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☆ Stock market today: Indexes pop after Nvidia's blowout earnings report
▼ + stars: | 2024-05-23 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Stocks jumped Thursday with investors feeling buoyant after Nvidia's big first-quarter earnings report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks moved higher on Thursday, with investors cheering another blowout earnings report from chip giant Nvidia. The company, whose chips are at the heart of the artificial intelligence boom, beat on both revenue and earnings. It reported $26.04 billion in revenue versus analyst estimates of $24.65 billion, and earnings per share of $6.12, compared to estimates of $5.59.

Persons: Stocks, Raphael Bostic, —, Blackwell, AI Jensen, Dan Ives Organizations: Atlanta Fed, Service, Nvidia, Securities, Microsoft, Atlanta Federal Reserve, Here's

☆ Shock summer election in Britain predicted to deliver 'historic' result
▼ + stars: | 2024-05-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +4 min

British Prime Minister Rishi Sunak makes a statement in the rain outside 10 Downing Street, announcing the UK general election will take place on 4 July in London, United Kingdom on May 22, 2024. News of the vote came as a surprise to the public, the media and much of Sunak's own party. 'As good as it gets'Bronwen Maddox, director of Chatham House think tank, said the election date had shocked many Conservatives who thought it would be held nearer to the U.S. election in November. Market bets on an interest rate cut in the summer fell as a result, and it now looks unlikely the central bank will cut on June 20, its last meeting before the election. So if that translates to a general election as well, then that Labour landslide is looking much less certain."

Persons: Rishi Sunak, Sunak, Price, Bronwen Maddox, I'm, Maddox, Rachel Reeves, Sir Keir Starmer, Angela Rayner, Leon Neal, James, Hannah Bunting, CNBC's, Tony Blair, John Major, Bunting, we've Organizations: British, Anadolu, Getty, Conservative Party, Conservatives, Labour Party, Downing, Bank of England, Chatham House, CNBC, Bank of England's, Labour, Centre, University of Exeter Locations: London, United Kingdom, U.K, Europe, Gaza, Rwanda, Purfleet

☆ What Trump 2.0 Could Mean for the Federal Reserve
▼ + stars: | 2024-05-23 | by ( Jeanna Smialek | ) www.nytimes.com time to read: +1 min

Former President Donald J. Trump relentlessly criticized the Federal Reserve and Jerome H. Powell, its chair, during his time in office. As he competes with President Biden for a second presidential term, that history has many on Wall Street wondering: What would a Trump victory mean for America’s central bank? The Trump campaign does not have detailed plans for the Fed yet, several people in its orbit said, but outside advisers have been more focused on the central bank and have been making suggestions — some minor, others extreme. Curbing the central bank’s ability to set interest rates without direct White House influence would be legally and politically tricky, and tinkering with the Fed so overtly could roil the very stock markets that Mr. Trump has frequently used as a yardstick for his success. But other aspects of Fed policy could end up squarely in Mr. Trump’s sights, both former administration officials and conservative policy thinkers have indicated.

Persons: Donald J, Trump, Jerome H, Powell, Biden Organizations: Federal Reserve, White

☆ Walmart and Target are slashing prices. What does that mean for inflation?
▼ + stars: | 2024-05-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

That doesn’t mean the battle against inflation is won. Walmart saw first-quarter sales at stores open at least a year climb 3.8% from the prior year, in part thanks to its ability to keep prices low even as inflation remains sticky. “Our combination of everyday low prices plus a large number of rollbacks is resonating” with consumers, Walmart CEO Doug McMillon said on a call with analysts. Investors will get more inflation data next week from the Personal Consumption Expenditures index for April. Without that discount, the combined fine would have topped £88 million ($112 million).

Persons: Doug McMillon, Price, we’re, ”, Preston Caldwell, Scarlett Johansson, Will Scarlett Johansson, OpenAI, Johansson, OpenAI’s, Sam Altman, Brian Fung, OpenAI didn’t, Anna Cooban, “ Organizations: CNN Business, Bell, New York CNN, Walmart, Ikea, Aldi, Morningstar Research Services, Bureau of Labor Statistics, Investors, Citi, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, CNN Locations: New York, United States

☆ Fed officials aren’t easing Wall Street’s nerves
▼ + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Optimism spurred by the latest inflation data pushed all three major stock indexes to new record highs. But now Wall Street, eager for rate cuts, is on edge again. But some financial leaders remain doubtful that the Fed is feeling confident enough to cut rates soon. “I think we’re set up for stickier inflation.”Some Fed officials say another rate hike isn’t likelyFed officials have mostly sounded a little more optimistic about inflation recently, after the Consumer Price Index for April finally provided some welcome news. Cleveland Fed President Loretta Mester told Bloomberg on Monday that she also thinks interest rates are high enough to deal with inflation.

