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☆ 2-year Treasury yield inches higher as investors await key data
▼ + stars: | 2024-06-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield was down by less than one basis point to 4.2457%. The yield on the 2-year Treasury was last at 4.7466% after rising by more than one basis point. U.S. Treasury yields were little changed on Tuesday as investors looked ahead to key economic data slated for the week, including fresh inflation insights. Investors looked ahead to several economic data points due this week as well as comments from Federal Reserve officials. While chances of a summer rate cut appear low, investors are looking for hints about whether the Fed may move to cut rates in September.

Persons: Mary Daly, Daly Organizations: Treasury, Federal Reserve, Traders, San Francisco Federal Locations: U.S

☆ David Einhorn is suing the former employee who claimed to be his head of macro. Here are the most eye-catching parts of Greenlight's lawsuit.
▼ + stars: | 2024-06-25 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Read previewDavid Einhorn warned James Fishback he was on "thin ice" less than a year after hiring him. Einhorn's firm, Greenlight Capital, is suing his former analyst, Fishback, Tuesday evening in New York. Advertisement"And, since he had absolutely no authority or discretion whatsoever over Greenlight's macro investment portfolio, he was not responsible for generating any profits, let alone 'over $100 million' of profits." Threats to disrupt Greenlight's partner dinnerThe suit claims Fishback threatened to stand outside Greenlight's annual gathering of investors and service providers with letters that "maliciously and disingenuously called into question Greenlight's macro investing abilities." AdvertisementThe review showed that Fishback had "almost no work files saved on Greenlight's network drive, and had engaged in very little activity on Greenlight's computer system.

Persons: —, David Einhorn, James Fishback, Fishback, Greenlight, Greenlight — Fishback, Azoria, Fishback's, Bari, Einhorn Organizations: Service, Greenlight, Business, Azoria Partners, Citi Locations: New York, Greenlight

☆ Citi Wealth's horrible tech is infuriating clients and employees and endangering its turnaround
▼ + stars: | 2024-06-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +11 min

But even clients who get through the door can be reluctant to park more assets with Citi, according to a wealth advisor. To understand the extent of Citi Wealth's tech woes and the stakes, Business Insider spoke with 14 current and former employees. Andy Sieg took over Citi Wealth in September after leaving Merrill Wealth Management. Citi Wealth clients are losing their patienceCiti receives 27,000 monthly complaints from wealth customers, according to the audit. Getting bank statements emailed is difficult for Citi private bank clients when it's a matter of checking a box at other major banks.

Persons: —, Andy Sieg, Roth, Ernst & Young, EY, Merrill Lynch, Sieg, Morgan Stanley, Kris, Wells, Mike Mayo, Jane Fraser, Shadman Zafar, Alois Pirker Organizations: Service, Revlon, Citi, Business, Ernst, Citi Wealth, Merrill Wealth Management, Morgan, Citigroup, Apple, Microsoft, Bankers, Employees, Work, Fidelity, Advisors

☆ Book your July 4 flights now if you haven't already, travel expert warns: 'You don't want to wait any longer'
▼ + stars: | 2024-06-25 | by ( Nicolas Vega | ) www.cnbc.com time to read: +3 min

If you've been waiting until the last minute in hopes of snagging a July 4 travel deal, it's time to take the plunge. Katy Nastro, a travel expert at Going, tells CNBC Make It that holding out for a super-cheap flight is a strategy that is likely to backfire. "You don't want to wait any longer hoping and praying that some magic cheap flight is going to drop in price by 50%," she says. You're more likely to find a better price on winter holiday flights than you are for the July 4 holiday. "You're more likely to find a better price on winter holiday flights than you are for the July 4 holiday," she says.

