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☆ CNBC Daily Open: Dow briefly tops 40,000 for the first time, meme stocks down but not out
▼ + stars: | 2024-05-17 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow breaks through 40,000 barrierThe Dow Jones Industrial Average briefly passed the 40,000 mark for the first time before ending lower. The S&P 500 and Nasdaq also hit record highs but ended the session in negative territory. The Dow has climbed nearly 6% in 2024, while the Nasdaq and S&P 500 are up 11% each. [PRO] New S&P 500 targetsWall Street's recent record highs have prompted market analysts to revise their S&P 500 year-end price targets.

Persons: Dow, John David Rainey, We've, Armour, Armour's, Kleiner Perkins, Bob Pisani Organizations: CNBC, Dow Jones Industrial, Nasdaq, Walmart, GameStop, AMC Locations: North America, Sequoia

☆ 'Dow Theory' indicates the march to 40,000 could be short lived
▼ + stars: | 2024-05-17 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

However, as R.J. O'Brien's Tom Fitzpatrick points out, Dow theory signals this run may be short lived. While the Dow Industrials reached a fresh record high, Transports have not been as fortunate. Dow Transports in April suffered their worst month since September 2022, losing 8%. What's more, the actual 40,000 level is more symbolic than meaningful, he said. The Dow Industrials also have a history of pulling back after a 1,000-point increase .

Persons: O'Brien's Tom Fitzpatrick, Dow, Charles Dow, that's, Fitzpatrick, we're, Dow Industrials Organizations: Dow Jones, Dow, CNBC, Transports, Dow Transports, Southwest, FedEx Locations: United

☆ Nvidia’s earnings will be in focus next week as stocks try to sustain record levels
▼ + stars: | 2024-05-17 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The S & P 500 broke above 5,300, also for the first time. The S & P 500 has notched record close after record close in 2024. This quarter, the top-performing S & P 500 sector is utilities, higher by 9%, followed by communication services, up by 4%. The S & P 500 and Nasdaq Composite each closed out a fourth straight week of gains. Sustaining all-time highs Nvidia's earnings will also be a key catalyst at a time when technicians are watching to see whether stocks can sustain the record levels they reached this week.

Persons: what's, they're, Jay Woods, hadn't, Piper Sandler's Harsh Kumar, Kumar, Jensen Huang, Blackwell, Zachary Hill, Chris Zaccarelli, Zaccarelli, Woods, Katie Stockton, Stockton, TJX Cos, Raymond James Thursday, Ralph Lauren Friday, Nick Wells Organizations: Nvidia, Federal Reserve, Dow Jones, Freedom Capital, Dow, Nasdaq, Independent, Alto Networks, Devices, Target, Chicago, PMI, New, . Kansas City Fed, Intuit Locations: Stockton, . Kansas

☆ Opinion | What Hillary Clinton Got Wrong About Student Protesters
▼ + stars: | 2024-05-17 | by ( Elizabeth Spiers | ) www.nytimes.com time to read: +2 min

Appearing last week on “Morning Joe,” Hillary Clinton lamented what she views as the ignorance of students protesting the war in Gaza. The host, Joe Scarborough, asked her about “the sort of radicalism that has mainstream students getting propaganda, whether it’s from their professors or from the Chinese Communist government through TikTok.” Ms. Clinton was happy to oblige. “I have had many conversations, as you have had, with a lot of young people over the last many months,” she said. I’ve also seen and heard the assumptions made about them by some of their elders — administrators, parents and others. In the current panic, the protesters are described as somehow both terribly fragile and such a threat to public safety that they need to be confronted by police officers in riot gear.

Persons: ” Hillary Clinton, Joe Scarborough, Ms, Clinton, “, ”, ” I’ve, I’ve, it’s, Ken Griffin, Bill Ackman, Donald Trump —, —, whiny ”, Mike Lawler, Mr, Lawler, Kaz Daughtry, Rousseau Organizations: Communist, New York, Republican, Columbia University, Columbia, Oxford University Locations: Gaza, TikTok, New, New York, U.S

☆ 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

☆ 1 in 7 Gen Z credit card users are ‘maxed out’
▼ + stars: | 2024-05-17 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

CNN —Ariel Barnes plunged into a credit card debt spiral in college, and a decade later she’s yet to escape. Barnes, a manager of gift processing at Jackson State University, has maxed out seven credit cards and is struggling to make minimum payments on $30,000 of credit card debt. Roughly one in seven (15.3%) Gen Z credit card borrowers have maxed out their credit cards, according to new research from the Federal Reserve Bank of New York. For instance, the median Gen Z borrower’s credit limit is just $4,500, compared with $16,300 for Millennials and $21,800 for Gen X, the NY Fed said. There’s never a good time to carry a credit card balance, but right now is arguably the worst time.

