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Oppenheimer's John Stoltzfus has reclaimed his place as the most optimistic when it comes to year-end S & P 500 targets. Stoltzfus, the firm's chief investment strategist, hiked his forecast for the S & P 500 to 5,500 from 5,200. He had the highest target price heading into the year at 5,200, but was outdone as some beat him to increasing their forecasts. Stoltzfus also increased his earnings projection for the S & P 500 in 2024 by $10 to $250, making him tied for another Street high. The benchmark S & P 500 has climbed nearly 10% so far in the new year.
Persons: Oppenheimer's John Stoltzfus, Stoltzfus, JPMorgan's Dubravko Organizations: CNBC Pro, Social Security, CNBC
TOKYO (AP) — Asian shares were trading mixed on Monday, as investors awaited further indications the Federal Reserve might begin cutting interest rates. A top Japanese finance official expressed reservations about the recent surge in the U.S. dollar against the Japanese yen, fueling speculation about possible intervention in the market. Despite the BOJ’s decision to hike rates, cautious communication failed to stimulate demand for the Japanese yen,” said Luca Santos, currency analyst ACY Securities. The yield on the 10-year Treasury fell to 4.21% from 4.27% late Thursday. The U.S. Federal Reserve has indicated it may deliver three cuts to interest rates this year, as long as inflation keeps cooling.
Persons: Seng, Korea's Kospi, , Luca Santos, Brent Organizations: TOKYO, Reserve, Nikkei, Shanghai, U.S ., U.S, of, of Japan, ACY Securities, Dow Jones, Nasdaq, Treasury, U.S . Federal Locations: of Japan, Japan, U.S
James Carville favorably compared Biden's record for Black Americans to that of Obama and Clinton. In April 2023, the Black unemployment rate fell to 4.8%, the lowest level on record. "He's been demonstrably the best president that Black America's ever had, Clinton and Obama included," Carville said of Biden. AdvertisementIn April 2023, the Black unemployment rate fell to 4.8%, the lowest level on record for Black citizens. And for Black Americans in the workforce, weekly pre-tax earnings surged 24.8% from Q1 in 2020 through the end of 2023, according to CNBC.
Persons: James Carville, Obama, Clinton, He's, Black, , Joe Biden's, Barack Obama, Bill Clinton, Carville —, Maureen Dowd, Carville, Biden, Donald Trump Organizations: Times, Service, Democratic, Black, Democratic Party, New York Times, CNBC,
The tax deadline is approaching, and the IRS has already issued more than 43 million refunds worth nearly $135.3 billion. As of March 8, the average refund was $3,145, up from $2,972 the same week in 2023, the agency reported. However, the average refund could change as the IRS receives tens of millions more returns. The latest filing statistics show the IRS had received less than half of the more than 146 million individual returns expected for the 2023 filing season. Here's what to know if you winTaxpayers can check their refund status with the "Where's My Refund?"
Persons: Biden Organizations: IRS, Finance, Fed
It's one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. Credit cardsThe flip side to the positive environment for savers is the expensive credit card market: Consumers carrying balances on their cards face historically high rates. "The Fed is not going to come to your rescue on credit card rates," Rossman said. The Fed is not going to come to your rescue on credit card rates. Mortgage ratesWhile savings and credit card rates are very sensitive to maneuvers from the Federal Reserve, the area that might see the most movement is housing.
Persons: Ted Rossman, There's, Rossman, they've, they'd, Bankrate Rossman Organizations: Hinterhaus, Getty, U.S . Federal Deposit Insurance Corp, Federal Reserve
However, that won’t happen if you just let it sit in a traditional checking or savings account that yields next to nothing. High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.52% as of March 13, according to Bankrate. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.
Persons: , Ted Rossman, ” Rossman, Ken Tumin, Schwab, you’d, Tumin, Doug Ornstein, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Bankrate, JPMorgan Chase, Bank of America, Fidelity, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Edelman, AAA Locations: New York, Wells Fargo, United States
Roberto Schmidt | Getty ImagesUkraine succeeding against Russia in the war has become a question of U.S. credibility, Radoslaw Sikorski, Poland's foreign minister, told CNBC. "The success of Ukraine is now a matter of U.S. credibility. Many GOP politicians have called for the aid to be tied to funding for national security efforts at the U.S. southern border and discussions about the Senate-approved aid package to be reformed into a loan package have emerged. Messaging from Trump has however been mixed, as he has also said he would do more than President Joe Biden's administration has done to support Ukraine. His rhetoric has raised questions and concerns about what U.S. support for Ukraine would look like, and if it could even cease if he were reelected.
