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European markets are heading for a higher open Tuesday as investors in the U.K. prepare for the 2024 budget statement. The budget, which will be presented to the British Parliament by Chancellor Jeremy Hunt, outlines the government's plans for taxation and spending. They will be seeking more clarity on where the central bank stands on monetary policy and looking for clues on the pace and timing of anticipated interest rate cuts this year. The central bank leader will speak before the Senate Banking Committee on Thursday. Asia-Pacific markets were mixed Wednesday, with Hong Kong stocks leading gains in the region and up over 2%.
Persons: Chancellor Jeremy Hunt, Jerome Powell's Organizations: National Insurance, Nasdaq, Financial, CSI, Apple Locations: Asia, Pacific, Hong Kong, China
Oil rig pumpjacks, also known as thirsty birds, extract crude from the Wilmington Field oil deposits area near Long Beach, California July 30, 2013. Crude oil futures rose Wednesday ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress and the release of U.S. inventory data. The West Texas Intermediate contract for April gained 86 cents, or 1.10%, to $79.01 a barrel. May Brent futures added 66 cents, or 0.80%, to $82.70 a barrel. Traders will be closely watching Powell's testimony before the House Financial Services Committee for more detail on the possible timing of interest rate cuts that the market is expecting this year.
Persons: Jerome Powell's, Brent Organizations: Federal, West Texas Intermediate, Financial Locations: Wilmington, Long Beach , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe economy is resilient and fine but feels soft: Moody's Mark ZandiPeter Boockvar, Bleakley Financial Group CIO, Mark Zandi, Moody's Analytics chief economist, and CNBC's Steve Liesman join 'The Exchange' to discuss their take from Fed Chair Jerome Powell's testimony, whether the Fed is in the mood to cut interest rates soon, and more.
Persons: Mark Zandi Peter Boockvar, Mark Zandi, Steve Liesman, Jerome Powell's Organizations: Bleakley Financial
Dollar eases as Fed clues awaited; bitcoin hits 2-year high
  + stars: | 2024-03-04 | by ( ) www.cnbc.com   time to read: +3 min
U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. The U.S. dollar drifted weaker on Monday, pressured by lower Treasury yields, as traders waited for more crucial economic data for fresh clues on the timing of Federal Reserve interest rate cuts. The U.S. dollar drifted weaker on Monday, pressured by lower Treasury yields, as traders waited for more crucial economic data for fresh clues on the timing of Federal Reserve interest rate cuts. The euro was firm following Friday's 0.33% advance, with a European Central Bank, or ECB, policy decision looming on Thursday. That also weighed on Treasury yields, removing additional support for the dollar, with the benchmark 10-year yield sliding as low as 4.178% for the first time in two weeks.
Persons: Bias, Jerome Powell's, Kazuo Ueda, Hajime Takata, Christine Lagarde's, Bitcoin Organizations: U.S, European Central Bank, Bank of, Treasury, Congress, Westpac, ECB Locations: Buenos Aires, Argentina
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 23, 2024. U.S. stock futures were little changed Sunday night after the tech-heavy Nasdaq Composite posted a record-high Friday, breaking its 2021 record, as stocks attempt to continue their weeks-long rally. Futures tied to the S&P 500 fell marginally, while Nasdaq-100 futures ticked slightly lower. Futures tied to the 30-stock Dow Jones Industrial Average slipped 47 points, or 0.1%. The S&P 500 and the Nasdaq last week reached their seventh weekly gain in eight, while the Dow ended the week in the red.
Persons: Dow, David Kostin, Goldman Sachs, Jerome Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Federal, ADP Employment Survey, Manufacturing Locations: New York City, U.S
JPMorgan traders expect the S & P 500 could rise 0.5% to 1%. The S & P 500 may gain 1% to 1.5% here. In this scenario, JPMorgan traders anticipate a 1% to 1.5% decline in the S & P 500. The S & P 500 could rally 2% to 2.25%. Traders expect the S & P 500 could lose 1.75% to 2.25% in this scenario.
Persons: Dow Jones, disinflation, Jerome Powell's, CNBC's Michael Bloom Organizations: CPI, Investors, Reserve, JPMorgan, Traders Locations: U.S
The Jan. 31 session, which came after the first Big Tech earnings day, was tough. A non-stock devotee would be blown away by any of the following data points: In the fourth quarter , Meta grew ad volume by 21% year over year. Meanwhile, net sales for Amazon in 2023 hit $574.8 billion – a 12% increase from the year earlier. The above table illustrates the compound annual growth rate analysts expect for the mega caps, the S & P 500, and the 494 stocks excluding the Big Six. This compares to 20.3 for the S & P 500.
