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☆ Mark Zuckerberg is now world’s second-richest person, ahead of Jeff Bezos
▼ + stars: | 2024-10-04 | by ( Jonathan Vanian | Jonathan Vanian Is A Technology Reporter For Cnbc.Com | ) www.nbcnews.com time to read: +2 min

Meta CEO Mark Zuckerberg has surpassed Jeff Bezos as the world’s second richest person, reports CNBC. Zuckerberg’s net worth reached $206.2 billion on Thursday, according to the Bloomberg Billionaires Index, topping the $205.1 billion net worth of the former Amazon CEO and president. The Facebook co-founder now trails Tesla chief Elon Musk by roughly $50 billion, the index showed. The company’s online advertising system suffered a major setback in 2021 when Apple introduced an iOS privacy update that weakened its ability to track users across the web. Investors reacted favorably to Meta’s cost cutting while the company’s online advertising business began to rebound and was bolstered by the massive digital ad spending campaigns by Chinese-linked retailers Temu and Shien.

Persons: Mark Zuckerberg, Jeff Bezos, Elon Musk, Meta, Zuckerberg Organizations: CNBC, Bloomberg, Amazon, Facebook, Meta, Apple, Investors, Orion Locations: Meta

☆ Former Singapore minister is jailed for a year for receiving gifts in landmark case
▼ + stars: | 2024-10-04 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +3 min

SINGAPORE — A Singapore court on Thursday sentenced a former minister to 12 months in prison for obstructing justice and receiving more than $300,000 worth of gifts, in the first jailing of a former cabinet member in a city-state famous for its clean governance. In a statement posted on the prime minister’s office website, Prime Minister Lawrence Wong said he was disappointed and saddened by the case. The case has shocked Singapore, which prides itself on its well-paid and efficient bureaucracy as well as strong and squeaky-clean governance. According to the prosecution, the value of the gifts Iswaran received totaled more than 400,000 Singapore dollars ($308,500). The former minister faced a total of 35 charges, two of which were corruption-related but were later amended to charges of receiving gifts while a public servant.

Persons: Iswaran, Lawrence Wong, ”, Wong, Ong Beng Seng, Ong, Vincent Hoong Organizations: English Premier League soccer, Singapore Locations: SINGAPORE, Singapore

☆ Why one firm is skeptical about the blockbuster September jobs report — and is still expecting another jumbo rate cut
▼ + stars: | 2024-10-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The Fed will still deliver jumbo rate cuts to stabilize the weakening job market, the firm predicted. AdvertisementThough most on Wall Street are cheering September's blowout labor report, not everyone is so sure the labor market is booming. Advertisement"The extremely low response rate to the payroll survey waves a red flag," the firm wrote on Friday. The firm scrutinized last month's payroll strength against the fact that other labor market indicators have shown a pullback in hiring. Meanwhile, this week's JOLTS data prompted Deutsche Bank to question how tight the labor market really is.

Persons: —, Larry Summers Organizations: Macroeconomics, Service, Deutsche Bank, of Labor Statistics, Conference, Federal, Bank of America Locations: joblessness, tanked

☆ There's a simple reason one of Wall Street's most bullish strategists expects a 40% rise in the S&P 500 by 2030
▼ + stars: | 2024-10-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Ed Yardeni predicts the S&P 500 could reach 8,000 by 2030. AdvertisementThere's a simple reason one of the most bullish Wall Street strategists expects the stock market to continue rising in the years ahead: compound interest. At a compounded annual growth rate of between 6% and 7%, the S&P 500 is on track to hit 8,000 by 2030, representing potential upside of about 40% from current levels. "The S&P 500 stock price index is driven by its earnings per share (EPS), which has been growing mostly between 6% and 7% since the 1950s," Yardeni said. He added: "EPS could double to $400 by the end of the decade in our Roaring 2020s scenario," Yardeni said.

Persons: Ed Yardeni, —, it's, Yardeni Organizations: Service, Yardeni, Federal Reserve

☆ China play Las Vegas Sands is one of the most overbought names on Wall Street. Here are the others
▼ + stars: | 2024-10-04 | by ( Lisa Kailai Han | Kavitha Shastry | ) www.cnbc.com time to read: +3 min

China stocks have been on an upward tear since then, with the mainland's CSI 300 index rallying over 25% to rise nine days in a row. Shares of Wynn Resorts and Las Vegas Sands have respectively gained nearly 8% and more than 2% this week. Stocks with a 14-day relative strength index reading, or RSI, above 70 are considered to be overbought. The stock has an RSI reading of 82. Fellow China play Wynn Resorts also has a high RSI reading of 86.

