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☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threatens to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

Amid the whirlwind of activity, the 51-year old, Israel-born executive has presented himself as a real estate visionary with a personal preference for all-black attire and a taste for luxury brands. BVK recently hired the residential brokerage firm Corcoran Group to complete a market study of the Fifth Avenue project, a person who viewed the report said. Miller noted he did not have direct knowledge of the situation at 685 Fifth Avenue. At 685 Fifth Avenue, he recently marked down prices for some of the units. In contrast, the Shore Club, which is being built by the New York real estate developer Steve Witkoff just a few hundred yards away from the Raleigh has pre-sold briskly.

Persons: —, Michael Shvo, Shvo, Peter Marino, Norman Foster, Renzo Piano, BVK, Corcoran, Jonathan Miller, Miller Samuel, Miller, Pam Liebman, Corcoran's, Truist, Michael Lirtzman, Akuna, Lirtzman, I've, Scott Wadler, Wadler, Jed Jacobsohn, John Goodman, Diane, –, Goodman, profanely, Serdar, Shvo's, Bilgili, Deutsche Finance didn't, Alex Miranda, I'm, Steve Witkoff, Morgan Chase Organizations: Service, Bayerische, Deutsche Finance, Business, GFI, Group, Shvo, Wabash, Akuna, Colliers, Wabash –, Raleigh, Core, New York State, Noë, Associates, West, Bilgili, BVK, Shore Club, New Locations: New York, Manhattan's Plaza, Los Angeles, Miami Beach, Raleigh, Israel, Wilshire, LA, Manhattan, Chicago, Miami, Paris, South Florida, San Francisco, Manhattan's, Turkish, BVK, Wabash, Shvo, Munich

☆ PPI report: Another positive sign for consumers after wholesale inflation ticked down last month
▼ + stars: | 2024-06-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Economists polled by FactSet had anticipated a 0.1% rise in monthly wholesale inflation. Excluding food and energy prices, so-called “core” producer inflation rose 2.3% on an annual basis, the same level seen in April. PPI captures average price shifts before they reach consumers and serves as a potential bellwether for retail-level inflation in the months ahead. The new inflation data follows May’s Consumer Price Index released Wednesday, which showed that the pace of price increase consumers see across goods and services cooled to 3.3% from 3.4% in April. But others expressed concerns that the fall in producer prices may actually represent a negative consequence.

Persons: FactSet, Price, Jerome Powell, he’d, ” Clark Bellin, ”, Christopher Rupkey, ” Rupkey Organizations: New, New York CNN, Federal Reserve, of Labor Statistics, PPI, Fed, FwdBonds Locations: New York

☆ I ate all 29 Blizzards at Dairy Queen and ranked the flavors from worst to best
▼ + stars: | 2024-06-13 | by ( Savanna Swain-Wilson | ) www.businessinsider.com time to read: +1 min

Dairy Queen's Blizzard is made with thick, soft serve and a range of customizable mix-insAs of June, I've had 29 Blizzards from the menu, including seasonal and limited-edition flavors. I've ranked the Blizzards from worst to best, and the best is still the seasonal s'mores. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDairy Queen is one of Warren Buffett's most famous businesses — he bought it in 1997 — and it's worth millions. This story is available exclusively to Business Insider subscribers.

Persons: I've, —, Warren Buffett's Organizations: Service, Business

☆ Microsoft employees' cybersecurity contributions will factor into their pay
▼ + stars: | 2024-06-13 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Microsoft will evaluate its employees' cybersecurity contributions in reviews that will factor into their compensation, Brad Smith, the company's vice chair and president, said ahead of a Thursday U.S. House committee hearing on the software maker's security practices. The changes represent part of Microsoft's efforts to address concerns about how much it's doing to protect its clients' data. For the current fiscal year, these high-ranking executives might see cybersecurity-related impacts reflected in their pay. "The Board also decided that for the current fiscal year, which ends on June 30, the Compensation Committee will consider explicitly each SLT member's cybersecurity performance when it makes its annual assessment of the executive's performance," Smith wrote. WATCH: Microsoft Security VP Vasu Jakkal talks cybersecurity with Jim Cramer

Persons: Brad Smith, Smith, Satya Nadella, Vasu Jakkal, Jim Cramer Organizations: Microsoft, U.S ., Department of Homeland Security, Homeland Security, cybersecurity, YouTube

