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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. Salesforce was having a strong session as well, taking in stride the late-day Wall Street Journal report that Disney will no longer use Salesforce-owned Slack after a data hack. 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. 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.
Persons: Jim Cramer, Dow, Jim Cramer's, Lisa Su, Salesforce, Slack, Procter & Gamble, Jim Organizations: CNBC, Federal Reserve, Nasdaq, Tech, Devices, Journal, Disney, Barclays, Treasury, Procter, Fed, FedEx, Jim Cramer's Charitable Locations: Procter &
Federal Reserve Chair Jerome Powell has unveiled his latest buzzword to describe monetary policy, with a "recalibration" of policy at a pivotal moment for the central bank. "This recalibration of our policy stance will help maintain the strength of the economy and the labor market, and will continue to enable further progress on inflation as we begin the process of moving forward a more neutral stance," Powell said. Financial markets weren't quite sure what to make of the chair's messaging in the meeting's immediate aftermath. However, asset prices soared Thursday as investors took Powell at his word that the unusually outsized move wasn't in response to a substantial slowing of the economy. The Dow Jones Industrial Average and S&P 500 jumped to new highs in trading Thursday after swinging violently Wednesday.
Persons: Jerome Powell, Powell, didn't, Tom Porcelli Organizations: Financial, Dow Jones Industrial
The US Air Force released a video showing the B-21 Raider stealth bomber taking off and landing. The force's newest bomber took its first flight last fall and is in production. AdvertisementThe US Air Force released the first footage of its new stealth bomber taking off and landing during flight testing. The testing marks a monumental moment for the B-21 Raider, which is shaping up to replace the branch's older bombers and become "the backbone" of its "flexible global strike capability," the Air Force said. The video was released Wednesday alongside the B-21 Update panel at the 2024 Air, Space and Cyber Conference by the Air and Space Forces Association.
Persons: Organizations: US Air Force, Raider, Pentagon, Service, Air Force, Conference, Air and Space Forces Association, Business
Amelia is the latest generative AI tool that Amazon has brought to market in the past year as it seeks to capitalize on the hype sparked by OpenAI's ChatGPT. The company has introduced an AI-powered shopping assistant named Rufus, a chatbot for businesses dubbed Q and Bedrock, a generative AI service for cloud customers. More than 400,000 of Amazon's millions of third-party sellers have used its AI listing tool, up from 200,000 in June, he said. With Amelia, Amazon is counting on generative AI to help with a key issue for third-party merchants — account troubleshooting. Amazon said the tool uses retrieval-augmented generation, or RAG, a popular AI industry framework that combines generative AI with long-established methods of information retrieval.
Persons: Nathan Stirk, Amelia, OpenAI's ChatGPT, Rufus, Anthropic, Andy Jassy, Jassy, Thos Robinson, it's, Dharmesh Mehta, Mehta Organizations: Getty, Central, CNBC, New York Times, Google, Microsoft, Merchants Locations: New York City, Seattle .
The HOMES Act would establish a new federal housing development authority charged with building and rehabilitating more than a million permanently affordable homes. This so-called "social housing" is notably different from traditional public housing, which is entirely reserved for the poorest households. Rent for all tenants in social housing would be capped at 25% of their income. "There is another way: social housing," Ocasio-Cortez and Smith said in their op-ed. And in California, lawmakers introduced a bill to construct mixed-income social housing on government-owned land.
Persons: , Alexandria Ocasio, Sen, Tina Smith, Cortez, Gianpaolo Baiocchi, Smith, Baiocchi, Emily Gallagher's, Kamala Harris, she's, Donald Trump, Smith —, Harris, Walz Organizations: Service, New, New York Democrat, Minnesota Democrat, Senate, Business, Urban Democracy Lab, New York Times, New York Locations: Alexandria, Cortez, New York, Minnesota, New, California, Vienna
The Federal Reserve didn't hold back when it cut interest rates for the first time in more than four years. In a press conference after the announcement, Powell said he believes the economy is moving in the right direction. iStock; BISo what does this rate cut mean for … everything? Our colleagues at Personal Finance Insider have covered the eventual impacts the rate cut will have on various financial products. Let's start with mortgage rates, since that's an area people naturally think of when it comes to interest rates.