Persons: we've, Jerome Powell's, Meta, Apple, bemoaned Meta's, ROA, — Karen Firestone Organizations: Big Tech, Microsoft, Nasdaq, Nvidia, Apple, Google, Power, Amazon, TikTok, Facebook, Asset Management
CNBC's Jim Cramer on Monday unpacked Federal Reserve Chairman Jerome Powell's comments on inflation, saying that even though it's unclear when rates will come down, there is money to be made in the interim. He encouraged investors to buy stocks and not just keep money in lower-risk investments. "I'm beginning to believe that the biggest money will be made between this period where the Fed's holding pat and the moment where we get the first rate cuts," Cramer said. After the Federal Reserve's meeting last week, Powell said the central bank would cut rates sometime this year, but not likely in March, when many on Wall Street expected. Cramer conceded that some investors think stocks are a reckless option until the Fed starts cutting.
Persons: CNBC's Jim Cramer, Jerome Powell's, Cramer, Powell, Scott Pelley Organizations: Wall, Fed
Dollar scales fresh peaks as Fed cut bets recede
  + stars: | 2024-02-05 | by ( ) www.cnbc.com   time to read: +3 min
"A one-two punch from Jay Powell's FOMC presser and a very strong nonfarm payrolls report have essentially closed the door on a March rate cut," said Chris Weston, head of research at Pepperstone. The Japanese yen was last 0.15% lower at 148.58 per dollar, having hit a trough of 148.82 earlier in the session. Treasury yields also jumped on expectations of higher-for-longer U.S. rates, with the two-year yield, which typically reflects near-term interest rate expectations, last up nearly seven bps at 4.4386%. That did little to help the yuan, with the offshore yuan last marginally lower at 7.2182 per dollar, pressured by a stronger greenback. "So far we've just seen speculation and some media reports talking about further support for the equity market or the property market.
Persons: Jerome Powell's, Jay Powell's FOMC presser, Chris Weston, Powell, Carol Kong, CBA's Organizations: Federal Reserve, New, Traders, Fed, CBS, Sterling, Commonwealth Bank of Australia, Treasury Locations: Buenos Aires, Argentina, New Zealand
Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable update of the trading day, just in time for the last hour on Wall Street. "Microsoft is the one to buy first on weakness due to the quality of last week's quarter and outlook," Jim Cramer said Monday. 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, Jerome Powell's, Estee Lauder, Jim, Cramer, Eli Lilly, Lilly, Linde, Jim Cramer's, Brendan McDermid Organizations: CNBC, Federal, Nvidia, Apple, Microsoft, Sector, Technology, Semiconductor, Novo Nordisk, Air Products, Chemicals, Products, Linde, ., Vertex Pharmaceuticals, Simon Property Group, NXP Semiconductors, Club, GE Healthcare, DuPont, Carrier Global, Jacobs Solutions, Ford, Jim Cramer's Charitable, Traders, New York Stock Exchange Locations: We're, Novo, China, New York City, U.S
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Jim Cramer reiterated what he wrote in his weekly column — forget the soft landing versus hard landing debate, it's no landing. 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, Stocks, Jerome Powell's, Estee Lauder, Jim, he's, Fabrizio Freda, Goldman Sachs, Goldman, Jim Cramer's Organizations: CNBC, Federal, Nasdaq, Fed, Nvidia, Wall, Big Tech
On a Friday morning interview with Fox News, Trump criticized Federal Reserve Chair Jerome Powell's handling of the economy, particularly regarding interest rates. "I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected." While the committee's Summary of Economic Projections in December penciled in three interest rate cuts for this year, Powell said on Wednesday that it's highly unlikely those cuts will take place at the next meeting in March. The jobs data on Friday will support a decision to delay rate cuts until after March — the US economy beat expectations by adding 353,000 jobs. However, some Democratic lawmakers have been urging Powell to consider cutting interest rates sooner rather than later to give Americans financial relief.
Persons: Donald Trump's, Trump, Jerome Powell's, Powell, reappoint Powell, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Fox News, Federal
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHard-landing discussions have returned to our conversations, says RBC's Lori CalvasinaLori Calvasina, RBC Capital Markets head of U.S. equity strategy, joins 'Squawk on the Street' to discuss the reaction to Jerome Powell's latest comments, how February's performance will be, and more.
Persons: RBC's Lori Calvasina Lori Calvasina, Jerome Powell's Organizations: RBC Capital Markets
The Fed won't cut rates until after the 2024 election, Santander's chief economist told Bloomberg. That's because inflation is likely to remain stubborn and cutting rates closer to the election date could be controversial. But according to Stanley, inflation numbers won't look as strong this year as they were toward the end of last year. But introducing the first rate cut closer to election day is trickier, and could be construed as a boost to incumbent president Joe Biden. And Stanley argued that based on their comments at the January meeting, the Fed doesn't seem close to being convinced about an early rate cut.