☆ The fashion industry needs better sourcing and waste practices — fast. Cloud computing could be a long-term fix.
▼ + stars: | 2024-06-13 | by ( Jake Hall | ) www.businessinsider.com time to read: +8 min

Cloud computing is gaining tractionCloud computing offers on-demand services, from storage to software, over the internet. And the fashion industry has gradually been waking up to the potential of cloud computing. In her report, "Fashion Transformation 4.0: Beyond Digitalization & Marketing in Fashion Industry," she said that the fashion industry must embrace new technologies in order to survive. "Fashion is a terribly old-fashioned industry," Alies ter Kuile, the cofounder of Fashion Cloud, said. With cloud computing, retailers can avoid overbuying stock — a key driver of fashion's textile-waste problem.

Persons: —, It's, Porter, Eon, there's, Bharati Rathore, Rathore, ter, ter Kuile, they're, Ter Kuile, Alan Holcroft, Steven Gonzalez Monserrate Organizations: Service, Green, Google, University of South, Marketing, Fashion Industry, Brands, Cegid Locations: University of South Wales, Dutch, ter Kuile

☆ Sam Kerr signs contract extension at Chelsea… but not before giving fans a minor scare
▼ + stars: | 2024-06-13 | by ( Rebecca Hall | ) edition.cnn.com time to read: +2 min

CNN —Soccer star Sam Kerr has signed a new contract with current Women’s Super League (WSL) champion Chelsea, the club announced Thursday, but not before giving her fans a minor scare. According to BBC Sport, it was Kerr’s idea to tease the fans around the news of the contract extension. Kerr has become one of the best players in women's soccer. Former Chelsea manager Hayes had made it her mission to convince Kerr to move to the WSL club back in 2019. Sonia Bompastor’s recent arrival as the new Chelsea manager marks a new era in west London, but retaining Kerr will help steady the ship.

Persons: Sam Kerr, Emma Hayes, Kerr, Chelsea, ”, Alexander Canillas, Aitana Bonmati, Ballon, Hayes, Sonia Bompastor’s Organizations: CNN — Soccer, Super League, Chelsea, US, BBC, Chicago Red Stars, Champions League, Blues Locations: London, soccer, Barcelona

The bank also raised its price target to $160 from $115, suggesting 18% upside from Wednesday's close. — Michelle Fox 7:59 a.m.: KeyBanc raises Netflix price target Netflix's growth isn't going to slow down any time soon, according to KeyBanc Capital Markets. — Pia Singh 7:23 a.m.: Bank America raises price target on Boeing Bank of America is weighing the challenges and opportunities Boeing has to make a turnaround. She kept her $38 price target, which implies shares could drop just slightly from its latest close. — Pia Singh 5:45 a.m.: Jefferies names Microsoft a top pick Microsoft is "going for AI gold," according to Jefferies.

Persons: Jefferies, Christine Cho, — Jesse Pound, Clark, Anna Lizzul, Kimberly, — Michelle Fox, Justin Patterson, Patterson, — Pia Singh, Ronald Epstein, Epstein, Oppenheimer, Ulta, Rupesh Parikh, Parikh, Morgan Stanley downgrades Corning, Corning, Morgan Stanley, Meta Marshall, Marshall, Tom O'Malley, O'Malley, AVGO, JPMorgan's Harlan Sur, Timothy Arcuri, Brent Thill, Fred Imbert Organizations: CNBC, Microsoft, Barclays downgrades NextEra Energy Partners, NextEra Energy Partners, Barclays, Bank of America, Clark Bank of America, KeyBanc, Markets, Netflix, Bank America, Boeing Bank of America, Boeing, Broadcom, VMware, Google, UBS, Jefferies Locations: Kimberly, F2H25

☆ Biden leads new drive to cement the West’s Ukraine war effort against Putin – and Trump
▼ + stars: | 2024-06-13 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Washington CNN —President Joe Biden is leading the world’s richest democracies in sending a beefed-up message to Russian President Vladimir Putin that the West will not forsake Ukraine despite political shocks casting doubts over its commitment. A flurry of new Western plans to help UkraineStill, the latest Western plans to help Ukraine send a strong message of intent. The sanctions target foreign financial firms aiding Putin’s war effort, restrict Russian access to some US software and information technology. Russian advances on the battlefieldThese are substantial and credible political, economic and political demonstrations of support for Ukraine. Not surprisingly, Zelensky has always chafed at the self-imposed limits of Western support for his war effort that are a symptom of Biden’s core aim of avoiding a direct NATO confrontation with Russia.

