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Oil edges up, but on track for biggest weekly loss in over a month
  + stars: | 2024-10-18 | by ( ) www.cnbc.com   time to read: +2 min
Crude oil futures inched higher on Friday, supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand. Both contracts settled higher on Thursday for the first time in five sessions after data from the Energy Information Administration showed that U.S. crude oil, gasoline and distillate inventories fell last week. "Speculative positioning across the ICE Brent complex strengthened from historically low levels, on heightened geopolitical risk of a potential Israeli strike on Iran's oil infrastructure," Citi analysts said in a note. Citi expects global oil demand to slow to 900,000 bpd in 2025 from 1 million bpd this year on an economic slowdown and as more electric vehicles hit the road. The "potential impact of China's emerging economic stimulus plans on oil demand is uncertain, and more robust support may only result in a limited boost," it added.
Persons: Brent, WTI Organizations: Brent, West Texas, Energy, Administration, of, Petroleum, International Energy Agency, ICE, Citi Locations: San Joaquin Valley, McKittrick , California, OPEC, Israel, Iran
Zeroing in on cyber insurance as a key area for reform comes as the U.S. government scrambles to find ways to disrupt ransomware networks. For many organizations, deciding whether to pay a ransom is a difficult and urgent decision. The hacker group allegedly demanded a ransom to return the stolen data, though it remains unclear whether NPD paid it. Darren Williams, founder of BlackFog, a cybersecurity firm that specializes in ransomware prevention and cyber warfare, is firmly against paying ransoms. UnitedHealth Group experienced this firsthand after its subsidiary, Change Healthcare, was hit by the ALPHV/BlackCat ransom group in April 2023.
Persons: Anne Neuberger, James S, Ann Neuberger, scrambles, Paul Underwood, Underwood, Bryan Hornung, Hornung, I've, they'd, , Ransom, LVHN, Darren Williams, BlackCat, LoanDepot Organizations: Brady, White, Washington , D.C, National Intelligence, FBI, Xact IT, Social, Lehigh Valley Health, Federal Trade Commission, NPD, Jerico, UnitedHealth Group, Change, Healthcare, LoanDepot Locations: Washington ,, what's, Pennsylvania, U.S
Mark Zuckerberg and Jensen Huang have collectively gained $150 billion this year. AdvertisementMark Zuckerberg and Jensen Huang have collectively grown over $150 billion richer this year, a figure that exceeds Warren Buffett's net worth. Huang, the CEO and cofounder of Nvidia, has gained $75.6 billion in net worth this year, second only to Zuckerberg. AdvertisementThe two tech titans have gained a combined $152 billion this year, which alone would make them the 7th richest person on earth. Zuckerberg and Huang's joint wealth has jumped to $324 billion —more than Coca-Cola ($301 billion) or Netflix ($295 billion) were worth at the end of Thursday trading.
Persons: Mark Zuckerberg, Jensen Huang, , Warren, Zuckerberg, Elon Musk, Jeff Bezos, Huang, rade, Nvidia's microchips Organizations: Nvidia, Netflix, Service, Meta, Bloomberg, Amazon, Investors
European markets were headed for a mixed open on Friday as investors digested the European Central Bank's decision to cut interest rates yet again and awaited fresh economic data and earnings. Germany's DAX , the U.K.'s FTSE 100 and France's CAC 40 are all expected to slip when markets open, according to IG data, while Italy's FTSE MIB is on track to rise. The pan-European Stoxx 600 ended Thursday in the green, with almost all sectors and regional bourses trading in positive territory. It came as the ECB announced its third interest rate cut of the year, lowering the deposit rate by another 25 basis points, as inflation risks in the European Union ease faster than anticipated. On Friday, investors will be watching the latest U.K. retail sales data and quarterly earnings from Volvo Group.
Persons: Germany's DAX Organizations: Central, CAC, ECB, Volvo Group, Dow Jones Locations: European Union, Asia, Pacific, China, Hong Kong
The Biden administration rang up a budget deficit topping $1.8 trillion in fiscal 2024, up more than 8% from the previous year and the third highest on record, the Treasury Department said Friday. Even with a modest surplus in September, the shortfall totaled $1.833 trillion, $138 billion higher than a year ago. The deficit came despite record receipts of $4.9 trillion, which fell well short of outlays of $6.75 trillion. Government debt has swelled to $35.7 trillion, an increase of $2.3 trillion from the end of fiscal 2023. Interest expense for the year totaled $1.16 trillion, the first time that figure has topped the trillion-dollar level.