Persons: , Jerome Powell, Powell, you'll, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Federal, Business, Finance Locations: New York, London
House lawmakers in Washington have the signatures they need to force a vote on a bill to eliminate rules that reduce Social Security benefits for certain retirees who also receive pension income. On Thursday morning, Reps. Abigail Spanberger, D-Va., and Garret Graves, R-La., marked the 206 signatures a discharge petition had thus far collected with a press conference outside the Capitol building alongside organizations representing police, firefighters, postal workers, teachers and other government employees often affected by those rules. By Thursday afternoon, the number of signatures had climbed to 218, enough to force a vote on the bill. The bipartisan bill — the Social Security Fairness Act — would repeal rules known as the Windfall Elimination Provision, or WEP, and the Government Pension Offset, or GPO, that currently reduce Social Security benefits for almost 3 million Americans. "This is a situation where you have some of the most important occupations, some of the most important contributors to our community, that are being discriminated against," he said.
Persons: Abigail Spanberger, Garret Graves, Graves Organizations: Social, Finance Locations: Washington
Binance CEO Richard Teng speaks in Singapore on Sept. 17, 2024, at an event hosted by the local foreign correspondents association. Cryptocurrency exchange Binance has seen a 40% increase this year in institutional and corporate investors joining the platform, CEO Richard Teng told CNBC's Lin Lin in an interview Wednesday. "So we on our own, we are seeing a huge uptick in terms of institutional and corporate investors. We have seen a 40% increase in onboarding in that category throughout the course of this year alone," he said. Changpeng Zhao, the billionaire co-founder and former CEO of Binance, stepped down last year as part of the settlement.
Persons: Richard Teng, Binance, CNBC's Lin Lin, Teng, Changpeng Zhao, Organizations: U.S Locations: Singapore, Changpeng
But in his own way (very demure, very mindful) that is what happened Wednesday when he announced the Fed’s first rate cut in four years, a giant half-point reduction that will lower the cost of borrowing and offer financial relief for consumers and businesses. Whenever a reporter asks him about politics, Powell refuses to bite. Like on Wednesday, when he was asked whether the half-point rate cut had political motivations, he responded with something approaching exasperation. It’s just maximum employment and price stability on behalf of all Americans.”Of course, that’s unlikely to stop either party from using the rate cut news to their advantage, given that the economy is the No. Trump can continue to claim that a rate cut is a sign the economy is weak.
Persons: CNN Business ’, Jerome Powell, That’s, ” Powell, “ We’re, Republican Sen, Tommy Tuberville, , Kamala Harris, , it’s, It’s, Jason Furman, Donald Trump, they’re, Pubkey, ” Trump, Powell, He’s, Joe Biden, Powell isn’t, Barack Obama, don’t, Harris, Biden, Steve Sosnick Organizations: CNN Business, New York CNN, Republican, CNN, Trump, Fed’s, Governors, Interactive Brokers, Fed Locations: New York, America, Alabama, New York City, Trump
Ray Dalio, Bridgewater Associates co-chairman and co-chief investment officer, speaks during the Skybridge Capital SALT New York 2021 conference. Brendan McDermid | ReutersAs the U.S. Federal Reserve implemented its first interest rate cut since the early Covid pandemic, billionaire investor Ray Dalio flagged that the U.S. economy still faces an "enormous amount of debt." The central bank's decision to cut the federal funds rate by 50 basis points to a range of 4.75% to 5%. On Wednesday, Dalio listed debt, money and the economic cycle as one of the top five forces influencing the global economy. The country's central bank only recently lifted interest rates in March this year.
Persons: Ray Dalio, Brendan McDermid, CNBC's, Dalio, Donald Trump, Kamala Harris Organizations: Bridgewater Associates, Reuters, U.S . Federal Reserve, Federal, U.S . Treasury Department Locations: U.S, Japan
Chairman of the Federal Reserve Jerome Powell (left) meets with President Joe Biden in the Oval Office on May 31, 2022. President Joe Biden on Thursday said he had "never once spoken" to Federal Reserve Chair Jerome Powell while he was president. "The president was saying that he has not spoken to Chair Powell about interest rates," said Bernstein. Even in his 2022 Oval Office meeting with Powell, Biden stressed the importance of the Fed's independence in addressing inflation. Respect the Fed's independence," Biden said at the time.
Persons: Jerome Powell, Joe Biden, Janet Yellen, Biden, I've, Jared Bernstein, Powell, Bernstein, Donald Trump, Trump Organizations: Federal, Treasury, Economic, of Washington, of Washington , D.C, Fed, Republican, Federal Reserve, Street Journal, White Locations: of Washington ,
USPS will work “around the clock” and implement “extraordinary measures” to ensure the timely delivery of mail-in voting, DeJoy said. A record 43% of voters cast mail ballots in 2020, during the Covid-19 pandemic. The level isn’t expected to be as high this year, but many states across the country have expanded the availability of mail-in voting. The USPS says during the 2020 election, which was conducted amid the Covid-19 pandemic, it delivered nearly 99% of ballots from voters to election officials within seven days. Specifically, the election officials said they’ve experienced “exceptionally long delivery times” for election mail, including ballots, which could lead to those ballots getting rejected because they didn’t arrive before the deadline.