Persons: you've, snagging, Katy Nastro, Nastro, Tang Ming Tung, Izusek, Erlon Silva Organizations: CNBC, TSA, Airlines, Google, Tri Locations: Katy

☆ Stocks are looking 'eerily similar' to the last bear-market crash, Charles Schwab says
▼ + stars: | 2024-06-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Market dynamics mirror 2021, potentially signaling a bear market on the way, Charles Schwab said. There's a growing divergence between index-level and individual stock performanceThe number of individual stocks reaching new highs is falling, despite the market's bull run. AdvertisementCurrent stock market dimensions are starting to mirror 2021, a year that preceded the most recent bear market correction, Charles Schwab wrote this week. In its latest commentary, the bank took aim at the growing misalignment between index-level and individual stock performance. At the same time, the number of individual names reaching fresh lows is at bear market levels, the note added.

Persons: Charles Schwab, —, Liz Ann Sonders, Ann Sonders, Schwab, General Electric … Organizations: Service, Nasdaq, Utilities, General Electric Locations: Technology

☆ Gold drifts lower as traders await U.S. inflation data
▼ + stars: | 2024-06-25 | by ( ) www.cnbc.com time to read: +2 min

Gold prices eased on Tuesday, while investors looked toward key U.S. inflation data due later this week that could throw some light on the Federal Reserve's interest rate cut stance. Gold prices eased on Tuesday, while investors looked toward key U.S. inflation data due later this week that could throw some light on the Federal Reserve's interest rate cut stance. Spot gold was down 0.2% at $2,327.52 per ounce as of 0339 GMT. "Technical factors in the short-term are not so positive for gold. Other Fed officials speaking this week include Fed Governors Lisa Cook and Michelle Bowman along with Richmond Fed President Tom Barkin.

Persons: Kelvin Wong, Bullion, Wong, Mary Daly, Lisa Cook, Michelle Bowman, Tom Barkin Organizations: Asia Pacific, U.S, San Francisco Fed Bank, Richmond Fed Locations: OANDA, U.S

☆ Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Disney, Gap, Ford, Rivian, Apple, Tesla, Uber, Exxon & more
▼ + stars: | 2024-06-25 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Tuesday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy The firm named Nvidia to its best-of-breed list. Goldman Sachs reiterates Microsoft as buy Goldman said it's sticking with its buy rating on the stock. "We reiterate our Buy rating ($515 Price Target) on Microsoft as we see the company yielding strong returns on its Gen-AI investments." "We are initiating on Carpenter Technology (CRS) with a Buy rating and $144 target price (47% upside potential)." "We are initiating coverage on Rivian Automotive, Inc. (RIVN) with a BUY rating and $18 PT."

Persons: BoB, Goldman Sachs, Goldman, it's, TD Cowen, Zeta, Raymond James downgrades Penn, Raymond James, Wells, Tapestry's, Tesla, Piper Sandler, Uber, Piper, AMZN, Morgan Stanley, Ford, Evercore, Truist, Guggenheim, Rivian, Robinson, CHRW, Maxim, MicroStrategy Organizations: Bank of America, Nvidia, Disney, Microsoft, Technology, RBC, Zeta Global, PENN, UBS, Exxon, Deutsche Bank, Carpenter Technology, Tesla, Ford, TAP, Ball Corp, Rivian Automotive, Inc, Apple Locations: Capri, HNST

☆ Bank of America says Broadcom's sales growth to double because of AI, raises price target even higher
▼ + stars: | 2024-06-24 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Bank of America sees more room for Broadcom to run, with its sales growth likely to double as a result of the artificial intelligence craze. Analyst Vivek Arya hiked his price target by $150 to $2,150 while reiterating his buy rating and top-pick designation. Arya's new target implies that shares of the semiconductor stock can rally around 30% from last week's closing level. A key part of Arya's call is sales growth approximately doubling to a compound annual rate of around 13% between the 2024 and 2026 fiscal years. This will be propelled by a 24% compound annual growth rate in the AI-connected silicon and VMWare businesses, he said.

