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☆ Potential Tropical Cyclone Six forms, forecast to quickly strengthen into hurricane aiming for U.S. Gulf Coast
▼ + stars: | 2024-09-09 | by ( Marlene Lenthang | ) www.cnbc.com time to read: +2 min

Tropical Storm Beryl developed into a Category 1 hurricane as it hit the Texas coast late last night. A disturbance in the Gulf of Mexico is forecast to strengthen into a tropical storm Monday, and could become a hurricane before it reaches the U.S. Gulf Coast by midweek. Tropical storm watches are in effect for northeastern Mexico, as well as southern Texas. Potential Tropical Cyclone Six is expected to dump heavy rain and trigger flash flooding along the coast of northeast Mexico, southern Texas, southern Louisiana and southern Mississippi into Thursday morning, the hurricane center said. August's tropical cyclone activity "was a little below normal" in terms of the number of named storms, the hurricane center said.

Persons: Hurricane Beryl, Beryl, it's, Debby, Ernesto, Francine Organizations: Tropical, National Hurricane Center, Louisiana and, Atmospheric Administration Locations: Hurricane, Houston , Texas, Texas, Gulf, Mexico, Gulf Coast, Rio, Louisiana, Mississippi, Louisiana and Upper Texas, Bend, Florida, South Carolina, Bermuda, Pacific

☆ Inside the landmark Google adtech antitrust trial that could transform the $700 billion global digital ad market
▼ + stars: | 2024-09-09 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +9 min

The DOJ and the states are seeking a breakup of Google's adtech business. Separately, they said that while a separation of Google's ad server and its ad exchange would be good for competition in the adtech market, it might drive ad server costs up for publishers. Google's ad server is "a loss leader, they make all their money in AdX," the exec said, referring to Google's ad exchange that connects buyers and sellers. Global regulators have Google in their sights, tooAny unraveling of Google's ad empire would be complex. Over the pond, the European Union said last year it might look to break up Google's adtech business.

Persons: —, Google's, Tim Nollen, isn't gunning, adtech, Macquarie's Nollen, Bietti, Mark Jamison, there's, Arielle Garcia Organizations: Service, Eastern, Business, US Department of Justice, Google, DOJ, Microsoft, Macquarie, Publishers, US Department of, Northeastern University, Public Utility Research Center, Digital Markets, University of Florida, Global, European Union Locations: Virginia, AdX

☆ Wall Street is turning less bullish on tech darling ASML for several key reasons
▼ + stars: | 2024-09-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +7 min

Analysts at major Wall Street banks are getting more cautious on chip darling ASML , raising concerns about the critical chip equipment maker's demand outlook. Earlier this week, investment bank UBS downgraded ASML to "neutral" and cut its price target on the stock to 900 euros ($1,000.78) from 1,050 euros previously. Other Wall Street banks have subsequently come out with their own respective analyses on ASML — and they're more downbeat than they were before. The bank remains bullish on the stock, though, keeping ASML in its top pick for EU semiconductor equipment stocks. UBS cautioned ASML's machines could face a slowdown in demand due to an "architecture shift" to gate all around architecture, or GAA.

Persons: Morgan Stanley, ASML, ASML's, Morgan Stanley's, EUV, Biden, Christophe Fouquet, Jefferies Organizations: UBS, Intel, Bank of America, ASML's, Samsung, Nvidia, SK Hynix, Base Management, Dutch, Citi, Investment Locations: ASML, U.S, China, New York

☆ Money market funds hit another record high — but experts warn it's time to move out of cash. Where they see opportunity
▼ + stars: | 2024-09-09 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

Assets in money market funds hit $6.3 trillion the week that ended Wednesday, another record high, according to the Investment Company Institute . The annualized 7-day yield on the Crane 100 list of the 100 largest taxable money funds is currently 5.08%. History shows that when investors do move out of money market funds, they move into fixed income over equities, he said. Institutional investors will also continue to move into money market funds as the Fed cuts rates because any cash they have in direct money market investments, such as Treasury bills, will be hit by rate cuts quicker than money market funds, explained Peter Crane, founder of Crane Data, a firm that tracks the industry. Once you have the appropriate cash needs set aside, consider moving any excess funds into fixed income, Jenkin said.

