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Shares of Trump Media fell at the opening bell Thursday, with just hours to go until former President Donald Trump is expected to be able to start selling his nearly $2 billion stake. The company, which owns social media platform Truth Social and trades as DJT on the Nasdaq, was down 5% at the market open. Trump Media has acknowledged in regulatory filings that the end of the lockup could spur large sales of the company’s stock, and even the market’s perception of a sell-off could drive down DJT’s stock price. The company’s fortunes are tied up with those of Trump, whose use of Truth Social makes him a main draw to the platform. After soaring in its public trading debut, Trump Media has suffered a monthlong stock slump that has coincided with Trump’s tumultuous presidential campaign against Democratic nominee Kamala Harris.
Persons: Donald Trump, Trump, Kamala Harris Organizations: Trump Media, Nasdaq, Trump, Republican, Democratic
Introduction to the federal funds rateDefinition and purpose of the federal fund rateThe federal funds rate, or fed funds rate, is the interest rate set by the Federal Open Markets Committee. The Federal Reserve lowered the federal fund rate on September 19, 2024, to stop aggressive inflation and prevent a recession. Today, the federal fund rate is 5.00%, with the federal fund target rate being 4.75% to 5.00%. How the federal funds rate worksThe federal funds rate, or the overnight rate, is the interest commercial banks charge when they lend money to one another for extremely short-term periods — literally, overnight. Federal funds rate FAQsWhat happens when the federal funds rate is high?
Persons: Karen Fernandez Tessa Campbell, Tessa Campbell, Tessa, she’s Organizations: Federal Reserve, Federal, Federal Open Markets, Fed, Market, Fed's, Governors, Federal Reserve Bank, Susquehanna University
The Fed's big rate cut won't stop a recession, economist David Rosenberg says. Rosenberg's bearish call comes one day after the Federal Reserve delivered a jumbo 50 basis point interest rate cut, the Fed's first rate cut since 2020. AdvertisementBut Rosenberg isn't backing down, likening 2024 to 2007, right before the economy slowed and entered a painful recession. He added: "Half the country is in recession right now when we apply data science to the commentary." AdvertisementAs for the soaring stock market, Rosenberg says investors should heed the warning signs coming out of the bond market.
Persons: David Rosenberg, He's, Rosenberg, , Rosenberg's Organizations: Service, Federal Reserve, BLS
Indexes rallied Thursday as investors continue to digest Wednesday's jumbo rate cut from the Fed. The Fed cut rates by 50 basis points in its first rate cut in over four years. AdvertisementUS stocks soared on Thursday in a late reaction to the Federal Reserve's jumbo interest rate cut. On Wednesday, the Fed issued its first interest rate cut since 2020, cutting its benchmark rate by 50 basis points. Bank of America analysts said after the meeting that they see 75 basis points of cuts in the fourth quarter and 125 basis points next year.
Persons: , Jerome Powell's, Dow, today's 50bp, Goldman Sachs, Powell, Gen Z's Organizations: Fed, Service, Federal, Nasdaq, Bank of America, Labor Department, SEC
Hanna, based in Washington State, told Business Insider that when she got the "god-inspired" urge to start sprinting, she turned to her husband for help. By 2011, Hanna was fast enough to compete in the Washington State Senior Games, a sports competition for people over 50. The next year, she competed at the National Senior Games, which she has done three more times since. Hanna and her coach, Marcus Chambers, after she won gold at the 2024 Senior Games. Hanna won gold in the four by 100 metres with her relay team at this year's National Senior Games.
Persons: , Madonna Hanna, Hanna, hasn't, Marcus Chambers, it's, you've, Nathan K, Robert, Arlene Kogod, Bryan Goldberg, Mike Molloy Organizations: Service, Business, Washington State Senior Games, National Senior Games, Washington State, British, of Sports Medicine, Aging, Mayo Clinic, Senior Games Locations: Washington State
Millennials and Gen Z are increasingly shopping at discount stores like TJ Maxx, Burlington, and Ross. AdvertisementGen Z wants more bang for their buck, and their love of a good deal could drive shares of some discount retailers up nearly 20%, Bank of America says. AdvertisementThe report from BofA on Wednesday attributes the rise in popularity among discount stores to inflation weariness. The analysts see Burlington and Ross Stores shares rising 16% and 18% from Wednesday highs, respectively. "Off-price has attracted the customer, helped by the quest for value amidst persistent multi-year inflation pressures," Bank of America's analysts wrote.
