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☆ Gold prices are at yet another record high. That means rate cuts are coming soon
▼ + stars: | 2024-05-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Gold reached a new record of $2,454.20 per ounce on Monday as markets price in Fed rate cuts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGold set another record high on Monday as Wall Street readies for monetary policy to ease this year. Given that gold is a safe haven asset, rising international face-offs have prompted more investors to buy the bullion. Meanwhile, US sanctions on Russian reserves sparked central banks to snap up the metal at record pace.

Persons: Gold, —, Grzegorz Drozdz, David Miarrions Organizations: Service, P, Trade

☆ 'The real AI darling': This data-center stock has beaten Nvidia by 310% since last year's blockbuster earnings
▼ + stars: | 2024-05-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The firm notes that Vertiv, which makes power and cooling equipment for data centers, has beaten Nvidia by 315% over the past year. Much of that stems from the advanced chips that power AI on — such as the ones Nvidia produces — requiring significantly more electricity to operate. "Power used by AI applications is expected to grow at a 25-33% CAGR over the next few years." AdvertisementAs Nvidia gears up for its earnings season on Wednesday, expectations remain strong, Bank of America said. Previously, Goldman Sachs had similarly outlined broadening AI investment, characterizing Nvidia as the first of four phases.

Persons: —, They're, Nvidia's, Vertiv, outpacing, BofA, Bank of America BofA, Steve Eisman, it's, NVDA, Goldman Sachs Organizations: Bank of America, Nvidia, Service, Vertiv

☆ 'We're not about to fold': Janet Yellen says efforts are underway to package a $50 billion loan to Ukraine using frozen Russian funds
▼ + stars: | 2024-05-20 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Janet Yellen told The New York Times that G7 leaders will discuss the details of a loan program for Ukraine. The loan would use proceeds from Russia's frozen asset and potentially offer a $50 billion lifeline. The aid could offer Ukraine a means of survival as Moscow amplifies its offensive. AdvertisementThe US and its allies are getting serious about a plan to finance Ukraine using interest earned on Russia's frozen assets. Under the idea, these profits would be bundled together into a sizable loan, a possible means of survival for Kyiv.

Persons: Janet Yellen, — Organizations: New York Times, Service, Kyiv, Business Locations: Ukraine, Moscow

☆ 3 reasons why buying copper right now is the best trade one commodity expert has ever seen
▼ + stars: | 2024-05-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Copper "is the most compelling trade I have ever seen," Carlyle's Jeff Currie said on the Odd Lots podcast. He thinks the metal's massive mismatch in supply and demand could push its price up to $15,000 a ton. AdvertisementCopper supply issues are making the metal considerably more expensive, says commodities veteran Jeff Currie, who is very bullish on the opportunity. He later added: "I just quote many of our clients and other market participants say it's the highest conviction trade they've ever seen." Though not necessarily part of his acronym, artificial intelligence is also amplifying industry demand, Currie mentioned.

Persons: Carlyle's Jeff Currie, Currie, —, Jeff Currie, Carlyle, Currie —, Goldman Sachs, policy's, copper's, deglobalization Organizations: Industry, Service, Bloomberg, US, BHP Locations: China, Panama

☆ Billionaire 'Bond King' Bill Gross explains why oil and gas pipelines are his top investment even as AI fervor swirls
▼ + stars: | 2024-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bill Gross told Barron's that oil and gas pipelines are a top investment of his as he seeks alternatives to a tapped-out bond market. He says these publicly-traded multiple limited partnerships offer strong returns with additional tax advantages. Rather than seeking opportunity in the bond market, the legendary billionaire is investing in oil and gas pipelines. Gross notes that the pipelines — which trade as master limited partnerships — possess many of the yield attributes of bonds. Previously, he attempted to trade Broadcom on AI hopes, but was "whipped back and forth," Gross shared in March commentary.

Persons: Bill Gross, Gross, —, that's, Barron's, " Gross, Con Organizations: Microsoft, IBM, Nvidia, Service, Energy, Western Pipeline, Gross, Broadcom, Dominion Locations: Barron's, Con Edison

☆ This US region is seeing the biggest rent declines as owners struggle to fill vacancies, Redfin says
▼ + stars: | 2024-05-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Metros in the Sun Belt are notching the steepest rent declines in the country, Redfin reported. The pandemic-era demand that led to accelerated construction has since subsided, leading to more vacancies. These declines are happening as rent rises nationwide. AdvertisementThe country's steepest rent declines are happening in metro areas across the Sun Belt as pandemic-era demand spikes subside, Redfin reported Friday. "But the boom is over, and now property owners are struggling to fill vacancies, which is causing rents to fall."