Persons: CNN — Ariel Barnes, Barnes, ” Barnes, Baby Boomer, Xers, ”, “ I’ve, Zers, Ted Rossman, Gregory Daco, ” Daco, haven’t, X, it’s, There’s, That’s, Daco, CNN’s Alicia Wallace Organizations: CNN, Jackson State University, Federal Reserve Bank of New, Fed, NY Fed, Bankrate.com, Wall, NY, Federal Locations: Jackson , Mississippi, Federal Reserve Bank of New York

☆ Women are worried about their financial security. That may affect the 2024 presidential election
▼ + stars: | 2024-05-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Hannah Beier | ReutersOlder women are the largest bloc of swing voters — and the biggest concern they have heading into the November election is their financial security, according to the AARP. Gender pay gap leads to retirement income gapNotably, younger women share many of those same retirement concerns, according to recent research from the National Institute on Retirement Security, or NIRS. Women tend to have greater financial concerns about retirement compared with men, according to Tyler Bond, research director at NIRS. "There's still a persistent gender pay gap, which translates into a retirement income gap," Bond said. "In fact, the pay gap and the retirement income gap are almost exactly the same, which is what you would expect, because retirement income is basically a reflection of what you earn while working," he said.

Persons: Hannah Beier, —, Margie Omero, GBAO, Omero, Tyler Bond, Bond, We've Organizations: Rockledge, Reuters, AARP, Democratic, National Institute on Retirement Security Locations: Pennsylvania, Rockledge , Pennsylvania

☆ Stock market today: Dow closes above 40,000 for the first time as latest inflation data fuels big weekly gains
▼ + stars: | 2024-05-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

A cool April CPI report buoyed hopes of Fed interest rate cuts later this year. Investors will look to see if the gains can spill over into next week, which is set to be a busy one for AI developments. AdvertisementThe Dow Jones Industrial Average closed above 40,000 for the first time on Friday, closing out a strong week of gains fueled by upbeat inflation data midweek. The S&P 500 rose about 1.5% for the week, buoyed by solid earnings results from consumer giant Walmart and an April CPI report that showed cooling inflation. That CPI report boosted investor hopes that the Federal Reserve will cut interest rates later this year.

Persons: —, Fundstrat's Tom Lee, Lee Organizations: Service, Dow Jones, Walmart, Federal Reserve, Microsoft, Nvidia, Technology Locations: Here's

☆ Walmart is finding its groove — and that should terrify Target
▼ + stars: | 2024-05-17 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Walmart keeps posting strong earnings, driven in part by gains among higher-income shoppers. Bit by bit, Walmart is looking more like Target, and that should terrify the smaller rival. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Bentonville retailer on Thursday reported a solid 6% year-over-year improvement in first-quarter sales, with profits growing even faster.

Persons: —, Doug McMillon Organizations: Walmart, Service, Business Locations: Bentonville

☆ Here are Friday's biggest analyst calls: Nvidia, Tesla, Robinhood, Salesforce, Netflix, Roblox, Chevron, Walmart & more
▼ + stars: | 2024-05-17 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Friday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America said top pick Nvidia remains "compelling" heading into earnings next week. Bank of America reiterates Marvell as buy Bank of America said it's sticking with its buy rating heading into earnings later this month. " Citi reiterates Walmart as a top pick Citi said the stock remains a top pick following earnings. Chevron Corp. (CVX): Reiterate Constructive View on Inﬂecting FCF Generation and Relative Valuation; Buy with 13% Total Return." "Near-term caution is offset by our increasingly bullish medium-term outlook, where CRM is well positioned for GenAI & valuation remains undemanding."

Persons: Marvell, Roth, Ree, Roth MKM, it's, REE, Wells, Oppenheimer, Reddit, Goldman Sachs, Tesla, Goldman, BTIG, Baird, Jefferies, Morgan Stanley, Baidu, Wolfe, UAL, Cantor Fitzgerald, Cantor, Price, Stifel, Salesforce Organizations: Bank of America, Nvidia, Ree Automotive, EV, Netflix, Citi, OpenAI, Google, Walmart, Darden, Jefferies, DuPont, Macquarie, Stock, underperform Bank of America, Chevron, Chevron Corp, JPMorgan, Body, United Airlines, Price Target, Health, Base Locations: Thu, Olive, China, United, Underperform

☆ Stocks making the biggest moves premarket: GameStop, Reddit, Take-Two Interactive Software and more
▼ + stars: | 2024-05-17 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Take-Two Interactive Software — Shares of the video game company were down more than 2% after an update about the timing of the new Grand Theft Auto game. Doximity also reported in line revenue guidance for the first quarter. Expected revenue of $585 million to $589 million was weaker than the $590.2 million consensus estimate. The information technology company expects earnings of 55 cents to 60 cents per share in the first quarter, weaker than the FactSet consensus estimate of 76 cents earnings per share. Revenue guidance of $3.1 billion to $3.150 billion was less than the anticipated $3.3 billion.