Persons: Santander's, , Stephen Stanley, Stanley, We've, Joe Biden, Donald Trump, Jerome Powell's Organizations: Bloomberg, Service
More importantly, though was Federal Reserve Chair Jerome Powell's pushback against the idea that rate cuts are imminent. So, what does this mean for the housing market, which is eagerly anticipating lower rates to make housing even slightly more affordable? According to Redfin, pushing out timelines for Fed rate cuts means mortgage rates are likely to remain elevated for longer this year, but it doesn't mean relief is off the table for homebuyers in 2024. "Regardless of any short-term volatility in mortgage rates, we expect rates to come down gradually throughout the year," Redfin's Chen Zhao wrote following the Fed meeting. AdvertisementThe real estate group notes that other forces are at work in the mortgage market as well, and the Fed isn't the only input.
Persons: , Jerome Powell's pushback, Redfin's Chen Zhao, Redfin, we'll, Powell, Fannie Mae Organizations: Service, Reserve, Business, US Department of, Treasury, Bank of America
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNot a lot has changed despite Powell's comments on rate hikes, says New York Life's GoodwinLauren Goodwin, New York Life Investment Management, joins 'Closing Bell' to discuss the playbook after Jerome Powell's recent comments, if March's Fed meeting even matters, and Goodwin's thoughts on the credit markets.
Persons: Life's Goodwin Lauren Goodwin, Jerome Powell's Organizations: New York Life Investment Management, Fed Locations: New
Fundstrat's Tom Lee thinks a March cut is even more likely after "surprise" Fed comments. Powell's cautious tone sent stocks into the red on Wednesday, after he announced a March rate cut was unlikely. "We perceive such remarks as the Fed trying to herd the 'hawks.'" "We see higher probabilities for March cut than consensus," Fundstrat's Tom Lee wrote in a note on Thursday. Bank of America said Powell's remarks were a "surprise" to investors who have been pining for an early Fed pivot.
Persons: Fundstrat's Tom Lee, , Tom Lee, Jerome Powell's, Stocks, Powell's Organizations: Service, Fed, Bank of America, Business
The first Fed rate cut probably isn't coming until June, according to Bank of America. Central bank chief Jerome Powell pushed back on hopes for a March rate cut on Wednesday. AdvertisementThe Fed's first rate cut is now unlikely to come in March after the central bank struck a surprisingly hawkish tone at Wednesday's Federal Open Market Committee meeting, according to Bank of America. Investors still see an aggressive pace of rate cuts by the end of the year, despite lowered hopes for a March cut. AdvertisementExperts have warned that Fed rate cuts could be a double-edged sword for the economy, particularly if the Fed cuts interest rates rapidly.
Persons: Jerome Powell, , Jerome Powell's presser, aren't, Powell, Jeff Gundlach Organizations: Bank of America, Service, Fed
In today's big story, we're looking at highlights from two of the world's biggest tech companies' earnings reports, including how much layoffs cost for one of them. Tech: Tech CEOs will testify before Congress today for a hearing on child safety. Mateusz Wlodarczyk/Getty ImagesThere's been plenty of speculation about what Google's mass layoffs last year meant for its famous culture. Jerod Harris/Getty ImagesCongress is set to grill some of the biggest names in tech today. Leaders from Meta, X, TikTok, and other tech companies will face questions over their platforms' efforts to protect children from sexual exploitation online.
Persons: It's, Sundar Pichai, Mateusz Wlodarczyk, Sarah Jackson, Satya Nadella Stephen Brashear, Hisham Ibrahim, Jerome Powell's, Claudia Sahm, Powell, Linda Yaccarino, Jerod Harris, Linda Yaccarino's, Jack Dorsey's Block, Dorsey, Brooks Kraft, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Business, Tech, Google, Microsoft, Getty, Bloomberg, JPMorgan, Meta, Elon Musk's, Brooks Kraft LLC, Los Angeles Times, UPS, Bureau of Labor Statistics, Amazon, Boeing, Mastercard Locations: Chipotle, New York, London
Futures tied to the tech-heavy Nasdaq 100 fell Tuesday night after a pair of mega-cap tech companies posted their quarterly results. Futures tied to the S&P 500 were down 0.4%, while Dow Jones Industrial Average futures traded near the flatline. In after-hours trading, shares of Alphabet dropped 5.3%, while Microsoft shed 0.3% after the tech giants posted quarterly earnings. The fed funds futures market has priced in a nearly 98% probability that the central bank will leave rates unchanged, according to the CME FedWatch tool. Chipmaker Qualcomm is scheduled to announce its quarterly earnings after the close.