Persons: —, Redfin, Sheharyar Bokhari Organizations: Service, Business Locations: Austin , Texas, Nashville , Tennessee, Jacksonville, Miami, San Diego

☆ Jamie Dimon says inflation is worse than people think, and that the market is too optimistic about a soft landing
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewMarkets underestimate inflation's likely endurance, as an array of factors keep price upside churning, JPMorgan CEO Jamie Dimon told Bloomberg TV. "I think the underlying inflation may not go away the way people expect it to," he told the outlet at the JPMorgan Global Markets Conference. AdvertisementIt's a point Dimon keeps reiterating despite market bullishness, as investors keep trading on the premise that subsiding inflation allows interest rates to eventually ease. In his annual letter to JPMorgan shareholders published last month, he expressed similarly doomy outlooks concerning inflation, interest rates and the economy's trajectory.

Persons: —, Jamie Dimon, Dimon's, he's, Dimon Organizations: Service, JPMorgan, Bloomberg, JPMorgan Global Markets, Business, Bank of America's, Global Fund Locations: Bank, China, Beijing, Russia, United States

☆ Why the US isn't facing a stagflation threat even as growth slows, according to BofA
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Recent stagflationary forecasts are misguided for this year, Bank of America wrote on Thursday. While first-quarter GDP badly missed estimates, the inflation that was seen was driven by strong consumer spending. That separates it from the US's last bout with stagflation, in 2022, when higher prices were caused by a supply shock. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Fear arose in April when first-quarter GDP missed expectations as inflation figures simultaneously surpassed estimates.

Persons: stagflation, —, Bank of America isn't Organizations: Bank of America, Service, Business

☆ A surging number of crypto owners are trying to recover forgotten wallet passwords so they can cash in after huge token rallies
▼ + stars: | 2024-05-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Bitcoin's resurgence has triggered a wave of wallet retrieval attempts, Reuters reported. Firms that specialize in this have noted a surge in retrieval requests this year. By one estimate, around 20% of circulating bitcoin could be stuck in locked wallets. AdvertisementFor wallet retrieval firms, the spike in interest is profitable. Upon successful retrieval, both ReWallet and WRS charge a fee of 20% of the wallet's contents, Reuters said.

Persons: —, ReWallet, WRS, it's, Bernstein Organizations: Reuters, Firms, Service, ReWallet, Chartered Locations: Germany

☆ Biden's new tariffs show he's willing to play hardball as China ramps up exports, Nobel economist Paul Krugman says
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Biden's tariffs on China are a gesture to show the US will not accept another wave of Chinese imports, Paul Krugman wrote in an op-ed. The previous "China shock" was damaging to US employment, given the localized nature of US industry. China is relying on heavy production to manufacture its way out of an economic slump. Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. "They're a shot across the bow — a signal that the United States won't accept a second so-called China shock, a surge of imports that could undermine crucial parts of the administration's agenda."

Persons: Paul Krugman, Biden's Organizations: Service, The New York Times, Business Locations: China, United

☆ The stock market has peaked and will trade flat for the rest of 2024, Goldman equity chief says
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Goldman Sachs chief US equity strategist David Kostin says the S&P 500 could trade flat for the rest of the year. He told Bloomberg TV that the index has already reached Goldman's year-end target of 5,200. AdvertisementThe stock market rally has run its course for 2024, as the S&P 500 now stands above Goldman Sachs' year-end prediction, the firm's chief US equity strategist David Kostin said. The S&P 500 surpassed Goldman's year-end target of 5,200 earlier this month. Still, the Goldman stock chief isn't giving up entirely on the possibility of a bullish turnaround.

Persons: Goldman Sachs, David Kostin, —, Kostin, Goldman Organizations: Bloomberg, Service, Bloomberg TV, Goldman, Federal, UBS

☆ Bitcoin could see a wave of forced selling as miners face the reality of lower rewards post-halving, research firm says
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Bitcoin's halving in April could force crypto miners to sell some tokens, Kaiko Research reported. These firms haven't yet had to tap their bitcoin hoards thanks to high transaction fees, but that could change. The April halving is a pre-coded event in which the amount of bitcoin rewarded to crypto miners is slashed in half. According to Bloomberg, fees jumped amid a burst of meme-coin creation after the halving event. Miners are often known for hoarding bitcoin troves without selling, which analysts have previously pointed out as another price-boosting supply constraint.