Persons: Reddit, Doximity, Globant, FactSet, Goldman Sachs, — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Yun Li, Jesse Pound, Pia Singh Organizations: GameStop, OpenAI, Bloomberg, Globant SA, FactSet, Citigroup, DXC Technology

☆ Bitcoin faces 'several' headwinds that will challenge miners in near term, says JPMorgan
▼ + stars: | 2024-05-17 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Unprofitable bitcoin miners are starting to exit the network after the halving , as expected. But much of their performance relies on bitcoin's price, which still faces several near-term headwinds, according to JPMorgan. However, "we do not see upside for bitcoin prices in the current juncture and if anything we see headwinds over the near term," he added. That was expected to happen after the halving in April, which slashed a key revenue source for bitcoin miners. "The more bitcoin prices decline the higher the number of unprofitable miners that come under pressure to leave the bitcoin network and the larger the result[ing] decline in the hash rate and bitcoin production cost."

Persons: JPMorgan's Nikolaos Panigirtzoglou, Bitcoin, it's overbought, There's, Kong's, there's, Panigirtzoglou Organizations: JPMorgan, Venture, Miners

☆ Gold prices set for second weekly gain on Fed rate-cut optimism
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fueled expectations that the Federal Reserve could cut interest rates this year. The dollar index was down 0.6% for the week so far, against its rivals, making gold less expensive for other currency holders. "The upward bias for gold prices may remain, with the recent run in U.S. economic data offering room for the Fed to consider earlier rate cuts in 2024 while geopolitical tensions rock on. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. "Gold prices may correct lower as markets look to re‑establish the historical relationship between gold and the U.S. dollar.

Persons: Yeap Jun Rong, haven't, Bullion Organizations: Co, Federal, Fed, U.S . Federal Reserve, U.S ., Commonwealth Bank of Australia Locations: Bangkok, Thailand

☆ Mui: Economic environment is currently in a sweet spot
▼ + stars: | 2024-05-17 | 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 EmailMui: Economic environment is currently in a sweet spotJanet Mui, Head of Market Analysis at RBC Brewin Dolphin, discusses inflation, higher-for-longer rates, and her investment strategy.

Persons: Janet Mui Organizations: Mui, RBC

☆ Asia markets rise after Wall Street soars on soft inflation data; Japan GDP shrinks
▼ + stars: | 2024-05-16 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

The best-performing "Magnificent Seven" stock halfway through the second quarter is Google and YouTube owner Alphabet , up about 14.15%. All four are outpacing the S&P 500, which has risen about 2.1%. By contrast, Microsoft (+0.6%), Tesla (-0.7%) and Meta Platforms (-1%) are all trailing the S&P 500 in the second quarter. The best-performing sector this quarter is the S&P 500 Utilities, up 9.9% and more than twice as much as second-ranked S&P 500 Communication Services, higher by 3.9%. S&P 500 Information Technology (+2.8%) is also outperforming the S&P 500.

Persons: — Scott Schnipper Organizations: Apple, Nvidia, Microsoft, Communication, Real Estate, Health Care

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

☆ The 'biggest lie' women are told about work—and how it can hurt their careers
▼ + stars: | 2024-05-16 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

For decades, one question has fueled the debate over whether women can balance the demands of career and motherhood: can women "have it all"? The notion that women can have it all is the "biggest lie" working women are told that, if believed, can stunt their success, according to Bonnie Hammer, vice chairman at NBCUniversal. In her new book, "15 Lies Women Are Told at Work," Hammer explores the conflicting advice women are given regarding professional success. Having it all is a "wrong and dangerous" ideal for women to aspire to, the 73-year-old tells CNBC Make It. Women have reported higher levels of burnout than men for years, a gap that has more than doubled since 2019, Gallup reports.

Persons: Bonnie Hammer, Hammer Organizations: NBCUniversal, CNBC, Gallup

☆ Home prices in these 22 cities are set to surge the most in the US in the next 12 months, according to Zillow
▼ + stars: | 2024-05-16 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

US home prices are set to rise by 1.6% over the next 12 months, Zillow forecasts. Factors include population growth, mortgage rates, and cost of construction supplies, and more. AdvertisementHome prices in the US are set to rise by 1.6% on average over the next 12 months, according to Zillow forecasts. In a recent analysis, financial information site SmartAsset compiled Zillow's price growth forecasts for 192 US metropolitan areas over the next year. Below, we've listed 22 cities where Zillow expects to see the largest price growth through the end of March 2025.

