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An uptick in sausage demand can offer the latest sign of consumers tightening their belts as they continue grappling with high prices. There has been "modest growth" in the dinner sausage category for one producer, according to the Dallas Federal Reserve's Texas Manufacturing Outlook Survey released Monday. "This category tends to grow when the economy weakens," the respondent said, according to edited comments included in the Dallas Fed's report. That is because "sausage is a good protein substitute for higher-priced proteins and can 'stretch' consumers' food budgets." This anecdote pointed out by eagle-eyed Bespoke Investment Group on social media site X comes as grocery prices remain top of mind for consumers.
Persons: Fred Meyer Organizations: Dallas Federal, Texas Manufacturing, Dallas Locations: Kroger, Palmer , Alaska, An
It followed tens of thousands of complaints from Care.com customers, including many who thought they canceled memberships but were billed again. The FTC said Care.com enticed customers to buy auto-renewing memberships by overstating the number of jobs, or "gigs," on its platform and how much people could earn from them. It said Care.com knew or should have known a significant number of the jobs were unlikely to result in employment. About 2.9 million U.S. consumers bought Care.com auto-renewing memberships between January 2019 and March 2022. "Care.com used inflated job numbers and baseless earnings claims to lure caregivers onto its platform, and used deceptive design practices to trap consumers in subscriptions," FTC consumer protection chief Samuel Levine said.
Persons: Care.com, Samuel Levine Organizations: Federal Trade Commission, IAC Inc, FTC, Austin Locations: Care.com, Waltham , Massachusetts, Austin , Texas
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances. In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound. Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling.
Persons: , Scott Baker, Charles Schwab, Baker, “ It’s, ” Baker, “ Rather, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee, ” Candee Organizations: Northwestern University’s Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA’s Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S
More than halfway through the third quarter, many of the biggest commodity ETFs in the United States are in sizable holes. Kathy Kriskey, senior commodities ETF strategist at Invesco, said that oil supply is actually tight at the moment. The commodities slump could be partially due to mechanical factors in the market, such as low trading volumes combined with large commodity trading advisors betting against the sector, Kriskey said. "The price of corn has taken almost three full years from those 2022 spike highs to get back down. And oil, one of the biggest weights in commodity indexes, could see stepped up supply in coming months.
Persons: It's, Ryan Grabinski, Strategas, Kathy Kriskey, Kriskey, Sal Gilbertie, We're, Gilbertie, What's, Jerome Powell, Goldman Sachs, Morgan Stanley, Matijn, — CNBC's Michael Bloom Organizations: Strategy, United States Oil Fund, U.S ., Commodities, 4Q, DB Base Metals Fund Locations: United States, Ukraine, U.S, China
The Houthis first damaged the tanker on Wednesday with repeated attacks that caused a fire and a loss of engine power. Three fires blazed on a Greek-flagged oil tanker in the Red Sea, the United Kingdom Maritime Trade Operations said on Friday, one day after rescuers evacuated its crew in the wake of an assault by Yemeni Houthi militants . Later in the day, the Houthis posted a video on social media that purportedly showed them setting the tanker on fire. The damaged tanker, carrying 150,000 metric tons of crude oil, poses an environmental hazard, the EU's Red Sea naval mission Aspides said. The Sounion was the third vessel operated by Athens-based Delta Tankers to come under Houthi attack this month.
Persons: UKMTO, Aspides, Yahya Saree Organizations: United Kingdom Maritime Trade Operations, Authority, International Tanker Owners Pollution Federation, Delta Locations: Yemen, Eritrea, Iran, Israel, Gaza, Red, Yemeni, Djibouti, Caribbean, Tobago, Athens, Palestine
Hezbollah: What weapons does it have? A visual guide
  + stars: | 2024-08-24 | by ( Lou Robinson | ) edition.cnn.com   time to read: +4 min
Though no match for Israel’s military might, Hezbollah’s increasingly sophisticated arsenal has the potential to inflict significant damage on Israel and its allies in the region. As it fought in the trenches of that nearly decade-long war, Hezbollah became seasoned in urban warfare and solidified its alliances with other Iran-backed groups fighting in Syria. Throughout its decades-long conflict with Israel, Hezbollah has been engaged in asymmetric warfare. It has sought to grow its political and military might, while seeking to establish deterrence despite Israel’s military superiority. Because of Hezbollah’s growing power, a possible all-out war between Israel and Lebanon would thrust the Middle East into uncharted waters.