Persons: Mark Cabana, Peter Crane, Crane, Ted Jenkin, Jenkin, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Falconio Organizations: Investment Company Institute, Bank of America, Federal Reserve, Institutional, Crane, CNBC, American Express, Bread Financial, UBS, U.S . Locations: UBS Americas

☆ Tech and business leaders will be looking for 3 things during the Harris-Trump debate
▼ + stars: | 2024-09-09 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +9 min

And that really, for tech, is going to determine what matters," he told Business Insider. "That was a clear effort to court business and tech," Tusk said. "That was really eye-opening, because that is not usually thought of as a business issue, it's thought of as a social issue," Snyder told Business Insider. But business and tech leaders will be looking at more than just policy on Tuesday night. AdvertisementLarsen believes that Harris may be able to provide the country with the reset that he and other business leaders are looking for.

Persons: —, Kamala Harris, Donald Trump, Harris, Joe Biden, Chris Larsen, Biden, Larsen, Bradley Tusk, Gary Gensler, Jordan Nof, Tusk, Gary Gensler's, Kieran Snyder, Snyder, Lina Khan, she's, Nof, Trump, Mark Cuban, Aaron Levie, Roe, it's Organizations: Service, Democratic National Convention, Business, Industry, Venture Partners, Democratic, Securities and Exchange Commission, Tusk Venture, SEC, Silicon, Federal Trade Commission, FTC, Wall Street Journal Locations: California, Silicon, U.S, China

☆ Fact check: Trump and Vance keep falsely describing how tariffs work
▼ + stars: | 2024-09-09 | by ( Katie Lobosco | ) edition.cnn.com time to read: +8 min

Washington CNN —Former President Donald Trump and Republican vice presidential nominee Sen. JD Vance continue to falsely describe how one of their major policy proposals, across-the-board tariffs, would work. Trump has falsely, and repeatedly, claimed that China – not US importers – pay the tariff. Facts First: Trump and Vance’s claims about how tariffs work are false. Together, the price increases cost consumers more than $1.5 billion during the first year the tariffs were in place. It’s true that after Trump imposed tariffs on foreign-made steel, some American steel companies reopened mills and created new jobs.

Persons: Donald Trump, Sen, JD Vance, Trump, Kamala Harris, ” Trump, “, ” Vance, ” “, ”, Erica York, Joe Biden, Rick Muskat, Howard Gleckman, Jeff Ferry, Ferry Organizations: Washington CNN, Republican, Democratic, Fox News, Trump, Tax, US, US International Trade Commission, US Treasury, US Customs, Protection, Deer Stags, CNN, Brookings Tax, Coalition for, Prosperous, Tax Foundation, China Business Locations: China, Arizona, Wisconsin, American, United States, South Korea, Mexico, Prosperous America

☆ Utilities are now hottest trade of 2024, and Bank of America says keep buying instead of tech
▼ + stars: | 2024-09-09 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Utilities — not tech — are now the hottest trade on Wall Street, according to Bank of America. "Note that the total return of S & P 500 Utilities (the 'tortoise') has been in line with Nasdaq's (the "hare') over the long term." Vanguard Utilities ETF (VPU) , a $6.4 billion market cap-weighted fund, has a total return of 22%. The iShares U.S. Utilities ETF (IDU) , with $1.4 billion in assets, has a 22% total return. Invesco S & P 500 Equal Weight Utilities ETF (RSPU) , an equal-weighted fund with just $317 million in assets, has a roughly 20% total return in 2024.

Persons: Savita Subramanian, Subramanian, —, Invesco, Jesse Pound Organizations: Bank of America, Federal Reserve, Utes, Utilities, Vanguard Utilities, U.S . Utilities, Fidelity MSCI Utilities Locations: U.S

☆ Malaysia's semiconductor industry has a 'competitive advantage,' minister says
▼ + stars: | 2024-09-09 | 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 EmailMalaysia's semiconductor industry has a 'competitive advantage,' minister saysTengku Zafrul Aziz, Malaysia's minister of investment, trade and industry, says the country is a big beneficiary of companies redesigning their supply chains amid geopolitical tensions between the U.S. and China.