Persons: Roberto Schmidt, Radoslaw Sikorski, CNBC's Steve Sedgwick, Republican Sen, Lindsey Graham of, Volodymyr Zelenskyy, Zelensky, Trump's, Donald Trump, Trump, Vladimir Putin, Joe Biden's, Dmytro Kuleba, Antony Blinken, Kuleba Organizations: U.S . Capitol, Getty, Russia, CNBC, U.S . House, Representatives, U.S . Senate, Republican, GOP, Ukraine, Messaging, Trump, U.S Locations: Ukraine, Ukrainian, Israel, Washington , DC, U.S, Lindsey Graham of South Carolina, United States, Russia
As proposed, the settlement would have the NAR completely remove commissions from its MLS system by July. watch nowIn the meantime, it's "business as usual" for buyers and sellers, Cobreiro said. What the settlement could mean for homebuyersThe settlement agreement doesn't say that the buyer's agent will not be paid nor that the buyer's agent cannot charge fees. While commission fees are negotiable between involved parties, knowing what cards you have on the table as a homebuyer will be more important now than before. As a result of the settlement, the seller will no longer be responsible for commission fees for a buyer's agent.
Persons: Cobreiro, Cobriero, Amanda Pendleton Organizations: MLS, Zillow, Federal Reserve
Shares of Micron pop 14% on earnings beat driven by AI boom
  + stars: | 2024-03-20 | by ( Ashley Capoot | In | ) www.cnbc.com   time to read: +1 min
The company, which makes memory and storage for computers, said it has benefitted from the artificial intelligence boom. Here's how the company did:Earnings per share: 42 cents adjusted vs. 25 cent loss expected by LSEG, formerly known as Refinitiv. Revenue: $5.82 billion vs. 5.35 billion expected by LSEG. For its fiscal third quarter, Micron expects to report revenue of $6.6 billion, above the $6.02 billion expected by analysts. "We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI," Micron CEO Sanjay Mehrotra said in a release.
Persons: Sanjay Mehrotra Organizations: Micron, LSEG, Nvidia
But the possible downside of the better forecast: less Fed easing with the possibility that officials at their meeting this week forecast fewer rate cuts in 2024 they did in December. The CNBC Fed Survey respondents include economists, strategists and fund managers. And while the average recession probability is down, about 20% of respondents still say there's an even money chance or greater of a downturn in the next 12 months. "The larger-than-consensus reduction in the federal funds rate in my forecast is contingent on a recession that brings inflation down," said Robert Fry, of Robert Fry Economics. He has a 60% recession probability and sees the Fed slashing rates to 3.6% by year end from the current level of 5.38%.
Persons: Jerome Powell, Tom Williams, John Donaldson, it's, Scott Wren, Robert Fry Organizations: UNITED STATES, Federal, Banking, Housing, Urban Affairs Committee, Inc, Getty, CNBC Fed Survey, Haverford Trust Co, Wells, Investment Institute, CNBC Fed, Robert Fry Economics Locations: U.S
Gold holds ground as investors seek direction from Fed
  + stars: | 2024-03-19 | by ( ) www.cnbc.com   time to read: +2 min
An employee arranges one kilogram gold bars for a photograph in Bangkok, Thailand, on Jan. 13, 2016. Gold held steady on Tuesday as investors stayed on the sidelines ahead of the U.S. Federal Reserve policy meeting this week, which could offer further clues on the timing of likely interest rate cuts this year. With the Fed widely expected to hold rates steady at the end of its two-day monetary policy meeting on Wednesday, the market is awaiting policymakers' updated economic and interest rate projections. Gold prices fell 1% last week after data showed that U.S. consumer prices increased solidly in February and producer prices rose more than expected, reducing hopes around early Fed rate cuts. Traders are currently pricing in an about 51% chance of a Fed rate cut in June, compared with 56% on Monday, according to the CME FedWatch Tool.