Persons: Yemen’s Houthis, Bashar al, Assad Organizations: CNN, Islamic Locations: Iran, Lebanon, Israel, Yemen, Syria, Gaza, Iraq, Red, Beirut, Islamic Republic
Can the G.O.P. Really Become the Party of Workers?
  + stars: | 2024-08-24 | by ( Noam Scheiber | ) www.nytimes.com   time to read: +1 min
The most surprising moment of this year’s Republican National Convention may have come on its first night, when the president of the Teamsters railed in prime time against corporate elites and denounced a “war against labor” by business groups. The gasps from some in the hall were almost audible on television. But in many ways, it was a little-noted speech the week before, by Senator Josh Hawley of Missouri, that was more revealing about the party’s evolving relationship with organized labor. If anything, Mr. Hawley, a rising Republican star who is one of the Senate’s most conservative members, seemed to outflank the Teamsters’ leader. His speech, delivered at the National Conservatism Conference, criticized Republicans who “cheerleaded for corporate tax cuts and low barriers for corporate trade, then watched these same corporations ship American jobs overseas.” Mr. Hawley concluded that, “in the choice between labor and capital,” his party must “start prioritizing the workingman.”
Persons: Josh Hawley, Hawley, , Mr, Organizations: Republican, Convention, Teamsters, National Conservatism Conference Locations: Josh Hawley of Missouri
Leopatrizi | E+ | Getty ImagesLawmakers want to crack down on "junk fees," but restaurants are trying to stay out of the fight. The Biden administration has broadly targeted so-called junk fees, like an undisclosed service charge for concert tickets or unexpected resort fees when checking out of a hotel. The Biden Administration is attempting to crack down on so-called "junk fees" in retirement accounts with a rule prosed by the U.S. Labor Department. Lobbyists vs. legislatorsOn the state level, restaurants have already had some success in getting excluded from the fight over junk fees. California's SB 478 law would ban so-called "junk fees".
Persons: Birkin, Biden, Joe Biden, Chip Somodevilla, Biden administration's crosshairs, Sean Kennedy, Kennedy, Andres Clavero, Clavero, Galit, Peter Demetri, Tai Huh, Huh, CSHG Organizations: Getty, National Restaurant Association, Federal Trade Commission, White, Biden Administration, U.S . Labor Department, National Women's Law, Cambridge Street Hospitality Group, Health, Restaurant Association, California's Locations: Los Angeles, Chicago, Washington ,, New York, Denver, Asian, Massachusetts, California, , Oakland , California
Read previewVice President Kamala Harris' proposal to combat grocery inflation hasn't elicited a range of opinions from economists, and many have turned to history to dispute her idea. Last week, the Democratic presidential nominee unveiled early details of her economic platform, which included a pledge to ban grocery price gouging. In a study from May, price gouging was the second leading perceived cause of inflation among surveyed consumers. AdvertisementWhether gouging deserves the blame for inflation, some have also criticized Harris' plan as an ineffective government overreach. Pundits have alluded to the price controls under President Richard Nixon.
Persons: , Kamala Harris, Kenneth Rogoff, Harris, Ed Yardeni, Price, Richard Nixon, Stephen Moore, Lindsay Owens, Donald Trump Organizations: Service, Democratic, Business, CNN, Republican, Cato Institute, Heritage Foundation, CNBC, Federal Trade Commission, New York Times Locations: Cal, Maine
Cooling global growth, continued geopolitical risks, and uncertainty around US election outcomes mean it could be a choppy ride for the next few months. But if US economic data stabilizes while global growth slows, as Bharadwaj expects, European currencies could be set for a violent snapback. "I do think that global growth right now is not holding up from our data trackers. "And in fact, we actually track global growth upgrades versus downgrades. And after a very long time, global growth downgrades are outpacing global growth upgrades, which indicates to me that even the global growth is not as rosy as markets are currently pricing it to be."