Persons: Tengku Zafrul Aziz Organizations: U.S Locations: China

☆ Gaza hostage families urge Trump and Harris to bring Americans home
▼ + stars: | 2024-09-09 | by ( Matthew Chance | Yon Pomrenze | ) edition.cnn.com time to read: +5 min

We want to hear that both candidates understand and acknowledge there are seven Americans still in captivity, and that the US is fully committed to bringing them back,” Ronen Neutra, a US-Israeli dual citizen from New York, told CNN. His 22-year-old son, Omer, is a serving Israeli soldier and was abducted by Hamas during the October 7 attacks. His body is still being held by Hamas in Gaza. “We want to hear new ideas from both candidates and for them to commit to adopting a fresh approach to all the players,” Chen told CNN. Yon Pomrenze/CNNOver 100 hostages remain in Gaza today, as living conditions in the Palestinian enclave crumble under Israeli forces’ months-long siege.

Persons: Donald Trump, Kamala Harris, ” Ronen Neutra, Omer, ”, Adi Alexander, Edan, Joe, Biden, Harris, Ronen Neutra, Ruby Chen, Jonathan Dekel, Chen, Liz Naftali, Orna Neutra, Yael Alexander, Chip Somodevilla, Itay, ” Chen, Evan Gershkovich, Brittney Griner, ” Alexander, “, Benjamin Netanyahu, Netanyahu, Bibi Netanyahu, I’m, Trump, Yon Pomrenze, ’ Organizations: Tel, Tel Aviv CNN —, CNN, Trump, White, Wall Street Locations: Tel Aviv, Gaza, New York, Israel, Iran, Egypt, Turkey, Qatar, Gulf, Washington, Moscow, Germany

☆ JPMorgan downgrades its opinion on China, but still likes these individual stocks
▼ + stars: | 2024-09-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Instead, JPMorgan increased its overweight recommendations on other emerging markets. Even after the change, JPMorgan still holds 18 China stocks in its global emerging markets model portfolio. The JPMorgan analysts said uncertainties about the China economic outlook range from tensions with the U.S. to "lingering deflation pressure." During three periods of escalating U.S.-China trade tensions in 2018 and 2019, the MSCI China index fell each time, according to JPMorgan China Equity Strategist Wendy Liu. As part of its China stock downgrade, JPMorgan added shares of state-owned utility operator CR Gas , while removing shares of PDD, China Construction Bank and Kingdee International.

Persons: Pedro Martins, Chetan Seth, Jake Sullivan, Kamala Harris, Joe Biden's, Harris, Donald Trump, Wendy Liu, ByteDance, — CNBC's Michael Bloom Organizations: JPMorgan, Wednesday, Sunday, Reuters, Nomura's, Nomura, JPMorgan China Equity, CR Gas, China Construction Bank, Kingdee International, Kuaishou Technology, Meituan, Hong Locations: China, U.S, Nomura's Asia, Japan, Beijing, PDD, Hong Kong, Thursday's

☆ Frequent flyer programs: The most profitable part of the airline industry
▼ + stars: | 2024-09-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

That’s because frequent flyer programs have become a crucial part of the airline industry’s profitability. The typical airline passenger probably never thinks about the economics of frequent flyer programs, but the programs have become crucial for airlines to generate the profits needed to stay afloat. United reported a mere $3.2 billion on its other operating line that came primarily on payments to its frequent flyer program. “The airlines’ frequent flyer programs are their lifeblood; they’re the reason the airlines are in business,” said Zach Griff, senior aviation reporter for The Points Guy, a travel site that closely follows the programs. But it’s probably inaccurate to say frequent flyer programs are more valuable than the airlines themselves since actual flights give the programs their intrinsic value, said Andrew Didora, airline analyst with Bank of America.

