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☆ Stock market today: Indexes rise as weak private payroll data boosts optimism for rate cuts
▼ + stars: | 2024-06-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks rose on Wednesday as investors took in weaker jobs data. Investors are solidly betting on at two rate cuts in 2024, according to the CME FedWatch tool. AdvertisementUS stocks ticked higher on Wednesday as traders took in soft jobs data and revved up their hopes for Fed rate cuts later this year. Meanwhile, annual wage growth remained level at 5% — both promising signs that the job market is coolingWeaker hiring trends are good news for the outlook for rate cuts. Investors are largely expecting the Fed to hold interest rates steady at its next policy meeting, but are still feeling bullish on rate cuts by the end of the year.

Persons: —, 1750,000 Organizations: Service, Treasury, ADP, Bank of America, Investors

☆ Stock market today: S&P 500 closes at record high as rate cut hopes rise and Nvidia surges
▼ + stars: | 2024-06-05 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks jumped on Monday as traders took in an improved outlook for Fed rate cuts. Investors see two rate cuts in 2024, per the CME FedWatch tool. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Expectations for rate cuts have been bolstered by a cooling labor market, which gives the Federal Reserve room to losen monetary policy. "Investors are viewing slow economic data as 'goldilocks,' with growing hope for Fed rate cuts," Mark Hackett, Nationwide's chief of investment research said in a statement on Wednesday.

Persons: —, Nvidia's, Mark Hackett, Nationwide's Organizations: Service, Nasdaq, Reserve, Apple, Microsoft, Bureau of Labor Statistics

☆ Brace for a 10% slide in the S&P 500 as stagflation makes the Fed unlikely to cut rates, Stifel says
▼ + stars: | 2024-06-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The stock market is headed for a 10% decline over the next quarter, Stifel analysts warned. AdvertisementThe stock market is headed for a sell-off in the coming months that will see the S&P 500 drop 10%, according to Stifel strategists. When adjusted for inflation, the overall S&P 500 remains below its level at the end of 2021 — something that could be "emblematic of underlying problems" in the market, Stifel said. "We continue to forecast the S&P 500 corrects about -10% to ~4,750 before the end of 3Q 2024 from the recent peak," strategists said in a note on Tuesday. When the inflation-adjusted S&P 500 transitions out of a Secular Bull Market it historically enters a 'Secular Bear Market,' which is a much more treacherous period for investors."

Persons: —, Stifel, Stocks Organizations: Service, Federal Reserve, Secular

The Dow Jones Industrial Average rose on Tuesday as Wall Street sought its footing after an uneven start to the month. The S&P 500 added 0.15% to finish the session at 5,291.34, and the Nasdaq Composite advanced 0.17% to 16,857.05. Bath & Body Works was the worst-performing stock in the S&P 500, losing nearly 13% on the back of disappointing guidance. Tuesday's market move comes one day after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday as weak manufacturing data weighed on market sentiment.

Persons: Dow, Megan Horneman, Dow Jones Organizations: Dow Jones, Nasdaq, Treasury, Dow Inc, Caterpillar, Body, Verdence Capital Advisors, Labor Department

☆ BofA investment chief reveals his 2nd-half playbook: Buy dips in bonds, and sell stocks after the first rate cut
▼ + stars: | 2024-06-02 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Investors should buy dips in bonds and sell stocks after the Fed's first interest rate cut, according to Bank of America. The call from Bank of America investment strategist Michael Hartnett is a reversal of his "anything but bonds trade." The Federal Reserve is expected to cut interest rates in the second half of the year. AdvertisementBank of America investment strategist Michael Hartnett is shaking up his trading playbook for the second half of the year. In a note on Friday, Hartnett recommended investors buy dips in bonds and sell stocks after the Federal Reserve makes its first interest rate cut.

Persons: Michael Hartnett, —, Hartnett Organizations: Bank of America, Federal, Service, Federal Reserve, ABB, UST, PMI, Fed

☆ Gold prices drop as strong U.S. dollar, yields dim bullion's shine
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in Singapore. Gold prices slipped for a second consecutive session on Thursday as the U.S. dollar and Treasury yields edged higher ahead of key inflation data, which could offer further clarity on the Federal Reserve's interest rate plan. "I think it's a case of investors realizing that the current high interest rate environment is likely to have an extended stay. And with the focus again turning to chasing U.S. yields and dollar, some attention is taken away from gold this week," said Tim Waterer, chief market analyst at KCM Trade. While bullion is considered an inflation hedge, higher rates increase the opportunity cost of holding the non-yielding asset.

