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☆ What's driving Friday's big market comeback, a day after heavy tech selling
▼ + stars: | 2024-07-12 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +5 min

Green day : A lot was working in the stock market on Friday. But it was hard to see through an ugly rotation out of this year's Big Tech winners in favor of more interest rate-sensitive stocks. Many of our hot tech stocks took a breather this week. It's more evidence of why Jim Cramer calls these two names "own, don't trade" stocks. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer, Dow, Russell, Eli Lilly, Lilly, Wells Fargo, NII, toolmaker Stanley Black, Decker, Morgan Stanley, That's, Jim Cramer's, Jim Organizations: CNBC, Big Tech, Federal, Nasdaq, PPI, Fed, Meta, Nvidia, Apple, Ford, Abbott Laboratories, Jim Cramer's Charitable, Financial, Nurphoto, Getty Locations: Morphic, Wells, New York City, Mairo

☆ Japan's Nikkei falls over 2% amid suspected yen intervention; U.S. inflation cools more than expected
▼ + stars: | 2024-07-12 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Early Friday, the yen also suddenly strengthened against the dollar after the U.S. inflation data release, prompting analysts and traders to suspect a possible intervention from the country's ministry of finance. The yen traded at 158.55 against the U.S. dollar at roughly 12 a.m. Tokyo time after trading around 161.52 late Thursday. The currency strengthened further against the greenback, currently standing at 158.23. On Friday, Japan's top currency diplomat Masato Kanda said that authorities will take action as needed in the foreign exchange market. Reuters also reported that Kanda said recent yen moves were somewhat rapid, but declined to comment on whether authorities had intervened in the currency.

Persons: Masato Kanda, Kanda Organizations: Federal Reserve, U.S, greenback, Reuters Locations: Asia, Pacific, U.S, Tokyo

☆ 'Why would you tinker with it if it's not broken?': Economist on why the Fed may not cut rates in September
▼ + stars: | 2024-07-12 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Jerome Powell, chairman of the US Federal Reserve, during a Senate Banking, Housing, and Urban Affairs Committee hearing in Washington, DC, US, on Tuesday, July 9, 2024. Markets now firmly expect a September interest rate cut in the U.S., but the Federal Reserve has a strong reason to hold off, according to economist Carl Weinberg. Money market pricing for a rate cut at the Fed's fall meeting rose from around 70% to more than 90% on Thursday, according to LSEG data, after a softer-than-expected consumer price index print. Fed Chair Jerome Powell had already bolstered expectations of such a move when he said earlier this week that there were risks in keeping interest rates too high for too long — comments interpreted as "modestly dovish" by analysts. However, there are also risks to easing monetary policy that cast a cloud over the rate cut outlook, Weinberg, chief economist at High Frequency Economics, told CNBC's "Squawk Box Europe" on Friday.

Persons: Jerome Powell, Carl Weinberg, Weinberg, CNBC's Organizations: US Federal Reserve, Banking, Housing, Urban Affairs Committee, Federal Reserve Locations: Washington , DC, U.S

☆ 10 things to watch in the stock market Friday, including bank earnings and inflation
▼ + stars: | 2024-07-12 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

10 things to watch Friday, July 12 Will the market rotation out of year-to-date tech winners and into the rest of the market continue? JPMorgan reported a top and bottom line beat: Revenue of $50.99 exceeded estimates of $49.87 billion; adjusted earnings per share (EPS) of $4.26 beat by 7 cents. No change to full-year 2024 expectation of $91 billion net interest income (NII) and $92 billion in adjusted expense. Revenue of $20.69 billion beat estimates of $20.29 billion and EPS of $1.33 beat by 4 cents. NII of about $13.5 billion beat estimates of $13.22 billion.

Persons: Charlie Scharf's, Wells, Tesla, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nasdaq, JPMorgan, Investment, Equity, Wells, Citigroup, UBS, Technologies, Citi, Wester Digital, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Getty Locations: Wells Fargo, New York City

☆ Wholesale prices rose 0.2% in June, slightly hotter than expected
▼ + stars: | 2024-07-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

A measure of wholesale prices rose more than expected in June as Wall Street assesses when the Federal Reserve will feel comfortable cutting interest rates. The producer price index rose 0.2% last month, the Labor Department's Bureau of Labor Statistics reported on Friday. The PPI is a gauge of prices that producers can get for their goods and services in the open market. Friday's report comes shortly after the June consumer price index came in cooler than expected on Thursday. The Fed's preferred inflation reading is the personal consumption expenditure price index.