Persons: cardholders, ”, Zach Griff, Tom Fitzgerald, TD Cowen, “, it’s, Pete Buttigieg, Scott Kirby, Griff, Guy, Andrew Didora, Didora, “ They’re, ” Didora Organizations: New, New York CNN, Delta Air Lines, American Express, American Airlines, Delta, Department of Transportation, United, Airlines, America, Bank of America Locations: New York

☆ America's shopping spree is over and retailers are facing a new world of cautious consumers
▼ + stars: | 2024-09-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewAmerica's wild, multi-year shopping spree has come to an end — and retailers who got used to Americans dropping cash on just about everything are in a tough spot. US retail sales came in stronger than expected in July, with Americans spending more overall compared to the prior month, according to Census data. Around 40% of consumers said they planned to pare back spending on accessories, home decor, jewelry, and furniture, per McKinsey's survey. We're now back in an environment where good retailers, strong brands that offer compelling value … will benefit," Siegel said. In the meantime, that could mean more pain for retailers, Siegel said, speculating that many were caught by surprise by the shift in consumer sentiment.

Persons: —, Ted Rossman, Rossman, pare, Simeon Siegel, Siegel, We're, SPDR Organizations: Service, Business, McKinsey & Company, Bankrate, Customers, BMO, Challenger, Walmart, Target, San Francisco Fed, Primerica Locations: FactSet

☆ The bitcoin ATM has emerged as one of cryptocurrency's biggest threats
▼ + stars: | 2024-09-08 | by ( Kevin Williams | ) www.cnbc.com time to read: +6 min

Bitcoin ATMs are a rapidly growing presence in the United States and, some experts say, a rapidly growing cybercrime menace. So, while a cash ATM tucked away between the snack cakes and energy drinks at a gas station may not draw much attention, a bitcoin ATM gets more scrutiny from bad actors. But in addition to old tricks, there are newer threats bitcoin ATMs introduce that cash ATMs do not face. Although the bitcoin ATM isn't exactly drawing crowds, Patel says a surprising number of senior citizens show up at the kiosk, alarming given the rise of bitcoin ATM scams targeting seniors. Basic steps to avoid bitcoin ATM scamsTo protect against these scams, users should be cautious and skeptical of any request to pay through a bitcoin ATM.

Persons: Timothy Bates, Bates, Joe Dobson, Dobson, Donald Trump's, J.D, Vance, refashioned, Elon Musk, Sai Patel, Patel, Alice Frei, Frei Organizations: University of Michigan's College of Innovation, Technology, Federal Trade Commission, Google, Social, Middletown Food Mart, Ohio, Trump Locations: United States, Middletown , Ohio, Middletown

And we will stop the fentanyl,” Trump said during a recent campaign appearance in Michigan. But fentanyl activists say Trump is at least drawing attention to the issue, whereas the Biden administration, they say, is not. By 2017, the year Trump took office, there were 28,000 deaths from fentanyl. In 2021, during Biden’s first year of office — when many Americans were still stuck at home amid the pandemic — fentanyl deaths rose by 23% to more than 70,000. Trump repeatedly blames the increase in fentanyl deaths on the influx of 10 million migrants who crossed the border during the Biden.

Persons: Dawn Allen wasn’t, —, Joe Biden, Donald Trump, “ I’m, ” Allen, Dawn Allen's, Benjamin, ”, Andrea Thomas, Trump, Harris, ” Trump, United States – it’s, Vanda Felbab, Brown, Biden, Allen, hasn’t, Biden’s, Rahul Gupta, Jim Rauh, Thomas, poisonings, “, Obama, Kamala Harris ’, Karoline Leavitt, Kamala Harris, Babcock, “ We’re, it’s Trump Organizations: Democrat, NBC, Our U.S, Democratic National Convention, Brookings Institution, “, Biden, . Customs, Department of Homeland Security, NBC News, DHS, Facebook, Trump Homeland Security, D.C Locations: Chicago, “, Our, Michigan, Mexico, United States, China, Felbab, U.S