Persons: they’re, Dow, Christopher Waller, ” Waller, Goldman Sachs, David Solomon, “ I’m, ”, “, Philip Jefferson, Mary Daly, Axios, Jerome Powell, Klaas Knot, Loretta Mester, Chris Larkin Organizations: Washington CNN, Federal Reserve, CNBC, ”, Peterson Institute for International Economics, Boston College, Mortgage, Association, ” San Francisco Fed, European Central Bank Governing, Cleveland Fed, Bloomberg, “ Locations: ” San

☆ U.K. Inflation Falls to 2.3 Percent, Lowest in Three Years
▼ + stars: | 2024-05-22 | by ( Eshe Nelson | ) www.nytimes.com time to read: +1 min

Britain’s inflation rate slowed last month to its lowest level in about three years, approaching the Bank of England’s 2 percent target. Consumer prices rose 2.3 percent in April from a year earlier, down from 3.2 percent in March, the Office for National Statistics said on Wednesday. The rate, which declined slightly less than economists expected, was the lowest since July 2021. Food inflation also slowed to 2.9 percent, from 4 percent. The steep decline in headline inflation, closing in on the central bank’s target, signals a new phase in British policymakers’ battle against inflation.

Organizations: Bank of England’s, National Statistics Locations: Ukraine

☆ Citigroup fined for almost dumping $189 billion into European markets by accident
▼ + stars: | 2024-05-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. Without that discount, the combined fine would have topped £88 million ($112 million). The Bank of England highlighted an incident in May 2022 when one of the bank’s “experienced” traders sold $1.4 billion worth of stocks on European exchanges in error. Citigroup’s systems blocked $255 billion of that, meaning that $189 billion was sent to its trading platform for sale “over the rest of the day.” In total, $1.4 billion worth of stocks was sold before the trader canceled the transaction. Following the incident, Citigroup has taken steps to “improve and strengthen” the security of its trading systems, the central bank said.

Persons: ”, Sam Woods Organizations: London CNN —, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, Bank of England, FCA, “ Locations: ”

☆ U.S. Treasury yields rise as investors weigh Fed speaker comments
▼ + stars: | 2024-05-22 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

ET, the 10-year Treasury yield was up by over two basis points to 4.4374%. The 2-year Treasury yield was last at 4.8626% after rising by nearly three basis points. U.S. Treasury yields were higher on Wednesday as investors considered the latest comments from Federal Reserve speakers about the outlook for inflation and interest rates. A series of Fed officials on Tuesday urged patience when it comes to rate cuts as inflation remains above the Fed's 2% target. On Wednesday, further Fed officials are set to give remarks and minutes from the central bank's latest meeting are due to be released.

Persons: Christopher Waller, Susan Collins, Raphael Bostic Organizations: U.S, Treasury, Federal Reserve, Boston Fed, Atlanta Fed

☆ Treasury yields hold steady as investors weigh inflation, interest rate outlook
▼ + stars: | 2024-05-21 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by less than one basis point to 4.4335%. The 2-year Treasury yield was last at 4.8371% after rising by less than one basis point. U.S. Treasury yields were little changed on Tuesday as investors considered the path ahead for inflation and interest rates following a series of remarks from Federal Reserve speakers. Investors assessed the state of the economy, especially regarding inflation, and how this may affect interest rates. On the data front, existing as well as new home sales figures and durable goods orders data are due this week.

Persons: Philip Jefferson, Michael Barr, Barr Organizations: Treasury, Federal Reserve, Investors, Fed

☆ Jamie Dimon warns inflation and higher interest rates may linger — and people are running out of spare cash
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Related storiesDimon warned against dismissing inflation and elevated interest rates as temporary headwinds. "That's a different world for real estate. It's a different world for assets. It's a different world for private credit. In his shareholder letter this year, he called out market complacency toward the threats of inflation, interest rates, and recession.

