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To be sure, the carnage on Wall Street and in equities markets around the world was real. But Monday’s panic was the Wall Street equivalent of a tantrum from a kid who just got told they can’t have ice cream for dinner. But don’t let the stock market drama fool you: The US economy is still in good shape, despite some turbulence. “And I’m not too worried about Wall Street becoming poor.”Stocks looked to bounce back Tuesday. Wall Street worked itself into a lather when ChatGPT came out two years ago.
Persons: CNN Business ’, Stocks, Dow, Wall, don’t, Rana Foroohar, That’s, it’s, Goldman Sachs, , Jan Hatzius, ” Goldman, There’s, Beryl, , Beryl didn’t, Aaron Sojourner, ’ ”, ChatGPT, Rob Haworth, ” Haworth Organizations: CNN Business, New York CNN, CNN, Nikkei, of Labor Statistics, Coast, BLS, WE Upjohn, Employment Research, White House Council, Economic Advisers, Fed, Federal, Markets, Big Tech, Nvidia, Microsoft, Wall, Bank of Japan, US Bank Locations: New York, Japan
The yield on the 2-year Treasury note traded over 11 basis points higher at 3.992%. Yields and prices move in opposite directions, and one basis point is equivalent to 0.01%. The yield on the benchmark 10-year Treasury note traded more than 7 basis points higher at 3.855% at 7:08 a.m. It comes after the yield on the 10-year Treasury note on Monday fell to its lowest level since June 2023 . Brzeski said he expects the Fed to move forward with a 50 basis point interest rate cut next month in order to bolster market confidence.
Persons: Jerome Powell, Mary Daly, Austan, Carsten Brzeski, CNBC's, Brzeski Organizations: Global, Federal, U.S, ING Research, Fed Locations: U.S, San Francisco, Chicago
Taiwan President Lai Ching-te claps while he visits a military camp in Taoyuan, Taiwan May 23, 2024. While Biden has, on several occasions, stated the U.S. would come to Taiwan's defense, Trump has opted for "strategic ambiguity," Naggy added. According to analysts, she is expected to remain somewhat consistent with Biden's agenda and foreign policy. As vice president, Harris has expressed support for Taiwan and met with the island's new leader, Lai Ching-te, in 2022. However, she would come into office with significantly less foreign policy experience than President Biden.
Persons: Lai Ching, Ann Wang, Lin Chia, Donald Trump, Trump, Trump's, Joe Biden, Kamala Harris, Biden, Stephen Naggy, Naggy, Xi Jinping, Lu, Chung Weng, Muhammad Faizal, Richard Heydarian, Harris, Tina Fordham, CNBC's, Dewardric McNeal, McNeal, Lai, Ava Shen, Tsai Ing Organizations: Reuters, International Christian University, Sam Houston State University, Rajaratnam, of International Studies, Trump, CNBC, University of the, Fordham Global Foresight, Longview Global, Biden, Eurasia Group, Democratic Progressive Party Locations: Taiwan, Taoyuan, Reuters Taiwan, China, Taipei, Tokyo, Japan, U.S, Singapore, University of the Philippines, Beijing, Washington
Read previewGlobal markets are off to a terrible start to the week. Stock markets are crashing across Asia after Japan's interest-rate hike last week contributed to a selloff that got worse and worse. AdvertisementInvestors are also on edge before the US markets open later in the global day. Global carry trade unwindingThe Bank of Japan raised its interest rate from between 0% and 0.1% to 0.25% on Wednesday — the highest level in 15 years. Japan kept interest rates ultra-low for decades following the implosion of an asset bubble in the 1990s that contributed to persistent deflation.