☆ 3 ways Wall Street's largest banks are leveraging AI to increase profitability
▼ + stars: | 2024-09-07 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Over the past year, Wall Street's largest names — including Goldman Sachs , Bank of America , Morgan Stanley , Wells Fargo to JPMorgan Chase — ramped up their generative artificial intelligence efforts with the aim of boosting profits. MS YTD mountain Morgan Stanley YTD AI use cases for key businesses Morgan Stanley was among the first on Wall Street to publicly embrace the technology, unveiling two AI assistants for financial advisors powered by OpenAI. Launched in September 2023, the AI @ Morgan Stanley Assistant gives advisors and their staff quick answers to questions regarding the market, investment recommendations, and various internal processes. If it does, that would be welcome news for shareholders after Morgan Stanley's wealth segment missed analysts' revenue expectations in the second quarter . However, As long as these costs don't outweigh return on investment (ROI), we're happy with Wells Fargo and Morgan Stanley's moves to innovate.

Persons: Goldman Sachs, Morgan Stanley, Wells, JPMorgan Chase — ramped, Jamie Dimon, Alexandra Mousavizadeh, OpenAI's ChatGPT, Jeff McMillan, Morgan, McMillan, It's, Morgan Stanley's, Evident's Mousavizadeh, Banks, Mousavizadeh, Tracy Kerrins, Morgan Stanley's McMillan, He's, Morgan Stanley's OpenAI, Teresa Heitsenrether, Jim Cramer's, Jim Cramer, Jim Organizations: Bank of America, JPMorgan, Citi, Microsoft, Nvidia, OpenAI, CNBC, Google, Deutsche Bank, BNP, Mistral, TD Bank Group, Big, Wall, New York Stock Exchange, Bloomberg, Getty Locations: Wells Fargo, Silicon, management's, Wells, New York

☆ Hedge fund turned to a wargame to plan for a Chinese invasion of Taiwan
▼ + stars: | 2024-09-07 | by ( Michael Peck | ) www.businessinsider.com time to read: +6 min

Related storiesIn the second phase of the game, soon after the Chinese invasion began, US forces were said to have engaged and stopped the Chinese amphibious assault, though China continued to bombard Taiwan. Daniel Ceng/Anadolu via Getty ImagesThis caught the hedge fund players by surprise: they had assumed EU sanctions were unlikely because of the depth of China-Europe trade, which reached $815 billion annually in 2023. The hedge fund "agreed that any room for avoiding a total divestment from China and the South China Sea was now completely lost, and market re-entry was probably many years away." The hedge fund responded by choosing to invest heavily in semiconductors manufactured in regions not affected by the war. "This would provide potential opportunities for new players to emerge in the Global South, particularly if loans can be collateralized," Knightsbridge noted.

Persons: Finley Grimble, liquidating, KSG, Daniel Ceng, Knightsbridge, Grimble, Michael Peck Organizations: Service, Business, Knightsbridge Strategic, Getty, Treasury, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: British, China, Taiwan, South China, Europe, South America, Japan, South Korea, Australia, Anadolu, South, Ukraine, Africa, East, Southeast Asia, Zimbabwe, Forbes

Charles Coristine used to revel in working at Morgan Stanley. At a barbeque, Coristine met an owner of snack company LesserEvil, who talked about wanting to sell his "flatlining" business. A 'scrappy' reinventionWhen he bought LesserEvil, Coristine was working at TD Bank and pursuing an MBA at Cornell University Graduate School. It brought in roughly $2 million that year, accounting for a third of LesserEvil's annual revenue, the company says. A year later, the company got its first outside funding — about $3 million, the company says — from sustainable food and agriculture investment firm InvestEco.