Persons: Dow Jones Organizations: Port, Federal, Labor Department's Bureau of Labor Statistics, PPI, Traders Locations: Port of Los Angeles, San Pedro , California

☆ Unexpected bad news for inflation: Wholesale prices rose in June
▼ + stars: | 2024-07-12 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

CNN —Wholesale price inflation unexpectedly accelerated in June to its highest rate since March 2023. That’s an unwelcome development for the US economy one day after the government announced that consumer prices declined on a monthly basis for the first time in four years. On a monthly basis, prices rose 0.2% after holding flat in May. Economists had expected that prices would increase 0.1% on a monthly basis and hold steady at 2.2% annually. Prices dropped on a monthly basis for the first time since May 2020, and annual inflation slowed to 3%, its slowest rate since June 2023.

Persons: That’s, Price, ” Clark Bellin, Bellin Organizations: CNN —, of Labor Statistics, PPI, Federal Reserve

☆ Here's why Wells Fargo stock is down 7% despite the bank's quarterly earnings beat
▼ + stars: | 2024-07-12 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Wells Fargo stock tumbled 7% after the bank's second-quarter report despite beats on revenue and earnings. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Dow, We're, Wells, Morgan Stanley, Morgan, Jim Cramer's, Jim Organizations: CNBC, Big Tech, Nvidia, Investors, Wells, Abbott Laboratories, . Capital, Abbott Labs Locations: Wells Fargo, NVDA

☆ CNBC Daily Open: S&P retreats, yen surges, Tesla sinks
▼ + stars: | 2024-07-12 | by ( Abid Ali | ) www.cnbc.com time to read: +3 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. The declines follow the lowest consumer price index in over three years. The yield on the 10-year Treasury fell, while U.S. oil prices rose on hopes of a rate cut. The Fed is "one step closer to a September rate cut," said Chris Larkin, managing director of trading and investing at E-Trade.

Persons: Jesse Pound, Chris Larkin, Kit Juckes, Elon Musk, Jamie Dimon's Organizations: CNBC, Nasdaq, Big Tech, Nvidia, Meta, Dow Jones, Treasury, U.S, Societe Generale, Delta Air Lines, Paris, Bloomberg, JPMorgan Locations: U.S

☆ Gold eases, but set for weekly gain on Fed rate cut bets
▼ + stars: | 2024-07-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September. Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September. "Inflation outlook and interest rate picture have moved in favor of gold this week. As we move closer to a lower interest rate environment, conditions could be ripe for gold to set new record highs before the year is out," said Tim Waterer, KCM Trade's chief market analyst. Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

Persons: Tim Waterer, KCM, Mary Daly, Austan Goolsbee, Waterer Organizations: Federal Reserve, San Francisco Fed Bank, Chicago Fed Bank Locations: U.S

☆ Stock market today: Indexes edge higher as traders digest fresh inflation data and bank earnings
▼ + stars: | 2024-07-12 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

US stocks edged higher on Friday after a rough prior session as traders digested new data and earnings. Banks including JPMorgan and Citi kicked off second-quarter earnings season. AdvertisementUS stocks were slightly higher on Friday as new inflation data dropped and big US banks kicked off second-quarter earnings season. Even with Friday's strong PPI, we still believe a September rate cut is in play," Clark Bellin, president and CIO of Bellwether Wealth, said. AdvertisementMeanwhile, big US banks opened up the second-quarter earnings season.

Persons: —, Clark Bellin, Wells Organizations: JPMorgan, Citi, Service, Federal Reserve, Bellwether Locations: Wells Fargo

☆ Majority of economists say inflation would be higher under Trump than Biden: WSJ survey
▼ + stars: | 2024-07-12 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

A majority of economists surveyed by The Wall Street Journal said former President Donald Trump's policies would be more likely to reignite inflation than President Joe Biden's would. Eight of the economists in the WSJ survey said inflation would be worse under Biden than Trump. Meanwhile, the several economists who saw Biden as the bigger inflation threat cited large spending packages. Still, 51% of economists in the WSJ survey estimate that federal deficits will rise more under Trump, who has proposed making his first-term tax cuts permanent. Meanwhile, 22% of economists think the same for Biden, in part citing Democrats' historically higher support for government spending.

Persons: Donald Trump's, Joe Biden's, Trump, Biden, Biden's, Harris, Sarafina Chitika Organizations: Wall Street Journal, Biden, Republican, Trump, Wall Street, Democratic, Capitol, Federal Reserve Locations: China, U.S, Trump

☆ JPMorgan's Jamie Dimon warns inflation and interest rates may stay higher
▼ + stars: | 2024-07-12 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

JPMorgan Chase CEO Jamie Dimon on Friday issued another warning about inflation despite recent signs of easing in price pressures. "Therefore, inflation and interest rates may stay higher than the market expects." His comments came after this week's data showed the monthly inflation rate dipped in June for the first time in more than four years, which fueled bets that the Federal Reserve could cut rates soon. Dimon joined many economists in sounding the alarm on the U.S.' burgeoning debt and deficits. The federal government has so far spent $855 billion more than it has collected in the 2024 fiscal year.

