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☆ A crypto data leak led the FBI to America's most wanted sex trafficking fugitive. Now, the victims want his bitcoins.
▼ + stars: | 2024-08-11 | by ( Laura Italiano | ) www.businessinsider.com time to read: +16 min

Four bitcoin wallets that led to sex-trafficking fugitive Michael Pratt's capture are seen in the bottom left corner. AdvertisementFrom Michael Pratt's 2019 criminal complaint. Federal prosecutors say Pratt increased traffic by forwarding each victim's video link to her school, work, family, and social connections. Michael Pratt's Swiss ID and Barcelona Mailboxes Etc. AdvertisementThese days, DeBarber runs the Baltimore-based Phoenix AI cybersecurity firm with cofounder Justine Li, a Girls Do Porn victim and plaintiff.

Persons: —, Michael James Pratt —, Pratt, Michael Pratt's, Michael Pratt, it's, Charles DeBarber, ike, ake, ould, ong, hough, erving, J ames, rove, ratt, ong K ong, egan, ove, arlene, lew, anni, rooke,, rian H olm,, wiss Organizations: Service, Spanish, Business, Spain's Policia Nacional, Policia Nacional, ust Locations: New Zealander, Madrid, Southern California, Spain, bitcoin, omiting,, ife, ictim

☆ How Warren Buffett's big Japanese investments fared in the global market rout
▼ + stars: | 2024-08-11 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

This week's violent global market meltdown started in Japan — where Warren Buffett has big investments — but the damage was limited. The Nikkei 225 index , a benchmark for Japanese stocks, plunged 12.4% on Monday, its worst day since "Black Monday" in 1987, triggering a domino effect globally. The stocks Buffett holds cratered as much as 30% initially, but bounced back by the end of the week along with the broader market. The Japanese trading houses also reported second-quarter earnings earlier this week, mostly exceeding analyst expectations and maintaining their full-year guidance. Away from Japan, Buffett was in a selling mood in the second quarter.

Persons: Warren Buffett, Buffett, Berkshire Hathaway, Buffett's, it's Organizations: Bank of Japan, Berkshire, Mitsubishi, Mitsui, Sumitomo —, Sumitomo, Tokyo Stock Exchange, Apple, Buffett Locations: Japan, Omaha, Berkshire

☆ On paper the stock market should be great, not on a knife's edge. But that's the opportunity
▼ + stars: | 2024-08-11 | by ( Jim Cramer | ) www.cnbc.com time to read: +13 min

For example, this season started with the banks roaring higher on great numbers, legitimately great numbers led by a phenomenal Bank of America quarter. The later just made no sense because it is pulling away from Intel on the low end and if Nvidia really does have production problems then AMD is the de facto winner. In fact, the only stock that didn't suffer from an Nvidia relation, Apple, got through earnings without too much trouble. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

Persons: —, techs, We've, Warren Buffett, Buffett, industrials Eaton, Donald Trump, we've, execs, I've, Kamala Harris, Trump, Jim Cramer's, Jim Cramer, Jim, Rob Kim Organizations: Federal Reserve, of America, Bank of America, Club, Apple, Fed, SL Green, Boston Properties, Nvidia, Arista Networks, Micron, Dell, Hewlett Packard Enterprise, Devices, Intel, AMD, Accenture, Deloitte, McKinsey, White, Jim Cramer's Charitable, CNBC Locations: Lowe's

☆ Ex-trucker awaiting trial in North Carolina murder is charged with suspected serial killings in California
▼ + stars: | 2024-08-10 | by ( Tim Stelloh | Tim Stelloh Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +3 min

A former long-haul trucker awaiting trial in the 1992 murder of a North Carolina woman was charged in the suspected serial killings of three more women in California more than four decades ago, authorities said Thursday. The women, all sex workers, were found dead in Port Hueneme, Oxnard and an unincorporated part of Ventura County, respectively, in May, September and December of that year, officials said. Cobb, 29, was found dead on an interstate northwest of Winston-Salem on July 7, 1992, according to the North Carolina State Bureau of Investigation. Court records for Alexander’s case in North Carolina were unavailable Friday night and it isn’t clear if he has entered a plea or who is defending him. Authorities are now working with the Federal Bureau of Investigation through its Highway Serial Killings Initiative to help identify other potential victims linked to Alexander, Nasarenko said.

