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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia got 'overloved' very quickly, says Hightower's Stephanie LinkCIC Wealth's Malcolm Ethridge, Requisite's Bryn Talkington, and Hightower's Stephanie Link join 'Closing Bell' to discuss markets, Nvidia, and other opportunities in tech.
Persons: Stephanie Link, Malcolm Ethridge, Requisite's Bryn Talkington Organizations: Nvidia
The United States and China resumed semi-official nuclear arms talks in March for the first time in five years, with Beijing's representatives telling U.S. counterparts that they would not resort to atomic threats over Taiwan, according to two American delegates who attended. The United States and China resumed semi-official nuclear arms talks in March for the first time in five years, with Beijing's representatives telling U.S. counterparts that they would not resort to atomic threats over Taiwan, according to two American delegates who attended. The Chinese representatives offered reassurances after their U.S. interlocutors raised concerns that China might use, or threaten to use, nuclear weapons if it faced defeat in a conflict over Taiwan. The two countries briefly resumed Track One talks over nuclear arms in November but those negotiations have since stalled, with a top U.S. official publicly expressing frustration at China's responsiveness. The Pentagon, which estimates that Beijing's nuclear arsenal increased by more than 20% between 2021 and 2023, said in October that China "would also consider nuclear use to restore deterrence if a conventional military defeat in Taiwan" threatened CCP rule.
Persons: interlocutors, David Santoro Organizations: The, Reuters, People's Liberation Army, State Department, U.S, Pentagon Locations: States, China, Taiwan, The United States, Beijing, Taipei, U.S, Washington, Shanghai
"Only pirates do this," General Romeo Brawner Jr. said in a social media post regarding the recent actions of the Chinese coast guard. This is how barbaric the Chinese Coast Guard is in the recent RoRe mission of the Armed Forces of the Philippines. The Chinese coast guard might have used pirate-like tactics, but it's not legally piracy. This photo taken on February 15, 2024, shows an aerial view of Scarborough Shoal in the disputed South China Sea. The nine-dash line is a map marking designating China's sweeping and controversial claims to the South China Sea.
Persons: , Romeo Brawner Jr, , 7vzFDem1DE — Jay Tarriela, it's, Harrison Prétat, Thomas Shoal, Prétat, Thomas, Brawner, Philippines MaryKay Carlson Organizations: Service, Staff, Armed Forces, Business, China, China's Coast Guard, South China, Coast Guard, Center for Strategic, Studies, Maritime Transparency Initiative, BRP, BRP Sierra Madre, UN, ROSA, Philippine Navy, Mutual Defense, People's Locations: Philippines, China, Philippine, Beijing, South, BRP Sierra, Scarborough Shoal, AFP, South China, Manila, It's, People's Republic of China
Some concerning candle patterns for leading technology names have caused me to focus on potential downside targets for the S & P 500 . To be clear, this is a short-term pattern, and is really just intended to inform our thinking for the next couple trading sessions. The most important level to watch is S & P 5,200, which would represent about a 5% pullback from the recent market peak. A move below S & P 5200 would cause me to revisit long positions and start to raise cash due to an elevated risk of a correction. If and when the S & P pushes below 4950, I would be positioned way more defensively, waiting for some signs of accumulation to emerge.
Persons: I've, David Keller Organizations: Nvidia Corp, Semiconductor, Nvidia, Micron Technology, CMT, CNBC, NBC UNIVERSAL
Bitcoin's recent weakness could be signaling an upcoming correction in stocks, according to Stifel's chief equity analyst Barry Bannister. On Thursday, the S & P 500 briefly touched 5,500 for the first time after notching its most recent record close earlier in the week. "Weakening bitcoin … signals an imminent S & P 500 summer correction and consolidation phase," he said. "With the S & P 500 now at the very high end (2 sigma) of bitcoin post-peak cycle overlays since 2011, we have yet another strong signal that an imminent S & P 500 correction is possible." "Past bubbles since the 19th century indicate the S & P 500 could well rise to ~6,000 at year-end 2024 and then round trip to near where 2024 began five quarters later, by ~1Q26 (S & P 500 ~4,800)."