Persons: —, Jamie Dimon, largesse, I'm, Dimon, Warren Buffett, there's, It's Organizations: Service, AlphaSense, Business, JPMorgan, Wall Locations: Ukraine, Gaza, Russia, China, It's

☆ Oil prices fall on fear of high U.S. interest rates depressing demand
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +2 min

Oil storage drums stacked in the Keihin industrial area of Kawasaki, Kanagawa Prefecture, Japan, on Monday, April 15, 2024. Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand. "Fears of weaker demand led to selling as the prospect of Fed rate cut became more distant," said analyst Toshitaka Tazawa at Fujitomi Securities. Lower interest rates reduce borrowing costs, freeing up funds which could boost economic growth and demand for oil. OPEC+ could extend some voluntary output cuts if demand fails to pick up, people with knowledge of the matter previously told Reuters.

Persons: Toshitaka Tazawa, Philip Jefferson, Michael Barr, Raphael Bostic, Ebrahim Raisi, Ayatollah Ali Khamenei, Mohammed Bin Salman, Fujitomi's Tazawa Organizations: Brent, . West Texas, Federal, Fujitomi Securities, Atlanta Fed, Reuters, Saudi Arabia's Crown, Iranian, Investors, Organization of, Petroleum Locations: Kawasaki, Kanagawa Prefecture, Japan, Saudi, OPEC

☆ Some central banks have sold gold at record prices, cashing in on the global boom
▼ + stars: | 2024-05-21 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewCentral banks around the world have been snapping up gold, sending prices of the metal to record highs. The country's gold stash accounted for nearly three-quarters of its reserves as of March this year, according to WGC data. In 2022, Uzbekistan produced 110.8 tons of gold, making it the 10th top gold producer in the world, per WGC. Uzbekistan gold mining in March 2024. The country legalized private gold digging in 2019, and any gold found must be traded via its central bank.

Persons: —, it's, VYACHESLAV OSELEDKO, Shavkat Mirziyoyev Organizations: Service, Business, World Gold, Central Bank of, Uzbek, AFP Locations: China, Saudi, Central Bank of Uzbekistan, Thailand, Kazakhstan, Uzbekistan, Kazakh

"Consumers continue to be even more discriminating with every dollar that they spend as they faced elevated prices in their day-to-day spending," McDonald's CEO Chris Kempczinski said on the company's conference call in late April. Paul Weaver | SOPA Images | Getty ImagesFor more than two years, consumers have dealt with sharply rising prices. But that doesn't mean the actual prices seen on grocery store shelves or restaurant menus will fall, and shoppers are feeling that pinch. While some CEOs have said that consumers are growing more cautious, others — like those in the airline industry — have celebrated strong and persistent spending. Corporate misfires can also lead to disappointing sales, even if their shoppers aren't necessarily pulling back on their spending.

Persons: Chris Kempczinski, Burger, Paul Weaver, Jerome Powell, Aurelia Concepcion, Concepcion, it's, Joe Raedle, Brett House, John David Rainey, Ramon Laguarta, Ed Bastian, We're, Daniel Slim, Brian Niccol, Calvin McDonald, Laxman Narasimhan, Sara Senatore, Spencer Platt Organizations: DAL, Washington Post, Home, Delta Air Lines, Consumers, of Labor, CPI, KFC, Starbucks, Columbia Business School, Walmart, Finance, CNBC, PepsiCo, Gatorade, Pepsi, United, Delta Airlines Boeing, Owen Roberts International, AFP, Getty, Delta, Target, Bank of America Locations: Manhattan, Bloomsburg , Pennsylvania, New York, Georgia, Ohio, Miami , Florida, U.S, Delta, Europe, Asia, Japan, George Town, Cayman Islands, New York City

☆ The West can't completely isolate Russian banks because it would be disastrous beyond Russia
▼ + stars: | 2024-05-20 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

There's one major thing the West could, but won't, do: kill all Russian banks' access to the Society for Worldwide Interbank Financial Telecommunications, or SWIFT. 'Russia's economy is in deep, deep trouble'Despite the West's frustration with how Russia's economy still appears to be holding up, the sanctions appear to be finally working. "In five years, you're going see a really disastrous slowdown in the Russian economy," said Portes, who called for stronger sanctions enforcement. AdvertisementIn April 2022, Russia's central bank governor Elvira Nabiullina warned Russia's reserves can't last forever. "A significant problem is that they are running out of foreign exchange reserves, and you can't create foreign reserves," Portes added.