Persons: Louis DeJoy, ” DeJoy, Donald Trump, , DeJoy, we’re, , “ …, Trump, Trump’s, they’ve Organizations: CNN, US Postal Service, Postal Service, USPS, GOP, Governors, Trump, National Association of, State Locations: American
Shares dropped as much as 4% as a lockup period was set to expire. Following the lockup, Trump can dump his shares, though he's said he wouldn't sell. AdvertisementTrump Media & Technology Group shares dropped to their lowest level since the company went public earlier this year as a lockup period preventing insider selling was set to expire. The company went public in March, with shares spiking to all-time highs above $70 shortly after, before steadily declining in the following months. AdvertisementOnce the lockup period is over, the Republican presidential candidate has the all-clear to start selling his stock.
Persons: Trump, he's, Organizations: Trump Media, Service, Trump Media & Technology Group, CNBC, Republican
“They have early voting, late voting, everything is so ridiculous,” Trump said onstage in Palm Beach, Florida, in July. It is great if you want to vote early,” Whatley said during a tour stop in Tampa, Florida, this summer. He voted early this month in his home state of Florida and posted a TikTok video encouraging people to vote early. He also occasionally straightly delivers a prepared remark that encourages early voting without caveating his skepticism of the practice. Still, the inconsistency of Trump’s early voting messaging has led many of his supporters toward cynicism and confusion around the topic.
Persons: Donald Trump, Trump, , ” Trump, Michael Whatley, Lara Trump, ” Whatley, , straightly, Karoline Leavitt, Bob Breneman, Susan Anderson, Anderson, leader’s, Troy Mattson, We’ve, Biden Organizations: Republican National Committee, GOP, , Trump, RNC, Fox, Republican, NBC, D.C, Pew Research, Democratic, hasn’t, Pew Locations: Palm Beach , Florida, Tampa , Florida, Florida, Pennsylvania, Nevada, Michigan, North Carolina, Georgia, United States, Washington, Covid
Mortgage rates came down again last week, and with the expectation that they could fall further, mortgage demand suddenly jumped, especially for refinancing. The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don’t follow the Fed exactly, they are influenced by policy. “The most important takeaway is that lower mortgage rates are not only not remotely guaranteed by [the] Fed rate cut. “Application activity was up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower,” said Joel Kan, an economist with the Mortgage Bankers Association. “Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth.”
Persons: Jerome Powell’s, They’re, , Matthew Graham, Joel Kan, ” Kan, Organizations: Federal, Mortgage News, Mortgage, Labor, Fed, Association
WASHINGTON — House Republicans on Wednesday are expected to derail their own plan to avert a government shutdown at the end of the month, with the party divided over the length of a short-term funding bill and what, if anything, should be attached to it. Democrats, who want a “clean” three-month funding patch with nothing attached, and nearly all plan to vote no. But the overwhelming majority of rank-and-file Republicans back Johnson’s move, saying holding the vote will put lawmakers on record. Everyone.”Davidson, who was ousted in July from the far-right House Freedom Caucus, lamented that Republicans have failed to unify behind a plan weeks before the election. That would buy time for bipartisan negotiators to strike a longer-term funding deal during the lame-duck session for fiscal year 2025 — if a short-term bill can pass the House.
Persons: Mike Johnson’s, Donald Trump, , , noncitizens, Johnson, he’s, Mike Rogers, Warren Davidson, ” Davidson, , , Trump, ” Johnson, Joe Biden, Chuck Schumer, John Duarte, Mitch McConnell, McConnell, Tom Cole, Schumer, Cole, he's Organizations: WASHINGTON —, Republicans, Wednesday, SAVE, CRs, Armed, , Caucus, CNBC, Democrats, Democratic, GOP Locations: Ohio, Ky
CNN —Buying a historic cruise ship he found on Craigslist back in 2008 was undoubtedly a life-altering decision for Chris Willson. Ship of dreamsWillson and Li moved on board the ship and focused their energies on painstakingly restoring it. Christopher WillsonHis ultimate goal was to transform the neglected ship into a museum, but things didn’t quite go to plan. “We absolutely loved our time with that ship,” Willson tells CNN Travel. It subsequently remained at Alameda for several years, before being purchased by a businessman, who went on to list the ship on Craigslist.