Persons: Robin Farley, Vistra, Angie Storozynski, Humana, Stephens, Paul Lejuez, WMT Organizations: People's Bank of China, CSI, Wynn Resorts, CNBC Pro, UBS, China, Seaport Research Partners, Humana, Dollar, Citi, Walmart, omni Locations: China, U.S, Macau

SHANGHAI, CHINA - MARCH 7, 2023 - The Oriental Pearl Tower, Shanghai Tower, Jinmao Tower and World Financial Center are seen on Lujiazui Street, Shanghai, China, March 7, 2023. China stocks will keep rising after markets in the mainland reopen following the Golden Week break, analysts predicted. Beijing's announcements of economic support last week have fueled China's CSI 300 blue-chip index to rally over 25% in a nine-day winning streak. Then, Hong Kong stocks dropped on Thursday, ending a 6-day winning streak and sparking fears that China's stimulus rally could have started to fizzle out. Beijing's recent stimulus blitz coupled with higher participation from retail investors will likely fuel a longer rally, he said.

Persons: Eugene Hsiao, Shehzad Qazi, Qazi, Shaun Rein, it's, Rein, Ting Lu Organizations: Financial, CSI, of China Equity, Macquarie Capital, China Market Research Locations: SHANGHAI, CHINA, Shanghai, China, Hong Kong

☆ Short ideas: Here are the stocks JPMorgan is betting against in the fourth quarter
▼ + stars: | 2024-10-04 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Despite the major indexes trading near their all-time highs, there are still plenty of stocks that JPMorgan is bearish on in the coming quarter. Against this backdrop, JPMorgan surveyed its analysts for their top short ideas, or stocks that might underperform going into the fourth quarter. Shares have risen 9% in 2024, leading to what JPMorgan analyst Michael Rehaut believes is an expensive valuation. JPMorgan analyst Kenneth Goldman also has an underweight rating on Beyond Meat . "Plant-based meat continues to struggle as the fad fades," the analyst wrote.

Persons: Stocks, Stanley Black, Decker, Michael Rehaut, Kenneth Goldman, Stephen Tusa, Mark Strouse Organizations: JPMorgan, Federal, Traders, Rockwell Automation, ROK, FuelCell Energy Locations: —, underinvestment

☆ Selena Gomez couldn’t afford to go to her first Disney casting—now she’s a billionaire startup founder
▼ + stars: | 2024-10-04 | by ( Ashton Jackson | ) www.cnbc.com time to read: +4 min

Selena Gomez's makeup brand Rare Beauty has catapulted her to billionaire status, according to a recent Bloomberg estimate. Gomez, who's publicly discussed her own struggles with bipolar disorder, launched it as a way to promote mental health in the beauty industry. Rare Beauty brought in a reported $350 million in sales last year, according to Business of Fashion. A makeup brand promoting self-acceptance can seem asymmetric, which made Gomez think her products wouldn't sell, she told People in 2022. Since then, she's expressed her pride in Rare Beauty's growth and dedication to promoting mental health.

Persons: Selena, Ellen DeGeneres, Gomez, Barney, —, Mandy Teefey, Gomez's, who's, Scott Friedman, Omar H, Fares, she's, we've, Get Organizations: Bloomberg, Disney Channel, Disney, Wizards, Globe, Company, Fund, of, CNBC Locations: Grand Prairie , Texas, California, Waverly

☆ European markets poised for higher open; U.S. jobs report in view
▼ + stars: | 2024-10-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

A TV presenter gets ready for the daily reporting from the floor of the German share price index DAX at the stock exchange in Frankfurt, Germany, November 15, 2023. LONDON — European stocks were poised for a higher open Friday as traders continue to monitor the escalating conflict in the Middle East and look ahead to the latest U.S. jobs report. The FTSE 100 was seen opening up 7 points at 8,281, Germany's DAX 38 points higher at 19,029, France's CAC up 23 points at 7,489 and Italy's FTSE MIB 100 points higher at 32,171, according to IG data. It comes after the Stoxx 600 shed 1% Thursday as geopolitical tensions have contributed to a shaky start to October. Investors are looking ahead Friday to the September's payrolls report, with U.S. futures little changed overnight.

Persons: DAX, Germany's DAX Organizations: LONDON, France's CAC, Investors Locations: Frankfurt, Germany

☆ China wants Taiwan to make mistakes and is looking for excuses to trigger a blockade, Taiwan's navy commander says
▼ + stars: | 2024-10-04 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

China has ramped up its military presence around Taiwan, the country's navy commander said. Adm. Tang Hua told The Economist that China wants it to make a mistake so it can justify a blockade. AdvertisementChina is trying to force Taiwan into making mistakes and is looking for excuses to trigger a blockade, according to Taiwan's navy commander. Adm. Tang Hua told The Economist that China is "slowly, but surely" ramping up its military presence around Taiwan and is ready to blockade Taiwan "at any time they want." "The PLA is trying to force Taiwan to make mistakes," he said, using the acronym for China's People's Liberation Army.