Persons: Charles Coristine, revel, Morgan Stanley, Coristine, that's, Andrew Strife, welders, LesserEvil, Homer, Henry David Thoreau, — Organizations: CNBC, U.S, TD Bank, Cornell University Graduate School, packers, Kroger, LesserEvil, Growth Locations: Tokyo, London, Danbury , Connecticut, Wilton , Connecticut, Danbury, New Milford

☆ Europe's economy survived 'terrible prophecies' but must now tackle trade with China: EU's Gentiloni
▼ + stars: | 2024-09-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The European Union has successfully avoided the "terrible prophecies" that threatened its economy in recent years, but must still contend with Russia's war in Ukraine and a tenuous trade relationship with China, outgoing European Commissioner for Economy Paolo Gentiloni said Saturday. A former prime minister of Italy, Gentiloni has served as the European Commissioner for Economy under EC President Ursula von der Leyen since December 2019. Gentiloni will not be returning for a second term as commissioner following Von der Leyen's tumultuous re-election as president — but he has laid out the economic picture that awaits his imminent successor. "The economy is growing, slowly, but growing. And the risks of differences among the European Union, that was very high when the pandemic happened, are very limited," he noted.

Persons: Paolo Gentiloni, Gentiloni, Steve Sedgwick, Ursula von der Leyen, Von der, —, Russia's Organizations: European Union, Economy, European, European Central Bank, Moscow, European Commission Locations: Ukraine, China, Europe, Cernobbio, Italy's, Como, Italy

☆ Google's second antitrust trial could help shape the future of online ads
▼ + stars: | 2024-09-06 | by ( Jennifer Elias | Jennifer Covers Google Parent Company Alphabet Inc. | Silicon Valley Culture For Cnbc.Com In San Francisco. | ) www.nbcnews.com time to read: +8 min

For Google, the focus turns to its ad tools, which are part of the company’s $200 billion digital ad business. In the first antitrust case, the court found that Google violated Section 2 of the Sherman Act, which outlaws monopolies. The company’s M&A strategy “set the stage for Google’s later exclusionary conduct across the ad tech industry,” the Justice Department alleges. Google has long fought back against claims that it dominates online ads, pointing to the market share of competitors including Meta. It will argue that buyers and sellers have many options especially as the online ad market has evolved.

Persons: Biden, Donald Trump, Meta, Sherman, Goldman, Bernstein, Amit Mehta, ” Mehta, Google’s, Neal Mohan, Mohan, it’s, AdMeld, Jerry Dischler, It’s, Sissie Hsiao, Scott Sheffer, Prabhakar Raghavan, Simon Whitcombe Organizations: Department of Justice, Google, Microsoft, Big Tech, DOJ, Apple, Federal Trade Commission, Facebook, Amazon, Citibank, NYSE, New York Stock Exchange, YouTube, Google Network, U.S, District of Columbia, Department, DoubleClick, Meta, Stanford, Harvard, New York Times Locations: Alexandria , Virginia, California , Colorado , Connecticut , New Jersey , New York, Rhode Island and Tennessee, Google’s

☆ Netherlands takes on U.S. export controls, controlling shipments of some ASML machines
▼ + stars: | 2024-09-06 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

An icon of ASML is displayed on a smartphone, with an ASML chip visible in the background. The Dutch government on Friday announced it is expanding export restrictions on advanced semiconductor manufacturing equipment, bringing licensing requirements of ASML 's machines under its purview. The changes mean that the Netherlands is effectively taking over from the U.S. on controlling what machines ASML is able to export to other countries. The expanded control comes after the Dutch government last year introduced its first major export restrictions on advanced semiconductor equipment exports. Washington has pressured countries like the Netherlands and others to ramp up export curbs on key chipmaking tools.

Persons: I've, Klever, ASML Organizations: European Union Locations: Netherlands, U.S, China, Washington

☆ U.S. financial markets, public companies are a growing target for Russian hackers
▼ + stars: | 2024-09-06 | by ( Cnbc.Com Staff | ) www.cnbc.com time to read: +2 min

People walk through the financial district by the New York Stock Exchange (NYSE) on August 14, 2024, in New York City. But one of the most damaging insider trading schemes in recent years can't be linked back to a U.S.-based trading floor or brokerage firm. As detailed in CNBC's new original podcast series "The Crimes of Putin's Trader," Russian entrepreneur Vladislav Klyushin's scam amassed more than $93 million as his cybersecurity firm M-13 was a front for Russian hackers to steal U.S. corporate earnings reports before they became public. Then, hackers traded based on those insights, buying and selling stock of well-known American companies like Tesla, Skechers, Snapchat and Roku. "Finances and banks and [the] financial sector itself is just one of the battlefields where the whole thing is happening."