Persons: Millennials, TJ Maxx, Ross, , Ross . Younger Organizations: Service, Bank of America, TJ Maxx, Goods, Burlington, Ross Stores, Bank of Locations: Burlington, Millennials, BofA
Trump Media breached an agreement with one of the investors that helped the company go public, and must grant the investor a larger share of its stock, a judge ruled. After DWAC merged with Trump Media, those Class B shares were supposed to automatically convert to Class A stock at a 1:1 ratio. Analysts have come to see indivual investments in Trump Media as a proxy for supporting the Republican presidential nominee and betting on his political fortunes. Trump Media is embroiled in numerous other lawsuits with ARC and its founder, Patrick Orlando, along with others involved in the public merger. Trump Media in a filing in that same lawsuit on Monday sought an “emergency” court hearing.
Persons: Donald Trump —, Lori Will, DWAC, Will, ” Will, , Trump, Patrick Orlando Organizations: Trump Media, ARC Global, Truth, Trump, ARC, DWAC, Nasdaq, Analysts, Forbes, United Atlantic Ventures Locations: Delaware Chancery, Delaware, Florida
The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.
Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo
Larry Ellison surged past LVMH chief Bernard Arnault to become the world's fourth-richest person. Oracle's cofounder is worth $181 billion after gaining nearly $58 billion this year, per Bloomberg. Go to newsletter preferences Thanks for signing up! AdvertisementLarry Ellison has overtaken Bernard Arnault to become the world's fourth-richest person with a $181 billion fortune. His net worth has soared by $57.8 billion since then, making him the third-biggest wealth gainer after Meta CEO Mark Zuckerberg, up $61.4 billion, and Nvidia CEO Jensen Huang, up $58.5 billion.
Persons: Larry Ellison, Bernard Arnault, , leapfrogged, Ellison, Mark Zuckerberg, Jensen Huang Organizations: Bloomberg, Service, Nvidia, Business
Microsoft CEO Satya Nadella speaks during the company's Build developer conference in Seattle on May 21, 2024. Microsoft and BlackRock are part of a group of companies collaborating to pull together up to $100 billion to develop data centers for artificial intelligence and the energy infrastructure to power them. The group aims to assemble $30 billion of initial capital, with a future goal of bringing in up to $100 billion, including from debt financing. Microsoft said in July that fiscal fourth-quarter capital spending, including assets acquired under finance leases, totaled $19 billion. In January, BlackRock announced its intent to acquire GIP for $3 billion in cash and around 12 million shares of BlackRock common stock.
Persons: Satya Nadella, chatbot, MGX, Abu Dhabi's Mubadala Organizations: Microsoft, BlackRock, Artificial Intelligence Infrastructure Investment Partnership, Global Infrastructure Partners, United, Tech, Nvidia Locations: Seattle, United Arab Emirates, BlackRock
CNBC's Sarah Min breaks down how a rate cut could affect the S&P 500 . Welcome to U.S. rate cut week! Furthermore, jumbo hikes of 75 basis points were enacted between June 2022 to November 2022. But given that the rate cut has been so clearly telegraphed by the Fed, it's hard to imagine it not happening. This cut might not be big in terms of basis points, but it will be big in what it signals to markets.