Persons: . Tang Hua, —, Adm . Tang Hua, Tang, Phil Davidson, Wellington Koo, Xi Jinping Organizations: Economist, China, Service, PLA, People's Liberation Army, American Enterprise Institute, Institute for, Institute for Economics, Peace, Lieber Institute for Law, Warfare, Financial Times Locations: China, Taiwan, Point, People's Republic of China

☆ Stock market next week: Investors wonder what's to come after tumultuous October start
▼ + stars: | 2024-10-04 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Stocks struggled this week as rising tensions in the Middle East set off the strongest rally in oil prices since March 2023. "The stock market has been living up to October's reputation of increased volatility," said Glen Smith, chief investment officer at GDS Wealth Management. Inflation report, Fed minutes on deck In the week ahead, investors will keep an eye on a couple of potential catalysts. On Wednesday, investors will parse minutes from September's central bank gathering for insights into the future path of monetary policy. "I would say the inflation report is probably less important than it used to be," Dickson said.

Persons: Stocks, Glen Smith, Said, Mike Dickson, Chris Zaccarelli, Zaccarelli, Investment's Dickson, It's, Dickson, Wells, John Williams, JPMorgan Chase Organizations: Dow Jones Industrial, Nasdaq, Federal Reserve, GDS Wealth Management, Federal, Horizon Investments, CNBC Pro, Independent, Alliance, PepsiCo, Delta, JPMorgan Chase, PepsiCO, New York Fed, PPI, University of Michigan, BlackRock, Bank of NY Mellon, JPMorgan Locations: White, Wells Fargo, Fastenal, Wells

☆ The smart money is bracing for a stock-market pullback with 2 options strategies. Why one works better in the current environment.
▼ + stars: | 2024-10-04 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Investors are seeking S&P 500 downside protection as rate cuts shift focus to growth concerns. S&P 500 long-dated put options are a preferred approach int he current market environment. Demand for downside protection on the S&P 500 is starting to build. But one approach that's beginning to pick up, with advantages in the current market environment, is hedging S&P 500 downside through options contracts. Annually, the CBOE Volatility Index (VIX) — a measurement of implied volatility — gradually rises starting in the middle of summer and into October.

Persons: —, Tanvir Sandhu, Sandhu, Brent Organizations: Service, Bloomberg Intelligence

Business Insider asked 27 venture-capital investors to nominate the most promising fintechs. VCs highlighted startups that haven't raised beyond a Series C.Here are the 49 most promising fintechs. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Business Insider asked 27 top investors — including Index Ventures, QED Investors, and Bain Capital Ventures — to name some of those diamonds in the rough. Check out the 49 startups identified as most promising by 27 top investors.

Persons: —, fintechs Organizations: Service, Business, Index Ventures, Bain Capital Ventures

The September jobs report came in stronger than expected, with 254,000 jobs added. AdvertisementThe latest jobs report might be just what Vice President Kamala Harris needs. The latest jobs report could change that — taking away some of former President Donald Trump's ammunition to hammer Harris on the economy. AdvertisementRecent days have included not only a stellar jobs report but also the end for now of the dockworkers' strike at East Coast ports. "With today's report, we've created 16 million jobs, unemployment remains low, and wages are growing faster than prices," the statement said.

Persons: Kamala Harris, Trump, Harris, Biden, —, Joe Biden, Donald Trump's, Matt Colyar, Colyar, Pew, leaners, they're, we've, Labor Julie Su, We've, we're Organizations: Service, Moody's, University of Michigan's, Consumers, Pew Research Center, Democratic, Republican, The New York Times, Siena College, Pew Research, Labor Locations: East Coast

☆ Jim Cramer's week ahead: CPI data and earnings from Delta, Domino's and major banks
▼ + stars: | 2024-10-04 | by ( Julie Coleman | ) www.cnbc.com time to read: +3 min

CNBC's Jim Cramer reviewed next week's top market-moving action, highlighting new consumer price index data and a slew of earnings reports as the season begins, including ones from Delta , Domino's and several major banks. The labor department will release September's CPI report on Thursday, and Cramer said investors who want a rate cut are hoping for a cool number. Friday brings the producer price index report, and like the CPI, this data will be a metric for the Fed's next decision, Cramer said. Big ticket financial earnings will also come out that day, including Wells Fargo , JPMorgan and Blackrock . He said banks represent the least expensive group on the market, and investors should use any weakness to buy them.