Persons: —, hasn't, SWIFT, Alex Capri, Richard Portes, Portes, Alexander Kolyandr, Elvira Nabiullina, Russia's Organizations: Service, West, Society, Worldwide Interbank Financial Telecommunications, Business, SWIFT, European Union, National University of Singapore, US Customs Service, London Business School, Carnegie Endowment, International Peace, Central Bank of Locations: Russia, Ukraine, Moscow, Russian, SWIFT, Capri, Asia Pacific, Europe, India, China, Central Bank of Russia, Russia's

☆ Treasury yields hold steady as investors look to data, Fed speaker comments in week ahead
▼ + stars: | 2024-05-20 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury yield was at 4.4179% after falling by less than one basis point. The 2-year Treasury yield was last up by less than one basis point to 4.8180%. U.S. Treasury yields were little changed on Monday as investors looked ahead to fresh economic data and comments from Federal Reserve officials slated for the week. Investors awaited the latest economic data and comments from Federal Reserve officials as they weighed the state of the economy and the outlook for interest rates. The Fed left interest rates unchanged at its last meeting, and indicated that interest rates would not be cut until policymakers were more confident about inflation easing to its 2% target.

Organizations: U.S, Treasury, Federal Reserve, Investors, CPI

☆ Why Jay Powell really wants to lower interest rates this September
▼ + stars: | 2024-05-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

It’s interesting to me that the equity market is cheering the idea that the Fed is going to be cutting rates. There tends to be a fine line between cutting rates and extending the economic cycle or cutting rates because the cycle is coming to an end (and the economy is softening). When the Fed is cutting rates, it’s cutting rates because a recession is about to happen, right? That’s why I say there’s a fine line between the Fed cutting to extend the cycle and the Fed cutting because a recession is about to happen. The Fed has been in this precarious space where they’re trying to avoid recession while lowering interest rates.

Persons: Dow, stoking, Bell, Tom Porcelli, Jerome Powell, Jay Powell, they’re, that’s, Donald, Goofy, Eva Rothenberg, Mickey Mouse, Snow White, Captain Hook, ”, Kate Shindle, “, Uber, Lyft, Jamie Long, Read Organizations: CNN Business, Bell, New York CNN — Markets, Federal Reserve, Fed, ’ Equity Association, Equity, National Labor Relations Board, Disneyland, Disney, ’ Equity, Walt Disney Company, Uber, Democratic, Minneapolis City Council Locations: New York, Anaheim , California, Minnesota, Minneapolis

☆ Dollar calm as traders await clues on U.S. rate path
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, a person seen holding a 100 US dollar bill in his hand. The dollar was broadly steady on Monday as investors awaited further clues to help chart the U.S. interest rate path in the wake of cautious comments from Federal Reserve officials, even as inflation shows signs of cooling. The Japanese yen was flat at 155.74 per dollar, with traders on alert for any signs of government intervention. That has prompted traders to trim the amount of easing expected this year to about 46 bps, with only a rate cut in November fully priced in. In other currencies, sterling touched a two-month high of $1.2711 ahead of the crucial UK inflation report due on Wednesday.

Persons: Brian Jacobsen, Powell, Jackson, Flash PMIs, Paul Mackel, BoE, Charu Chanana Organizations: Federal Reserve, Annex Wealth Management, ANZ, European Central Bank, Bank of England, HSBC, New Zealand, Reserve Bank of New, Saxo Locations: Tokyo, Germany, U.S, Reserve Bank of New Zealand

☆ Soaring debt and deficits causing worry about threats to the economy and markets
▼ + stars: | 2024-05-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

The federal IOU is now at $34.5 trillion, or about $11 trillion higher than where it stood in March 2020. Concern over such eye-popping numbers had been largely confined to partisan rancor on Capitol Hill as well as from watchdogs like the Committee for a Responsible Federal Budget. Uncharted territory for debt and deficitsIndeed, the CBO numbers are ominous, as they outline the likely path of debt and deficits. Surging budget deficits have been driving the debt, and the CBO only expects that to get worse. "The huge obvious problem is that the U.S. federal debt is now on a completely unsustainable long-term trajectory," analysts at Wolfe Research said in a recent note.