Persons: It's, Sarah Min, Donald Trump, Rafael Barros, Cat Stevens, Aditya Bhave, CNBC's Pia Singh, Hakyung Kim, Brian Evans Organizations: Eccles Federal Reserve, CNBC, U.S . Federal Reserve, China's National Bureau, Statistics, Republican, Federal Bureau of Investigation, Secret Service, U.S, Federal, Fed, Bank of America U.S Locations: Washington , DC, Florida, U.S
Private brands — also called store brands and private-label brands — of foods and beverages have shared shelf space with national brands for years. Customer shopping habits are changing for goodIn the past, the value proposition of private brands was driven primarily by lower prices. But consumer attitudes are evolving, according to a recent survey by the Food Industry Association, which represents both food retailers and producers. And 46% said they expect to buy private brands somewhat or much more, compared to 27% saying that for national brands. "In the U.S., the market for private brands as an industry to eclipse national brands is not something we'll see," Baker said.
Persons: Peggy Davies, they've, Kraft Heinz, , Rick Gomez, Sally Lyons Wyatt, John David Rainey, Scott Morris, Kroger, King Scoopers, Albertsons, Smart, Lyons Wyatt, They've, Doug Baker, Baker, Gen Zers, Xers, Steve Zurek, there's, Zurek, Morris, Gen, Joe's Organizations: Retailers, Private Label Manufacturers Association, Procter & Gamble, Walmart, Kroger, Albertsons, Target, Wall Street, Walmart U.S, Brands, Metro Market, Food Industry Association, Aldi Locations: Kellogg's, U.S, California , Florida, Western Europe
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. CNBC's Sarah Min breaks down how a rate cut could affect the S&P 500 . Welcome to U.S. rate cut week! But given that the rate cut has been so clearly telegraphed by the Fed, it's hard to imagine it not happening. This cut might not be big in terms of basis points, but it will be big in what it signals to markets.
Persons: It's, Sarah Min, Biden, Donald Trump, Rafael Barros, Cat Stevens, Aditya Bhave, CNBC's Pia Singh, Hakyung Kim, Brian Evans Organizations: Eccles Federal Reserve, CNBC, U.S . Federal Reserve, Discount, China's National Bureau, Statistics, Republican, Federal Bureau of Investigation, Secret Service, U.S, Federal, Fed, Bank of America U.S Locations: Washington , DC, Florida, U.S
Related storiesThe boom of strength training in 2020Australian personal trainer Kayla Itsines developed the uber popular "Sweat with Kayla" app. "The 20-somethings, the 40-somethings, the 60-somethings will all be gravitating towards strength training, just because of the benefits it provides." They're branding themselves as more of a high-intensity training equipment provider than just a stair-climbing apparatus provider these days. Strength training is ideal for extending your "play span," your ability to keep doing what you love as you age. "What strength training really affords people is to make age just feel like a number," he said.
Persons: you'll, Mauro Maietta, that's, Kenneth Cooper, Arnold Schwarzeneggers, it's, Richard Simmons, Evan Hurd, Pete McCall, Kayla Itsines, Kayla, Kira Stokes, Kaisa Keranen, they'd, Pamela Kufahl, Kufahl, Gen Z, there's, , they're, you've, Antonio Villalba, McCall, Clive Brunskill, Chris Travis, Jim Rowley, MoMo, JDI, Priscilla Del Moral, JDI's, Miriam Fried, MF, she's, Del, Natalia Mehlman Petrzela Organizations: Venture, Business, Sports, Fitness Industry Association, Crunch Fitness, Kids, Health & Fitness Association, Amazon, Health, Fitness, Getty, Seattle, New, Crunch, Athletech News, New School, Brands, Core Health Locations: Manhattan, L.A, Barre, Orange, New York City, New York
Jensen Huang has grown about $14 billion richer in four days thanks to Nvidia's soaring stock. He's rejoined the $100 billion club after an unmatched $60.5 billion rise in his wealth this year. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy .
Persons: Jensen Huang, He's, Mark Zuckerberg, Larry Ellison, , Jensen Organizations: Service, Nvidia, Bloomberg, Business
Americans' net worth hit a record $163.8 trillion in Q2, driven by a surge in real estate and stock prices. Data from the Federal Reserve shows a nearly 2% increase In net worth from Q1, with real estate leading the gains. Record highs in Americans' net worth could drive a "wealth effect" that leads to the economy's continued resilience. AdvertisementNew data from the Federal Reserve reveals that Americans are the richest they've ever been. A $1.8 trillion increase in real estate valued and a $700 billion gain in stocks drove the increase.