Persons: Joe Biden, Vladimir Putin, Biden, Volodymyr Zelensky, ” Biden, “, Donald Trump, Trump, lionizes Putin, wobbling, —, George H.W, George H.W . Bush, Janet Yellen, ” — Biden, Zelensky, ” Jake Sullivan, Wesley Clark, ” Clark, they’ve, ”, Kamala Harris, Sullivan, John Kirby, Putin Organizations: Washington CNN, Republican Party, Capitol, Republican, CNN, NATO, Big, Union, Ukraine, Trump, Biden, Air Force, Hudson Institute, Kremlin, Kyiv, West, White House National Security Council Locations: Russian, Ukraine, Italy, Normandy, Europe, United States, France, Germany, George H.W ., Russia, Britain, Japan, Canada, NATO, Washington, Kyiv, Cuba, China, Iran, Israel, Ukrainian, Switzerland

☆ Goldman sees price wars coming to restaurants and gives 6 stocks that can still thrive
▼ + stars: | 2024-06-13 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

But only a few restaurant brands that can hold on to their pricing will be able to come out on top, the firm said. Six popular stocks in the group were each given a buy rating: Chipotle , Domino's Pizza , Restaurant Brands International , Starbucks , Sweetgreen and Shake Shack . Cho placed a neutral rating on McDonald's , Yum Brands and Wingstop and a sell on Jack in the Box and Wendy's . The bank is also bullish on Restaurant Brands, owner of Burger King and Popeye's, which Cho noted is undergoing a business transformation. Another restaurant Goldman is bullish on is Domino's Pizza, which Cho believes has numerous catalysts that could lift the stock, including a newly revamped rewards program and an Uber Eats expansion.

Persons: Goldman Sachs, Christine Cho, Cho, Goldman, Chipotle, Wednesday's, Burger Organizations: Brands, Starbucks, Yum Brands, Restaurant Brands

☆ OpenAI adds former NSA chief to its board
▼ + stars: | 2024-06-13 | by ( Hayden Field | ) www.cnbc.com time to read: +2 min

OpenAI on Thursday announced its newest board member: Paul M. Nakasone, a retired U.S. Army general and former director of the National Security Agency. Nakasone was the longest-serving leader of the U.S. Cyber Command and chief of the Central Security Service. The company said Sarah Friar, previously CEO of Nextdoor and finance chief at Square, is joining as chief financial officer. OpenAI also hired Kevin Weil, an ex-president at Planet Labs, as its new chief product officer. Weil was previously a senior vice president at Twitter and a vice president at Facebook and Instagram.

Persons: Paul Nakasone, OpenAI, Paul M, Nakasone, OpenAI's, Adam D'Angelo, Larry Summers, Bret Taylor, Sam Altman, Sue Desmond, Hellmann, Melinda Gates, Nicole Seligman, Fidji Simo, Siri, Sarah Friar, Friar, Kevin Weil, Weil Organizations: National Security Agency, Intelligence, Capitol, U.S . Army, U.S . Cyber Command, Central Security Service, Security, Sony, Monday, Apple, Planet Labs, Twitter, Facebook Locations: Washington, U.S

☆ Bitcoin miners at Donald Trump's closed-door event say he thinks bitcoin can help win AI arms race
▼ + stars: | 2024-06-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Less than four hours after Trump's roundtable wrapped, the former president took to social media to extol the virtues of the bitcoin mining business. "Bitcoin mining may be our last line of defense against a CBDC," Trump posted shortly before midnight on Tuesday. "That's where you've got all these ancillary jobs; it's not just the bitcoin mining directly," said Cook. Enter bitcoin miners. Adding bitcoin miners to the portfolio of energy buyers has helped to improve the core economics of renewable power production.