Persons: Vivek Arya, Arya, that's Organizations: of America, Broadcom, VMWare, iShares Semiconductor, Nasdaq

☆ Asia-Pacific markets slip; Australia and Japan inflation readings expected this week
▼ + stars: | 2024-06-24 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets fell on Monday, ahead of inflation data from Australia and Japan later this week. Special attention will be paid to Australia's May consumer price index figures on Wednesday, after Reserve Bank of Australia Governor Michelle Bullock revealed the central bank discussed hiking rates at its last meeting. Should inflation come in higher than expected and spur the RBA to raise rates, it would be the first major Asia-Pacific central bank to do so in an environment where investors are waiting for rate cuts, barring Japan. The RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Persons: Michelle Bullock Organizations: Reserve Bank of Australia Locations: Asia, Pacific, Australia, Japan

☆ Dollar steady ahead of inflation reading; yen teeters toward 160
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +3 min

The dollar was steady on Monday as traders looked ahead to fresh clues on the U.S. inflation path that will likely influence interest rates, while talk from Japanese authorities did little to temper the yen's decline back the round number of 160. The dollar was steady on Monday as traders looked ahead to fresh clues on the U.S. inflation path that will likely influence interest rates, while talk from Japanese authorities did little to temper the yen's decline back the round number of 160. The yen weakened to 159.94 per dollar in early trade on Monday, its lowest since April 29, when the yen touched a 34-year low of 160.245 leading to Japanese authorities spending some 9.8 trillion yen to support the currency. "The combination of slowing activity, a loosening labor market and slower inflation readings make us increasingly confident that the Fed will begin reducing policy rates in September," Citi said. The Australian dollar was last at $0.6640 and the New Zealand dollar was little changed at $0.6113.

Persons: Masato Kanda, Carol Kong, Emmanuel Macron, Christopher Wong Organizations: Bank of, Commonwealth Bank of Australia, Reuters, Citi, Fed, National, New Zealand Locations: Japan, U.S

☆ 'Materially undervalued': This global retailer's stock could rise 115%, analyst says
▼ + stars: | 2024-06-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

The bank's analyst labeled the London-listed stock as "materially undervalued" as the company announced the resumption of dividends earlier this month after a five-year hiatus. Investec raised its price target to £2 ($2.53) a share, which points to a 116% upside potential. However, earlier this month, Card Factory said its 2024 fiscal year showed improved profitability, with the company expecting normal growth rates to return. UBS predicts Card Factory will earn £65 million in the next financial year, with sales running up to about £535 million. The investment bank raised its price target to £1.16 a share, indicating a 26% upside potential, but also maintained its "neutral" rating.

Persons: Kate Calvert, Investec, Saranja Sivachelvam, Sivachelvam Organizations: Factory, Card Factory, Investment, UBS, Card Locations: London, U.S, England, Calvert

☆ WaFd Bank CEO: Fears in the commercial real estate are 'overblown'
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWaFd Bank CEO: Fears in the commercial real estate are 'overblown'Brent Beardall, WaFd Bank CEO, joins 'Power Lunch' to discuss the state of regional banks being downgraded by Moody's, and the headwinds in the sector.

Persons: Brent Beardall Organizations: WaFd, WaFd Bank

☆ Here’s how Wall Street is playing fixed income in the second half of the year
▼ + stars: | 2024-06-24 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Fixed-income investors may want to consider making a few tweaks to their portfolio as the second half of the year gets underway. But the central bank is expected to start cutting rates in the coming months, perhaps as soon as September. However, many on Wall Street still believe two cuts are likely this year, including Charles Schwab. Jones anticipates better returns for fixed income in the second half but believes volatility will remain high. Investors can have a barbell portfolio with Treasurys on one end and investment-grade bonds and an agency MBS on the other, she suggested.

Persons: Charles Schwab, Kathy Jones, Jones, Sameer Samana Organizations: Federal Reserve, Fed, nab, MBS, JPMorgan, Treasury, Wells, Wells Fargo Investment Institute Locations: Wells Fargo, Samana, munis

☆ India's Nifty 50 could pass 24,000 level by year-end, says BofA Securities
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia's Nifty 50 could pass 24,000 level by year-end, says BofA SecuritiesAmish Shah of the bank discusses the upside risks to that target, including the policy direction of the new government.

