powell, Europe's, Tesla's, Tesla, Elon Musk, Musk, of Finance Lan Fo'an, Lan, Banks, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley Organizations: US Federal Reserve, National Association of Business Economics, CNBC, of Finance, JPMorgan, It's Bank of America Locations: Nashville , Tennessee, U.K, China, Beijing, U.S

☆ I've underestimated how strong this market's been, says Fundstrat's Tom Lee
▼ + stars: | 2024-10-14 | 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 EmailI've underestimated how strong this market's been, says Fundstrat's Tom LeeTom Lee, Fundstrat Global Advisors managing partner and head of research, joins 'Squawk Box' to discuss the latest market trends, state of the economy, the Fed's inflation fight, impact of the 2024 election, market outlook, and more.

Persons: Tom Lee Tom Lee Organizations: Fundstrat Global Advisors

☆ Financial stocks are still being woefully underappreciated by investors, Morgan Stanley says
▼ + stars: | 2024-10-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Positioning in financial stocks is light relative to other sectors, Morgan Stanley says. AdvertisementInvestors are lingering in defensive trades that don't take advantage of the economy's strength, Morgan Stanley said, highlighting opportunities in underinvested sectors. The firm — which just last week upgraded cyclical stocks to "overweight" relative to defensives — described the financials group as particularly attractive. Morgan Stanley said net exposure to financials was in the bottom 15th percentile of a historical data series that goes back to 2010. Morgan Stanley noted that this weakness lowered earnings-season expectations for investors, making it easier for major lenders to outperform forecasts.

Persons: Morgan Stanley, —, financials, Mike Wilson, Wells Fargo, Wilson Organizations: Service, Bank, JPMorgan, Utilities, defensives, ISM Locations: Basel

☆ Here are the 3 key themes driving a stronger U.S. Dollar right now: Strategist
▼ + stars: | 2024-10-14 | 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 EmailHere are the 3 key themes driving a stronger U.S. Dollar right now: StrategistElias Haddad of Brown Brothers Harriman says the strength in U.S. economy, rising geopolitical tensions and risk-on sentiment in market given a dovish Fed and China stimulus will support the U.S. dollar.

Persons: Elias Haddad, Brown, Harriman Organizations: U.S . Locations: China

☆ Cramer says reports from Wells Fargo and JPMorgan are 'good omens' for earnings season
▼ + stars: | 2024-10-14 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer on Monday reviewed quarterly reports from two of the biggest names in the financial sector, JPMorgan and Wells Fargo . He said he was excited by both banks' performance and suggested their success means earnings season will bring more positive news. "While these quarters were certainly good news for JP Morgan and Wells Fargo, I think they're also good omens for earnings season and the market overall," he said. Like JPMorgan, Wells Fargo beat Wall Street's expectations last week. "Rather than getting bogged down in the details, it's better to focus on the positive overall picture, which is exactly what happened on Friday.

Persons: CNBC's Jim Cramer, JP Morgan, Wells Fargo, they're, Cramer, Wells Fargo's Organizations: JPMorgan, Wells, Federal Locations: Wells Fargo

Mortgage rates for October 13, 2024, are flat around 6.20%, according to Zillow data. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-Year Mortgage Rates TodayAverage 30-year mortgage rates are hovering near 6.20% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates remain in the mid 5% range, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

Persons: they've, you'll, Freddie Mac, it's, They'll Organizations: Zillow, Fed Locations: Chevron

☆ What happened Friday hasn't happened in ages. It bodes well for earnings
▼ + stars: | 2024-10-13 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

Getting ready for the "two problematic stories," Wells Fargo and JPMorgan , which came later in the morning, took some real digging. ET – Wells Fargo shares turned and started inching up. With what you saw in Wells Fargo and JP Morgan on Friday. Think like this: When the psychology of the market changes, people don't want to bang out of Wells Fargo, they want to get in. But there is no doubt that Wells Fargo at 11 times forward earnings now seems a little silly given that the background is so positive.