Persons: Donald Trump, Eva Marie Uzcategui, —, New York —, Jason Les, Bitcoin, Bill Hagerty, David Bailey, Trump, Bailey, Sen, Elizabeth Warren, Les, Warren, Geoff Kendrick, bitcoin, Matthew Schultz, Jayson Browder, Brian Hughes, Biden, Harris, Andreessen Horowitz, Ron Conway, Fred Wilson, Cameron, Tyler Winklevoss, Schultz, Browder, CleanSpark, Coke, Chris Cook, Cook, There's, Amanda Fabiano, Fabiano, Marathon's Browder, We've, Exacore's Cook, you've, it's, Digital's Browder Organizations: U.S, Mar, Lago, Trump, Riot, Marathon Digital Holdings, Arkon Energy, Cholla Energy, Exacore, CNBC, Senate's Banking, Finance, China, BTC Inc, Radical Communist, Democratic, Trump —, solana, Internal Revenue Service, Libertarian National Convention, Standard Chartered, Circuits, Government Affairs, Federal Reserve, Biden, U.S . Treasury Department, Republican, NASDAQ, Fabiano Consulting Locations: Lago, West Palm Beach , Florida, New York, Palm Beach , Florida, bitcoin, China, Russia, U.S, America, Washington, San Francisco, Beijing, Marathon, United States, West Texas

☆ Opinion: The complicated ethics of the secret Alito recording
▼ + stars: | 2024-06-12 | by ( Opinion David Zurawik | ) edition.cnn.com time to read: +6 min

CNN —As a journalist and professor who teaches media ethics, I have long been against the kind of undercover secret recording activist Lauren Windsor made of Supreme Court Justice Samuel Alito and his wife, as well as Chief Justice John Roberts. Join us on Twitter and FacebookWhat Windsor discovered does not tell me as much as ProPublica and The New York Times have about the secrecy and shocking lack of ethics in the Supreme Court. But she did make me think Alito is even farther to the religious right than I thought. But while the approach was similar, Maryland has a law against secret recordings; two-person consent is required. But she broke no law in taking us behind closed doors and a little further into the mind of Alito.

Persons: David Zurawik, Lauren Windsor, Samuel Alito, John Roberts, David Zurawik Mich Rouse, Alito, “, ” Alito, Windsor, James O’Keefe, Hannah Giles, ”, ethicist, Donald Trump Organizations: Goucher College, Baltimore Sun, CNN, Supreme, Project Veritas, ACORN, Journalists, Capitol, New York Times, Windsor, Catholic, The New York Times, Twitter, Facebook, Veritas Locations: Windsor, there’s, Baltimore, Maryland, Washington, DC

☆ Japanese architect Fumihiko Maki, credited with fusing East with West, has died at 95
▼ + stars: | 2024-06-12 | by ( Associated Press | ) edition.cnn.com time to read: +4 min

Tokyo (AP) — Japanese architect Fumihiko Maki, who won the prestigious Pritzker Prize for designs praised as smartly and artfully fusing the East with the West, has died. Maki, who taught architecture and urban design at Harvard, died June 6, his office, Maki & Associates, said Wednesday. A devoted educator, Maki, in addition to teaching at Washington University, Harvard and the University of Tokyo, lectured around the world. Maki, along with fellow Tange students Arata Isozaki and Kisho Kurokawa, were the pillars of Japanese modernism. The Pritzker, in selecting Maki, praised him as part of a new wave of architects rebuilding postwar Japan.

Persons: Fumihiko Maki, Pritzker, Maki, Mark Lennihan, Zaha Hadid, Kengo Kuma, Skidmore Owings, St . Louis, oku, ” Maki, “, Kenzo Tange, Arata Isozaki, Kisho Kurokawa, Bill Lacy, Arnold Brunner Organizations: Tokyo, Harvard, Associates, National Museum of Modern Art, Yerba Buena Center, Arts, Trade, Trade Center, Pritzker, University of Tokyo, Cranbrook Academy of Art, Harvard University Graduate School of Design, Skidmore, Jackson & Associates, Washington University, Washington University , Harvard, MIT Press, American Academy of Arts, American Institute of Architects, AIA Locations: Kyoto, U.S, San Francisco, New York, Chiba, Japan, Hillside, Tokyo, Manhattan, British, Iraqi, Michigan, Merrill, Chicago, Sert, Cambridge, St ., Israel

☆ Transgender swimmer Lia Thomas loses challenge of rules barring her from elite women’s races
▼ + stars: | 2024-06-12 | by ( Steve Almasy | Wayne Sterling | ) edition.cnn.com time to read: +3 min

Thomas, 25, had in January filed legal paperwork against World Aquatics, swimming’s governing body based in Switzerland, for its policy that restricts transgender athletes from competing in most elite women’s aquatics competitions. It also said national federations don’t have the authority to modify the application of a world governing body’s rules. Rich von Biberstein/Icon Sportswire/AP/FileA few months later World Aquatics ratified its updated gender policy, which went into effect in March 2023, according to the 24-page arbitral award. USA Swimming is the national governing body for swimmers and a member of World Aquatics. In May 2022, Thomas told ABC’s Juju Chang, “It’s been a goal of mine to just swim at an Olympic trials for a very long time and I would love to see that through.”

