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☆ Stock market today: US stocks slide as high-profile earnings disappoint
▼ + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks tumbled on Wednesday as traders digested weak tech earnings. Tesla missed on earnings last quarter, while Alphabet said YouTube ad revenue fell short. AdvertisementUS stocks continued their slide on Wednesday, led by a decline in tech stocks after Alphabet and Tesla reported earnings for the second quarter. Investors mulled a disappointing round of earnings reports on Tuesday, with Tesla missing earnings estimates and Alphabet reporting that its YouTube ad revenue fell short the last quarter. Investors are eyeing a slew of coming high-profile earnings, with Meta, Apple, and Amazon on deck to report their financials next week.

Persons: Tesla, —, David Morrison, Will today's Organizations: Service, YouTube, Elon, Trade, Meta, Apple, Here's

☆ Why immigration is boosting the US economy, according to Nobel economist Paul Krugman
▼ + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewImmigration isn't taking jobs away from Americans — and it's actually great for the US economy, according to Nobel laureate Paul Krugman. The unemployment rate among native-born workers remains near a historical low US Bureau of Labor Statistics/Federal ReserveThe labor force participation rate among native-born workers has been on the decline, but among prime-age native-born workers, the labor force participation rate has actually been rising, Fed data shows. Advertisement"So the near stagnation of native-born employment isn't a demand-side issue, in which people aren't working because they can't find jobs. If we didn't have the immigrants, we wouldn't have the jobs," Krugman wrote. AdvertisementOther economists and strategists on Wall Street have said immigration could end up being a big boost to the economy.

Persons: —, it's, Paul Krugman, Trump, Krugman, they've, We've, There's, aren't Organizations: Service, The New York Times, Business, Federal Reserve, Bureau of Labor Statistics, US, of Labor Statistics, Fed, Congressional, Office Locations: America, Foreign

☆ Stock market today: Nasdaq suffers worst day since 2022 as weak earnings spark steep sell-off
▼ + stars: | 2024-07-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US stocks dropped Wednesday, with the Nasdaq seeing its steepest single-day loss since 2022. AdvertisementUS stocks dropped on Wednesday, led by a steep sell-off in the tech sector after the first batch of mega-cap earnings disappointed investors. Tesla shares dropped 12% after the carmaker missed earnings estimates and logged a big drop in auto revenue. AdvertisementOther mega-cap tech stocks also tumbled in Wednesday's session as investor sentiment soured. Investors are waiting on more mega-cap tech earnings, with Meta, Apple, and Amazon set to report their financials next week.

Persons: — Organizations: Nasdaq, Service, Dow Jones Industrial, YouTube, Nvidia, Meta, Tech, Apple, Here's Locations: Tech

☆ Tesla earnings call live updates: Elon Musk's EV maker to report quarterly earnings today after market close
▼ + stars: | 2024-07-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Tesla is set to report second-quarter earnings after the closing bell on Tuesday. Wall Street is more bullish after Tesla reported better-than-expected deliveries for the second quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla investors are eagerly awaiting the company's second-quarter results as they look for signs that the strongest headwinds have passed after a tough start to the year. The carmaker is set to report financials for the second quarter on Tuesday after the closing bell.

Persons: Tesla, —, Elon Musk Organizations: Service, Elon, Business

☆ The Fed is only going to cut rates once in 2024 as shelter inflation is too high and the job market is hot, Vanguard says
▼ + stars: | 2024-07-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The Fed will only cut interest rates 25 basis-points this year, Vanguard predicted. Central bankers will be held back by high shelter costs and a strong job market, the firm said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Federal Reserve is likely to cut interest rates just once this year, as housing costs are too high and the job market is still too hot, Vanguard said. That's a lot less than more ambitious rate cut scenarios see for the rest of this year, with investors expecting as many as three rate cuts by December, according to the CME FedWatch tool.

Persons: — Organizations: Vanguard, Service, Business

☆ Soaring rents have sent evictions spiking 35% in pandemic boom towns
▼ + stars: | 2024-07-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Evictions are rising in housing markets that saw big demand during the pandemic, according to data from the Eviction Lab. That's partly due to high rent prices in the region, which are burdening renters, researchers said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRental housing in pandemic boom towns has become so expensive that many areas are seeing a huge spike in evictions. That's partly due to high rent prices, researchers said, fueled by big shifts in where Americans lived and worked during the pandemic, a trend that drove many renters to the Sun Belt.