Persons: Barry Bannister, Bitcoin, Bannister, CNBC's, it's, Stifel Organizations: Nvidia, Nasdaq
Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year. Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year. Spot gold was up 0.1% at $2,360.95 per ounce as of 0344 GMT, after hitting a two-week high in the previous session. Lower interest rates reduce the opportunity cost of holding non-yielding bullion. Spot silver fell 0.4% to $30.60 per ounce, platinum was up 0.4% at $982.45 and palladium gained 0.8% to $930.98.
Persons: Bullion, Kelvin Wong, Wong, Luca Santos Organizations: U.S . Federal, Asia Pacific, Gaza, ACY Locations: Gaza, OANDA, U.S
Russia is open to "comprehensive" security talks with the U.S., so long as they include the war in Ukraine, Kremlin spokesperson Dmitry Peskov said Friday. "We are open to dialogue, but to a broad, comprehensive dialogue that covers all dimensions, including the dimension related to the conflict around Ukraine, the involvement of the United States in this conflict," Peskov said, according to a Google-translated report by Russian state news agency Tass. His comments came in response to the possibility of holding talks with Washington on nuclear risks apart from the Ukrainian conflict. Russia has so far been largely isolated from West-led diplomacy to resolve the conflict with Kyiv — and was most recently not invited to the Summit on Peace in Ukraine of June 15-16. Kyiv has solicited membership but cannot accede to the coalition while an active conflict wages on its territories.
Persons: Dmitry Peskov, Peskov, Dmitry Medvedev, Medvedev, Barack Obama Organizations: U.S, Kremlin, CNBC, U.S . State Department, Kyiv —, Senior, NATO Locations: Russia, Ukraine, United States, Russian, Washington, West, Peace, Moscow, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple's biggest challenges to bring its AI products to ChinaApple will face a number of challenges as it looks to bring Apple Intelligence to China due to Beijing's strict rules around AI. CNBC's Arjun Kharpal breaks down the hurdles the Cupertino giant faces.
Persons: CNBC's Arjun Kharpal Organizations: China Apple, Apple Intelligence Locations: China, Cupertino
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPaying close attention to market darlings coming under pressure, says Citi's KaiserStuart Kaiser, Citi head of equity trading strategy, joins 'Squawk on the Street' to discuss how the market rebalancing may have affected this week, Nvidia's price action in yesterday's session, and much more.
Persons: Citi's Kaiser Stuart Kaiser Organizations: Citi
I traveled to my first Art Basel, an international art fair hosted each summer in Basel, Switzerland. Collectively, this made up Art Basel, the world's premiere art show, where more than 250 gallerists feature 4,000 artists. Photo Basel and the Liste Art Fair Basel are hosted on the same weekend. Clara Tuma for BIBefore arriving in Basel, the art fair felt vaguely familiarI can't pinpoint the first time I heard about Art Basel. Growing up in Florida, I'm sure I heard murmurs about Art Basel Miami, one of the four locations where Art Basel fairs are held each year.
Persons: , Paloma Varga Weisz, Gordon Parks, Pat Steir, Clara Tuma, could've, I'm, David Zwirner, Joan, Serena Williams, Julio Le Parc, Ryan Gander, Keith Haring, Francisco Sierra's, Alfredo Jaar's, Seba Calfuqueo, gallerists, crosse, Beyeler, Agnes Denes, Basel's, Mandy El, Eric Hattan, Eric Hattan's Organizations: Art Basel, Service, Art, BI, Liste Art Fair, Basel, Art Basel Miami, FDR, New, Botanical, tote Locations: Basel, Switzerland, Art Basel, Swiss, Art, Florida
CNN —Donald Trump’s conviction in his criminal hush money trial last month led to the two largest single days of fundraising for his White House campaign this cycle, newly released campaign finance reports show. On May 30 and May 31 — the day of the conviction and the day after — at least $27 million in itemized contributions flowed into the former president’s main campaign committee, according to a CNN analysis of donors giving at least $200 over the cycle. Prior to the conviction, the two largest fundraising days were following Trump’s indictment in the hush money case in Manhattan in early April 2023 — his first indictment — and his booking into the Fulton County jail in late August for charges in the Georgia 2020 election subversion case. But each of those days brought in daily itemized contributions closer to $1.3 million, less than a tenth of the nearly $15 million that flowed into the campaign on May 30 of this year, the records show.