Persons: Ivan Boesky, Martha Stewart, Mathew Martoma, Vladislav Klyushin's, Klyushin, Sandra Joyce, Eamon Javers, Javers, unconventionally, Vladimir Putin Organizations: New York Stock Exchange, SAC Capital Advisors, FBI, U.S, Department of Justice, Google, Intelligence, CNBC Senior Washington Locations: New York City, U.S, Russia, Russian, Switzerland, Eastern Europe

☆ US introduces new export curbs on advanced technology, including chip-making tools
▼ + stars: | 2024-09-06 | by ( ) edition.cnn.com time to read: +2 min

The United States has announced new export controls on advanced technology, including quantum computers, in line with restrictions imposed by international partners. Besides quantum computing items, the curbs will affect equipment for producing advanced semiconductors, additive manufacturing items to produce metal components and gate all-around field-effect transistor (GAAFET) technology, according to a Federal Register posting. Several countries, including the United Kingdom, have already imposed similar controls, and others are expected to do so as well. “The most significant controls are the ones on quantum computers and related technology,” said Washington trade lawyer Kevin Wolf. But, she said, small companies may decide, “we don’t want to have to figure out this reporting.

Persons: ” Alan Estevez, ”, Kevin Wolf, “, ” Wolf, Celia Merzbacher, ” Merzbacher, …, we’re Organizations: Bureau of Industry, Security, Economic, Consortium Locations: States, United Kingdom, Washington, United States

☆ Bears are eager to front-run a recession that has not materialized
▼ + stars: | 2024-09-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Let's front-run the September-October weakness Another chunk of investors is equally pessimistic, but for a different reason. 2) Corporate buybacks, which have been exceptionally strong this year — likely a record for the S & P 500 — will likely slow soon because corporations will be entering blackout periods for several weeks heading into earnings. The S & P 500 is less than 3% from its historic high. The last time the S & P 500 had a 10% correction was July 31 to Oct. 27, 2023 (10.3% drop). That's what happens with high valuations and a slower economy.

Persons: payrolls, It's, Goldman Sachs, nonfarm payrolls Organizations: Traders, Citi, Nvidia Locations: factoids

☆ ‘The sky is not falling’: US economy added 142,000 jobs in August
▼ + stars: | 2024-09-06 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Economists were expecting a net gain of 160,000 jobs and for the unemployment rate to fall to 4.2%, according to FactSet consensus estimates. With inflation pretty much tamed and moderating as expected, the Federal Reserve has turned its focus to the labor market (the other part of its dual mandate). Job growth has been slowing, but there were indications that the labor market was weakening under the weight of 23-year-high interest rates. A ‘place of stability’July’s shockingly weak jobs report stoked fears that the jobs market was collapsing, potentially taking the economy into a downturn. And while a rate cut is coming, the jury is still out on the exact size of that move.

Persons: ” Eugenio Alemán, Raymond James, August’s, We’re, Rachel Sederberg, “, Becky Frankiewicz, ’, ”, Kory Kantenga, —, ” Kantenga, Michelle Holder, haven’t Organizations: CNN, Employers, Bureau of Labor Statistics, Federal Reserve, Fed, ManpowerGroup, Retail, Americas, LinkedIn, John Jay College, City University of New Locations: ManpowerGroup North America, Michigan, City University of New York

☆ August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2%
▼ + stars: | 2024-09-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

At the same time, the unemployment rate ticked down to 4.2%, as expected. The labor force expanded by 120,000 for the month, helping push the jobless level down by 0.1 percentage point, though the labor force participation rate held at 62.7%. The household survey, which is used to calculate the unemployment rate and is often more volatile than the survey of establishments, showed employment growth of 168,000. Markets showed little initial reaction to the data, with stock futures holding negative and Treasury yields also lower. While the August numbers were close to expectations, the previous two months saw substantial downward revisions.

Persons: Nonfarm, Dow Jones, Dan North Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, BLS, North America, Allianz Trade, Manufacturing Locations: U.S, Dow

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