Persons: , Kospi, India's Sensex, Tony Sycamore, Sycamore, Vishnu Varathan, Mizuho Bank's Organizations: Service, Stock, Business, IG Australia, Bloomberg, CSI, Dow Jones Industrial, Nasdaq, Federal Reserve, Bank of Japan, ING Locations: Asia, Japan
Read previewJapan's main stock market index suffered its biggest fall since 1987, closing 12.4% lower on Monday, while markets in Asia and Europe also fell sharply. US stock markets sunk at the end of last week as investors digested a streak of negative economic data and disappointing earnings from Big Tech companies. The Chinese stock markets were already under pressure this year due to the country's economic troubles. Japan kept interest rates ultra-low for decades following the implosion of an asset bubble in the 1990s that contributed to persistent deflation. AdvertisementThe BoJ's rate hike has also fanned further risk-off sentiment in global stock markets.
Persons: , Tony Sycamore, Taiwan's Taiex, Paris, it's, Sycamore, Vishnu Varathan, Mizuho Bank's Organizations: Service, Nikkei, Business, Big Tech, Nasdaq, IG Australia, Bloomberg TV, Kospi, CSI, Federal Reserve, Bloomberg, Bank of Japan, ING Locations: Asia, Europe, Frankfurt, London, Japan
The second of the two female boxers whose gender identities have recently been scrutinized won her first fight at the Paris Olympics on Friday. Lin Yu-ting of Taiwan defeated Sitora Turdibekova of Uzbekistan in the 57 kg round of 16 match by unanimous decision and advanced to the quarterfinals. Her victory follows Thursday’s win by Algeria’s Imane Khelif, whose gender identity has also come into question in recent days, prompting a social media firestorm. The participation of Lin and Khelif in Olympic women’s boxing has sparked global outrage in recent days after reports resurfaced that the pair failed to meet gender eligibility tests at the Women’s World Boxing Championships in New Delhi last year. “As with previous Olympic boxing competitions, the gender and age of the athletes are based on their passport,” the IOC said of its eligibility requirements.
Persons: Lin Yu, Sitora Turdibekova, Algeria’s Imane Khelif, Lin, Khelif, Angela Carini of, , , ” Carini, Donald Trump, Elon Musk, Harry Potter ”, J.K, Rowling, ” Trump, Tsai Ing, Anna Hamori of Organizations: Paris Olympics, Sporting, Tokyo Olympics —, , Algerian Olympic, Sports Committee, International Boxing Association, IBA, Olympic, IOC, Paris, Unit Locations: Taiwan, Uzbekistan, New Delhi, Angela Carini of Italy, Anna Hamori of Hungary
Some of them were alums of Project Veritas, the conservative group known for elaborate sting operations targeting liberal organizations, journalists and unions. The man at the center of the fracas was Michael Spadone, a former Project Veritas field director. In that role he oversaw staffers who used hidden cameras to embarrass people Project Veritas targeted. James O’Keefe, the Project Veritas founder, was ousted from the nonprofit last year. Before Spadone left Project Veritas, he was the subject of a sexual harassment lawsuit filed by a former administrative assistant.
Persons: Michael Spadone, Spadone, , ” Spadone, they’d, , It’s, James O’Keefe, Jeffrey Lichtman, didn’t, Zachary Glaza, Antonietta Zappier, Amer Zahr, Zahr shrugged, surveil, profanities, you’re, , You’re, “ You’re, Uber, I’m, ’ ”, they’re Organizations: Veritas, NBC News, Project Veritas, Dearborn Police Department, Local, People’s Conference, Palestine, Henry, NBC Locations: Michigan, Dearborn, America, Palestinian American, American, we’re, Detroit
The big storyFor saleGetty Images; Jenny Chang-Rodriguez/BIOne of Tesla's biggest assets is its willingness to try new things, but its unique approach to sales is also what's giving it headaches. AdvertisementA key issue is Tesla's inability to evolve its sales tactics as the EV market rapidly changes . Business Insider's Grace Kay spoke to more than a dozen current and former employees in Tesla's sales division about how the company has tried to kick-start its sales unit . Not unlike its cars, Tesla's sales approach is innovative compared to the rest of the automotive industry. It's a great strategy when the cars sell themselves — which Teslas did for a while — since you don't need to maintain a traditional sales structure.