Persons: , David Rosenberg, " Rosenberg, It's Organizations: Federal Reserve, Service, National, Census Locations: States
"For Montanans, it's been harder and harder to find a home that meets their needs and is affordable," he said. The result is not only more condos and duplexes, but a hot-button issue in a Senate race that could ultimately decide who controls the chamber. Tim Sheehy, the Republican nominee, is a former Navy SEAL who founded an aerial firefighting company in Montana. He blames high housing costs on inflation, and blames inflation on laws backed by President Joe Biden and voted on by Tester. "Our biggest challenge growing our company was convincing folks to come to Montana and absorb these crazy housing costs," Sheehy said during the debate.
Persons: DJ Smith, it's, Democratic Sen, Jon Tester, Trump, Cook, Sheehy, Montanans, Tester, Tim Sheehy, Joe Biden, Biden Organizations: Montana Association of Realtors, Big Sky, Senate, Democratic, Republican, AARP, Montana Broadcasters Association, Navy SEAL Locations: MISSOULA, Mont, , Montana
AI stocks like Nvidia, Super Micro Computer, and Broadcom soared nearly 20% this week. Oracle shares surged 24% after Ellison's bullish comments on AI's long-term potential. AdvertisementThe stock market's artificial intelligence trade was revived this week, with shares of AI stalwarts like Nvidia, Super Micro Computer, and Broadcom all soaring nearly 20%. Since those bullish comments, Oracle shares soared as much as 24% at their intraday peak on Friday. The AI rally has spread throughout the tech sector this week, with semiconductor stocks seeing renewed interest and a nearly 10% surge.
Persons: Ellison's, , Larry Ellison, Jensen Huang, Oracle's Ellison, Ellison, it's, Oracle, Jackson Ader, Huang, Goldman Sachs Organizations: Nvidia, Micro, Broadcom, Oracle, Service
Read previewThe US is moving toward a recession, as the economy is feeling the comedown after trillions of "unproductive" cash was pumped in during the pandemic, according to former Commerce Secretary Wilbur Ross. AdvertisementBut most of the stimulus cash wasn't deployed productively, Ross said, pointing to Americans who "immediately spent" their checks in a wild shopping spree. Related storiesStrength in the labor market was also partly distorted by stimulus cash, he suggested. Hiring has steadily slowed over the past year, with the unemployment rate triggering one long-running recession indicator with a perfect track record. Most economists still agree that the economy remains on solid footing, given the rapid pace of growth and historically low unemployment rate.
Persons: , Wilbur Ross, Trump, Ross Organizations: Service, Commerce, Bloomberg, Business, Conference, Investor
Retail giant Walmart is among this week's most overbought stocks, with an 14-day RSI reading of 81.7. The average price target on the Oakland, California-based stock is nearly 10% below the stock's current price, suggesting a pullback may lie ahead. Analysts estimate Halliburton and APA might rally nearly 60% each, while Occidental's price target is 38% above its current level. The average price target on the Oakland, California-based stock is nearly 10% below the stock's current price, suggesting a pullback may lie ahead. Analysts estimate Halliburton and APA might rally nearly 60% each, while Occidental's price target is 38% above its current level.
Persons: Clorox, Johnson, Let's, Gabby Jones, Cooper Organizations: Nasdaq, Dow Jones, CNBC Pro, Retail, Walmart, Consumer, Johnson, Energy, Halliburton, APA, . Occidental Petroleum, Occidental Petroleum, Pharmaceutical, Moderna, JPMorgan, Bloomberg, Getty, UDR UDR, Inc, Oracle Corp, CNBC, HAL Halliburton, APA APA Corp, Occidental Petroleum Corp, Walgreens, Body Locations: Arkansas, Oakland , California, Secaucus , New Jersey
Read previewA US Navy aircraft carrier left the Middle East this week, ending a show of force that saw the sea service dual-wield two carrier strike groups. The move concludes a brief period of several weeks during which the Navy had two aircraft carriers operating simultaneously in the Middle East, a rare show of force for the US military. AdvertisementThe other carrier, USS Abraham Lincoln, is still operating in the Middle East with multiple destroyers in its strike group. The Lincoln carrier strike group was sent to the region as part of this effort. The US also ordered the guided-missile submarine USS Georgia to the Middle East as part of the build-up.