Persons: Donald Trump’s, Organizations: CNN, White Locations: Manhattan, Fulton, Georgia
The unemployment rate, which has remained low for two years, has been inching higher in the first half of the year, according to data from the Bureau of Labor Statistics. For the first time since January 2022, the unemployment rate ticked to 4.0% last month, up from 3.9% in April. Even though the employment rate has reached the highest it has been in a couple of years, 4% is still historically low, experts point out. Economists say people shouldn't be too concerned because both the number of jobs and the size of the labor force are growing. May's unemployment rate was impacted heavily by people, particularly those who are between 20 and 24 years old, entering and reentering the workforce, according to Moody's Analytics head labor economist Marisa DiNatale.
Persons: Marisa DiNatale, DiNatale Organizations: Bureau of Labor Statistics, Google
The Federal Reserve may cut interest rates in July to prevent a recession. Markets are only pricing in a 10% chance of an interest rate cut in July, according to the CME FedWatch Tool. AdvertisementMarkets may think it's a long-shot, but the Federal Reserve could make its first interest rate cut in July as recessionary cracks start to form in the economy. According to the CME FedWatch Tool, markets are only pricing in a 10% chance of an interest rate cut at the July policy meeting, with most market participants expecting the first interest rate cut to happen in either September of November. And with recent data showing cracks forming in the housing and labor markets, that means a rate cut will happen sooner than most expect.
Persons: , Steven Blitz, Jerome Powell, Powell, Neel Kashkari Organizations: Service, Federal Reserve, GlobalData, Fed
With any luck, if your employer has instituted a Summer Fridays policy, you’ll get to knock off work early or even take the whole day off. Only 13% of US employees, for instance, said their organizations had Summer Fridays, in a 2023 survey commissioned by consulting and research firm Gartner. Among US employers, a survey last year from HR consulting firm Mercer found that only 19% said they offered summer working hours, up from 15% in 2021. Nevertheless, some employees may have even better options today, thanks to the transformation of work culture spurred by the pandemic. But Caitlin Duffy, senior director of Gartner’s HR practice, said she wouldn’t be surprised if Summer Fridays become less of a featured benefit from employers because flexible work has become so much more prevalent.
Persons: you’ll, It’s, Mercer, Caitlin Duffy, wouldn’t, Duffy, she’s, , Rich Fuerstenberg, you’ve Organizations: New, New York CNN, Gartner, Pew Research Center Locations: New York
AdvertisementThat's three years later than the Air Force planned to have the re-engined planes operating. U.S. Air Force photo by Tech. A U.S. Air Force B-52H Stratofortress assigned to the 20th Expeditionary Bomb Squadron at Barksdale Air Force Base, Louisiana, arrives on the flightline August 4, 2023, as part of a Bomber Task Force mission at Andersen Air Force Base, Guam. The Air Force plans to keep the planes in service until 2050, almost 100 years after the first B-52 entered service. The Air Force continues to rely on the B-52s for long-range strategic bomber missions, even though they lack the speed of the B-1 Lancers and the stealth of the B-2 Spirits.
Persons: , Joshua J, Garcia, Nia Jacobs Organizations: Service, US Air, Business, Air Force, Royce, Pilots, 2nd Bomb, RAF Fairford, U.S . Air Force, Tech, Inside Defense, Department of Defense, 20th Expeditionary Bomb, Barksdale Air Force Base, Bomber Task Force, Andersen Air Force Base, The Air Force, Lancers Locations: United Kingdom, Louisiana, Guam, U.S, Arizona
The three-judge appeals panel that denied Mr. Bannon’s emergency motion on Thursday was split, 2 to 1, with Judge Justin R. Walker dissenting. Judge Walker noted that Mr. Bannon was petitioning the Supreme Court to consider his case and wrote that he should remain free until it decides whether to hear his appeal. Mr. Bannon’s lawyers have argued that his case involves important legal questions surrounding the separation of powers. At trial, they argued that Mr. Bannon was acting on the advice of lawyers who counseled him that he could disregard the subpoena under former President Donald J. Trump’s executive privilege. Mr. Bannon had served briefly as Mr. Trump’s top political adviser in the White House but had left the position long before the attack on the Capitol.