Persons: — Organizations: Service, Princeton University, Business

☆ 'Turnaround has begun': Wall Street is bullish on Tesla earnings as it looks toward Robotaxi reveal and full self-driving
▼ + stars: | 2024-07-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Wall Street analysts are bullish on updates about the firm's Robotaxi and FSD technology. Tesla's energy business could also be key to its long-term growth, strategists said. Investors now are eagerly waiting on key updates from the company, with all eyes on Tesla's Robotaxi Day in early October. The firm said it would continue to look out for updates on Tesla's Robotaxi and its more-affordable vehicle, which is expected to be released in the coming years. The firm maintained its three-star rating on Tesla stock and assigned a fair value of $200 per share, implying 20% downside.

Persons: —, eyeing, Elon, Tesla, Musk, hasn't, Tesla's, Garrett Nelson, Nelson, Morgan Stanley, Oppenheimer, TSLA, Morningstar, Seth Goldstein, Goldstein Organizations: Wall Street, Service, EVs, Street, Wedbush Securities, Tesla Energy, Morningstar Locations: China

☆ The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst. That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI. AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted. In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data. It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.

Persons: —, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's Organizations: Service, Business, National Association of Realtors, Builders Locations: Florida, Southern, Texas

☆ Stock investors are staring down a bearish trifecta that could spark a 12% market drop by October, strategist says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

He's steering clear of Big Tech stocks, and for now he's only bullish on "dull, boring, and predictable" names. Tech stocks now account for highest portion of the S&P 500 since the early 2000s, according to an analysis from Société Générale. AdvertisementAnother risk to stocks lies in interest rates, Blain said, as borrowing costs look poised to stay higher for longer. "There is an awful lot of people in the financial markets who just don't understand that zero interest rates and ultra-low interest rates are not normal," Blain added. AdvertisementThe final risk Blain is eyeing is the upcoming presidential election, which contains a handful of uncertainties that could batter stocks, Blain said.

Persons: Bill Blain, Blain isn't, —, that's, Blain, Biden, he's, Générale, John Hussman, I've, eyeing, We've, Morgan Stanley, Stifel, Richard Bernstein Organizations: Big Tech, Service, China, Nasdaq, Tech, stoke, Richard Bernstein Advisors

☆ The housing market is close to a rare buying opportunity as prices are set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

☆ Russian inflation will soar even higher as sanctions spark another surge in gas prices, British intelligence says
▼ + stars: | 2024-07-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Russian inflation will likely rise after the nation hiked its gas prices, British Intelligence said. Russia raised domestic gas prices 11% at the start of July. Inflation in Russia has remained elevated since the Ukraine war, clocking in at 8% in June. AdvertisementRussian inflation will worsen after a sudden spike in gas prices, according to a new report from the UK intelligence. Domestic gas prices in Russia spiked 11% at the start of July, likely to make up for industry losses stemming from Western sanctions, the note said.

Persons: — Organizations: British Intelligence, Service, British Ministry of Defence, Business Locations: Russia, Ukraine

☆ The stock market is flashing warning signs as tech shares are a 'valuation timebomb,' SocGen says
▼ + stars: | 2024-07-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The SocGen strategist has been warning of a recession and coming stock crash for months. The tech sector is showing a number of signs that valuations are an overstretched "timebomb," he said. AdvertisementThe stock market is flashing warning signs that the tech stock frenzy is about to end, according to one of Wall Street's most bearish analysts. "As time marches on, there are few of us left who were in the industry during the 2000 Nasdaq crash let alone the 1987 crash. Analysts are expecting tech stocks to post forward earnings growth of around 30% year-over-year, Edwards noted, though tech stocks have actually been posting around 20% yearly earnings growth.

Persons: Albert Edwards, —, He's, Edwards, Russell, Morgan Organizations: Service, Societe Generale, Nasdaq, Tech

☆ Why a recession will strike in 2025, according to a veteran economist
▼ + stars: | 2024-07-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe US hasn't dodged a recession, and the economy is slowing too quickly to nail a soft landing, according to top economist Steve Hanke. AdvertisementM2 money supply has contracted for most of the past two years, and grew by just 0.5% year-over-year in early June, according to Fed data. That compares to early 2021, when the M2 money supply grew at 27% as pandemic stimulus juiced economic activity. The growth rate of the money supply is also well-below the 6% growth rate Hanke estimates is on par with 2% inflation. "The average guy on the street corner knows that if they goose the money supply, you're going to get inflation.

Persons: —, Steve Hanke, Johns Hopkins, Hanke, Julia La Roche, — we've Organizations: Service, Business, Federal Reserve, Fed, US, New York Fed Locations: New

☆ Americans want prices to go down, but deflation could spark a wave of unemployment, top economist Paul Krugman says
▼ + stars: | 2024-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Falling prices could bring on a spike in unemployment and wage cuts, according to Paul Krugman. The Nobel economist pointed to pressure from consumers to lower high prices. The US appears to be entering a soft landing, he said, where inflation eases without a rise in unemployment. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAmericans hate high prices — but there's a reason people should hope the cost of goods and services don't drop back to pre-pandemic levels, according to Nobel laureate Paul Krugman.