Persons: —, Kaiko, bitcoin, Peter Brandt Organizations: Research, Service, Bloomberg, Mining, Marathon Digital, BTC

☆ Jamie Dimon says China's relationship with Russia will make it difficult for the US to fully engage with it
▼ + stars: | 2024-05-15 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The US should embrace full engagement with China, but expect a hard time along the way, JPMorgan CEO Jamie Dimon told Sky News. This will remain difficult as long as China is close to Russia, he noted. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJPMorgan CEO Jamie Dimon considers full US engagement as the right approach to China, but says obstacles will make it a difficult course to follow, he told Sky News. Chief among issues is Beijing's strengthening relationship with Moscow, Dimon told the outlet on Wednesday: "As long as China is kind of on the side of Russia, we're going to have a hard time."

Persons: Jamie Dimon, Dimons, —, Dimon, we're Organizations: JPMorgan, Sky News, Service, Business Locations: China, Russia, Beijing, Moscow

☆ Stock market today: Indexes edge up as traders digest wholesale inflation data
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Major indexes were slightly higher after the data as investors assessed the impact on rate cut outlooks. April's producer price index data beat estimates, gaining 0.5% for the month against 0.3% consensus estimates. The PPI data comes a day before Wednesday's consumer price index and will give investors a broader frame of reference. If CPI data is equally hot, the stuttering stock rally could face even more negative consequences. The 10-year Treasury briefly topped 4.5% after the PPI data before slipping by about one basis point to 4.465.

Persons: Jerome Powell, —, Chris Zaccarelli, Keith Gill Organizations: Service, PPI, Independent, Federal, GameStop, AMC, Treasury, Here's

☆ 5 defensive trades to make if stagflation and hard-landing fears cause a stock sell-off, BofA says
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks are vulnerable to a stagflation or hard landing rebound, says Bank of America's Michael Hartnett. AdvertisementStock markets face downturn risk if stagflation or recession anxiety re-materializes, Bank of America's top global strategist Michael Hartnett wrote on Tuesday. "Sentiment not at 'close-eyes-and-sell' levels but risk assets vulnerable to more evidence of stagflation," he noted in the bank's latest Global Fund Manager Survey. Although outlooks have since calmed, stagflation seemed like a growing possibility last month, when estimate-beating inflation data eclipsed shallow first-quarter GDP. Stagflation may have some part to play, as inflation remains the leading tail risk, while fears of an "economic hard landing" grew stronger.

Persons: America's Michael Hartnett, Hartnett, —, Michael Hartnett, stagflation Organizations: America's, Service, materializes, Bank of America's, Global Fund, Survey, Japan Utilities, Federal Reserve Locations: China, Europe, Japan

☆ 4 reasons why the S&P 500 has another 5% upside this year, UBS says
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The ongoing S&P 500 rally could extend to 5,500 this year, UBS said. Tech earnings have remained strong, with ex-Mag 7 tech firm profits revised 7% higher since March. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWith last month's equity jitters already quashed, the ongoing rebound is the start of an extensive summer rally, UBS said. According to a note published Tuesday, the S&P 500 could reach the firm's upside scenario of 5,500 by this year's end.

Persons: Disinflation, —, Marcelli, That's Organizations: UBS, Tech, Service, Global Wealth Management, Microsoft, Nvidia, Apple

☆ Stock market today: Indexes hover at records ahead of big inflation report
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

A downgrade revision in March's producer price index helped curb inflation concerns. Fed Chairman Jerome Powell signaled that interest rates will have to remain higher for longer. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . While April's producer price index gained 0.5% against expectations of a 0.3% rise, March's data was revised to show a 0.1% decline. Many are also waiting to see Wednesday's consumer price index release, before determining whether to retreat from markets.

Persons: Stocks, Jerome Powell, —, Quincy Krosby Organizations: Service, Nasdaq, Federal, Global, LPL, AMC Locations: Here's

☆ Why a debt-fueled US economy is facing a hard landing in 2025, chief economist says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

According to the Apollo chief economist, that's because current strength stems from high debt loads, both among US consumers and the corporate world. Slok pointed out that delinquencies are rising on credit cards and auto loans, despite an economy with low unemployment. But while that keeps a hard landing on the table, the next few quarters will still deliver solid performance, he said. Advertisement"We still have behind us a very strong tailwind. We still have strong spending in the pipeline from the Chips Act, Inflation Reduction Act, the Infrastructure Act."