Persons: Larry Fink, Wells, Wells Fargo, Charlie Scharf, Jamie Dimon, Jeff Marks, JP Morgan, Scharf, It's, Warren Buffett, Morgan Stanley, Eli Lilly, haven't, Jim Cramer's, Jim Cramer, Jim, Squawk, Virginia Sherwood Organizations: BlackRock, JPMorgan, Wall, Club, Wells Fargo, Elon, SpaceX, Federal, New York Stock Exchange, Fed, Bank of America, Boston, Walmart, Costco, Semiconductors, Enterprise, JFrog, Microsoft, –, Dow, Jim Cramer's Charitable, CNBC Locations: Wells Fargo, NII, U.S

☆ How Saudi Arabia could create a crisis for Russia's economy
▼ + stars: | 2024-10-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

One analyst suggests the market could see a repeat of the 2020 oil price war. AdvertisementRussia's wartime economy could face a tougher time securing needed oil revenue if Saudi Arabia tanks global crude prices. "Saudi Arabia is fed up," Simon Henderson, director of the Bernstein Program on Gulf and Energy Policy at The Washington Institute, told Business Insider. However, some kind of confrontation with Saudi Arabia may be stirring. "Unlike Saudi Arabia, its oil is not cheap to extract, making it poorly equipped to deal with low-price conditions.

Persons: —, Luke Cooper, hasn't, Simon Henderson, Bernstein, it's, Henderson, Vladimir Putin, Alexander Novak, Cooper Organizations: Service, Organization of Petroleum, Russia, London School of Economics, Financial Times, Gulf and Energy, The Washington Institute, OPEC Locations: Saudi Arabia, Russia, Riyadh, Ukraine, Gulf, Moscow, Iran, Kazakhstan

☆ Don't let September's jobs report fool you — the labor market is still deteriorating at a worrying rate, economists warn
▼ + stars: | 2024-10-13 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Small businesses also face tight credit conditions and are slowing hiring. AdvertisementThe September payrolls report seemed to switch the investor narrative around the labor market on a dime. Given the usual lags involved between changes in rates and activity, things will probably get worse for small businesses before they get better." "The labor market is not out of the woods just yet, and I continue to see another hiccup in the jobs market before year-end," Dutta wrote. AdvertisementStill, it's unclear how much pressure the labor market will come under in the months ahead.

Persons: —, bearish David Rosenberg, Rosenberg, Merrill Lynch, Samuel Tombs, Tombs, Neil Dutta, Dutta Organizations: Service, Fed, September's, Rosenberg Research, Pantheon, Macro Research, The Conference Board

☆ Why economists and strategists still say a recession is postponed, despite a startling inflation report
▼ + stars: | 2024-10-13 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Contradictory messages about inflation and the labor market have investors on guard. Price growth is slowly falling from its peak, but it exceeded expectations in September after a hot reading in August. AdvertisementInflation is a threat that won't sink the economyWhile there's plenty of economic data to get excited about, persistent price growth is a problem. "If we're going to be data dependent, we have to at least look at the data," Sosnick said. Higher-than-hoped inflation is rarely compatible with an economic downturn, so if price growth does persist, it likely won't be in an earnings-crushing contraction.

Persons: —, Steve Sosnick, they've, John Kerschner, Janus Henderson, Sosnick, Preston Caldwell, Morningstar's, Jim Baird, Plante, Baird, Joe Quinlan —, Skyler Weinand, Regan, Weinand, We've Organizations: Service, US, of Labor Statistics, Federal Reserve Bank of Atlanta, Interactive Brokers, Business, Manufacturing, Index, Janus, Janus Henderson Investors, Equity, Financial, Merrill, Private Bank, Bank of America, Regan Capital, Fed Locations: China

☆ China’s ‘New Great Wall’ Casts a Shadow on Nepal
▼ + stars: | 2024-10-12 | by ( ) www.nytimes.com time to read: +14 min