Persons: Tim Waterer, Bullion, Waterer Organizations: U.S ., KCM, Traders, Global, BHP Group Locations: Singapore, ., U.S

☆ Gold subdued as U.S. dollar, yields firm; traders await inflation data
▼ + stars: | 2024-05-29 | by ( ) www.cnbc.com time to read: +2 min

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices edged lower on Wednesday as the U.S. dollar and Treasury yields held firm ahead of key inflation data, which could offer more clarity on the Federal Reserve's interest rate trajectory. The dollar firmed 0.1%, making gold less attractive for other currency holders, while benchmark U.S. 10-year bond yields rose to multi-week peaks. "Investors will try to position themselves in gold because overall long-term fundamentals are looking pretty strong for gold at the moment." While gold is used as a hedge against inflation, rate hikes raise the opportunity cost of holding non-yielding bullion.

Persons: Soni Kumari, Tim Waterer Organizations: Co, U.S ., Treasury, ANZ, KCM, Traders, BHP, Monetary Fund Locations: Bangkok, Thailand, U.S, China

☆ Stock market today: Indexes slide as rising bond yields pressure stocks
▼ + stars: | 2024-05-29 | by ( Max Adams | Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks slipped on Wednesday as traders watched the rise in US Treasury yields. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementStocks dipped on Wednesday — with the Nasdaq falling from a record — as investors watched bond yields move higher for a second day this week, with the 10-year Treasury continuing to climb above 4.5%. US bond yields are hovering around the highest level in about four weeks following a weak government bond auction Tuesday, as well as waning rate-cut hopes amid the latest inflation data.

Persons: Stocks, —, Carol Schleif Organizations: Treasury, Marathon Oil, ConocoPhillips, Service, Nasdaq, Federal Reserve, BMO Family Office, American Airlines Locations: PCE, Here's

☆ Stock futures are little changed after the Nasdaq Composite posts a record close: Live updates
▼ + stars: | 2024-05-28 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Stock futures were little changed Tuesday night after the Nasdaq Composite rose to a fresh record. S&P 500 futures ticked down 0.06%, while Nasdaq 100 futures hovered near the flatline. The tech-heavy index was an outlier, however, as the S&P 500 edged higher by just 0.02%, and the 30-stock Dow slid nearly 0.6%, dragged lower by a decline in Merck shares. The S&P 500 is up 5.4% this month, while the Dow has advanced 2.7%. Indeed, fed funds futures trading data suggests a nearly 54% chance that rates will hold steady in September, according to the CME FedWatch Tool.

Persons: Dow, Tom Lee Organizations: Nasdaq, Dow Jones, . American Airlines, JetBlue, Southwest Airlines, Nvidia, Merck, Dow, Federal, Fundstrat Global Advisors

☆ Gold steady as focus turns to U.S. inflation data
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: +2 min

Gold prices held steady on Tuesday as the dollar eased, while investors looked forward to key U.S. inflation data that could offer clues on how soon the Federal Reserve can cut interest rates. Gold prices held steady on Tuesday as the dollar eased, while investors looked forward to key U.S. inflation data that could offer clues on how soon the Federal Reserve can cut interest rates. Spot gold was flat at $2,350.85 per ounce, as of 0350 GMT, after rising about 1% in the previous session. Fed meeting minutes released last week showed that the policy response, for now, would involve maintaining the benchmark policy rate at its current level but also reflected discussions of possible further hikes. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Kelvin Wong, Wong Organizations: Asia Pacific, Fed Locations: U.S, OANDA

☆ Gold recoups from 2-week low as traders eye U.S. inflation data
▼ + stars: | 2024-05-27 | by ( ) www.cnbc.com time to read: +1 min

Ingots of 99.99 percent pure gold are placed in a workroom at Novosibirsk Refining Plant, Russia on Sept. 15, 2023. Gold prices on Monday drifted higher from a two-week low hit in the previous session as traders gauged fading hopes of U.S. interest rate cuts ahead of a key inflation report due later this week. The core personal consumption expenditures price index, the preferred inflation measure for the U.S. Federal Reserve, is due on Friday. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. Minutes from the Federal Reserve's meeting published last week showed the central bank's path to 2% inflation could take longer than expected.

Persons: Matt Simpson, Bullion, Index's Simpson Organizations: Novosibirsk Refining Plant, Index, U.S . Federal, Traders Locations: Novosibirsk, Russia

☆ Gold price gains, but set for first weekly fall in three
▼ + stars: | 2024-05-24 | by ( ) www.cnbc.com time to read: +1 min

Gold prices rose on Friday, but were headed for their first weekly fall in three as expectations for interest rate cuts began to fade following the hawkish tone adopted in the U.S. Federal Reserve's latest minutes. Spot gold rose 0.54% to $2,340.90 per ounce, after earlier hitting its lowest since May 9. While the policy response for now would "involve maintaining" interest rates at current levels, the latest Fed minutes reflected discussions of possible hikes. Higher interest rates make non-yielding gold a less appealing investment. Previous expectations were for a likely first rate cut in September.