Persons: CNBC's Jim Cramer, Cramer, he's, Delta, Tesla Organizations: Wall, PepsiCo, General Motors, Federal, Big Tech, AMD, HP Enterprise, Big, JPMorgan, Blackrock Locations: Delta, Domino's, Wells Fargo

Housing is one of many issues Vance, the Republican nominee, believes are rooted in the arrival of undocumented migrants in America. But many economists caution that connecting rising numbers of immigrants to housing costs is no simple thing. Other economists have noted links between immigrants and increased housing costs. Vance later shared two studies on housing and immigration that showed a link between increased immigration and rising housing costs — though each offered various caveats, including noting that the impact changes over time. Indeed, Zillow data shows a clear upward trend in Springfield rents this year compared with 2023.

Persons: America’s, Sen, JD Vance, Tim Walz, Vance, you’ve, ” Vance, Donald Trump, Walz, ”, ” Walz, Kamala Harris, Ernie Tedeschi, Joe Biden, Vance’s, Michelle Bowman, Chris Herbert, Herbert, Sharon Cornelissen, Bryan Heck, Democratic Sen, Sherrod Brown, Heck, ” Heck Organizations: Minnesota Gov, Republican, CBS, Democratic, NBC, White House, Federal, Cato Institute, Harvard University’s, for Housing Studies, Consumer Federation of America, NBC Boston Locations: Ohio, America, Springfield , Ohio, U.S, New York City, Los Angeles, Dearborn, Hamtramck, Detroit, Brockton , Massachusetts, Haiti, Cape Verde, Central, South America, Springfield, Washington

☆ Mark Zuckerberg is now world's second-richest person, ahead of Jeff Bezos
▼ + stars: | 2024-10-03 | by ( Jonathan Vanian | In | ) www.cnbc.com time to read: +3 min

Meta CEO Mark Zuckerberg has surpassed Jeff Bezos as the world's second richest person. The Facebook co-founder now trails Tesla chief Elon Musk by roughly $50 billion, the index showed. Meta has pointed to its hefty artificial intelligence investments as helping improve the performance of its online advertising platform as a reason for its sales growth. The company's online advertising system suffered a major setback in 2021 when Apple introduced an iOS privacy update that weakened its ability to track users across the web. Investors reacted favorably to Meta's cost cutting while the company's online advertising business began to rebound and was bolstered by the massive digital ad spending campaigns by Chinese-linked retailers Temu and Shien.

Persons: Mark Zuckerberg, Jeff Bezos, Elon Musk, Meta, Zuckerberg Organizations: Meta, Facebook, Bloomberg, Amazon, Apple, Investors, Orion, CNBC Locations: Meta

☆ Citi gives its top picks for clients heading into the fourth quarter
▼ + stars: | 2024-10-03 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

As the fourth quarter gets underway, there are some stocks that may be poised to outperform over the next several months, according to Citi. "Now, broadening is apparent, with Value leading while Growth has not yet achieved July levels," Scott Chronert said in a Friday note to clients. Citi views newly added Ally Financial as "one of the best-positioned liability sensitive names," seeing the potential for total book value growth of 25% by the fourth quarter of next year. "While mistakes were clearly made with the '22 auto vintage, the short duration of this asset class implies ALLY will not be stuck with the problem beyond 2025," analyst Keith Horowitz wrote. Meanwhile, Citi has a buy rating on the stock, and its price target of $50 implies nearly 45% upside from Wednesday's close.

Persons: Scott Chronert, Keith Horowitz, Horowitz, Ally, Stephen Trent, Filippo Falorni Organizations: Citi, Nasdaq, Dow Jones, North America, Biosciences, Alnylam Pharmaceuticals, Ally, United Airlines, United

☆ European markets set for negative open as investors focus on Middle East escalation
▼ + stars: | 2024-10-03 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +1 min

Smoke rises from a building destroyed by an Israeli airstrike as journalists and local residents visit during a press tour on October 2, 2024 in Beirut, Lebanon. LONDON — European stocks are expected to open lower Thursday as conflict in the Middle East weighs on regional investor sentiment. The U.K.'s FTSE index is seen opening 38 points lower at 8,252, Germany's DAX down 67 points at 19,097, France's CAC 40 down 26 at 7,545 and Italy's FTSE MIB 153 points lower at 33,414, according to data from IG. Israel attacked central Beirut early Thursday, killing at least six people, as it pursues Iran-backed armed group Hezbollah. Israeli authorities say there were no casualties as a result of the offensive, and that most of the missiles were intercepted.