Persons: Jamie Dimon, Dimon, Jerome Powell Organizations: JPMorgan, Federal, U.S Locations: U.S

Average 30-year mortgage rates fell to 6.89%, down six basis points from the week before, according to Freddie Mac. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are expected to trend down. This would remove a significant amount of upward pressure off of mortgage rates, allowing them to finally trend down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac Organizations: of Labor Statistics, Federal Reserve, Zillow, Fed Locations: May's, Chevron

☆ American Century's Rich Weiss says Fed could cut twice this year, urges investors to stay diversified
▼ + stars: | 2024-07-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Rich Weiss wouldn't be surprised if the Federal Reserve cuts rates twice this year — and potentially before the November election. The comments from Weiss come as Wall Street continues to weigh whether the Federal Reserve will cut rates before year-end. But Weiss urges investors to diversify in this concentrated market. Although a riskier bet, Weiss is also finding opportunities in the real estate sector, which he expects should recover as rates fall. Bonds also look attractive should yields continue to come down, and could outperform stocks through the end of 2024, he added.

Persons: Rich Weiss wouldn't, CNBC's Dominic Chu, Weiss, that's, Bonds Organizations: Federal Reserve, Century Investments, American

☆ Biden touts cooling inflation, slams Trump tariffs at press conference
▼ + stars: | 2024-07-11 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +1 min

President Joe Biden on Thursday trumpeted the latest inflation report in the opening remarks of his highly anticipated solo press conference in Washington. "Just this morning, we had a great economic report showing inflation is down," he said. Biden then criticized former President Donald Trump's proposed economic policy, which includes a 10% baseline tariff on all U.S. imports. "Meanwhile, Trump's calling for a 10% tariff on everything Americans buy, including food from overseas, vegetables and other necessities," he said. The press conference was a high-stakes event for the president, who has been facing calls to drop out of the 2024 race after his performance last month at the first debate with Trump.

Persons: Joe Biden, Biden, Donald Trump's Organizations: U.S . Department of Labor, Trump Locations: Washington

☆ Here's why the cooler consumer inflation we wanted flipped the stock market on its head
▼ + stars: | 2024-07-11 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

It also gave investors the green light to rotate out of this year's tech winners and into rate-sensitive stocks. In other words, we're right back to the market expecting as many as three cuts by the end of the year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: Jim Cramer, toolmaker Stanley Black, Decker, Jim, Price, That's, We've, we've, Jim Cramer's, Eric Thayer Organizations: Federal Reserve, CNBC, PPI, Walmart, Costco, PepsiCo, CPI, U.S, Nasdaq, Jim Cramer's Charitable, Aldi, Bloomberg, Getty Locations: Alhambra , California

☆ Live Updates: Inflation Likely Cooled Further in June
▼ + stars: | 2024-07-11 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +3 min

Overall inflation was probably 3.1 percent in June on an annual basis, down from 3.3 percent in May and the coolest reading since January, based on Bloomberg economist forecasts. Economists forecast just 0.2 percent core inflation on a monthly basis, which would match the reading for May. Fed officials have been watching for evidence that inflation is still coming down as they contemplate when to begin cutting interest rates. And Thursday’s inflation reading is poised to be markedly cooler than the 9.1 percent rate when inflation peaked at in 2022. Fed officials meet in late July, but few economists expect a move that early.

Persons: ” Jerome H, Powell, that’s, “, ” Organizations: Federal Reserve, Bloomberg, Fed

☆ Inflation falls 0.1% in June from prior month, helping case for lower rates
▼ + stars: | 2024-07-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The monthly inflation rate dipped in June, providing further cover for the Federal Reserve to start lowering interest rates later this year. The all-items index rate fell from 3.3% in May, when it was flat on a monthly basis. The annual increase for the core rate was the smallest since April 2021. A 3.8% slide in gasoline prices held back inflation for the month, offsetting 0.2% increases in both food prices and shelter. Housing-related costs have been one of the most stubborn components of inflation and make up about one-third of the weighting in the CPI, so a pullback in the rate of increase is another positive sign.

Organizations: Federal Reserve, Labor Department, Bureau of Labor Statistics, CPI Locations: U.S

☆ Inflation cooled off more than expected in June
▼ + stars: | 2024-07-11 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

The consumer price index increased 3.0% in June from a year earlier. It was expected to cool off slightly — from a year-over-year increase of 3.3% to 3.1%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe consumer price index rose 3.0% year-over-year in June, the lowest headline year-over-year rate in a year. The expected increase noted on Investing.com was 3.1%.