Persons: Warren Luther Alexander, Kimberly Fritz, Velvet Sanchez, Lorraine Rodriguez, Facebook Alexander, Nona Cobb, Erik Nasarenko, Cobb, Alexander, Nasarenko, Cobb’s Organizations: Facebook, North Carolina State Bureau of Investigation, NBC, Authorities, Federal Bureau of Investigation Locations: North Carolina, California, Ventura County, Port Hueneme, Oxnard, Southern Calif, Winston, Salem, Diamondhead , Mississippi, Los Angeles

☆ A top 1% fund manager over the last 15 years warns a selling spiral threatens to sink the market — and shares 4 stocks he's betting on to capitalize on the turmoil
▼ + stars: | 2024-08-10 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Yes, the S&P 500 is just off of all-time highs following a 36% percent rally from October to July. Major stock prices begin to perform poorly, which drags down the S&P 500 Index, which in turn causes the selling of the index. The index selling puts a drag on the largest-cap stocks, which adds more legs to the index selling." The S&P 500 is up 49% since late 2022 as bears have continued to warn of downside. AdvertisementSecond, lower interest rates would spark demand and could cause inflation to resurface, which would be good for oil stocks, Smead said.

Persons: —, Smead doesn't, Smead, Warren, We're, Dow, Jeremy Grantham, John Hussman, Stocks, LEN Organizations: Service, Business, Morningstar, Smead, Bank of America, Technology, Fund, Federal, Fed, DR, Occidental Petroleum, Apache

☆ Stellantis laying off 2,450 plant workers due to discontinuation of Ram 'Classic' pickup truck
▼ + stars: | 2024-08-09 | by ( Michael Wayland | ) www.nbcnews.com time to read: +2 min

DETROIT — Automaker Stellantis plans to indefinitely lay off up to 2,450 U.S. factory workers later this year as it discontinues production of an older version of its Ram 1500 pickup truck in Michigan. It is produced alongside the Jeep Wagoneer and Grand Wagoneer at the Warren Truck Assembly Plant, located near Detroit. The current Ram 1500, which was recently updated for the 2025 model year, is produced at a nearby plant. “With the introduction of the new Ram 1500, production of the Ram 1500 Classic at the Warren [Michigan] Truck Assembly Plant will come to an end later this year,” the company said in an emailed statement. The discontinuation of the Ram 1500 “Classic” vehicle is not unexpected, but the company has not announced a vehicle to replace the truck.

Persons: Ram, Chris Feuell, Carlos Tavares Organizations: DETROIT, Warren, Assembly, United Auto Workers union, CNBC, Fiat Chrysler, France’s PSA Groupe Locations: Michigan, Detroit, Warren

☆ Stellantis Will Lay Off Up to 2,450 at Michigan Truck Plant
▼ + stars: | 2024-08-09 | by ( Neal E. Boudette | ) www.nytimes.com time to read: 1 min

Stellantis announced plans on Friday to lay off as many as 2,450 workers later this year at a pickup truck plant near Detroit, the latest sign of trouble for the trans-Atlantic automaker. The layoffs are expected to begin as early as Oct. 8 at the Ram truck plant in Warren, Mich., where production will be reduced to one shift from two, the company said on Friday. Stellantis’s chief executive, Carlos Tavares, has said the company needs to cut costs, and he has noted that at least one North American factory was operating at an unsatisfactory level. The company has been hit by sluggish sales in North America, where it generates most of its profits, as well as bloated costs and manufacturing inefficiencies. It reported last month that profits in the first six months of 2024 fell by nearly half to 5.6 billion euros (about $6 billion).

Persons: Stellantis, Stellantis’s, Carlos Tavares Organizations: Atlantic Locations: Detroit, Warren, Mich, North America

☆ Stellantis to lay off up to 2,450 factory workers as classic Ram production ends
▼ + stars: | 2024-08-09 | by ( ) edition.cnn.com time to read: +1 min

CNN —Chrysler-parent Stellantis is laying off as many as 2,450 factory workers from its Warren Truck assembly plant outside of Detroit as the automaker ends production of the Ram 1500 Classic truck. Production of the Jeep Wagoneer at the same facility will remain on two shifts, the company said. As production of the Ram 1500 Classic winds down later this year, the company is shifting focus to the Ram 1500 Tradesman truck, produced at its Sterling Heights Assembly facility. “We introduced the new 2025 Ram 1500 Tradesman with incredible value and content. There are about 3,700 workers at the plant represented by the United Auto Workers union.