Persons: Chris Willson, Jin Li, Willson, Li, Christopher Willson, ” Willson, I’m, , Wappen von Hamburg, , Aurora ’, Helen’s Marina, ” Herman, “ I’d, Christopher Willson “, Aurora, he’d, Kristina Werner, Connie Cochran, ” Cochran, Cochran, he’s, Christopher Wilson Willson, I’ve, “ There’s, Mary, that’s, haven’t, “ I’ve, hasn’t, It’s, Chris, … Wappen von, … Wappen von Hamburg doesn’t Organizations: CNN, Craigslist, CNN Travel, Blohm, California Delta, Herman, Aurora, Unified Command, US Coast Guard, California Department of Fish, Wildlife, Coast Guard, San, San Joaquin County Sheriff’s, Delta, Global, Wildlife’s, Spill Prevention, City, ” CNN, Love, YouTube, … Wappen von Hamburg Locations: Utah, Germany, Voss, California, Rio Vista, San Francisco’s, Little Potato, Stockton, California’s Central Valley, Chaleur, San Joaquin County, City, Russia, Vancouver, Alameda , California, Alameda, Craigslist, United States, Philadelphia’s Delaware, Long, Aurora
Haiti clearly holds a place in the heart of Ohio’s Republican Gov. He’s been to the country at least 25 times with his wife, he said at a news conference Monday in Springfield. He respects the Haitians who have come to the US legally and found work in Springfield. Further, DeWine said the Haitians found Springfield because business owners there were having trouble finding workers after the Covid-19 pandemic. Like DeWine, Springfield Mayor Rob Rue has also tried very hard to correct the record on the role Haitians are playing in Springfield.
Persons: Mike DeWine, He’s, , , DeWine, ” DeWine, Donald Trump, Ohio Sen, JD Vance, Vance, Springfield Mayor Rob Rue, ” Rue Organizations: Republican Gov, PBS, Republican, Ohio, Springfield Mayor Locations: Haiti, Springfield, Ohio, DeWine, Springfield , Ohio
The world’s best hotels for 2024 revealed
  + stars: | 2024-09-18 | by ( Maureen O'Hare | ) edition.cnn.com   time to read: +6 min
In eighth place, Soneva Fushi in the Maldives was also winner of the Lost Explorer Best Beach Hotel Award 2024. 46 respectively and Raffles London at The OWO (No. 16 and was named Best Hotel in North America. The Calile, a stylish and airy urban resort in the lively James Street area of Brisbane, Australia, was named Best Hotel in Oceania, ranking at No. Passalacqua, which was the winner of the first-ever Best Hotel prize in 2023, dropped to second this year.
Persons: John Blanco, Capella, Josephine, Blanco, “ Covid, Thais, Soneva, Cheval Blanc, Lana, Chablé, James, Royal Mansour, Aman, Hôtel de Crillon, Borgo, Rosewood São, São, Mount Nelson, Carlyle, Eden, Suján, Brando Organizations: London CNN, Capella, Capella Bangkok didn’t, CNN Travel, Rosewood, Rosewood Hong, Capella Bangkok, Raffles, Singapore Sling, Le Bristol, Raffles London, Aussie, Tasman, Royal, American, Atlantis, Bulgari, Hyatt Kyoto, Madrid, Capella Singapore, Surf, Bel, Le Bristol Paris, Singita, Park, Kokomo Locations: Capella Bangkok, London, Charoenkrung, Thailand’s, Bangkok, London’s Guildhall, Thailand, Rosewood Hong Kong, Victoria Harbor, Rosewood Hong Kong Asian, Thai, Chao, Siam, Hong Kong, Raffles Singapore, Maldives, Tokyo, Lake Como, Paris, of, Connaught, North America, Brisbane, Australia, Oceania, Hobart, Marrakech, La, Istanbul, Bosphorus, Italy, Aman Tokyo, Soneva Fushi, Dubai, Wanokaka, Indonesia, Claridge’s, Chao Phraya, Chocholá, Mexico, Du, Antibes, France, Florence, Amalfi, Bali, Bulgari Tokyo, São Paulo, Brazil, Kyoto, Japan, Cape Town , South Africa, Puerto Vallarta , Mexico, New York, Mamounia, Morocco, Miami, Los Angeles, Barths, York, Sri Lanka, Auchterarder, Scotland, Umbria, Suján Jawai, Rajasthan, India, South Africa, Oman, French Polynesia, Tulum, Tasman, Fiji
A Virginia man was indicted in the killing last year of his wife and another man, officials said Monday, nearly a year after the couple’s au pair was charged in connection with the double homicide. Police escort Brendan Banfield in Virginia. The Banfields' au pair, Juliana Peres Magalhaes, was charged in October in Ryan's killing. Brendan Banfield then took the phone and told a dispatcher that an "unknown male" had entered his home and shot them, the official said, referring to Brendan Banfield only as the victim's husband. Brendan Banfield was called to testify at a court hearing this year but mostly invoked his Fifth Amendment right against self-incrimination when prosecutors questioned him, NBC Washington reported.