Organizations: Biden, Treasury Department, Social Security, Treasury, Congressional, Office
The Dow and the S&P 500 hit all-time highs Thursday as US stocks hit a six-week win streak. Strong third-quarter earnings from Netflix and Intuitive Surgical led to massive 10%+ stock gains. Upcoming earnings reports and economic data releases will be closely watched by investors next week. Shares of Netflix and Intuitive Surgical soared more than 10% to record highs after their third-quarter earnings bested analyst's profit and revenue estimates. Next week, on the economic data front, investors will monitor the release of September's US leading economic indicators index, data on existing home sales, and consumer sentiment.
Persons: , Dow Organizations: Dow, Netflix, Service, Nasdaq, Dow Jones, Texas, Tesla Locations: FactSet
CNN —The Minnesota Lynx defeated the New York Liberty 82-80 in Game 4 of the WNBA Finals to force a winner-takes-all decider on Sunday. The packed crowd at the Target Center in Minneapolis almost had their hearts broken in a consecutive Finals game. Afterall, Ionescu had won the game on Wednesday, hitting a long, tiebreaking three at the end of the game. Liberty center Jonquel Jones (No. Minnesota can win a record-breaking fifth WNBA championship, while the Liberty seek the franchise’s first title in franchise history.
Persons: Sabrina Ionescu, Ionescu, Minnesota’s Kayla McBride, don’t, Courtney Vandersloot, Courtney Williams, McBride, Bridget Carleton, Breanna Stewart, Jonquel Jones, David Berding, 0yt59ZhDrx, “ It’s, , “ Everybody’s, We’re Organizations: CNN, Minnesota Lynx, New York Liberty, WNBA, Target Center, Lynx, Liberty, Barclays Center Locations: Minneapolis, Brooklyn , NY, Minnesota
Apple stock was on track to close at a record high Friday after positive new data about iPhone demand in China. Apple stock was more than 3% this week. As a result, he predicted Apple stock will "blow through a lot of levels here." As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Pro Max, Jim, Jim Cramer's, Jim Cramer Organizations: Research, Pro, Huawei, Apple, IDC, Apple Intelligence, iPhone, CNBC, Getty Locations: China, Shanghai, Nanjing
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Jefferies' David Zervos and Fundstrat's Tom LeeTom Lee, Fundstrat co-founder, and David Zervos, Jefferies chief market strategist, joins 'Closing Bell Overtime' to talk the day's record market action.
Persons: Jefferies, David Zervos, Tom Lee Tom Lee, Fundstrat Organizations: Jefferies
NEW YORK, NEW YORK - OCTOBER 16: Traders and others work on the New York Stock Exchange (NYSE) floor in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. That's higher than both the 0.1% gain in August and the 0.3% Dow Jones forecast, according to the advance report. Meanwhile, Taiwan Semiconductor Manufacturing Co's reported its third-quarter net revenue jumped 36% year on year, and revised its fourth-quarter revenue upward.
Persons: it's, Dow, Christine Lagarde's, Dow Jones Organizations: NEW, Traders, New York Stock Exchange, CNBC, European Central Bank, Dow Jones, Nasdaq, Dow, Taiwan Semiconductor Manufacturing, U.S . Federal Reserve Locations: New York City, U.S
Almost half of the containers bound by freight rail out of the Port of Los Angeles are waiting nine-plus days to get out of the port and onto the rail. In September, the Port of Los Angeles moved a total of 954,706 twenty-foot equivalent units making the month its best September ever. "This is not impacting port operations," said Seroka. "We want to make sure we improve on all port operations. In September, the Port of Long Beach moved 829,499 twenty-foot equivalent units.
Persons: Mario Tama, Gene Seroka, Seroka, Donald Trump, Mario Cordero, Cordero, Matt Shay Organizations: Union Pacific Intermodal, Getty, San, Port, CNBC, U.S, Republican, National Retail Federation, Target, Walmart Locations: Los Angeles , California, West, of Los Angeles, San Pedro, LA, Long, Port of Long Beach, of Long, lading, Port of Los Angeles
Loop Images | Getty ImagesAt the nation's top schools, including many in the Ivy League, acceptance rates hover near all-time lows. For those willing to pay for a four-year, private college, it should be worthwhile, the sentiment often goes. To get into this elite group of schools, many families look for outside help to get a leg up. The vast majority of students come from New York City private schools with household incomes over $1,500,000 according to Howell's account. However, the wealthiest students hailing form the country's top private schools are primarily competing amongst themselves as schools look to build a diversified class.