Persons: , Theodore Roosevelt, Daniel Inouye, USS Russell, Abraham Lincoln, Theodore Roosevelt's, Dwight D Organizations: Service, US Navy, Business, USS, Navy, Lincoln, Pentagon, Associated Press, Eisenhower Carrier Strike, US Locations: Israel, Iran, San Diego, Gulf, Aden, Georgia, Ohio
“Six-fifty yesterday morning, one of my township supervisors called me and wanted to know what I thought,” Dingell said. “That discussion brought me right back down to Earth.”Burned before by overconfidence, Democrats this cycle are running against two opponents. Huddled at their campaign headquarters in Wilmington, Delaware, the day after the debate, Harris’s campaign aides determined the event would likely do little to change the overall trajectory of the race. Campaign officials spent part of Wednesday looking through debate footage to identify moments that would make effective television ads. Gavin Newsom said on “CBS Mornings” on Tuesday ahead of the debate, rejecting the “underdog” label for Harris: “She’s not.
Persons: Washington CNN — Kamala Harris, Debbie Dingell, ” Dingell, Donald Trump, Harris, Harris’s, Harris —, Hillary Clinton’s, Joe Biden, , Tim Walz, Robert F, Kennedy Jr, Trump, Harris “, haven’t, Doug Emhoff, ” Harris, , Al Gore, Dingell, “ There’s, it’s, Gavin Newsom, Organizations: Washington CNN, Michigan Democratic, CNN, overconfidence, Democratic, NC, Teamsters, National Association of Black Journalists, CBS Locations: Harris’s, Chicago, Wilmington , Delaware, North Carolina, Pennsylvania, Carolina, Washington, Philadelphia, Michigan, California
In today's big story, this guy is ready to give up after applying to nearly 2,200 jobs . The big storyNot hiringKevin Cash Ben BoxerHow tough is the current job market? AdvertisementThe job market is in a weird spot these days. On paper — and maybe in another labor market — Kevin appears to be the perfect candidate. It's a tough reality check for employees who previously held all the power in the job market.
Persons: , Zer, Kevin Cash Ben Boxer, Kevin Cash, Tim Paradis, Kevin, it's, Forget, Tyler Le, we're, duMond, Chip Somodevilla, Alyssa Powell, Harris, Rebecca Zisser, Elon, Apple, Jensen, Goldman Sachs, David Soloman, Huang, Chelsea Jia Feng, Trump, Brian Niccol, We're, Niccol, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Business, Mensa, BI Trump, Oppenheimer, Fed, Twitter, Nvidia, Kroger, London Locations: San Francisco, Austin, New York, London
CNN —Authorities in the Spanish city of Malaga have posted billboards that aim to educate tourists on appropriate behavior during their visit, including one that reminds them to wear clothes. Now, city hall has launched a campaign that aims to cut down on some of the more visible examples of bad behavior. “Both on the street and in public places always wear an upper garment for respect and hygiene.”Another billboard from the campaign. The city is one of many in Spain and its islands that is pushing back against the impact of tourism. In May, there were further crackdowns on party boats and public drinking on the islands of Ibiza and Mallorca.
Persons: Costa, , Amarachi Orie Organizations: CNN, Authorities, del Sol, Malaga Tourism, Costa del Sol, Locations: Spanish, Malaga, del, Andalusia, Spain, United Kingdom, Barcelona, Ibiza, Mallorca, Canary
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. If there were any winners from the debate, solar stocks would be it. Other solar stocks such as Array and First Solar were soaring as well. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Kamala Harris, Donald Trump, Jim, Morgan Stanley, Goldman Sachs, Morgan, Stocks, Campbell, Buster's, Jim Cramer's Organizations: CNBC, Fed, Williams, Viking Therapeutics, Dave Locations: United States, Sonoma
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