Organizations: Securities

☆ Fearing Losses, Banks Are Quietly Dumping Real Estate Loans
▼ + stars: | 2024-06-24 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. It’s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic. Late last year, an affiliate of Deutsche Bank and another German lender sold the delinquent mortgage on the Argonaut, a 115-year-old office complex in midtown Manhattan, to the family office of the billionaire investor George Soros, according to court filings. Around the same time, Goldman Sachs sold loans it held on a portfolio of troubled office buildings in New York, San Francisco and Boston. And in May, the Canadian lender CIBC completed a sale of $300 million of mortgages on a collection of office buildings around the country.

Persons: It’s, George Soros, Goldman Sachs Organizations: Deutsche Bank, Argonaut, CIBC Locations: Manhattan, New York, San Francisco, Boston

☆ The oil market is at risk of a supply shortage as peak demand is still 10 years away, Goldman Sachs says
▼ + stars: | 2024-06-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Oil demand will rise for another 10 years, though producers are pulling back on new investment. The bank estimated oil demand would peak around 110 million barrels a day in 2034. AdvertisementThe global oil market could run into a supply shortage as peak demand is still a decade away, according to Goldman Sachs analysts. That's due to rising oil demand in Asia and increasing demand for petroleum products, the analysts said. "While peak oil demand is still a decade away, capital is slowing for the production of crude oil and oil products, contributing to constrained supply in the medium term," they later added.

Persons: Goldman Sachs, —, Nikhil Bhandari, Amber Cai, Brent Organizations: Service, ExxonMobil, Chevron, Oil & Gas Journal, Goldman, US Energy Information Agency Locations: Asia, OPEC, Saudi Arabia

☆ Why America's housing-affordability crisis will continue through at least 2026, according to BofA
▼ + stars: | 2024-06-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Prices will edge up over the next two years, Bank of America said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe pandemic-era housing boom hasn't worn off and should keep price momentum going until at least 2026, Bank of America said. The bank wrote on Monday that the US housing market will appreciate 4.5% and 5% this year and next. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bank of America, Service, Business

☆ David Rubenstein says Fed not likely to cut rates before the election
▼ + stars: | 2024-06-24 | by ( Samantha Subin | ) www.cnbc.com time to read: +1 min

Don't expect rate cuts from the Federal Reserve before the November election, according to David Rubenstein. "Generally the Fed wants to stay out of politics," the co-founder and co-chairman of The Carlyle Group told CNBC's Andrew Ross Sorkin on " Squawk Box " Monday. "I've always said that I think the Fed is not likely to cut rates before the election because it would just cause too much political turmoil." Rubenstein noted that the Fed likely recognizes it would be "heavily criticized" by former President Donald Trump if it starts cutting ahead of the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said.

Persons: David Rubenstein, CNBC's Andrew Ross Sorkin, I've, Rubenstein, Donald Trump, He's Organizations: Federal Reserve, The Carlyle Group, Traders, The Kennedy Center, Democrat

☆ Pullback in 'salty snack' stocks due to consumer economizing, says BofA's Bryan Spillane
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPullback in 'salty snack' stocks due to consumer economizing, says BofA's Bryan SpillaneBryan Spillane, Bank of America Securities senior food and beverage analyst, joins CNBC's 'The Exchange' to discuss the pullback in snack company stocks, how Utz continues to outperform, and more.

Persons: BofA's Bryan Spillane Bryan Spillane, Utz Organizations: Bank of America Securities

☆ A timeline of things going sour between Dave Grohl and Taylor Swift, as she appears to hit back at his suggestion she doesn't play live
▼ + stars: | 2024-06-24 | by ( Eammon Jacobs | ) www.businessinsider.com time to read: +1 min

Foo Fighters frontman Dave Grohl joked that Taylor Swift doesn't perform live. Swift appeared to respond by saying her band plays live for three and a half hours at each show. The comments came after Swift fans harassed Grohl's teenage daughter earlier this year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTaylor Swift appeared to respond to Foo Fighters singer Dave Grohl's accusation that she doesn't play live over the weekend, as relations between the two appear to have soured.