Persons: Gold, Jerome Powell, Tim Waterer Organizations: U.S . Federal Reserve, Fed, KCM, PPI, Traders Locations: Bangkok, Thailand, Japan, England, Australia, Norway, Switzerland, Mexico, Taiwan, Brazil, Indonesia
Oil prices rise on tighter supply, geopolitical risks
  + stars: | 2024-03-18 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14. Lower interest rates would stimulate demand in the U.S., supporting oil prices.
Persons: firming, Benjamin Netanyahu, Olaf Scholz, Tony Sycamore, Sycamore Organizations: Brent, U.S . West Texas, ANZ, U.S, U.S . Federal, IG, International Energy Agency Locations: Kasnodar, East, U.S ., U.S, Red, Brent
Retail sales rose 5.5%, better than the 5.2% increase forecast in a Reuters poll, while industrial production climbed 7%, compared with estimates of 5% growth. Investment into real estate fell by 9% in the first two months of the year from a year ago. National Bureau of Statistics Spokesperson Liu Aihua said that real estate remains in a period of "adjustment," according to a CNBC translation of his statement in Mandarin. New loans in February missed expectations and fell from the prior month, "even after adjusting for seasonality," Goldman Sachs analysts said in a report Friday. Chinese authorities did not reveal significant new support for the massive real estate sector during an annual parliamentary meeting that ended last week.
Persons: Liu Aihua, Liu, Ting Lu, Goldman Sachs, Pan Gongsheng, Goldman Organizations: Pudong New, Investment, National Bureau of, CNBC, China, People's Bank of China, Reuters Locations: Dongyu, Qiantan, Pudong, Pudong New Area, Shanghai, China, BEIJING, Real, Beijing
Stocks have been on a tear, but analysts can't agree on which names they like going forward. Analysts are becoming increasingly divided on names such as Tesla and International Business Machines — which have struggled recently despite the broader market rally. Against this backdrop, CNBC Pro set out to find the stocks in which analysts are most divided. is largely favored by Wall Street, receiving buy ratings from 40% of analysts covering the stock, and sell ratings from just a fifth. Other stocks analysts are divided on include sports apparel retailer Lululemon , which still has buy ratings from 50% of analysts covering the stock, and United Rentals , which has a 50-50 split in analysts' buy and sell ratings.
Persons: Stocks, Russell, Elon Musk, Goldman Sachs, Mark Delaney, Tesla's, Palantir, Mariana Perez Mora, Alex Karp, Peter Thiel Organizations: Tesla, Machines, Dow Jones Industrial, Nasdaq, CNBC Pro, Elon, FactSet, Monday, EV, Software, U.S ., Defense, Bank of America, CNBC, Israel, Tech, IBM, Wall, United Rentals Locations: Friday's, Israel
AdvertisementThese changes, spread out over millions of transactions a year, have the chance to reshape the housing market. Real-estate agent commissions have hovered between 5% and 6% of the sale price for decades. If sellers are in a desirable market, they might start offering less commission to buyers' agents, or none at all. This would force buyers' agents to get more creative. It has made it clear that it doesn't want sellers offering compensation to buyers' agents.
Persons: there's, Rich Pedroncelli, doesn't, they're, Bret Weinstein, they'll, I'm Organizations: National Association of Realtors, Federal Reserve Bank of Richmond, Department of Justice, NAR, DOJ, AP, MLS, Department, Justice Locations: Denver
U.S. crude oil futures might be showing signs of a break out after topping $80 this week, though some analysts caution against reading too much into the move. The move higher came after the International Energy Agency forecast a crude supply deficit this year and Ukraine attacked several oil refineries in Russia. U.S. crude performed the same pattern this week, wiping out and closing above last week's intraday high of $80.67. U.S. crude has also held above its 200-day moving average of $78.13 a barrel almost all month, he said. As the market enters a supply deficit this year, Riyadh could start rolling barrels back on the market, Melek said.
Persons: Matt Maley, Miller, Tom Fitzpatrick, R.J, O'Brien, WTI, Brent, Fitzpatrick, Maley, Malley, Bart Melek, Melek, We're, Carter Worth, It's, it's, Worth Organizations: West Texas Intermediate, International Energy Agency, SPDR, Energy, TD Securities, U.S, Worth Locations: Ukraine, Russia, Saudi Arabia, Saudi, Riyadh, U.S, United States
Read previewWe have one man to thank (or blame) for the many nights we've spent yelling our favorite hits down a microphone: Shigeichi Negishi. The Tokyo-based entrepreneur, who invented the world's first karaoke machine, has passed away aged 100. Farewell to another legend: Shigeichi Negishi, inventor of karaoke, has died age 100. And so, in 1967, the world was graced with its first karaoke machine: the Sparko Box. Online retailers of karaoke hardware continue to thrive, led by Ace Karaoke and Karaoke Warehouse in the States.