Persons: Greenlee Beal, Jerome Powell, Powell, Jamie Dimon, Ray Dalio, hasn't, Wolfe Organizations: U.S, Capitol, Wall, CBO, Union, JPMorgan Chase, Sky News, Bridgewater Associates, Financial Times, Treasury Department, Wolfe Research, U.S ., Federal Reserve Locations: Washington , U.S, Washington, Amsterdam, London, America, U.S

☆ A renowned market bear who called the dot-com bubble warns Wall Street groupthink is wrongly leading investors to abandon recession forecasts — and says a 'policy disaster' is brewing as the Fed keeps
▼ + stars: | 2024-05-18 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Various labor market indicators are also showing growing weakness in the economy, he said. Societe GeneraleNational Federation of Independent Business data shows further labor market weakness is likely to come, as small business hiring plans continue to fall. Both stats would suggest a rising unemployment rate going forward. In the meantime, the labor market has consistently proven resilient despite high interest rates, and stocks have enjoyed an eye-popping rally to new highs. Some also argue that labor market data points like the rising unemployment rate have to be shown with context.

Persons: —, Albert Edwards, didn't, Edwards, aren't, we'll, Societe Generale Edwards, Bob Elliott, groupthink Edwards, Alan Greenspan Organizations: Service, Societe Generale, Wall, Business, Societe Generale National Federation of Independent Business, ING, Generale, Unlimited Partners, Bridgewater Associates, of Labor Statistics, Tech

☆ Some consumers are punting big purchases like pools and mattresses
▼ + stars: | 2024-05-18 | by ( Alex Harring | ) www.cnbc.com time to read: +8 min

Rachel Wisniewski | ReutersAmericans are kicking the can down the road on some more-costly, traditionally financed purchases as elevated inflation and interest rates bite. "As a result, consumers continue to scrutinize their spending and make near-term decisions based primarily on need, price and perceived value. But those options have fallen out of favor as interest rates rose. He also cited increased interest rates as another weight on their shoulders. Lofty interest rates have also hampered housing improvement efforts for those staying put, according to Home Depot .

Persons: Rachel Wisniewski, Joe, Shelly Ibach, Ibach, FactSet, Mark Mathews, Platt, J, Mitchell Dolloff, Dow Jones, it's, Mathews, Enphase, Badri Kothandaraman, Marc Bitzer, Patrick T, bode, Robert Ohmes, Richard McPhail, It's, McPhail Organizations: Reuters, Reserve, Prosper, National Retail Federation, San Francisco Fed, New York Fed, Management, Commerce Department, Consumers, Whirlpool, Fallon, Bloomberg, Getty, Bank of America, CNBC Locations: Gilbertsville , Pennsylvania, Minneapolis, U.S, California, Torrance , Calif, Minnesota

☆ Nvidia and 2 other portfolio stocks report earnings next week. Here's what we want to see from each
▼ + stars: | 2024-05-18 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

All three major averages closed higher for the week, driven by softer retail sales and consumer price data for April. And the data has been mostly good, with 78% reporting a positive earnings surprise and 60% delivering a positive sales surprise. But we will get earnings from three portfolio companies, including one of our two "own, don't trade" stocks. In the week ahead, three portfolio companies will report results, while it will be fairly slow for economic data, except for a couple of housing reports. Earnings : After a week without earnings from any Club stocks, we'll get three this coming week.