Persons: — Organizations: Service

☆ These 3 stocks are set to bounce once the Fed finally lowers interest rates
▼ + stars: | 2024-07-11 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "This CPI is really in control today," Jim Cramer said. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Morgan Stanley, Stanley Black, Decker, Morgan, toolmaker Stanley, Wells, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Big Tech, Federal Reserve, Nvidia, Apple, Microsoft, Street Locations: NII

☆ Prices fell in June for the first time since the start of the pandemic
▼ + stars: | 2024-07-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —US consumer prices did something in June that they haven’t done since the early part of the pandemic: They fell. Economists were expecting a 0.1% monthly increase and an annual gain of 3.1%, according to FactSet consensus estimates. Excluding energy and food prices, a closely watched “core” index of underlying inflation also slowed more than expected. Dow futures rose 80 points. Nasdaq futures rose 0.3% as well.

Persons: — Organizations: CNN, Bureau of Labor Statistics ’, Federal Reserve, Dow, Nasdaq, Treasury

☆ Jim Cramer explains how to trade Thursday's tech sell-off
▼ + stars: | 2024-07-11 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

After buyers fled from Big Tech on Thursday, CNBC's Jim Cramer advised investors to take advantage of the rotation but beware that it may not last long. It's historically broadened things out, and tomorrow you'll get another chance to make money with today's winners," he said. "But if interest rates stop going down, and stop going down hard, then please do not overstay your welcome." The move was propelled by a low consumer price index reading, fueling Wall Street's hopes that the Federal Reserve will cut interest rates. Housing and industrial stocks such as Home Depot and Caterpillar saw a boost as they stand to benefit from lower rates.

Persons: CNBC's Jim Cramer, you'll, Cramer Organizations: Big Tech, Nvidia, Meta, Federal Reserve, Depot, Caterpillar

☆ Japan's yen surges after U.S. inflation data as traders monitor possible intervention
▼ + stars: | 2024-07-11 | by ( Matt Clinch | ) www.cnbc.com time to read: +1 min

People stand outside a money changer looking at the rates of the Japanese yen against foreign currencies, along a street in central Tokyo on April 29, 2024. The dollar lost around 2% against the Japanese yen on Thursday as the market was suddenly jolted by fresh inflation U.S. data. The dollar rose as the U.S. reacted to its lowest CPI (consumer price index) reading in more than three years. But it comes at a time when traders are on high alert for more yen intervention from Japanese authorities as they try to prop up its ailing currency. Masato Kanda, the vice-minister of finance for international affairs of the Ministry of Finance, told Jiji Press that he was not in a position to comment on any possible intervention.

Persons: Kit Juckes, Marc Ostwald, Masato Kanda, wasn't Organizations: U.S, Reuters, Societe Generale, CNBC, ADM Investor Services, CPI, Ministry of Finance, Jiji Press Locations: Tokyo, London, JPY

☆ As inflation cools, estimate for 2025 Social Security cost-of-living adjustment goes down
▼ + stars: | 2024-07-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

The pace of inflation is coming down, which continues to point to a lower Social Security cost-of-living adjustment for retirees and other beneficiaries in 2025. The Social Security cost-of-living adjustment, or COLA, may be 2.7% next year, according to an estimate from Mary Johnson, an independent Social Security and Medicare policy analyst, based on new government data released on Thursday. In 2024, Social Security beneficiaries received a 3.2% cost-of-living adjustment. To be sure, the estimate for the Social Security cost-of-living adjustment for 2025 is subject to change. The Social Security Administration officially determines the cost-of-living adjustment by comparing the third quarter CPI-W data for that year to the third quarter of the previous year.

Persons: Mary Johnson, —, Johnson Organizations: Washington , D.C, Security, Social Security, CPI, Urban, Clerical Workers, Bureau of Labor Statistics, Social, Finance Locations: Washington ,

☆ Kelly Evans: The cuts are coming
▼ + stars: | 2024-07-11 | by ( Kelly Evans | ) www.cnbc.com time to read: +2 min

Seeing the June CPI print with a negative sign. You can be pretty sure now that Fed rate cuts are coming. Core CPI for the past three months annualized is now running just 1.1%. In fact, core goods prices have dropped 12 out of the past 13 months in the CPI. We could actually be at a pretty nice economic inflection point right now--but only if the labor market doesn't keep slowing.

Persons: we've, we're, Julia Coronado, J.P, Morgan, Powell, Goldman Sachs, Gary Cohn, Kelly Twitter, @KellyCNBC, @realkellyevans Organizations: CPI, Treasury, Trump, CNBC, Nasdaq

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