Persons: Stephen K, Bannon’s, Bannon, Trump, Justin R, Walker, Judge Walker, Donald J, Trump’s Organizations: Capitol
Meanwhile, Jefferies increased its price target on Ingersoll Rand. Nagel also lifted his price target by $10 to $120, which now suggests shares have upside of 25.6%. Analyst Jason Bednar kept his overweight rating on the dental health stock while slashing his price target by $45 to $330. — Alex Harring 5:56 a.m.: Jefferies raises Ingersoll Rand price target The outlook for Ingersoll Rand is looking brighter after a recent acquisition, according to Jefferies. Analyst Stephen Volkmann reiterated his buy rating on the industrial stock and raised his price target to $110 from $105.
Persons: D.A, Davidson, Jefferies, Ingersoll Rand, Oppenheimer, bullish, Brian Nagel, Nagel, — Alex Harring, Piper Sandler, Jason Bednar, Bednar, Howard Ma, Ma, Evercore ISI's Amit Daryanani, Stephen Volkmann, Fred Imbert, Rudy Kessinger, Kessinger, Palo, PANW, Alex Harring Organizations: CNBC, Palo Alto Networks, Nike, Technology, 2Q, Guggenheim, workloads, Jefferies, ILC, Palo, Network Security, Cloud Security, Security Locations: ILC Dover, Palo Alto, Palo
The latest batch of US sanctions against Russia will promote further use of the yuan, a think tank said. It argued that as ruble volatility increases, the Chinese currency will offer stability. While sanctions also threaten Chinese entities, they won't be enough to disrupt yuan trading, it said. AdvertisementFresh sanctions on Russia are too late to be a game-changer, but they will help cement the role of China's yuan in place of Western currencies, a think tank said. "In May, its share in exchange trading once again hit a new record, reaching 53.6 percent.
Persons: , Alexandra Prokopenko, Prokopenko Organizations: Russia, Service, Carnegie, Carnegie Russia Eurasia Center, Kremlin Locations: Russia, Carnegie Russia, Moscow, Beijing, Kazakhstan, UAE
Read previewOlive Garden's parent company says the Italian chain is bucking industry traffic trends and luring in diners by not raising prices as much as its competitors. Despite this, Olive Garden's same-restaurant sales in the quarter fell by 1.5% year-over-year, Vennam said. Olive Garden's average prices went up by about 1% in the quarter, he said. Olive Garden is planning to increase prices by between 2.5% and 3% over the next year, Vennam said. AdvertisementBut Olive Garden's approach of focusing on low prices generally rather than offering hefty discounts was more sustainable in the long run, he said.
Persons: , Olive, Olive Garden's, Raj Vennam, Vennam, Rick Cardenas, Chris Steak, Cardenas, Olive Garden Organizations: Service, Darden, Business, LongHorn Locations: Olive
Read preview"Perfect Wife: The Mysterious Disappearance of Sherri Papini" tells the story of a woman who went missing on November 2, 2016, after she staged her own kidnapping. The Hulu true crime docuseries details how Sherri Papini was found 22 days later in Yolo County, California, near Interstate 5, some 150 miles away from her home in Redding, California. AdvertisementShe signed a plea deal admitting that she had lied to the authorities and that the kidnapping never happened. Papini was released from prison in 2023Sherri Papini leaves the federal courthouse after being sentenced to 18 months in prison in September 2022. Rich Pedroncelli/APAccording to the Federal Bureau of Prisons, Papini was officially released from prison on September 29, 2023.
Persons: , Sherri Papini, James Reyes, Denise Huskins, Matthew Muller, Papini, Reyes, Keith Papini, Rich Pedroncelli, Papini's, I've, Violet, Tyler Organizations: Service, Business, Netflix, FBI, Federal Bureau of Prisons, CBS News, Redding, USA Locations: Yolo County , California, Redding , California, Costa Mesa, Sacramento , California, California
On Friday, the value of his 115 million shares of Trump Media had dropped to less than $3 billion. By any measure, Mr. Trump’s stake is still worth a tremendous amount of money. But the social media company’s shares have been extremely volatile, as highlighted by the steep decline this month. Trump Media’s stock price traded as high as $66 after its merger with a public shell company in late March, and as low as $23 a few weeks later. The stock traded just above $25 on Friday, down 5 percent on the day.