Persons: Dow Jones, Dow, we'll, TJX, Blackwell, Li Auto, James Hardie, Ralph Lauren Corporation, Booz Allen, Jim Cramer's, Jim Cramer, Jim, Jensen Huang, Justin Sullivan Organizations: Wall, Federal Reserve, Dow, Nasdaq, CPI, Palo Alto Networks, Palo, TJX Companies, Nvidia, Nexxen, Alto Networks, Video Communications, Trip.com, James Hardie Industries N.V, Nordson Corp, Keysight Technologies, ZIM Integrated Shipping Services, Lowe's Companies, Eagle Materials, Toll, ViaSat, Urban Outfitters, Target Corp, Devices, Dorian LPG, Dycom, Golden Ocean Group, Petco, Wellness Company, Sonoma, WSM, VF Corp, Star Bulk Carriers Corp, LiveRamp Holdings, Chemical & Mining Co, Grupo Supervielle S.A, BJ's Wholesale, Technologies, TD Bank Group, Intuit, Ross Stores, Booz Allen Hamilton Holding, Mesa Laboratories, Jim Cramer's Charitable, CNBC, Intelligence, SAP Center Locations: Palo Alto, Williams, Chile, San Jose , California

☆ ECB board member reportedly cautions against back-to-back rate cuts, cites 'risk of easing prematurely'
▼ + stars: | 2024-05-17 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

European Central Bank board member Isabel Schnabel warned against back-to-back rate cuts amid lingering inflation risks, Nikkei reported Friday, as the central bank gears for its June meeting amid expectations of a rate cut. While a rate cut in June could be warranted depending on incoming data and projections, things are less certain beyond that, Schnabel told Nikkei. "After so many years of very high inflation and with inflation risks still being tilted to the upside, a front-loading of the easing process would come with a risk of easing prematurely," the ECB board member added. Geopolitical tensions and policy uncertainty amid a slew of elections worldwide this year also pose risks to euro area financial stability, the ECB said in a recent financial stability review. The review, however, highlighted that financial stability conditions have improved.

Persons: Isabel Schnabel, Schnabel, Luis de Guindos Organizations: European Central Bank, Nikkei, ECB Locations: disinflation

☆ Housing market: China unveils sweeping measures to rescue its crisis-hit property sector
▼ + stars: | 2024-05-17 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —China has unveiled wide-ranging measures to rescue its property sector, including asking local governments across the country to buy unsold homes from beleagured developers and easing rules on purchases. In a coordinated move, the People’s China of China (PBOC) announced that it will set up a nationwide program to provide 300 billion yuan ($41.5 billion) in loans to fund state purchases of unsold homes. The 300 billion yuan provided by the central bank could eventually underpin 500 billion yuan ($69 billion) worth of credit to support such purchases, she estimated. Expectations that Beijing was preparing a plan to have local governments across the country buy millions of unsold homes have successfully buoyed China stocks. On Friday, He also urged local governments to buy back or directly purchase land that has been sold to developers but not yet used.

Persons: Lifeng, Tao Ling, Larry Hu, ”, Société Générale Organizations: Hong Kong CNN, Communist, China Real Estate Business, Macquarie Group, Reuters, provident Locations: China, Hong Kong, Beijing

☆ Dow closes above 40,000 for first time ever
▼ + stars: | 2024-05-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +5 min

New York CNN —The Dow Jones Industrial Average closed above the 40,000 mark Friday for the first time in its 139-year history. To many Americans, “the Dow” simply means the stock market. Dow 100: The Dow first closed in triple digits in January 1906. Crash of 1929: The Dow fell 38 points on Oct. 28 and 31 more points the next day. Dow 30,000: Nov. 24, 2020: Covid sent the stock market plunging in the spring of 2020.

Persons: ”, Ryan Detrick, “, Hogan, Dow, Teddy Roosevelt, Richard Nixon, Trump, Covid Organizations: New, New York CNN, Dow Jones, Federal Reserve, Bureau of Labor Statistics, Carson Group, Dow, Nasdaq, Riley Financial, CNN, Wall, Microsoft, Chevron, Federal, Woolworth, Eastman Kodak Locations: New York, Chevron —

☆ Treasury yields little changed as investors weigh state of the economy
▼ + stars: | 2024-05-17 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was up by less than one basis point 4.3788%. The 2-year Treasury yield was last at 4.7799% after dipping by just over one basis point. U.S. Treasury yields held steady on Friday as investors considered the state of the economy as they digested the week's economic data. Investors weighed the state of the U.S. economy and the path ahead for monetary policy after the latest economic data and comments from Federal Reserve officials. Fed officials in recent weeks have indicated caution when it comes to monetary policy plans, especially regarding interest rate cuts.

Persons: Dow Jones, Raphael Bostic Organizations: Treasury, Investors, Federal Reserve, Atlanta Fed Locations: U.S

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