Persons: Lia Thomas, Thomas ’, Thomas, Rich von Biberstein, ABC’s Juju Chang, “ It’s, ” Organizations: CNN, Sport, Aquatics, don’t, University of Pennsylvania, NCAA Locations: Switzerland, Berlin

☆ Hunter Biden conviction shatters Trump’s persecution narrative
▼ + stars: | 2024-06-12 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

In his first reaction to the verdict, Hunter Biden didn’t attack the judge or prosecutors, simply saying he was grateful for the love and support of his family and blessed to be clean again. The Hunter Biden verdict also contradicted the central rationale of Trump’s multiple legal defenses in his four criminal cases, several civil matters and his entire presidential campaign. “So much for the weaponization of the Justice Department to go after just the enemies of the other side,” Michael Zeldin, a former senior Justice Department official and federal prosecutor, said on CNN Max on Tuesday. Stephen Miller, Trump’s former White House domestic policy adviser, argued that the Justice Department had actually shown favoritism toward Hunter Biden by not charging him with 50 felonies over foreign influence peddling. “Hunter Biden just became the Deep State’s sacrificial lamb to show that Justice is ‘balanced’ while the other Biden crimes remain ignored,” she wrote on X.

Persons: Joe Biden, Donald Trump, Biden, Hunter, “, ”, Hunter Biden, Trump, ” Trump, Phil McGraw, couldn’t, ” Michael Zeldin, CNN Max, General Merrick, Garland, David Weiss, Weiss, “ Hunter Biden, ” Ken Buck, CNN’s Erin Burnett, ” Julian Zelizer, he’s, who’s, He’s, ” Zelizer, Democratic Sen, Robert Menendez, Henry Cuellar, Jamie Raskin, James Comer, Big Guy, ” Comer, Mike Johnson, Stephen Miller, Trump’s, ” Miller, Marjorie Taylor Greene, baselessly Organizations: CNN, Justice Department, Fox News, Trump, Democratic, Department, White House, Republican, Justice, Princeton University, “, Robert Menendez of New, Biden, Maryland Democrat, Kentucky Republican, Big, Louisiana Republican, BIG, Georgia Locations: America, Manhattan, Delaware, Robert Menendez of, Robert Menendez of New Jersey, New York, Henry Cuellar of Texas, Mexican, United States, Kentucky, Ukraine, China, Louisiana

☆ Currency market steadies ahead of U.S. inflation test, Fed decision
▼ + stars: | 2024-06-12 | by ( ) www.cnbc.com time to read: +3 min

Economists polled by Reuters expect headline consumer price inflation to ease to 0.1% from 0.3% last month, and core price inflation to remain steady on the month at 0.3%. Powell is likely to strike a relatively dovish tone at the press conference, however, given disappointing growth indicators since the last Fed meeting, Williams said. Japanese wholesale prices rose 2.4% in the year to May, Bank of Japan data showed on Wednesday, beating market forecasts for a 2% increase. The yen held steady at 157.16 per greenback after slipping to its lowest since June 3 at 157.40 the previous day. While Japan's central bank will likely discuss bond buying cuts to pre-empt yen selling pressure, dollar/volatility this week largely depend on Wednesday's U.S. CPI and Fed meeting, he added.