Persons: Brendan Banfield, Christine Banfield, Joseph Ryan, Steve Descano, Ryan, Kevin Davis, Descano, Juliana Peres Magalhaes, didn't, Magalhaes, Davis, ” Christine Banfield Organizations: Fairfax, Fairfax County Police, Police, Reston Police, NBC Washington Locations: Virginia, Fairfax County, Northern Virginia, Reston, Ryan's, Washington
US indexes edged higher as investors waited for a likely interest rate cut from the Fed. AdvertisementUS stocks rose on Wednesday as traders readied for what's likely to be the Federal Reserves's first rate cut in four years. "Though consensus is leaning toward a 50 basis point move, we look for the Fed to cut by 25 basis points today. AdvertisementFollowing the interest rate decision, all eyes will be on Fed Chair Jerome Powell, who will deliver prepared remarks during a press conference. "While the market has usually bounced immediately following the 2 PM rate decision, the sell-off usually starts at or near the end of Powell's post-FOMC press conference."
Persons: Jerome Powell's, , John Lynch, José Torres, Jerome Powell, Powell, shouldn't Organizations: Fed, Traders, Service, Federal, Comerica Wealth Management, Interactive, Deutsche Bank, Investment
The matrix of individual officials' expectations pointed to another full percentage point in cuts by the end of 2025 and a half-point in 2026. In all, the dot plot shows the benchmark rate coming down about 2 percentage points beyond Wednesday's move. On core inflation, the committee took down its projection to 2.6%, a 0.2 percentage point reduction from June. In fact, the last time the monthly hiring rate was this low – 3.5% as a share of the labor force – the unemployment rate was above 6%. At his press conference following the July meeting, Powell remarked that a 50 basis point cut was "not something we're thinking about right now."
Persons: Michelle Bowman, Jerome Powell, Powell Organizations: WASHINGTON, Federal Reserve, Market, Dow Jones, Fed, Gross, Atlanta Fed
Gold flat as investors focus on Fed
  + stars: | 2024-09-18 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices were flat on Wednesday as investors weighed chances of an outsized interest rate cut by the Federal Reserve later in the day. Gold prices were flat on Wednesday as investors weighed chances of an outsized interest rate cut by the Federal Reserve later in the day. The Fed is expected to announce a cut to interest rates for the first time in more than four years at 1800 GMT. Markets are now pricing in a 65% chance of a 50-basis-point rate cut, compared with 34% a week earlier, according to the CME FedWatch tool. Zero-yield bullion tends to be a preferred investment in a lower interest rate environment and during geopolitical turmoil.
Persons: Jerome Powell, Matt Simpson, let's Organizations: Federal Reserve, Index Locations: ., Lebanon
The Club has stayed with Morgan Stanley on expectations that its investment banking outfit will flourish again. At Wells Fargo , the Club's other financial name, lower rates should help its burgeoning investment banking business. Wells Fargo shares year-to-date have performed better than Morgan Stanley, gaining 11%. WFC YTD mountain Wells Fargo (WFC) year-to-date performance The Corporate and Investment Banking division makes up 23% of overall revenue. To be sure, Wells Fargo management said during July's second-quarter earnings call that the bank will continue to de-risk its office portfolio.
Persons: Banks, Erica Groshen, Morgan Stanley, Morgan, Jim Cramer, Jim, Goldman Sachs, Charlie Scharf, Wells, July's, Jim Cramer's, Jerome Powell, William McChesney Martin, Chip Somodevilla Organizations: Federal Reserve, New York Fed, CNBC, Cornell University, Fed, Investment, Morgan Stanley's Institutional Securities, Morgan Stanley's, Wells, Investment Banking, CIB, Federal Reserve Bank, Getty Locations: Wells Fargo, Wells, Washington ,
Jamie Dimon says that young people should spend less time on TikTok and Facebook. "A total stupid waste of time," the JPMorgan chief said of the two social media platforms. Reading widely and consuming history books, Dimon said, would be a better use of their time. AdvertisementJPMorgan CEO Jamie Dimon says young people should spend less time on social media platforms and more time reading books. A total stupid waste of time," Dimon told conference attendees.
Persons: Jamie Dimon, Dimon, Organizations: Facebook, JPMorgan, Service, Georgetown Psaros Center, Financial Markets, Business
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