Persons: Jayati Bharadwaj, it's, Bharadwaj, you've Organizations: Service, TD Securities, Business, International Monetary Fund, Federal Reserve, Securities Locations: China, Europe, India
"Incredibly, the Fed raised rates 500 basis points under a false presumption — by over one million — of just how robust the jobs market was," Rosenberg said. AdvertisementIn addition to the yearly revisions, monthly payroll revisions from the Bureau of Labor Statistics have also been poor more recently. Related storiesOne is a model that aims to enhance the yield curve as a recession indicator by taking into account US businesses' ability to repay debts and the Fed's National Financial Conditions Index. A soft-landing outcome, where the Fed avoids sending the economy into recession, is also still the consensus view on Wall Street. With inflation down under 3% and rate cuts almost surely on the way, such a scenario is still seemingly possible.
Persons: , David Rosenberg, Rosenberg, Merrill Lynch, Pascal Michaillat, Emmanuel Saez, Vane, Chuck Prince, Ian Shepherdson, Shepherdson, payrolls, Jerome Powell, Powell Organizations: Service, Federal Reserve, Rosenberg Research, Business, Bureau of Labor Statistics, Fed, Treasury, Pantheon, Labor Locations: Jackson Hole , Wyoming
In fiscal 2022 and 2023 combined, Disney's experiences unit, which houses the parks, generated 67.5% of the company's operating income. That represents a significant deceleration in growth from its first and second quarters, when operating income rose 8% and 12%, respectively. Nispel argued that negative sentiment around Disney's theme parks performance could be a reason to have less conviction on the stock in the near term. The more excitement around its movies, the more interest in everything from theme parks to streaming services to branded merchandise. Operating income, in particular, rose more than $350 million year over year to $254 million.
Persons: that's, Disney, we're, Jim Cramer, Jeff Marks, amortization —, Brandon Nispel, Nispel, Bob Iger, Goldman Sachs, Goldman, Jim, Romulus, King, KeyBanc's Nispel, Jim Cramer's, Mickey Mouse, Minnie Mouse, Gary Hershorn Organizations: Disney, Magic, Club, Magic Kingdom, DIS, Comcast, CNBC, KeyBanc, Universal, Americas, , Hulu, ESPN, Walt Disney World, Corbis, Getty Locations: California, Florida, Magic, Orlando , Florida, Orlando, Animal Kingdom
Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors' finances. Meanwhile, states that legalized sports betting saw their residents' aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling. Yet there is likely a limit to how much the platforms will seek to restrict their own activities.
Persons: Scott Baker, Charles Schwab, Baker, It's, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee Organizations: Northwestern University's Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA's Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S
Mortgage rates dropped substantially earlier this month and they remain low today. 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 RatesLast week, average 15-year mortgage rates were 5.62%, a four-basis-point decrease from the previous week, according to Freddie Mac data. Mortgage rates have been elevated for most of 2024, but they've been trending down in recent months. Once the Fed cuts rates, mortgage rates should fall even further.
Persons: Jerome Powell, Powell, you'll, Freddie Mac, it's Organizations: Federal Reserve, Traders, Zillow Locations: Jackson Hole, Chevron
Opinion | Plan Beats No Plan
  + stars: | 2024-08-24 | by ( Binyamin Appelbaum | ) www.nytimes.com   time to read: +1 min
There’s no defining issue like tax cuts in 2000 or health care in 2008 or trade in 2016. Democrats are focused on convincing voters that Donald Trump poses an existential threat to the American way of life, and vice versa. But policy remains the purpose of politics, and the choice of a president is also the choice of a housing policy. Kamala Harris has a plan to address the nation’s housing crisis. Donald Trump (kind of) has one, too.