Persons: Donald J, Trump’s Organizations: Trump Media & Technology Group, Truth, Trump Media, Trump Locations: New York
Most of the earnings reports — 25 out of 32 portfolio names — were ranked as good or great by the Investing Club. Similar to prior quarters, we grouped company results into one of four categories. Meta Platforms : Sales, earnings and cash flow results all topped expectations . However, sales and earnings both outpaced expectations, as did return on tangible common equity, a key consideration when valuing banks. The company also raised its outlook for full-year earnings growth to 25% year-over-year from 20%.
Persons: we're, Dover, Eli Lilly, Blackwell, Abbott, , Wall, We'll, Morgan Stanley, Nikesh, Stanley Black, Wells, Estee Lauder, Fabrizio Freda, Jim Cramer's, Jim Cramer, Jim, Hock Tan, Broadcom Lucas Jackson Organizations: Investing, Apple, Services, Broadcom, VMware, Coterra, DuPont, Microsoft, Nvidia, Wynn Resorts, Super, Abbott Labs, Web Services, Constellation Brands, Constellation, Ford, Ford Pro, Wall Street, Alto Networks, Procter & Gamble, TJX, GE Healthcare, Honeywell, Linde, Jim Cramer's Charitable, CNBC Locations: Dover, China, Eaton, Las Vegas, China's Macao, billings, Wells Fargo,
CNBC Daily Open: S&P 500 briefly crosses 5,500, closes lower
  + stars: | 2024-06-21 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
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. S&P 500 slips from record highThe S&P 500 briefly passed the 5,500 mark for the first time before ending the session lower. Open AI challengerAnthropic, a leading AI competitor to OpenAI, unveiled Claude 3.5 Sonnet, its most advanced AI model to date. [PRO] AI real estateCiti analysts pinpoint a "compelling emerging" real estate trend fueled by AI and nearshoring.
Persons: Gilead, Anthropic, Claude, Donald Trump's, Trump, Masato Kanda Organizations: New York Stock Exchange, CNBC, Nasdaq, Nvidia, Dow Jones, Gilead Sciences, Google, Trump Media, New, Nikkei, Bank of, Reuters, United, CSI, Citi Locations: New York City, U.S, New York, Japan, United States, Asia, Pacific
Meanwhile, Melius Research upped its price target on the leading artificial intelligence chipmaker to $160 a share from $125. Their new price target is $477 a share, down from $535. DA Davidson started coverage of Club name Palo Alto Networks with a buy rating and price target of $380 a share. Snowflake 's price target at Wells Fargo was lowered to $200 a share from $225, though analysts kept their buy rating on the data-analytics stock. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Stocks, Dow, Oppenheimer, Bernstein, Toni Sacconaghi, It's, Northrop Grumman, Analysts, Davidson, billings, Morgan Stanley, Frank Slootman, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Nvidia, Research, Nike, Analysts, Apple, Northrop, Palo Alto Networks, Alcoa, JPMorgan, Kroger, Jim Cramer's Charitable, CNBC Locations: Freeport, McMoRan, Wells
While the expansion of legal sports betting has made gambling more accessible, it's also helped spot infractions like these. The MLB also said it was tipped off about Marcano's betting activity by a legal sports-betting operator, ESPN reported. "When you are operating in the dark, you have no idea what is actually happening — if refs are partaking in illegal betting or players are partaking in betting," Slane said. Many US states where sports betting is legal require gambling companies to work with a licensed independent integrity-monitoring service, like IC360 or Sportradar, to identify suspicious betting activity. They could be college football players betting on the NFL, or NFL players betting on games their teams weren't playing in.
Persons: , Jontay Porter, Tucupita Marcano, Lucas Paqueta, he's, It's, Shohei Ohtani, it's, Sara Slane, Pete Rose, sportsbooks, Matt Holt, Porter, Holt, that's, Slane, They're, Jim Brown, bettors, Brown, Sportradar, they're, IC360 Organizations: Service, NBA, Toronto Raptors, Raptors, San Diego Padres, Premier League, Football Association, Business, University of Alabama, Dodgers, Sports, Major League Baseball, MLB, ESPN, IC360, Alabama baseball, Iowa State University, Leagues, North America, NFL Locations: Slane, Ohio, sportsbooks, North, Sportradar, Colorado
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