Persons: Jerome Powell's, Kieran Williams, Powell, Williams, Emmanuel Macron's, Sterling, Wei Liang Chang, bitcoin Organizations: U.S, Consumer, Fed, Reuters, Asia FX, InTouch, Bank of Japan, Bank of, DBS, CPI Locations: Czech, U.S, Asia, Bank of Japan

☆ Why Pope Francis thinks the Church should play a part in G7 debate on AI
▼ + stars: | 2024-06-12 | by ( Christopher Lamb | ) edition.cnn.com time to read: +7 min

This week, the pope is due to make an historic intervention in the debate around AI at the G7 summit in southern Italy’s Puglia region. AI, the pope believes, can make the world a better place only if it serves the “common good” and does not increase inequalities. European Union lawmakers have already passed a law regulating AI, while a bipartisan group of US senators have set out plans for AI regulation that could lead to federal legislation. “AI and emerging technologies are on Pope Francis’ radar screen,” Larrey, now a professor of philsophy at Boston College, told CNN. It’s clear that Francis sees AI as part of what he called the “epochal change” taking place at the beginning of the 21st century.

Persons: Pope Francis, Francis, Joe Biden, ”, “, Paolo Benanti, Benanti, ” Benanti, Vincenzo Paglia, Giorgia, Francis ’, Father Antonio Spadaro, Philip Larrey, Larrey, Pope Francis ’ Organizations: CNN, Catholic, Pontifical Academy for Life, Microsoft, IBM, Cisco Systems, United Nations, Food, Agriculture Organization, Union, Philosophy Department, Pontifical Lateran University, Boston College Locations: Italy’s Puglia, ” Italy, Puglia “, Puglia, Rome, Nevada

☆ Treasury yields hold steady ahead of Fed decision, key inflation data
▼ + stars: | 2024-06-12 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 4.8444% after rising by around one basis point. U.S. Treasury yields were little changed on Wednesday as investors awaited the latest Federal Reserve interest rate decision and policy guidance, and looked to key inflation data. Policymakers have frequently said that they would not cut interest rates until they are confident that inflation is sustainably toward this target. The Fed is expected to keep interest rates unchanged on Wednesday as its latest meeting concludes. But investors will be closely watching the central bank's guidance and the post-meeting press conference for fresh clues about what the path ahead for interest rates could look like.

Organizations: Treasury, Federal Reserve, Fed Locations: U.S

☆ Stocks making the biggest moves premarket: Eli Lilly, General Motors, Shopify
▼ + stars: | 2024-06-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Eli Lilly — Eli Lilly shares rose 2% after a panel of FDA advisors recommended the approval of its Alzheimer's drug known as donanemab. General Motors — The automaker's stock added more than 1% after its board authorized a $6 billion stock buyback program . Shopify — The e-commerce stock rose about 1% after JPMorgan initiated coverage with an overweight rating. Apple — Apple shares slipped less than 1% a day after the iPhone maker's Worldwide Developers Conference, where it revealed its artificial intelligence plans , called Apple Intelligence. GameStop — GameStop shares slipped 1% before the bell, continuing its volatile ride.

Persons: Eli Lilly, General Motors, Siri, Keith Gill's, Lee Cole, —, Jesse Pound, Sarah Min Organizations: General, JPMorgan, Apple, Apple Intelligence, Technology, Reuters, Apollo, Kyndryl Holdings, GameStop, Calavo, —, Calavo Growers

☆ Stocks making the biggest moves midday: Affirm, General Motors, Apple and more
▼ + stars: | 2024-06-11 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Affirm Holdings – The stock popped nearly 7% following the announcement that its buy now, pay later loans will be embedded into Apple Pay as an option for purchases. U.S. Apple Pay users on iPhones and iPads will be able to use the option later this year, the company said in a filing. General Motors – The automaker's stock added about 2% after announcing a $6 billion share repurchase program. Apple – The stock jumped around 6% one day after the iPhone maker announced its artificial intelligence strategy at its Worldwide Developers Conference . GameStop – The stock rose about 2%, trimming losses after its recent slide.

Persons: General Motors, Siri, Keith Gill, Pierre Brondeau, Mark Douglas, Ronaldo Pereira, Elliott, Lee Cole, FactSet, —, Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh, Sarah Min, Jesse Pound Organizations: Apple Pay, Apple, General, GM, Worldwide Developers, OpenAI, GameStop, FMC, JPMorgan, Reuters, Apollo, Kyndryl Holdings, Southwest Airlines –, Academy Sports, Bank of America Locations: Southwest

☆ Trading CPI: How stocks may react to latest inflation report, according to JPMorgan traders
▼ + stars: | 2024-06-11 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

.SPX YTD mountain SPX year to date Here's what they expect, based on six scenarios: 40% chance: CPI rises 0.3%-0.35%: This is the most likely outcome, according to JPMorgan. Under this scenario, the S & P 500 could fall as much as 0.75% and gain as much as 0.75%. The S & P 500 would pull back between 1% and 1.25% under this scenario. 12.5% chance: CPI rises between 0.2% and 0.25%: The S & P 500 would jump 1.25% to 1.75% as September rate cut expectations surge, JPMorgan traders said. "Given the acceleration higher in inflation, rate cut bets for 2024 would evaporate and we will see the return of views of a rate hike."