Persons: CNN —, Stellantis, Carlos Tavares, Tavares Organizations: CNN, CNN — Chrysler, United Auto Workers union, Union, UAW, Stellantis Locations: Detroit, Sterling Heights

☆ Work Culture at the Gates Foundation: Bill Gates Was Domineering, Inspired Fear
▼ + stars: | 2024-08-09 | by ( Anupreeta Das | ) www.businessinsider.com time to read: +10 min

Every year, Bill Gates — and, until she left, Melinda French Gates — would hold multiple meetings with executives of the Gates Foundation to approve plans and budgets, and review strategies. For many, the meeting might be the only direct opportunity to interact with, and impress, Gates and French Gates. AdvertisementGates and French Gates followed the presentations closely, usually saving questions for the end. The former couple sought to maintain a professional relationship, giving themselves at least two years to see if they could work together, with the understanding that French Gates would leave if they couldn't. One former senior employee compared the style of discussion to the Socratic method, often used in law schools by professors who push students to reasoning through dialogue.

Persons: Bill Gates —, Melinda French Gates, Gates, Louis XIV, —, opprobrium, Gates —, Bill Gates, Simon, It's, Melinda weren't, hasn't, Warren Buffett —, outargue Gates, seethed, Anupreeta Das Organizations: Gates Foundation, Business, Employees, Avid Reader Press, Simon & Schuster, Inc, HBO, Microsoft Locations: French Gates, Versailles, Gates

☆ Trump says he should get a say on Federal Reserve interest rate decisions
▼ + stars: | 2024-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Republican presidential nominee Donald Trump on Thursday said that he should have a voice when the Federal Reserve makes its decisions on interest rates. Among the ideas being floated are forcing the Fed to consult with the president when making rate decisions. While in office from 2017 to 2021, President Trump was a fierce critic of Chair Jerome Powell, whom Trump appointed in 2018. The Fed hiked benchmark interest rates 5.25 percentage points from March 2022-July 2023 in an effort to bring down inflation. Trump generally favors lower interest rates and criticized the Fed frequently for raising in 2018.

Persons: Donald Trump, Trump, Jerome Powell, Powell, Kamala Harris, Sen, Elizabeth Warren Organizations: Republican, Federal Reserve, Wall Street, White, Treasury Department, Federal, Fed, Trump, Democrat, CNBC Locations: Lago, Palm Beach , Florida, Florida

☆ A major student-loan company is 'improperly' rejecting some borrowers for debt cancellation they qualify for, 35 Democratic lawmakers say
▼ + stars: | 2024-08-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA group of Democratic lawmakers wants answers from a major student-loan company on its debt relief process for the borrowers it services. The issue at play: There's a process for borrowers with federal student loans to apply for a debt discharge if they can prove they were defrauded by their school. President Joe Biden's Education Department has canceled debt for millions of borrowers over the past few years under that process. But the lawmakers have said they're concerned Navient is continuing to narrowly define qualifications for discharge, resulting in borrowers being denied relief without sufficient explanations.

Persons: —, Sen, Elizabeth Warren, Madeleine Dean, Bernie Sanders, Ayanna Pressley —, Joe Biden's, Navient —, Warren, Navient, Holder, Leandro Pucci, Pucci, it's, who'd Organizations: Service, Democratic, Business, Joe Biden's Education Department, BI, Navient Locations: Navient

☆ Lyft is pulling back on 'rideshare's most hated feature.' But it's the way of the future for many big companies.
▼ + stars: | 2024-08-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewPeople hate surge pricing — and Lyft says it hears them. The feature would compete with Uber by giving customers some certainty ahead of time as to how much they'll pay for a ride; Risher said surge pricing is "probably rideshare's most hated feature." Economists have told Business Insider that as algorithms get better and more retails adopt easily-changed digital price tags, customers could start seeing it in even more places. Elizabeth Warren and Bob Casey also launched an investigation into Kroger's price tags over their potential to surge prices. But when looking at technological innovations at other big companies to make it easier to change prices, stable pricing likely won't come anytime soon.