Persons: Thomas Howell, Howell, Ivy League — Brown, Hafeez Lakhani, Lakhani, they've, Christopher Rim, Covid, Organizations: Ivy League, Princeton University, Forum Education, Cornell, Dartmouth, Harvard, University of Pennsylvania, Yale, University of Chicago, Massachusetts Institute of Technology, Stanford, Finance, Navy, Command, Rim, Command Education, Test, Christopher, Education, National Association for College, Counseling, National Bureau of Economic Research Locations: York, Columbia, Princeton, Duke, New York, New York City
Starbucks has tapped Chipotle alum Tressie Lieberman as its global chief brand officer, a newly created position and the latest executive change under Brian Niccol after he left Chipotle and took over as CEO of the coffee chain last month. She has a proven track record of building strong brands, developing compelling products, creating great customer experiences, and leading breakthrough marketing," Niccol said in a statement on Friday. Niccol created a similar global chief brand officer role at Chipotle when he took over there in 2018. Most recently, she served as chief marketing officer for Yahoo. Starbucks' China business has been struggling, hurt by the country's sluggish economy and the proliferation of local coffee chains that can undercut its prices.
Persons: Tressie Lieberman, Brian Niccol, Chipotle, Niccol, Lieberman, Bell, Dawn Clark, Angele Robinson, Gaylord, Sara Trilling, Michael Conway, Niccol's, Laxman Narasimhan, Conway, Trilling, Molly Liu, Belinda Wong, Narasimhan Organizations: Starbucks, Yahoo, Yum Brands, North America Locations: U.S, North America, China
Pinchuk: We believe in the American worker... it's the answer.
  + stars: | 2024-10-18 | 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 EmailPinchuk: We believe in the American worker... it's the answer. Nick Pinchuk, President and CEO of Snap-on, discusses the company's strong quarterly performance in the tool segment, highlighting record profitability and margin improvements due to effective leadership and innovations in vehicle repair software.
Persons: Nick Pinchuk
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Better-than-expected growth for ChinaChina's third-quarter gross domestic product expanded by 4.6% year on year, according to the National Bureau of Statistics. Chinese and U.S. retail sales going strongChina's retail sales for September grew 3.2% from a year ago, said the National Bureau of Statistics. Across the Pacific Ocean, retail sales in the U.S. rose a seasonally adjusted 0.4% for September.
Persons: Dow Jones, Pat Gelsinger, Altera Organizations: CNBC, China, National Bureau of Statistics, Dow, Dow Jones, Nasdaq, Intel, U.S . Federal Reserve Locations: U.S, Asia, Pacific, Shanghai
It's a modern employer-sponsored health plan designed to help simplify the process of choosing where to receive care by offering members the information they need upfront, enabling them to comparison shop for care. What's different with the Surest health plan? The result, according to a recent study, is that Surest members pay 54% less out of pocket compared to those in traditional plans. "The Surest health plan addresses many of the obstacles that consumers face, including by eliminating complicated math with clear, upfront cost and coverage details," Richards said. People who've tried the Surest plan usually like itConsumers cite ease of use, price clarity, and cost savings as some of the top advantages.
Persons: Surest, Alison Richards, " Richards, coinsurance, Aon, Dan Kueter, who've, It's Organizations: Employers, Insider Studios Locations: It's, Surest, Hawaii
Why Uniqlo is thriving right now
  + stars: | 2024-10-18 | by ( Maria Noyen | ) www.businessinsider.com   time to read: +7 min
Uniqlo's parent recently reported record earnings for the third year running, bolstered by strong sales at Uniqlo. Uniqlo consumers are diverse in age and disposable income. Uniqlo thinks of itself as a tech companyTadashi Yanai, CEO of Uniqlo and founder of Fast Retailing, once said, "Uniqlo is not a fashion company — it's a technology company." Cristina Arias/Cover/Getty ImagesThat's why Uniqlo releases new collections seasonally, whereas rivals such as Zara produce about 500 new designs weekly. He thinks Uniqlo comes with "a bit of this myth of the Japanese psyche.