Persons: Ross Norman, Ricardo Evangelista Organizations: U.S, U.S . Federal, Federal, Traders Locations: U.S .

☆ The key for markets next week will be inflation as stocks try to maintain record highs
▼ + stars: | 2024-05-24 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

The news will come with stocks on pace to close out a strong month that included all-time highs. Stocks are poised to end an impressive month of gains after some softer inflation data released earlier in May and stronger-than-expected corporate earnings revived investor exuberance in the market rally. On Friday, the 30-stock Dow was on pace to snap a five-week win streak, falling by 2% for the period. Pesky inflation, consumer weakness The April personal income and expenditures report, which includes the PCE inflation reading, could confirm the recent trend of cooling inflation. Pending Home Sales (April) Earnings: Costco Wholesale , Ulta Beauty , NetApp , Best Buy , Dollar General , Hormel Foods Friday, May 31 8:30 a.m.

Persons: Dow, Mike Dickson, Dickson, FactSet, Goldman Sachs, David Mericle, Steph, it's, Christian Mueller, Glissmann, Mueller Organizations: Dow Jones, Nasdaq, Horizon Investments, Fed, PCE, Robinhood, Costco Wholesale, Software, Dallas Fed, Richmond Fed, Hormel, Chicago PMI Locations: Chicago

☆ Stock market today: Indexes end the week mixed after inflation scare and Nvidia earnings boom
▼ + stars: | 2024-05-24 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks ended the week mixed on Friday after an inflation scare and Nvidia's earnings report. Investors will look ahead to next week's PCE data to gauge which direction inflation is headed. Nvidia earnings helped push up tech stocks and drove the Nasdaq 100 to an overall gain this week. AdvertisementUS stocks traded higher on Friday, but finished the week mixed after an inflation scare following strong economic data and the release of Nvidia's solid first-quarter earnings report. AdvertisementInvestors will look to next week's release of PCE data to gauge which direction inflation is moving.

Persons: —, LPL, Quincy Krosby, Nvidia's, Blackwell Organizations: Nvidia, Nasdaq, Service, Dow Jones, PMI, Federal Reserve

☆ Stock market today: Dow plunges 605 points as fresh economic data clouds outlook for rate cuts
▼ + stars: | 2024-05-23 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Nvidia's solid earnings and guidance boosted its stock but the broader market saw a sharp dip. Rate cuts bets faded after services and manufacturing data pointed to still-sticky inflation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The drop came after new services and manufacturing PMI data topped economists' estimates, hinting at more inflation pressure for the US economy. AdvertisementThursday's data pressured the outlook for rate cuts later this year.

Persons: Dow, — Organizations: Service, Nvidia, Dow Jones, Nasdaq, Treasury, Here's

☆ Stock market today: Indexes slip as traders await Nvidia's earnings report
▼ + stars: | 2024-05-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks traded lower as investors waited for Nvidia's first-quarter earnings report after the close. Investors also took in comments from Fed officials, which suggested rate cuts weren't imminent. AdvertisementUS stocks slid lower on Wednesday as traders took looked ahead to Nvidia's highly anticipated first-quarter earnings report and took in the latest commentary from Federal Reserve speakers. All three benchmark indexes traded lower, while bond yields ticked higher. Markets have been dialing back their expectations for Fed rate cuts all year.

Persons: Nvidia's, —, Susan Collins, Loretta Mester Organizations: Investors, Service, Federal Reserve, Treasury, Nvidia, Bloomberg, Boston, Cleveland Fed, Fed, Here's

The 30-stock Dow slid 605.78 points, or 1.53%, and closed at 39,065.26 for its worst session of the year. The S&P 500 dropped 0.74%, closing at 5,267.84, and the Nasdaq Composite tumbled 0.39% to end at 16,736.03. Stocks fell Thursday, with the Dow Jones Industrial Average registering its worst day of 2024, as a post-earnings rally in Nvidia failed to lift the broader market. With its market cap of more than $2.5 trillion, Nvidia also has considerable sway over the broad S&P 500 . More than 400 names in the S&P 500 were lower, and information technology was the only positive sector for the day.