Persons: —, Lyft, David Risher, Price, Risher, Elizabeth Pancotti, Democratic Sens, Elizabeth Warren, Bob Casey, it'll Organizations: Service, Business, Uber, Walmart, Kroger, Roosevelt Institute, Democratic, Cincinnati Enquirer

Expensive Big Mac meals and fears of surge pricing at grocery stores have put food chains and consumer product companies in politicians' crosshairs. Walmart , McDonald's and Kroger are just a few of the companies that have found themselves in the debate over high inflation in the 2024 election. Democrats — particularly those like Casey who are trying to win races in competitive swing states — are trying to capitalize on frustration against companies over inflation. (The source of the data is unclear, and McDonald's has denied that its average prices have risen that much.) The criticism could also add to the pressure companies face to show they can lower prices or offer value.

Persons: Elizabeth Warren, Bob Casey, Kroger, Rodney McMullen, —, Casey, Joe Biden, McDonald's, Kamala Harris, Donald Trump, Harris, Trump, Biden, Cait Lamberton, That's Organizations: Walmart, McDonald's, Kroger, Albertsons, House Republican, Taco Bell, Democratic, Republican, U.S . Bureau of Labor Statistics, University of Pennsylvania's Wharton Locations: Sens, McDonald's

☆ Consumers reported losing $210 million to scams across payment apps last year. A new bill wants to help future victims get their money back.
▼ + stars: | 2024-08-07 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

Consumers and small businesses sent $806 billion across 2.9 billion Zelle transactions in 2023, both up 28% from 2022. Consumers reported losing $210 million to scams across all payment apps in 2023, according to data from the Federal Trade Commission. The new bill aims to amend the law to make banks more liable for all financial transactions, whether they're authorized or unauthorized. AdvertisementOver 99.95% of all Zelle transactions in 2023 were completed without instances of fraud, according to Zelle. In the meantime, the Protecting Consumers from Payment Scams Act will go to the Committee on Banking, Housing, and Urban Affairs for review.

Persons: —, JPMorgan Chase, PayPal —, Maxine Waters, Sen, Richard Blumenthal, Elizabeth Warren, Waters, Zelle, Blumenthal, Wells Fargo, Wells, Cameron Fowler Organizations: Service, Bank of America, JPMorgan, Business, PayPal, Consumers, Federal Trade Commission, Rep, Homeland Security, Governmental Affairs, Investigations, Blumenthal, Services, Warning Services, SEC, Consumer Financial, Banking, Housing, Urban Affairs Locations: Zelle, Wells Fargo, jtowfighi@businessinsider.com

☆ Here’s who to blame — and who not to blame — for the slumping US economy
▼ + stars: | 2024-08-07 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Gross domestic product for the second quarter of this year came in better than expected, with the economy growing at an annualized rate close to 3%. Republicans and DemocratsIt’s not fair to lay all the blame for the state of the economy on one party when both have contributed. While neither can be fully blamed for the pandemic itself, their handling of it has had significant ramifications for the economy. Oh, here’s an idea, let’s just leave interest rates really high.” That’s not to say that politicians necessarily wanted to make Americans’ lives more difficult either. Yet all the calculus they perform to determine what the ideal interest rate level is at any given point in time is complicated by fiscal spending that’s entirely out of their control.

Persons: Democrats It’s, Trump, Biden, —, It’s, , Massachusetts Democratic Sen, Elizabeth Warren, Jerome Powell “, “ He’s, let’s, ” That’s, don’t, they’ve, They’ve Organizations: New, New York CNN, Gross, Republicans, Democrats, MIT, State, , Massachusetts Democratic, Fed Locations: New York, Ukraine, , Massachusetts

Peggy Flanagan of Minnesota would presumably become the first Native American woman to lead a state. But the state Constitution allows Flanagan to assume the governorship if Walz, for whatever reason, vacates office. The Native vote helped Joe Biden secure a win against Trump in the state in 2020. "Donald Trump made a career demonstrating and celebrating behavior that perpetuates violence against Native women and girls," she said at the time. "We finally have Native representation in the governor's office and Native women in the Legislature."