Persons: There’s, Donald Trump, Kamala Harris, Harris
Reuters —Three fires blazed on a Greek-flagged oil tanker in the Red Sea, the United Kingdom Maritime Trade Operations said on Friday, one day after rescuers evacuated its crew in the wake of an assault by Yemeni Houthi militants. The Iran-aligned Houthis, who control Yemen’s most populous regions, said on Thursday that they had attacked the Sounion oil tanker as part of their 10-month campaign against commercial shipping to support Palestinians in the war between Israel and Hamas in Gaza. The Houthis first damaged the tanker on Wednesday with repeated attacks that caused a fire and a loss of engine power. The damaged tanker, carrying 150,000 metric tons of crude oil, poses an environmental hazard, the EU’s Red Sea naval mission Aspides said. The Sounion was the third vessel operated by Athens-based Delta Tankers to come under Houthi attack this month.
Persons: UKMTO, , Aspides, Yahya Saree Organizations: Reuters, United Kingdom Maritime Trade Operations, Authority, International Tanker Owners Pollution Federation, Delta, Locations: Red, Yemeni, Iran, Israel, Gaza, Yemen, Eritrea, Djibouti, Caribbean, Tobago, Athens, Palestine
In recent weeks, Wall Street has placed greater emphasis on jobs data as investors try to gauge the health of the U.S. economy. As we've seen at various points this summer, political developments may also be influencing moves on Wall Street. 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, Stocks, Jerome Powell's, Powell, Stanley Black, Decker, Jim, It's, chipmaker's, Kamala Harris, Harris, Jim Cramer's Organizations: CNBC, Federal, Jackson, Decker, Nvidia, Blackwell, Democratic National Convention, Jim Cramer's Charitable Locations: U.S
The Boston Red Sox and Toronto Blue Jays will resume a June 26 game that was suspended for rain in what will be the first game of a doubleheader on Monday. Back in June, Jansen, then playing for the Blue Jays, was at the plate with one out and one on in the top of the second when the game was suspended. “I don’t even know how this works,” Jansen said when asked about the suspended game after he’d been traded to Boston. The Blue Jays will have some funky developments in the game, too. Though the suspended game will end on Aug. 26, it will be officially recorded as having taken place on June 26 in the record books.
Persons: Danny Jansen, Jansen, Alex Cora, ” Jansen, he’d, “ I’ve, Jayson Stark, John Schneider, Jose Berríos, Yariel Rodríguez, Berríos, Rodríguez, Paul Rutherford Organizations: Major League Baseball, Fenway, Boston Red Sox, Toronto Blue Jays, Blue Jays, Red Sox, Jays, Getty Locations: Boston
For investors holding Japanese assets denominated in yen, the decline of the currency led to the value of their gains increasing. McManus isn't the only one who increased his exposure into the Japanese market following the early August sell-off. Before the yen started to strengthen, "Japanese investors could benefit because their lives and portfolios are denominated in yen. As a result, an appreciating yen will help overseas investors realize gains from the Japanese market as it continues its rebound. "This suggests that, if the cycle is heading towards [a] period of persistent yen strength, global investors should overweight Japan," Jefferies said.
Persons: , we're, Janus Henderson, Julian McManus, McManus, Jefferies, Shrikant Kale, Janus Henderson's McManus, Morgan Stanley, Daniel Blake, Peter Perkins, Perkins Organizations: Toyota, Bank of, U.S, Nikkei, Bank of America, Macro Research, Partners, Federal Reserve Locations: Japan
Emery Wells put himself on the path to a dream career by recklessly buying a $17,500 camera that he definitely couldn't afford. By 2014, his post-production company Katabatic Digital brought in more than $1 million in annual revenue from clients like Coca-Cola and Pfizer. Wells: Post-production is client service work. Did you always think Frame.io could become a billion-dollar company? I don't know if we're really going to get there."