Persons: Dow Jones Organizations: Federal Reserve, CPI, JPMorgan Locations: U.S

☆ Inside the Goldman Sachs' 2024 summer internship: From the first-day jitters to David Solomon's words of wisdom
▼ + stars: | 2024-06-11 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +9 min

It was Monday, June 10, the first day of Goldman Sachs' 2024 summer internships at its Manhattan headquarters. Goldman Sachs received a record 315,126 applications for its 2024 internship program, up severalfold from the 53,107 applications it received a decade ago. Goldman interns mingle Emmalyse BrownsteinDay 1 began with basics like how to access their Goldman email account and log into their company dashboards. For lunch, the bank served sandwiches and wraps and displayed chocolate-covered cookies emblazoned with the Goldman Sachs logo for dessert. See Solomon's full letter to interns below:AdvertisementJune 11, 2024 Welcome to Goldman Sachs On behalf of our people around the world, welcome to Goldman Sachs.

Persons: Goldman, Goldman Sachs, David Solomon, Chocolate, JPMorgan Chase, Emmalyse, Solomon, Will Bousquette, Jean Altier, Lou D'Ambrosio, Dan Dees, David Organizations: Service, Business, tote, JPMorgan, Goldman, BI, Invest Locations: Manhattan, New York City, New York, Dallas, San Francisco, Palm, bagels, Hudson

☆ Fundstrat: Apple, Nvidia, and Tesla should be core portfolio holdings
▼ + stars: | 2024-06-11 | 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 EmailFundstrat: Apple, Nvidia, and Tesla should be core portfolio holdingsTom Lee, Managing Partner and Head of Research at Fundstrat, discusses tech stocks, small-caps, and the Fed.

Persons: Tesla, Tom Lee Organizations: Apple, Nvidia, Research, Fundstrat

☆ The Fed is winning its battle against inflation. So why isn’t it cutting rates?
▼ + stars: | 2024-06-11 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

That’s why it is crucial for central bankers to insist on 2%. “By communicating an explicit inflation target — and then delivering inflation consistent with that target — central banks earn credibility with the public,” New York Fed President John Williams said in a recent speech. Stripping away highly volatile categories such as food and energy — a measure referred to as “core” inflation — won’t quell central bankers’ concerns. The Fed can’t ignore CPIAlthough CPI isn’t the inflation gauge the Fed targets, central bankers don’t write it off. It was, however, welcome news to Fed officials that Consumer Price Index-measured inflation fell to 3.4% in April from 3.5% in March.

Persons: Frank Robinson, “, they’re, Jerome Powell, ” Powell, Ben Bernanke, they’ll, John Williams, hasn’t, ”, Tom Barkin, don’t, Christopher Waller Organizations: New, New York CNN —, Federal, Fed, New York Fed, ” New York Fed, ” Richmond Fed, CPI Locations: New York

☆ Fed meeting and inflation report both hit Wednesday, and the impact could be huge
▼ + stars: | 2024-06-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Jerome Powell, Chairman of the U.S. Federal Reserve, speaks during the conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System in Washington D.C., United States on November 08, 2023. None of those numbers are dramatically different from the April readings, and still show inflation running well above the Fed's 2% target. Central bankers prefer the Commerce Department's measure of personal consumption expenditures prices, a broader measure that also accounts for changes in consumer behavior. The Bureau of Labor Statistics is scheduled to release the CPI report at 8:30 a.m. The Fed meeting

Persons: Jerome Powell, Celal Gunes, Jonathan Pingle, Pingle, tinker, Jack Janasiewicz, —, Janasiewicz Organizations: U.S . Federal Reserve, of Research, Statistics, Governors, Federal, System, Washington D.C, Getty, Anadolu, Federal Reserve, UBS, CPI, Investment, Labor Statistics Locations: Washington, United States, Anadolu

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