Persons: Peggy Flanagan, Flanagan, Tim Walz, Kamala Harris, Walz, Donald Trump, Ohio Sen, JD Vance, Walz's, Joe Biden, Trump, Sen, Elizabeth Warren, Pocahontas, Ivanka Trump, Paul, MinnPost, Kevin Stitt Organizations: Democratic, Gov, Republican, Minnesota, Trump, Democratic National Convention, Alaska Natives, Indigenous, Oklahoma Gov, Cherokee Locations: Minnesota, American, Harris, Pocahontas, St

☆ Apple analysts shrug off Warren Buffett's big sale, remain bullish on the tech giant
▼ + stars: | 2024-08-06 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's head-turning sale of his big Apple stake did not faze Wall Street analysts' conviction in the iPhone maker. Bank of America noted that Apple shares rallied 23% in the second quarter despite Berkshire's selling, showing the stock's strength. AAPL YTD mountain Apple Bernstein's Toni Sacconaghi believes Buffett started trimming Apple because the stock was getting too expensive for the value investor. Bernstein pointed out that Berkshire built most of its Apple position at a 15 times multiple, while selectively adding at 20 times earnings or below and trimming at 30 times earnings and above. Apple traded above 30 times earnings on average in the second quarter.

Persons: Warren Buffett's, Berkshire Hathaway, Tim Cook, America's Wamsi Mohan, Mohan, Buffett, Apple, Toni Sacconaghi, Sacconaghi, Bernstein, Ted Weschler, Todd Combs Organizations: Apple, Oracle, " Bank, America's, Bank of America, Apple . Berkshire, Wall, Research Locations: Omaha, Berkshire

☆ The S&P 500 falling 5% has historically been a good buy-the-dip opportunity, Goldman says
▼ + stars: | 2024-08-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Goldman Sachs said the decline in the S&P 500 is historically a good buying opportunity for investors. AdvertisementThe S&P 500's 6% decline over the past three days represents a great buying opportunity for investors, according to a note from Goldman Sachs strategist David Kostin. However, despite the decline, the S&P 500 is still up nearly 10% year-to-date and the sell-off sparked a reset in valuations, with the index's forward price-to-earnings multiple falling to 20x. Advertisement"Historical experience shows that investors typically profit when buying the S&P 500 index following a 5% sell-off," Kostin said. The crux of whether a 10% correction in the S&P 500 represents a solid buying opportunity for investors is whether the economy is on the verge of a recession.

Persons: Goldman Sachs, —, David Kostin, Warren Buffett, Kostin, Goldman Organizations: Apple, Service

☆ 3Fourteen's Warren Pies says he's fading recession fears and is still in the soft landing camp
▼ + stars: | 2024-08-06 | 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 Email3Fourteen's Warren Pies says he's fading recession fears and is still in the soft landing campWarren Pies, 3Fourteen Research co-founder, joins 'Closing Bell' to discuss the likelihood of a recession, where he's finding opportunities and his Fed outlook.

Persons: Warren Pies, Warren Organizations: 3Fourteen Research

☆ Everything you wanted to know about the market meltdown but were too afraid to ask
▼ + stars: | 2024-08-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

In today's big story, we're giving a full breakdown of what has been a wild few days for the market . Tech: Big Tech is going through a bit of a mid-life crisis . Big Tech is going through a bit of a . There are a few factors at play here:Big Tech, the backbone of the market, had weaker-than-expected earnings last week. The decision could seriously hurt Google's revenue and may signal more antitrust enforcement to come for other Big Tech companies .

Persons: —, Airbnb, Rebecca Zisser, We're, what's, Warren Buffett's, Berkshire Hathaway, I'm, Claudia Sahm, M, Getty, Jenny Chang, Rodriguez, Jensen Huang, Citadel's Ken Griffin, Griffin, it's, Natalie Ammari, That's, Elon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Tech, Big Tech, Nasdaq, Federal Reserve, Apple, Oracle, Fed, Nvidia, Bank of America, Google Locations: Japan, Berkshire, Omaha, Asia, bitcoin, Florida, New York, London

☆ 'Hot money is saying sayonara': Japan fund manager names outperforming sector to buy amid sell-off
▼ + stars: | 2024-08-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

As Japanese stocks plummet, confirming a bear market, there are opportunities in small-cap and domestic-focused companies, according to fund manager Richard Kaye. 'Yen is just getting normal' Kaye believes the Yen's appreciation is a return to normalcy rather than an anomaly. "If you look even on Friday in all the bloodbath, domestic names, small cap names [were] actually outperforming," he noted. Indeed, the MSCI Japan Small Cap index has fallen 8.6% since July 11, outperforming the 14.4% decline in the MSCI Japan index on a local currency basis. In U.S. dollar terms, the losses, while proportionate, are smaller, with ETFs such as the iShares MSCI Japan Small-Cap ETF falling by 2.1% compared to the iShares MSCI Japan ETF, which is down 8.9% over the same period.