Persons: Germany's DAX, Israel Organizations: CAC, IG Locations: Beirut, Lebanon, LONDON, Iran, Israel

☆ 3 bullish catalysts could keep the bull rally alive and boost stocks 13% in the coming year, research firm says
▼ + stars: | 2024-10-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The two-year-old bull market in stocks could last for another year, NDR strategists said. Median gains in the third year of a bull market are about 13%, the firm said in its analysis. AdvertisementThe latest bull market in stocks may still have a long life ahead of it, according to Ned Davis Research. In one instance, the bull market ended after the Fed reversed its rate cut decision, spooking investors. The S&P 500 has gained 60% since the index entered bull market territory in October 2022.

Persons: That's, —, Ned Davis Organizations: Service, Ned Davis Research, NDR Locations: Europe

☆ Active bond funds put up a strong performance — and they may be poised to stand out as rates fall
▼ + stars: | 2024-10-03 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

Over the 12-month period ending June, about 2 of 3 active bond managers trounced their average passive counterpart, according to a recent analysis from Morningstar . There were a few tailwinds in active managers' favor. With the Fed recently cutting rates by a half point — and Chair Jerome Powell noting that two more quarter-point cuts could be in the cards this year — a new challenge awaits these active bond funds. As interest rates fall, active managers can position accordingly, said Roger Hallam, global head of rates at Vanguard. "We expect active managers to make a little more, and they should be because they're doing more trades and it costs more to manage active portfolios," said Olmsted.

Persons: —, Ryan Jackson, Jerome Powell, it's, Jackson, Paul Olmsted, Roger Hallam, wouldn't, Hallam, Morningstar, Olmsted Organizations: Federal Reserve, Morningstar, Vanguard, Bond Fund, SEC

☆ Oil is driving the stock market for the first time in a long while
▼ + stars: | 2024-10-03 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Oil prices keep pushing higher as tensions build in the Middle East, and the moves in crude appear to be weighing on the stock market. Overlaying the charts of the United States Oil Fund LP (USO) and the S & P 500 in recent days shows that the fund and the index appear to be inversely correlated. In other words, when the oil fund climbs during the day, the stock market tends to dip, and vice versa. This is a change from rest of the year, when there appeared to be little relationship between the price of oil and the broad stock market. In midday trading Thursday, U.S. crude oil prices were up 4% , and the USO had jumped roughly 3%.

Persons: Jeremiah Buckley, Janus Henderson, Buckley Organizations: United States Oil Fund, CNBC, USO Locations: Iran, Israel

☆ Buffer ETFs can shield investors from some losses. Here's what to know before investing
▼ + stars: | 2024-10-03 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Buffer ETFs, also known as defined-outcome ETFs, use options contracts to offer investors a pre-defined range of outcomes over a set period. As of August 2024, there were 327 buffer ETFs, representing more than $54.8 billion in assets, up from 73 such ETFs and roughly $4.6 billion in August 2020, according to data from Morningstar Direct. For example, a buffer ETF could shield investors from the first 10% of losses while limiting upside returns to 15%. Another downside is the assets have higher fees than traditional ETFs, with 0.8% for the average buffer ETF compared to 0.51% for the average ETF, Armour said. The benefits of buffer ETFs

Persons: Jordi Mora Igual, Bryan Armour, Armour Organizations: North America, Morningstar, Morningstar Direct

☆ Treasury yields rise as attention shifts to jobs data
▼ + stars: | 2024-10-03 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by over two basis points to 3.8056%. The 2-year Treasury yield was last at 3.6539% after rising by more than one basis point. U.S. Treasury yields were higher on Thursday as investors looked to the latest labor market insights and considered the state of the economy. Investors assessed the state of the economy as attention turned to the latest jobs data. Figures from ADP on Wednesday showed that private payrolls grew by more than expected in September, with private companies adding 143,000 jobs.

Persons: Jerome Powell Organizations: Treasury, Investors, U.S . Labor, Federal Reserve

☆ The bull market is about to turn two. Here's what's needed for further gains ahead
▼ + stars: | 2024-10-03 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

This latest bull run has been strong, even by historical standards. The broad market index has also reached a record above 5,700 — with some on the Street expecting it to top 6,000 before year-end. The bull market will be two later this month. .SPX mountain 2022-09-30 SPX since Q4 2022 The first: "The disinflation that has defined the cyclical bull needs to remain in place," said Clissold. The second element needed for the bull run to carry on is a successful soft landing.

Persons: Ned Davis, Ed Clissold, Clissold Organizations: Ned Davis Research, Fed, JPMorgan

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