Persons: Paul Krugman, — Organizations: Service, The New York Times, Business

☆ An ultra-safe corner of the commercial real estate debt market is seeing losses as the sector struggles
▼ + stars: | 2024-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Commercial real estate pain is sparking defaults in bonds backed by loans on high-quality properties. The recent stress is a sign of deep pain in the sector as values wobble and loans reach maturity. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPain in commercial real estate has spread to an even ultra-safe corner of the commercial mortgage market, with losses being seen for bonds backed by debt on the highest quality properties. Defaults on single-asset, single-borrower bonds — which are commercial mortgage-backed securities tied to a single, high-quality property —have skyrocketed over the past few years, according to Commercial Real Estate Finance Council data cited by the Wall Street Journal.

Persons: — Organizations: Service, Real Estate Finance, Wall Street, Business

☆ Russia's weakened energy trade and lost access to the dollar will spark a severe recession within a year, a top economist says
▼ + stars: | 2024-07-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewVladimir Putin's claims that Russia's economy is doing just fine may soon be hard to back up. That's mainly because Russia is losing two things its economy desperately needs, he told Business Insider — a robust energy trade and a steady flow of US dollars. Moscow's economy is extremely dependent on petrodollars, or dollars obtained through the oil and gas trade, Gorodnichenko said. AdvertisementThat could put Russia's economy on the fast track to a recession in the next 12 months, Gorodnichenko predicted. Withering energy empireThe energy trade is Russia's biggest money maker.

Persons: —, Vladimir Putin's, Yuriy Gorodnichenko, Gorodnichenko, Putin, Gorodnichkeno Organizations: Service, UC Berkeley, Business, Kremlin, Bank for International Settlements, Soviet Union Locations: Russia, Ukraine, Soviet, Soviet Union, China

☆ Pain is coming for 2 sectors as high rates cut off the 'lifeblood' of easy leverage, billionaire Oaktree founder Howard Marks says
▼ + stars: | 2024-07-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Tighter lending could weigh heavily on private equity and real estate, according to Howard Marks. Experts have cautioned on commercial real estate in particular as looming debt maturities pose a risk. That's created "fundamental questions" in specific parts of the real estate market, like office and retail properties, he added. The wider commercial real estate sector has over $1 trillion in debt set to mature in 2024, per Goldman Sachs. Billionaire investor Barry Sternlicht recently said he foresaw weekly bank closures and extreme losses in commercial real estate as high interest rates impact the sector.

Persons: Howard Marks, Marks, —, Banks, That's, Goldman Sachs, Barry Sternlicht Organizations: Service, Oaktree Capital Management, Bloomberg, Federal Reserve, Federal Deposit Insurance Corporation, Billionaire

☆ Investors have lined up over $250 billion to scoop up distressed commercial real estate as pain in the sector continues
▼ + stars: | 2024-07-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Commercial real estate values have been on the decline in the US. Related storiesBanks, meanwhile, are quietly shedding exposure to commercial real estate debt. AdvertisementInvestors have been watching the commercial real estate industry since the pandemic when the work-from-home trend cleared offices of workers. Some real estate veterans are calling for a major correction in the industry. The commercial property sector, in particular, could see a wave of bankruptcies and properties with forced sales, according to Kiran Raichura, the deputy chief property economist at Capital Economics.

Persons: —, Banks, Goldman Sachs, Torsten Slok, Moody's, Kiran Raichura, Raichura Organizations: Service, Bloomberg, Business, Deutsche Bank, New York Times, Capital Economics Locations: North America, American

☆ Stock market today: S&P 500 closes at a fresh record above 5,600 as traders brace for June inflation
▼ + stars: | 2024-07-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks climbed Wednesday, with the S&P 500 closing at a record high. Traders are waiting on the June inflation report, which will be a key input for Fed policy. Investors are anticipating two rate cuts from the central bank by year-end, per the CME FedWatch tool. AdvertisementUS stocks rose on Wednesday as traders waited for upcoming inflation data and took in Powell's testimony before Congress. Still, the outlook for Fed rate cuts was little changed.