Persons: Richard Kaye, Kaye, Yen, CNBC's, They've, Warren, sayonara, I've Organizations: Growth, Toyota, Sony, U.S ., Japan ETF, Kobe, U.S, Mitsubishi, Mitsui, Sumitomo Locations: Comgest, Japan

☆ Hamas announces Yahya Sinwar as head of political bureau
▼ + stars: | 2024-08-06 | by ( Kareem Khadder | ) edition.cnn.com time to read: +1 min

CNN —Hamas announced Tuesday that its leader in Gaza, Yahya Sinwar, will replace Ismail Haniyeh as the head of its political bureau, it said in a statement. The Iranian government and Hamas say that Israel carried out the assassination. A longtime figure in the Islamist Palestinian group, Sinwar was responsible for building up Hamas’ military wing before forging important new ties with regional Arab powers as the group’s civilian and political leader. He was elected to Hamas’ main decision-making body, the Politburo, in 2017 as the political leader of Hamas in Gaza branch. However, he has since become the Politburo’s de facto leader, according to research by the European Council on Foreign Relations (ECFR).

Persons: Yahya Sinwar, Ismail Haniyeh, ” Israel, ”, Haniyeh, Israel, Sinwar Organizations: CNN, Israel, Hamas, ’, European Council, Foreign Relations Locations: Gaza, Tehran, Israel

The day's rout was sparked by a massive sell-off in Japanese stocks. The Nikkei fell 12.4%, its worst day since the 1987 "Black Monday" crash rattled investors around the world. Spencer Platt / Getty ImagesThe Japanese drawdown, in turn, was partly in response to the worse-than-expected jobs report published Friday that showed U.S. unemployment rising to 4.3% and just 114,000 jobs added in July. As soon as that report was published, stocks started erasing some of their earlier losses, while bond purchases, which had surged as investors sought safe-haven assets, faded. It’s a much easier decision to say I want to take my chips and go home here.”

Persons: Stocks, Spencer Platt, Apple, Warren Buffett's Berkshire Hathaway, ”, Michael Farr, Farr Organizations: Dow Jones, Nasdaq, Dow, Nikkei, New York Stock Exchange, Getty, Federal, Institute for Supply Management, Bank of Japan, U.S . Federal Reserve, Nvidia, Intel, Microsoft, Buffett, Miller & Washington Locations: New York City, U.S, Berkshire

☆ The S&P 500 is down 7.5%—but if you're worried about it, 'you shouldn't own stocks,' says Warren Buffett
▼ + stars: | 2024-08-05 | by ( Ryan Ermey | ) www.cnbc.com time to read: +1 min

U.S. stocks fell sharply Monday as part of a global selloff fueled by mounting recession fears among investors. Further roiling global markets is unusual currency trading out of Japan. The S&P 500 — a measure of the broad U.S. stock market — was down about 2% in early trading, putting it 7.5% below the index's all-time high close on July 16. In fact, you'd be wise to ignore short-term ups and downs in the stock market altogether — at least according to Buffett. "If you're worried about corrections, you shouldn't own stocks," Buffett said in a 2015 interview with The Street.

Persons: Warren Buffett, Berkshire Hathaway, you'd, Buffett Organizations: Federal Reserve, Berkshire, Apple, Treasury Locations: Japan, Omaha

☆ Why Wells Fargo is the most attractive bank stock as the sell-off continues
▼ + stars: | 2024-08-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. 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. 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, Warren Buffett's Berkshire Hathaway, Buffett, Jim, We're, Wells, Jim Cramer's Organizations: CNBC, Dow Jones Industrial, Big Tech, Apple Locations: Wells Fargo, Wells

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