Persons: , we've, Negishi, Atsumi Takano, Matt Alt, Shigeichi, ZOpLdSisb2, Daisuke Inoue, Alt, Lady Gaga, Shigeichi Negishi Organizations: Service, Business, Japan Karaoke, Association, Getty Japan, Buffalo Wild Wings, Ace, Apple Locations: The Tokyo, Japan
Investors looking for artificial intelligence exposure outside of Nvidia directly were rewarded in Micron (MU) , up 70% in one year. I'll discuss a smart options trade from here following Micron's stock run and ahead of its earnings next week. As I believe there will be a lot of volatility in the months ahead inside of the high-flying artificial intelligence theme, I want to clearly define my risk in this bullish view I am expressing below. Although this would be a new all-time high for Micron, the narrative of "high tide, lifts all boats" has been applicable to anything and everything associated with artificial intelligence. DISCLOSURES: (Kilburg is long this call spread) THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY .
Organizations: Nvidia, Micron, Citi, MU
CNN —The younger brother of Toronto Raptors forward RJ Barrett has died, the family announced via the team on Thursday. The Raptors and Canada Basketball shared a statement from the Barrett family saying Nathan Barrett died Tuesday, “surrounded by his family, church and friends.”No cause of death was given. The 23-year-old RJ Barrett, who was born in Toronto, was drafted with the third pick in the 2019 NBA Draft by the New York Knicks out of Duke University. Barrett was traded to the Raptors in December and is averaging 19.5 points, 5.3 rebounds and 3.2 assists per game this season. Barrett did not play in the Raptors’ 113-104 loss to the Detroit Pistons on Wednesday night.
Persons: RJ Barrett, Barrett, Nathan Barrett, , “ Nathan, Rowan, ” “ Organizations: CNN, Toronto Raptors, Raptors, Canada Basketball, New York Knicks, Duke University, Detroit Pistons, Orlando Magic Locations: Toronto
Adobe shares drop 13% on weak quarterly revenue guidance
  + stars: | 2024-03-15 | by ( Alex Koller | ) www.cnbc.com   time to read: +2 min
Adobe shares fell 13% on Friday morning after the company reported first-quarter results that beat estimates but delivered a light quarterly revenue forecast. Its revenue of $5.18 billion exceeded the $5.14 billion analysts estimated. "No change to our view that Adobe is a major AI beneficiary," the analysts wrote in a Thursday investor note. Barclays dropped its price target for shares of Adobe to $630 from $700 while maintaining an overweight rating for the stock. "A smaller than expected beat in Digital Media Net New ARR likely increases investor concerns around competitive pressures," the analysts wrote.
Persons: Shantanu Narayen, Morgan Stanley Organizations: CNBC, New York Stock Exchange, Adobe, Bank of America, Barclays, Creative, Digital Media Locations: New York City
Adobe — Shares slipped 15% after the software company issued weak revenue guidance for its current quarter. Revenue guidance came out in the range between $110.5 million and $112.5 million, also below the $113.4 million expectation from analysts. Smartsheet — The business software provider retreated by 3.2% after posting revenue guidance that was worse than analysts expected. Ulta Beauty — Shares edged lower by 5.3% after the beauty products retailer posted disappointing full-year earnings guidance. Steel Dynamics — Shares of the Indiana-based steelmaker rose more than 2% after strong earnings guidance for the first quarter.