Persons: —, Torsten Slok, Slok Organizations: Service, Apollo, Business, Bloomberg, Fitch, Reserve Locations: headwinds

☆ Tesla will drop 70% after robotaxi and AI ambitions stop shielding a failing business, 'Big Short' investor says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"Big Short" investor Danny Moses is still betting against Tesla stock and expects it to fall to $50. Tesla's focus on Robotaxis and AI is a distraction from its "falling apart" core business, he told CNBC. AdvertisementTesla's stock is cruising toward a steep correction, and will see a drop-off that even new tech initiatives can't steer around, investor Danny Moses told CNBC. The Moses Ventures founder revealed a Tesla short last year, sparked by a frustration over CEO Elon Musk's purchase of X, formerly Twitter. While Moses holds Tesla as his primary short, he touted a separate autonomous driving firm called Wayve.

Persons: Danny Moses, Moses, —, Tesla, Elon Musk's, Bill Gates Organizations: CNBC, DOJ, Service, Moses Ventures, Elon, Department of Justice, Nvidia

☆ Renters need to make 36% more than in pre-COVID years to afford today's average rent, Zillow says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

US average rent rose to just under $2,000 per month in April, Zillow reports. Tenants now need to earn 36% more than they did in 2019 to afford a typical rent. While rent growth continues, multifamily construction has softened its advance. Since the pandemic's start, rent has increased 31.4%, though income has only grown 23% through February. This story is available exclusively to Business Insider subscribers.

Persons: Zillow, —, haven't Organizations: Service, Business

☆ These 3 metro regions still haven't recovered from the pandemic recession as Wall Street debates when the next downturn will strike
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn. The Federal Reserve Bank of New YorkBut this trend is especially distinct in the Northeast, a region that's home to particularly impacted metros. By this indicator, a recession started in October, confirmed further by accelerating job erosion, Danielle DiMartino Booth said.

Persons: —, Danielle DiMartino Booth, it's, Frances Donald, Donald, We're, Gary Schilling Organizations: Federal Reserve Bank of New, Service, US metros, QI, Bloomberg, Wall Street Locations: COVID, Federal Reserve Bank of New York, Rust Belt, California, Hawaii, New Orleans, Honolulu, San Francisco, Cleveland , Detroit, Pittsburgh, Northeast, New York City, New York

☆ These 3 metro regions still haven't recovered from the pandemic recession
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. 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 . AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn.

Persons: — Organizations: Federal Reserve Bank of New, Service, US metros, Business Locations: COVID, Federal Reserve Bank of New York, Rust Belt

☆ Bankruptcies are spiking as companies lose hope of rate cuts
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

April saw the highest number of corporate bankruptcies in a year, S&P Global said. Eroding bets of an interest rate cut contribute to this, as burdened business throw in the towel. AdvertisementCorporate bankruptcies increased in recent months amid teetering confidence in a quick interest rate pivot. AdvertisementBy one measure, rising costs did slow when a rate cut looked likely in early 2024. But last month's stubborn inflation and slowing GDP made a Fed cut look unlikely, and yields shot up to 8.11%.

Persons: —, April's, Frances Donald Organizations: P Global, Service, Federal, ICE, Fed, Investment

☆ Saudi Arabia's $100 billion AI and semi-chip fund says it will divest from China if the US asks
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi AI firm Alat would divest from China if the US requests it, CEO Amit Midha told Bloomberg. Saudi Arabia has been pouring billions into AI and semiconductor initiatives in an attempt to become a major hub. AdvertisementA new state-backed Saudi Arabian fund centered on semiconductor and AI technology has guaranteed that it would divest from China if Washington requests it. Officials have long portrayed China's access to AI and semiconductor technology as a national security threat. US officials have already had to mandate AI firms to divest from China, such as G42.

Persons: Amit Midha, —, Midha, that's Organizations: Bloomberg, Service, Milken Institute Global Conference, Saudi Arabia's Public Investment Fund, Officials, Silicon, New York Times, United Arab Emirates, Microsoft Locations: Saudi, China, Saudi Arabia, Washington, Beijing, Alat

☆ Stock market today: US stocks end mostly higher as multi-day rally pushes on
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The recent equity rebound stalled as investor rate cut bets were made uncertain by Fed commentary. Fed President Neel Kashkari said rates might not be restrictive enough to clamp down on inflation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks were mostly higher Tuesday, with the S&P 500 and Dow Jones Industrial Average continuing to pull slightly higher. His remarks followed similar hawkishness from Fed President Tom Barkin on Monday, who indicated that the economy will need to slow down more before policy can pivot.

Persons: Neel Kashkari, —, Tom Barkin, Lisa Cook, Austan Goolsbee Organizations: Disney, Service, Dow Jones, Dow, Minneapolis Federal, Chicago Locations: Minneapolis, Here's

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