Persons: , Zara, Kate Yuille, Uniqlo.com Amrita Banta, Z, Banta, Martin Roll, Uniqlo, Tadashi Yanai, Toray, Yanai, Cristina Arias, Yuille, that's, Koji Watanabe Organizations: Service, Retailing, M, GU, Research, Strategy, McKinsey Locations: Japan, Zara, Hiroshima, Uniqlo, Uniqlo's
Keep reading to learn where to watch the Liberty vs. Lynx, whether you have cable or are seeking a live streaming alternative. What channel is Liberty vs. Lynx on? Game 4 of the Liberty vs. Lynx WNBA Finals match-up will be broadcast on ESPN in the US. ET, but WNBA Countdown coverage begins at 7:30 p.m.Where to watch Liberty vs. Lynx in the USCord-cutters can watch the game through most major live TV streaming packages, including Sling TV, Fubo, and DirecTV Stream. Check price at ExpressVPNHow to watch Liberty vs. Lynx with a VPNSign up for a VPN if you don't already have one.
Persons: Sabrina Ionescu, they'll, Napheesa Collier's, Fubo, ExpressVPN Organizations: Business, Liberty, ., The New York Liberty, Las Vegas Aces, Minnesota Lynx, New York, Lynx, . Lynx, ESPN, Sling, DirecTV, ESPN2, ESPN3, DirecTV Stream, Basketball Locations: Minneapolis, New York, Minnesota, Fubo
Lesley Kerl met King Charles in Sydney during his last trip to Australia in April 2018. Pool via Nine NewsAfter Australia, King Charles will head to Samoa to join world leaders at the biennial Commonwealth Heads of Government Meeting (CHOGM), his first as head of the organization. “We’d love to wave goodbye to royal reign,” Nathan Hansford, co-chair of the Australian Republic Movement, told Reuters. The Australian Republic Movement launched a "farewell Oz tour" for King Charles ahead of his visit. He seems to have put that on hold to come out to Australia, as part of the Commonwealth,” McArthur said.
Persons: Australia CNN —, Charles, Camilla, Lesley Kerl, Kerl, King, , , King Charles, there’ll, , ” Nathan Hansford, Bev McArthur, ” McArthur, She’s, McArthur, Anthony Albanese, lauding, Queen Elizabeth II, Duke, Edinburgh, George Gross, Charles III, Thibaud Moritz, They’ll, Albanese –, Georgina Long, Richard Scolyer –, They’re, Scolyer, King George VI, I’ve, Anne Organizations: CNN’s Royal, Australia CNN, Government, Republicans, Australian Republic Movement, Reuters, The Australian Republic Movement, Commonwealth, Aboriginal, Torres Strait, Sports, Fox, King’s College London, Getty, Canberra, Australian, Torres, Opera, New Locations: Brisbane, Australia, Sydney, Commonwealth, Samoa, Windsor, Normandy, , Germany, France, Kenya, United Kingdom, New Zealand, Charles, Torres Strait, New South Wales
Markets: The S & P 500 is on pace for another record close and its sixth straight positive week. Financials also continued their strong run this week thanks to strong earnings from banks such as Club holding Morgan Stanley and other financial services companies. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. 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, hasn't, Financials, Morgan Stanley, Danaher, we'll, Jim Cramer's, Jim Organizations: CNBC, ., ASML Holdings, Taiwan Semiconductor Manufacturing Company, Nvidia, bellwether, Abbott Laboratories, UBS, Mizuho, . Energy, Texas, OPEC, International Energy Agency, Coterra Energy, Dow Jones, Dover, Honeywell, Jim Cramer's Charitable
Earnings next week will be key to where stocks head from here. While roughly one-tenth of S & P 500 companies reported over the past week, about 20% of the broader index plans to report next week. He noted that the S & P 500 is trading at a 40% premium to its long-term P/E ratio, while tech stocks are trading at upwards of 60%. For the Dow Jones Industrial Average and S & P 500 , it's the first such streak going back to December 2023. Meanwhile, the equal-weighted S & P 500 slightly outpaced the market-cap weighted benchmark this week, a bullish signal for sectors such as health care.