Persons: Geron, Piper Sandler, Jabil, PagerDuty, Smartsheet, Ulta, Stocks, cryptocurrencies, bitcoin, MicroStrategy, Cardlytics, , Alex Harring, Jesse Pound, Lisa Kailai Han, Michelle Fox Theobald Organizations: Geron, U.S, Food, Drug Administration, Micron Technology, Citi, Micron, Adobe, FactSet, Marathon, Steel, Steel Dynamics, Wall Street Locations: Indiana
Adobe shares slip 10% on soft sales forecast
  + stars: | 2024-03-14 | by ( Jordan Novet | ) www.cnbc.com   time to read: +2 min
Adobe CEO Shantanu Narayen speaks during an interview with CNBC on the floor of the New York Stock Exchange on Feb. 20, 2024. During the quarter, Adobe abandoned its $20 billion acquisition of design software startup Figma after U.K. regulators found competitive concerns. Adobe will work with OpenAI around Sora, David Wadhwani, president of Adobe's digital media business, said on the earnings call. Adobe sees fiscal second-quarter earnings of $4.35 to $4.40 per share on an adjusted basis, with $5.25 billion to $5.30 billion in revenue. Leaving out the after-hours movement, Adobe shares have fallen 4% so far this year, while the S&P 500 index has gained 8% over the same time period.
Persons: Shantanu Narayen, OpenAI, Sora, David Wadhwani, LSEG, Wadhwani Organizations: CNBC, New York Stock Exchange, Adobe, LSEG, Firefly Services Locations: Sora
Under Armour — Shares dropped 5.3% on news that founder Kevin Plank is returning as chief executive to the sportswear company. Dollar General — The discount retailer popped 5.8% on the back of a stronger-than-expected earnings report for the fourth quarter. After the market closed Wednesday, SentinelOne posted stronger-than-expected quarterly results. Dick's Sporting Goods -- Shares moved 3.6% higher after the sporting goods retailer posted an earnings and revenue beat for its fourth quarter. MicroStrategy — Shares gained 1.6% after MicroStrategy said it's raising $500 million to buy additional bitcoin , and to use for other general corporate purposes.
Persons: Armour, Kevin Plank, Evercore, LSEG, Joe Biden, SentinelOne, Dick's, Goldman Sachs, MicroStrategy, , Alex Harring, Sarah Min, Michelle Fox Organizations: United States Steel, Nippon Steel Corp, Wall Street Journal, Dick's Sporting Goods, Citigroup —, Citi
Dick's Sporting Goods — Shares jumped 14% after the sporting goods retailer posted fourth-quarter results that exceeded expectations. Dick's Sporting Goods reported earnings of $3.85 per share on revenue of $3.88 billion. Analysts surveyed by LSEG, formerly Refinitiv, had expected earnings per share of $3.35 on revenue of $3.80 billion. In its first quarter, Lennar reported revenue of $7.31 billion, weaker than the $7.39 billion expected by analysts polled by LSEG. UiPath — Shares tumbled 7.4% after the enterprise automation company posted revenue guidance that was weaker than expected.
Persons: LSEG ., SentinelOne, LSEG, Robinhood, Wells, Joe Biden, Armour, Kevin Plank, Plank's, Evercore, MicroStrategy, Oprah Winfrey, , Lisa Kailai Han, Alex Harring, Pia Singh Organizations: Dick's, Dick's Sporting Goods, LSEG, . Steel, U.S, Steel, Nippon Steel Locations: Japanese
New York CNN —Dealmaking is the lifeblood of Wall Street. But analysts say that funding cuts in the plan could end up harming mergers and acquisitions on Wall Street, squashing hopes of a recovery in dealmaking. The bad news: Recent regulations and proposed budget cuts threaten to step on those green shoots before they’re able to flower. Why it matters: Dealmaking isn’t just good for Wall Street. Shares of the stock are down nearly 30% so far this year after its seemingly nonstop streak of bad luck.
Persons: New York CNN — Dealmaking, Joe Biden, squashing, It’s, Goldman Sachs, , Lucille Jones, Jones, Mitch Berlin, Biden, , ” Berlin, That’s, Hewlett Packard, , TikTok —, Brian Fung, TikTok, Shou Chew, Nadya Okamoto, Okamoto, Teddy Siegel, Siegel, David Goldman, LATAM, it’s, Max Organizations: CNN Business, Bell, New York CNN, Wall, LSEG, Federal Reserve, Federal Trade Commission, Department of Justice, Congressional, Office, CNN, Discover Financial Services, Hewlett, Juniper Networks, Target, Boeing, Alaska Airlines, United Airlines, The National Transportation Safety, Federal Aviation Administration, FAA, NTSB Locations: New York, dealmaking, EY, Berlin, , LSEG, Australia, New Zealand, Newark
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