Persons: Emery Wells, who'd, Wells, John Traver, shuttering, Traver, I'd, Mark Zuckerberg, Mark, we're Organizations: CNBC, Adobe, Digital Cinema, Katabatic, Cola, Pfizer, Frame.io Locations: Wells, New York, Katabatic
Last year, China was the leading car supplier to Mexico, exporting $4.6 billion worth of vehicles to the country, according to the Mexican Ministry of Economy. "The Chinese automakers came to the country very aggressively," said Juan Carlos Baker, former Mexican deputy minister for international trade. That free trade access is part of the United States-Mexico-Canada Agreement (USMCA), a revised iteration of the North American Free Trade Agreement (NAFTA) that removed tariffs on many goods traded between the North American countries starting in 2018. "We've seen China do this in other types of manufacturing as well, from appliances to auto parts to steel," said Paul. Watch the video to learn more about how Mexico has become a hot spot for Chinese auto companies and how the next administration may impact EV trade policies.
Persons: BYD, Juan Carlos Baker, Scott Paul, We've, Paul, Michael Dunne, Dunne, Joe Biden, it's Organizations: Mexican Ministry of, Nuevo, Alliance for American Manufacturing, North American Free Trade, North Locations: U.S, Mexico, Washington, China, North America, Mexican, Durango, Jalisco, Nuevo Leon, United States, Canada, America
Trade Tracker: Jenny Harrington sells Solventum Corp.
  + stars: | 2024-08-23 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Jenny Harrington sells Solventum Corp.Jenny Harrington, CEO Gilman Hill Asset Management, joins CNBC's "Halftime Report" to explain why she's getting out of Solventum.
Persons: Jenny Harrington, she's Organizations: Solventum Corp, Asset Management Locations: Solventum
Dozens of boats zipped across Casco Bay during the Maine Lobster Boat Races on Saturday. That boat, a 32-footer with a powerful diesel engine, belonged to Jeremy Beal, 45, a large, soft-spoken man who comes from a long line of boat builders and lobstermen. “See, I grew up right in it,” he said between drags of a cigarette while leaning against the rail of his boat on the evening before the big race. For decades, Mr. Beal’s father, Wayne Beal, and an uncle, Calvin Beal, have built boats used by commercial fishers up and down the Maine coast. After years spent learning the family trade, Jeremy took over his dad’s business, Wayne Beal’s Boat Shop, in Jonesport, a seaside town more than 200 miles northeast of Portland.
Persons: Jeremy Beal, , Beal’s, Wayne Beal, Calvin Beal, Jeremy Organizations: Wayne Locations: Casco, Maine, Jonesport, Portland
Wall Street traders think next week's earnings report from Nvidia is likely to give the chip stock another boost, according to one interpretation of options market pricing. A Piper Sandler research note on Thursday from Benson Durham and Melissa Turner said short-term options on Nvidia look expensive, but that high cost is tilted toward options that serve as bets the stock will rise. So, expensive NVDA options in general don't connote very much investor angst heading into the release," the Piper Sandler report said. The market optimism about Nvidia extends beyond the immediate period after the earnings report, according to Piper Sandler. The Piper Sandler researchers did not take a fundamental position on Nvidia's earnings report.
Persons: Piper Sandler, Benson Durham, Melissa Turner Organizations: Nvidia, Apple, Microsoft
Citigroup opened a negative catalyst watch on Ulta Beauty and lowered its price target to $375 in anticipation of an earnings miss next week. Club holding TJX Companies ' quarterly results topped expectations earlier this week, and it also lifted its guidance. Uber has a similar partnership with Club holding Alphabet 's Waymo in Phoenix. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jerome Powell's, Jackson, Piper Sandler, Chewy, Wynn, Locker, Mary Dillon, Uber, Wells, Jim Cramer's, Jim Cramer, Jim Organizations: Federal, Nasdaq, Dow, Citigroup, UBS, Las Vegas Sands, Wynn Resorts, Ross, TJX Companies, Burlington Stores, Nike, Piper, Cruise, Club, BJ's Wholesale, Jim Cramer's Charitable, CNBC Locations: Macau, Las Vegas, Cava, Wells Fargo, Phoenix
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