Persons: —, Powell Organizations: Traders, Service, Dow Jones, Nasdaq

☆ Stock market today: Indexes poised for another record as traders digest Fed commentary
▼ + stars: | 2024-07-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks climbed higher on Wednesday and were poised to notch another fresh record. Traders were feeling upbeat after Fed Chair Powell delivered slightly dovish guidance on rate cuts before Congress on Tuesday. Investors are pricing in around two rate cuts by the end of the year, though bets on three rate cuts by December rose slightly, according to the CME FedWatch tool. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:Advertisement

Persons: —, Powell, Hogan, Riley Wealth Organizations: Fed, Service, Traders Locations: Here's

☆ 3 reasons why bitcoin could soar to $100,000 this year, according to Anthony Scaramucci
▼ + stars: | 2024-07-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Bitcoin is still on track to see a major rally by the end of the year, Anthony Scaramucci said. Those catalysts include waning selling pressure, crypto repayments, and promising crypto legislation. Around 40%-50% of payouts could end up being reinvested in crypto, Scaramucci estimated, based on the loyalty many "hardcore" early bitcoin investors have. That's one promising sign bitcoin is becoming a more widely accepted storage of value, which is bullish for its long-term trajectory, Scaramucci said. Bitcoin's price has been depressed partly due to temporary selling pressure, Scaramucci said.

Persons: Bitcoin, Anthony Scaramucci, —, Scaramucci, That's Organizations: Service, Skyridge, bitcoin, CNBC, GOP, Intelligence Locations: bitcoin, United States

☆ Forget AI: These 3 overlooked areas of the stock market have 'coiled spring' upside, JPMorgan says
▼ + stars: | 2024-07-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewInvestors are still overtaken by the frenzy for generative AI — but there are underappreciated areas of the market that could offer gains like "coiled springs," according to JPMorgan Asset Management. Related storiesBy the fourth quarter of 2024, JPMorgan expects earnings expansion for the other 493 S&P 500 stocks to match that of the Magnificent 7, a dynamic shown in the chart below. Earnings growth is expected to climb in the S&P 500, barring the Magnificent Seven stocks. These stocks are bound to see upside due to "unexpected resiliency" in the US economy and the rising need to transport materials.

Persons: —, Microsoft — Organizations: Service, Asset Management, Nvidia, Meta, Microsoft, Business, JPMorgan, JPMorgan Asset Management, Semiconductors

☆ Stocks will struggle and a recession is on the table if the Fed fails to cut rates by September, Wharton professor Jeremy Siegel says
▼ + stars: | 2024-07-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The rally in stocks could be endangered if the Fed doesn't cut rates soon, Jeremy Siegel warned. The Wharton professor made the case for the central bank to cut rates in September as data softens. AdvertisementThe rally in stocks and the strength of the economy is at risk if the Fed doesn't start cutting interest rates soon, according to Wharton professor Jeremy Siegel. No rate cut in September could put a recession on the table, Siegel warned, in addition to endangering the trajectory for stocks. Advertisement"So although I think stocks are still in an uptrend and the growth stocks are still certainly walloping the value stocks, I think Powell has to take note," Siegel said.

Persons: Jeremy Siegel, Wharton, —, who's, Siegel, Powell Organizations: Service, CNBC, Atlanta Fed, New, Fed

☆ Stocks are likely to see a 10% correction as earnings weaken and election uncertainty swirls, Morgan Stanley CIO says
▼ + stars: | 2024-07-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Stocks are likely to drop around 10% between now and the November election, Morgan Stanley predicted. That's because corporate earnings look weak and need several catalysts to improve, the bank's Mike Wilson said. Other forecasters have sounded the alarm for a soon-to-come correction as stocks look overvalued. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementStocks are poised to see a double-digit drop, according to Morgan Stanley's Mike Wilson.

Persons: Stocks, Morgan Stanley, Mike Wilson, —, Morgan Stanley's Mike Wilson, That's, Wilson Organizations: Service, Bloomberg, Business

☆ How a New York short-seller took on one of the world's richest people, wiped out $150 billion in market value, and barely made any money
▼ + stars: | 2024-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +10 min

Read previewNate Anderson, the chief mind behind activist short-seller Hindenburg Research, has had an eventful past 18 months. AdvertisementDetailed below is the considerable back-and-forth that's taken place since Hindenburg's initial shot across the bow of Adani Group. It cited "numerous examples"of those companies funneling money through private companies owned by Adani, before cash was set to Adani's listed public companies. AdvertisementThe short-seller's investigation also found Adani's private and public companies to have "numerous" undisclosed transactions with other parties, the researchers found, which violates regulatory laws in India. Conflict over Hindenburg's short-selling arrangementIndian regulators have raised specific questions about the structure of Hindenburg's short bet on Adani Group.

Persons: —, Nate Anderson, Gautam Adani, Hindenburg, it's, Anderson, Gautam, Hindenburg's, Adani, SEC —, Kingdon, who's, he's, Nikola, Carl Icahn Organizations: Service, Hindenburg, Business, Group, Adani, Adani Group, Hindenburg Research, The Securities, Exchange Board, SEC, Kingdon Capital Management, Regulators, Lordstown Motors, Icahn Enterprises, New York Times, Times, charlatans Locations: India, Manhattan, Adani, New York

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