Hilsa Village NEPAL CHINA Area of detail CHINA Humla District NEPAL Kathmandu INDIA 75 miles NEPAL CHINA Hilsa Village CHINA Area of detail Humla District NEPAL Kathmandu INDIA 75 miles Source: OpenStreetMap, ESRI By Agnes ChangThe Nepalis have other complaints, too. “This is the new Great Wall of China,” said Jeevan Bahadur Shahi, the former provincial chief minister of the area. Without proper roads, it takes goat herders three days to cover the seven miles from Simikot, Nepal, to Humla. CHINA NEPAL CHINA-NEPAL BORDER CHINA NEPAL CHINA-NEPAL BORDER CHINA NEPAL CHINA-NEPAL BORDERThe Chinese side used to be nearly as remote, the seclusion broken only by a flow of pilgrims to Mount Kailash, which is holy to four faiths. Just 20 miles away is the junction of China, Nepal and India.

Persons: Nepalis, Agnes Chang, Dalai Lama, ”, Jeevan Bahadur Shahi, Xi’s, Xi, Brian Hart, ” Mr, Hart, Arzu Rana Deuba, —, Saud, Saud’s, “, Mr, Deuba, Pan Yue, China “, Shahi, Lhamu Lama, Hilsa, Pema Wangmu Lama Organizations: Chinese Communist Party, Covid, China Power, Center for Strategic, International Studies, Liberation Army, U.S . Department of Defense, The New York Times, Nepali Home Ministry, The Times, Communist, Security, Guard, Times, National Ethnic Affairs, Nepali Locations: Tibet, Nepal, Nepal’s Humla District, China, Hilsa, NEPAL CHINA, CHINA Humla District NEPAL Kathmandu INDIA, NEPAL CHINA Hilsa, CHINA, Humla, NEPAL Kathmandu INDIA, ESRI, Nepali, Nepal’s Humla, Simikot, Beijing, Washington, Philippine, India, Humla District, N.P, Hulma, Kathmandu, Vietnam, People’s Republic of China, CHINA NEPAL CHINA, NEPAL, Mount Kailash, Xinjiang, Purang, ”, Bhutan, District

☆ America's offices are about to see a wave of distress that could result in a billion square feet of fresh housing supply
▼ + stars: | 2024-10-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Advertisement"The banks are going to have to dispose of that real estate," Barkham told Business Insider in an interview. John Vavas, a real estate finance attorney at Polsinelli who works with commercial real estate lenders, has worked on a handful of office-to-residential conversion deals this year. There's around 1.2 billion square feet worth of office space that could be spun into residential space, Yardi said in a separate report. Late payments on commercial real estate loans have climbed to 1.42% in the second quarter, the highest rate in nearly 10 years. Commercial real estate prices, meanwhile, dropped another 9% year-over-year in the first quarter, Fed data shows.

Persons: —, Richard Barkham, Barkham, RentCafe, John Vavas, Yardi, Vavas Organizations: Service, Federal, Silverstein Properties, Washington DC Locations: New York, United States, New York City, Dallas, Chicago, Los Angeles

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. Current 30-Year Mortgage RatesAverage 30-year mortgage rates are around 6.20%, according to Zillow data. In September, 30-year refinance rates averaged 5.89%, while 15-year refinance rates were around 5.19%. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. Now that the Fed has cut rates, mortgage rates may not drop much in October.

Persons: you'll, Freddie Mac, it's, they've Organizations: Fed, Zillow Locations: Chevron

☆ A 32-year market vet shares 5 labor market indicators showing the US economy is barreling toward a recession — putting an overvalued stock market at risk for major declines
▼ + stars: | 2024-10-12 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

This is while S&P 500 valuations remain high, putting the market at risk for big declines. In a September note, Wolfenbarger shared the below chart from Bank of America showing 19 of 20 valuation measures they monitor as being overvalued. That means the S&P 500 would have to fall 60% just to return to the historical average. But it's still unclear how accurate the September jobs data is. Future revisions and further lackluster jobs data could resume investor fears that a downturn is a serious potential threat.

Persons: Jon Wolfenbarger, —, Merrill Lynch, St, Louis Fed, Wolfenbarger, September's, it's, David Rosenberg Organizations: Service, Federal Reserve, Bureau of Labor Statistics, JPMorgan, Conference Board, Global, Bank of America, Rosenberg Research, Nvidia Locations: St

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