Persons: Sam Stovall, , Stovall, Dow, Jerome Powell's Organizations: New York Stock Exchange, Nasdaq, Federal, Dow Jones Industrial, Microsoft, Fed, Dow, Boeing, Qualcomm Locations: New York City, U.S
Safe-haven gold gains as Middle East worries mount
  + stars: | 2024-01-29 | by ( ) www.cnbc.com   time to read: +2 min
Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices rose on Monday as escalating tensions in the Middle East lifted bullion's safe-haven appeal, while moves were limited as traders awaited the U.S. Federal Reserve chair Jerome Powell's remarks this week for cues on interest rate trajectory. There is enough instability still in the Middle East to keep investors interested in gold as part of a safe-haven play, said Tim Waterer, chief market analyst at KCM Trade. Traders are betting on six quarter-point rate cuts for 2024 in the U.S., up from five cuts a week ago, according to LSEG's interest rate probability app IRPR. Lower interest rates decrease the opportunity cost of holding bullion.
Persons: Jerome Powell's, Tim Waterer, Evergrande, Waterer, Powell Organizations: Korea Gold Exchange, U.S . Federal, KCM Trade, Investors, U.S, Fed, Traders Locations: Seoul, South Korea, U.S, Jordan, Syrian
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at why this is such a big week for the stock market . The big storyA week to rememberThree trends in the stock market are bound to vault equities higher in 2024, Wall Street strategists say. Getty ImagesWe're less than a month into 2024, but this week could determine the market's trajectory for the rest of the year. Tim Cook AppleThe information overload comes amid an uncertain time for Big Tech and the broader stock market.
Persons: , Netflix's, it's, Matthew Fox, Jerome Powell's, Tim Cook, Tesla, haven't, we'll, Fundstrat's Tom Lee, Read, Jamie Dimon, Larry Downing, Jennifer Piepszak, Marianne Lake, Troy Rohrbaugh, Jeffrey Gundlach, Buckle, Mohamed El, isn't, Erian, Lyra, Maven, Tyler Le, Liquidators, Max Organizations: Service, Business, Wall, Big Tech, Microsoft, Fed, Apple, Nvidia, Meta, Google, optimist, JPMorgan, DoubleLine, Prime, Comcast, Warner Bros, Lyra Health, Hong, Alaska Airlines Locations: India, Japan, Hong Kong, China, Alaska
European markets head for mixed open as rally stalls
  + stars: | 2023-12-05 | by ( Holly Ellyatt | ) www.cnbc.com   time to read: +1 min
European markets are heading for a mixed open Tuesday as investors continue to assess the outlook for central bank interest rate cuts. Meanwhile, the Dow Jones Industrial Average in November enjoyed its best month since October 2022. The upward momentum continued despite Fed Chair Jerome Powell's efforts to temper market expectations for incoming rate cuts, as he argued it was "premature to conclude with confidence" that monetary policy was "sufficiently restrictive." Overnight, Asia-Pacific markets fell across the board as investors assessed a slew of economic data from across the region. U.S. stock futures ticked down Monday night after the major averages took a break from their latest hot streak.
Persons: Jerome Powell's Organizations: U.S . Federal, Dow Jones Locations: Asia, Pacific, U.S
Gold prices sprint to all-time peak on Fed rate-cut bets
  + stars: | 2023-12-04 | by ( ) www.cnbc.com   time to read: +2 min
Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum. Gold prices bolted to an all-time high above $2,100 per ounce on Monday as Federal Reserve Chair Jerome Powell's remarks elevated traders' confidence that the U.S. central bank could cut interest rates early next year. Lower interest rates reduce the opportunity cost of holding a non-interest-bearing bullion. Investor focus now shift to U.S. non-farm payrolls data — a key employment report due on Friday, that could influence the outlook for U.S. interest rates. Spot silver rose 0.1% to $25.45 per ounce, palladium fell 0.4% to $929.93 per ounce, and platinum was down 0.1% at $999.35.
Persons: Jerome Powell's, Powell, we're, Tim Waterer, Waterer, CME's, Christopher Waller Organizations: Aurum, KCM Trade, Traders, U.S, Fed Locations: U.S
LONDON — European markets are set for a mixed open, potentially pausing a significant global rally as traders bet on interest rate cuts from major central banks in 2024. Gold prices notched a fresh record high on Monday for a second consecutive day, with spot prices touching $2,100, with analysts citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts as further catalysts for bullion heading into next year. The upward momentum continued despite Fed Chair Jerome Powell's efforts to temper market expectations for incoming rate cuts, as he argued it was "premature to conclude with confidence" that monetary policy was "sufficiently restrictive." U.S. stock futures were fractionally lower in early premarket trade on Monday as some caution returned. Shares in Asia-Pacific were also mixed on Monday with investors awaiting a fresh round of economic data on Tuesday, and key inflation readings later in the week.
Persons: DAX, Jerome Powell's Organizations: LONDON, U.S . Federal, Dow Jones Locations: Frankfurt, Germany, Asia, Pacific
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