Persons: Stocks, Dow Jones, it's, Piper Sandler, Craig Johnson Organizations: New York Stock Exchange, Dow, Boeing, Nasdaq, Dow Jones Industrial, Nvidia, . Services, Global, Federal Reserve, Traders Locations: New York City

Mortgage interest rates have moved lower amid signs that persistently high inflation may be starting to cool. The 10-year Treasury yield fell following the release of this data, and mortgage rates followed suit. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates and other consumer rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Treasury, Federal Reserve, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ U.S. inflation data fuels bets of Fed rate cuts as early as September — but analysts aren’t convinced
▼ + stars: | 2024-05-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Traders appear increasingly confident that the U.S. Federal Reserve could start cutting interest rates as early as September, after inflation data cooled more than expected in April. Traders are currently pricing in a roughly 70% chance of a U.S. rate cut in September, according to the CME FedWatch Tool. Jerome Schneider, head of short-term portfolio management at PIMCO, said on Thursday that the latest U.S. inflation data confirmed to investors that the potential for a near-term rate hike was now "off the table." "I think more contextually, we have to really understand that we have celebrated a lower inflation rate, the market has. But, in context, at PIMCO we're specifically thinking about the longer-term trajectory of how the Fed is going to react to this data," Schneider told CNBC's "Squawk Box Europe."

Persons: Dow Jones, Jerome Schneider, we're, Schneider, CNBC's Organizations: New York Stock Exchange, Traders, U.S . Federal, Labor Department's Bureau of Labor Statistics, Federal Reserve Locations: U.S, PIMCO

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ Why investors shouldn't be clamoring for rate cuts this summer
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

AdvertisementThe market should be careful what it wishes for when it comes to rate cuts from the Federal Reserve. Ed Yardeni, a longtime market veteran, has warned of a stock market "meltup" if the Fed were to cut interest rates this summer. High interest rates on risk tipping the economy into recession, but lowering rates too quickly risks a resurgence in inflation, which could slam American consumers. Fed officials have said they're looking for more evidence inflation is on track to fall to its 2% price target before mulling rate cuts. AdvertisementFor the most part, investors aren't expecting interest rates to come down before September.

Persons: Ed Yardeni, meltdowns, Yardeni, —, they're Organizations: Service, Federal Reserve, Bloomberg, Yardeni, Fed

☆ Stock market today: S&P 500 closes at a record high as stocks rise on cooler April inflation
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks soared on Wednesday, with the S&P 500 notching an all-time high. The benchmark index surpassed 5,300 for the first time after April inflation came in cooler than expected. AdvertisementUS stocks surged on Wednesday, with the S&P 500 breaking its all-time record as traders took in cooling inflation numbers. On a monthly basis, inflation rose 0.3% in April, less than 0.4% in March. Slower economic activity helps lower inflation, though it could also indicate a slowdown in economic growth.

Persons: —, Preston Caldwell, Morningstar, Jeffrey Roach Organizations: Service, Dow Jones, Treasury, Federal Reserve, Labor Department, LPL

☆ Stock market today: Stocks jump on cooler April inflation report
▼ + stars: | 2024-05-15 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks rose as traders took in slightly cooler inflation figures. Consumer prices rose 3.4% year-per-year in April, down from the prior month's 3.5% increase. Still, investors have muted expectations for Fed rate cuts by the end of the year. AdvertisementUS stocks jumped on Wednesday as traders took in the latest inflation report, which showed prices cooled slightly in April. Falling inflation has fueled some hope the Fed is set to issue several interest rate cuts this year, which is bullish for stocks.

Persons: —, Seema Shah, Sonu Varghese Organizations: Service, Treasury, Asset Management, Traders, Carson Group

☆ The stock market is about to see a 10% correction, with further disinflation a 'pipe dream' and Fed rate cuts coming much later, Stifel says
▼ + stars: | 2024-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The S&P 500 could fall around 500 points in a swift correction, Stifel strategists warned. The investment firm said falling inflation was a "pipe dream," and Fed rate cuts could be delayed. Markets see just one or two rate cuts by the end of the year, per the CME FedWatch tool. "We have been wary of a broad S&P 500 correction in the middle quarters of 2024. Markets have already dialed back their outlook for Fed rate cuts this year, which drove a sell-of in stocks in April.

Persons: — Organizations: Service, Fed, PCE, Traders

☆ The US may be 'sleepwalking' into a recession as cracks form in the labor market, top economist says
▼ + stars: | 2024-05-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US could be "sleepwalking" into a recession, and signs of a downturn in key areas of the economy are starting to show, according to top economist David Rosenberg. That's a strong sign the economy is weakening, as manufacturing has only contracted on two occasions since 1997 without the economy later slipping into recession, Rosenberg noted. The 2-10 Treasury yield curve, a notoriously accurate recession indicator, has signaled a coming downturn since July 2022. The labor market is cracking, a slowdown in services activity is dragging on real-time growth, and forward looking financial signals still point to a coming slowdown," Rosenberg said. Rosenberg has been warning of a coming recession for months — and fears of a downturn are rising as investors anticipate the Fed keeping interest rates higher-for-longer.

Persons: —, David Rosenberg, Rosenberg, We're, That's Organizations: Service, Business, Treasury

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