Persons: Sam Stovall, Stovall, FactSet's John Butters, Butters, it's, Tesla, Lockheed Martin, Russell, Nelson Yu, Harker Organizations: U.S, CFRA Research, Dow Jones Industrial, Nasdaq, Lockheed, GE Aerospace, Business Machines, General Motors, Verizon Communications, United Parcel Services, Southwest Airlines, Nvidia, Philadelphia Reserve, Chicago, PMI, New, . Kansas City Fed Manufacturing Locations: Independence, Philadelphia, . Kansas
The latest example came Wednesday, at a forum held by Univision, where Trump called Jan. 6 "a day of love." Aquilino Gonell, whom Trump supporters repeatedly assaulted on Jan. 6, 2021, told NBC News on Thursday. A day of love when more than 140 officers were injured, people lost their career, people lost their lives?" Trump has called into the nightly livestreamed vigil held in support of Jan. 6 defendants outside the Washington jail at least once. Trump's running mate, Yale-educated Sen. JD Vance, R-Ohio, has repeatedly avoided explicitly saying Trump lost the 2020 election.
Persons: WASHINGTON, Donald Trump's, Trump, , Aquilino Gonell, Jan, “ Trump, Jack Smith, , Steven Cheung, Gonell, , ” Gonell, , entrap Trump, Sen, JD Vance, Amy Berman Jackson, hasn't, Royce Lamberth —, Ronald Reagan — Organizations: U.S . Capitol, Department, Boys, Republican, Trump, Univision, Capitol Police, NBC, Capitol, Wednesday, Congress, Yale, U.S, District Locations: Washington, Trump's, R, Ohio, U.S
Phoenix on Tuesday snapped a streak of 21 straight days of record-breaking highs. Heat waves are expected to start earlier in the year and last later as a result of climate change, but Phoenix's streak still surprised scientists. The heat is finally expected to break heading into the weekend, as a cold front brings cooler conditions. The city on Tuesday finally snapped a streak of 21 straight days of record-breaking daily high temperatures. This summer was already the hottest on record in Phoenix, and 2024 is likely to end up as the warmest year in the city's recorded history.
Persons: , Jennifer Brady, Phoenix Organizations: Phoenix, Climate Central, National Weather Service Locations: Arizona , Nevada, New Mexico, Phoenix, New Jersey
The Baltimore Police Department has issued an arrest warrant for a man accused of assaulting two NFL fans after the Baltimore Ravens played the Washington Commanders on Sunday. Video of the assault went viral on social media following Sunday's game in Baltimore, in which the Ravens bested the Commanders 30-23. The video, verified by NBC News, shows a man in a Ravens jersey, allegedly Callis, approaching two men in Commanders jerseys on the streets of Baltimore. The viral clip shows the man wearing the Ravens jersey kicks one of the men wearing a Commanders jersey in his side before punching him in the face. The end of the video shows the front of the man in the Ravens jersey, who raises his arm and high fives someone off camera while shouting "I don't lose!"
Persons: John Callis, Callis Organizations: Baltimore Police Department, NFL, Baltimore Ravens, Washington, Sunday . Police, Ravens, NBC News, Baltimore . Police, South Charles Street, Baltimore, Metro Locations: Baltimore, South Charles, Maryland
St. Olaf College boasted an 87.6% voter turnout rate in 2020, taking home the top prize in the All In Campus Democracy Challenge as the most civically engaged college campus in the country. The small liberal arts college reached that number with help from its “election ambassador program,” and this year, the school is looking to break its own record. “We are all about interpersonal connections,” said junior Roxi Wessel, an election ambassador. Several factors make St. Olaf the highest-voting college in the country, including its nonpartisan approach to the election ambassador program. Jen McAndrew, from Tuft University’s Tisch College of Civic Life, said that while Minnesota makes campus voting accessible, laws in other states are creating more barriers to entry.
Persons: Olaf, , Roxi Wessel, there’s, , Olaf College, Ken Wolter, ” Wessel, Olaf the, Elijah Sonntag, Minnesotans, We’re, Christopher Chapp, Jen McAndrew, Madeline Altman, , don’t, ” Sonntag, Chapp, Olaf’s, they’re Organizations: Tufts University, For Democracy, Higher, Olaf College, Olaf, Tisch College of Civic, St Locations: NORTHFIELD, Minn, , Minnesota, St
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