Persons: Dave Grohl, Taylor Swift, Swift, Grohl's, —, Dave Grohl's Organizations: Foo, Service, Foo Fighters, Barclays Bank, Business

☆ Moelis banker resigns from company after video appearing to show him punching a woman at Pride event
▼ + stars: | 2024-06-24 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

Banker Jonathan Kaye has left Moelis after a video appeared to show him punching a woman at a Pride event. Kaye was placed on leave after a video of the incident went viral on social media. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA senior Moelis banker who appeared to punch a woman at a Brooklyn Pride event earlier this month has left the company, according to a Bloomberg report. The banker, Jonathan Kaye, was in charge of the investment bank's global business services franchise.

Persons: Jonathan Kaye, Kaye, — Organizations: Service, Bloomberg, BI, Business Locations: Gaza, Brooklyn

☆ Gold edges higher on softer yields; U.S. inflation data in focus
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: +2 min

Gold prices edged up on Monday as Treasury yields fell, while investors awaited key U.S. inflation data and Federal Reserve officials' comments through the week for fresh clues on the potential timing of the central bank's interest rate cut. Gold prices edged up on Monday as Treasury yields fell, while investors awaited key U.S. inflation data and Federal Reserve officials' comments through the week for fresh clues on the potential timing of the central bank's interest rate cut. Spot gold was up 0.2% at $2,325.53 per ounce as of 0333 GMT, after falling more than 1% on Friday. Benchmark 10-year U.S. Treasury yields edged down, making non-yielding bullion more attractive for investors. There are at least five Fed officials speaking this week, including San Francisco Fed President Mary Daly and Fed Governors Lisa Cook and Michelle Bowman.

Persons: Kyle Rodda, Rodda, Mary Daly, Lisa Cook, Michelle Bowman Organizations: Federal Reserve, Treasury, Capital.com, Traders, San Francisco Fed Locations: Capital.com .

☆ Weak yen: Japanese policymakers 'caught in a bind,' wealth management firm says
▼ + stars: | 2024-06-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeak yen: Japanese policymakers 'caught in a bind,' wealth management firm saysDaryl Liew, head of portfolio management at SingAlliance, says the Bank of Japan could hike interest rates at a faster pace to stem the yen's weakness, but "extremely high" debt levels would mean Japan would face pressure "from a fiscal perspective, which would then put pressure on the yen as well."

Persons: Daryl Liew Organizations: Bank of Locations: SingAlliance, Bank of Japan, Japan

☆ Gold could rally to $3,000 over the next 12-18 months, according to Bank of America
▼ + stars: | 2024-06-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Gold prices could hit $3,000 per ounce over the next 12 to 18 months if demand increases among large institutional investors, according to Bank of America commodity strategists. Central bank demand is also a positive sign, according to Bank of America. Monetary authorities are planning to increase their purchases of gold, according to the World Gold Council's central bank survey . Central banks are increasing gold reserves as a hedge against inflation, according to the survey. Monetary authorities are also reducing U.S. Treasury holdings and increasing gold reserves amid worries about the dominance and health of the dollar, according to Bank of America.

Organizations: Bank of, Federal Reserve, Bullion Market, Bank of America, Monetary, World Gold, Treasury Locations: Central, China, Beijing, @GC

☆ UBS says renewable energy can meet 70% of electricity demand growth — these stocks benefit
▼ + stars: | 2024-06-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

The growing electricity demand from corporate America, particularly Big Tech, and the retirement of coal plants across the U.S. are creating a major opportunity for renewable energy, according to UBS. UBS sees solar and wind supplying 40% and 30% of the power demand, respectively, while natural gas will meet the remaining 30%. At the same time, "there is a straight line of direct incremental demand and financial support for renewables as corporate electricity demand increases through their 100% clean energy or 100% renewable commitments," the analysts said. Overall, solar will grow to 12.5% of electricity generation by 2030, up from less than 6% in 2023, according to UBS estimates. "There is likely a substantial market opportunity to provide reliable electricity generation and direct infrastructure for data centers," the analysts said.

Persons: Jon Windham Organizations: Big Tech, UBS, U.S, Microsoft, Google, Amazon, Companies, Nike, Pepsi, Starbucks, Meta, Energy, Technologies Locations: America, U.S

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