Persons: — Organizations: Service, Business

☆ Dow crosses 40,000 for the first time
▼ + stars: | 2024-05-16 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —The Dow broke past the 40,000 threshold Thursday morning for the first time ever, fueled by an encouraging inflation report. It also highlights a notable contrast between sentiment on Wall Street and Main Street. Dow 100: The Dow first closed in triple digits in January 1906. The Dow nearly matched that in 2017, rising 25%. Dow 30,000: Nov. 24, 2020: Covid sent the stock market plunging in the spring of 2020.

Persons: Dow, stoking, ”, Gary Pzegeo, John Williams, Tom Barkin, ” Tyler Schipper, Thomas, Hogan, Teddy Roosevelt, Richard Nixon, Trump, Covid Organizations: New, New York CNN, Markets, Federal Reserve, Bureau of Labor Statistics, CIBC Private Wealth, ”, Walmart, Airlines, Big Tech, York Fed, Reuters, Richmond Fed, Dow, University of Michigan, CNN, CPI, University of St, Riley Financial, Wall, Microsoft, Chevron, Traders, New York Stock Exchange, Getty, Federal, Woolworth, Eastman Kodak Locations: New York, United States, Minnesota, Chevron —, AFP

☆ China's Baidu beats quarterly revenue estimates on ad recovery, cloud
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +1 min

China's Baidu beat analysts' estimates for first-quarter revenue on Thursday, driven by a recovery in advertising sales and higher demand for its AI-powered cloud products. The company, China's largest search engine provider, reported revenue of 31.51 billion yuan ($4.37 billion) for the three months ended March 31, compared to analysts' average estimate of 31.21 billion yuan as per LSEG data. "Baidu Core's online marketing revenue remained stable, while the end-to-end optimization of our AI technology stack continued to propel the growth of our AI Cloud revenue during the quarter," said co-founder and CEO Robin Li in an earnings release. Revenue from Baidu Core, which includes its search-based ad sales, cloud offerings and autonomous driving initiatives, grew 4% to 23.8 billion yuan. Baidu reported adjusted net income of 7 billion yuan for the quarter, beating the analysts' average estimate of 5.57 billion yuan, according to LSEG data.

Persons: ERNIE Bot, Baidu, Robin Li Organizations: Baidu Locations: ZHEJIANG, CHINA

☆ Citi names one under-the-radar stock to buy on an AI opportunity, giving it 22% upside
▼ + stars: | 2024-05-16 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

Citi recently named one under-the-radar company to buy on a "data and AI opportunity." The bank pointed out that ExlService has the talent to meet the demand too, with its more than 13,000 AI, generative AI, data and digital "experts." "EXLS also provided medium-term targets (2024-25) of double digit revenue growth, incremental margin improvement, and faster-than-revenue EPS growth," Citi analysts wrote. The current demand pipeline for its data and AI services stand at $2 billion, according to Citi. The bank gave the stock a buy rating and a price target of $37, or potential upside of 22%.

Persons: ExlService Organizations: Citi, ExlService Holdings

The Dow Jones Industrial Average hit the 40,000 milestone for the first time on Thursday, about 19 months after the last time it crossed the 30,000 threshold. Since last passing 30,000 on Oct. 17, 2022, no Dow stock has seen a bigger percentage gain than Caterpillar – which has almost doubled in price. Keep in mind that the Dow is a price-weighted index that gives higher-priced stocks more influence. Five of the Dow's 30 stocks – Microsoft, Caterpillar, Goldman Sachs , Salesforce and American Express – have made up half of the index's overall gains in the journey from 30,000. Only one stock – Johnson & Johnson – is decisively lower since the Dow last crossed 30,000.

Persons: Dow, Goldman Sachs, Salesforce, – Johnson, Johnson – Organizations: Dow Jones, Dow, Caterpillar, Microsoft, Express

This means mortgage rates could start to go down more substantially as we approach the fall. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Nearly Flat (+0.02%)The average 15-year mortgage rate is 6.05%, just 2 basis points higher than last week. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: That's, you'll, It's, refinance Organizations: Federal, Federal Reserve, Zillow, FHA Locations: Chevron

☆ Opinion | I Was a Republican Partisan. It Altered the Way I Saw the World.
▼ + stars: | 2024-05-16 | by ( David French | ) www.nytimes.com time to read: +1 min

This was when I was a conservative constitutional litigator and occasional Republican Party activist, before my journalism career. Almost all of them showed Romney losing to Obama, and so conservative media started a movement to unskew the polls. There was even a website created, Unskewed Polls, that purported to fix the polling errors, and unskewed polls showed Romney winning. Conservatives believed that pollsters were deliberately undercounting Republican votes to discourage Republican voters and sway the results of the election. So to unskew the results, they reweighted the samples to include a higher percentage of likely Republican voters.

Persons: I’m, I’d, Mitt, We’d, Romney, Barack Obama’s, pollsters, Obama Organizations: Republican, Republican Party, Republicans, Obama, Conservatives, Fox News Locations: Boston, Romney, Ohio

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

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

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

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