Persons: , Jenny Chang, Rodriguez, It's, Elon Musk, Insider's Grace Kay, There's, Teslas, Justin Sullivan, Fintechs, chatbots, Rebecca Zisser, Goldman Sachs, James Knightley, Andy Jassy, Mike Blake, Chelsea Jia Feng, Venu, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, EV, Tech, Citadel, ING Economics, Big Pharma, Pfizer, Novo Nordisk, Department of Labor, Chevron, ExxonMobil Locations: New York, London
Weak economic data suggests the Fed will cut interest rates by more than expected through year-end, ING says. The firm cites rising jobless claims last week and a declining ISM manufacturing index as warning signals. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US economy is flashing signals of an imminent slowdown, and it's going to force the Federal Reserve to cut interest rates more than expected this year. That's according to a Thursday note from economist James Knightley at ING Economics, who said recent data is firing off warning signs for the economy.
Persons: , James Knightley Organizations: ING, Treasury, Service, Federal Reserve, ING Economics, Business
Here are Wednesday's biggest calls on Wall Street: Bank of America reiterates Pinterest as buy Bank of America said it's sticking with Pinterest following the company's earnings on Tuesday. "We are raising our rating to Overweight (from Equal-weight); our new price target of $36 (up from $25) implies +43.4% one-year total return, including a 6.7% forward dividend yield." Bank of America upgrades RTX to buy from neutral Bank of America said demand is rising for the aerospace and defense company. " Bank of America adds Marriott to the US1 list Bank of America added the stock to its top picks list. "We initiate coverage of On Holdings (ONON) with an Outperform rating and a $46 price target.
Persons: Pinterest, Morgan Stanley, JPMorgan, it's, Albemarle, Nomura, Bernstein, Venmo, TD Cowen downgrades McDonald's, Cowen, 2Q's, Raymond James, Lockheed Martin, Jefferies, Woodward, Goldman Sachs, Goldman, it's bullish Organizations: Bank of America, Barclays, AMD, Energy, JPMorgan, Mizuho, Nvidia, PayPal, Deutsche Bank, Corning, Deutsche, Citi, Navigator, Lockheed, of America, underperform Bank of America, Management, Starbucks, " Bank of America, Marriott, Holdings Locations: 2H24, Albemarle, Braintree, Switzerland
But it can really, really help. To do that, I collect large-scale data in the course of people’s everyday lives … That’s kind of the 100,000-foot view. And I think that’s the kind of thing that doesn’t really stop at any magic threshold. I think people need to think about this more of kind of like a happiness portfolio. And oh, by the way, getting some daily exercise, not living in an environment that’s really polluted, that would be good.
Persons: CNN Business ’, there’s, Matt Killingsworth, Mo, Killingsworth, jk, I’ve, Reagan, we’re, it’s, don’t Organizations: CNN Business, New York CNN, University of Pennsylvania’s Wharton School Locations: New York, what’s
The euro zone's economy grew by more than expected in the second quarter of 2024, flash figures from the European Union's statistics office showed Tuesday. The zone's gross domestic product rose by 0.3% in the three months to the end of June compared to the previous quarter, the data showed. The euro zone entered a technical recession in the second half of 2023, as GDP contracted in both the third and fourth quarter of the year, according to revised figures released earlier this year. Bert Colijn, senior euro zone economist at ING, said in a note on Tuesday that the data indicated that the regiona's economy is somewhat recovering. "The question remains where the economy will head from here and recent data do not provide much confidence that the eurozone economy is further accelerating," Colijn said.
Persons: Bert Colijn, Colijn Organizations: Reuters, ING Locations: Frankfurt
Javier Ghersi | Moment | Getty ImagesJapan's central bank kicks off its July monetary policy meeting on Tuesday, with traders focused on its decision on interest rate and government bond purchases. Economists polled by Reuters expect the BOJ to increase its benchmark interest rate to 0.1% from the current range of 0% to 0.1%. BOJ Governor Kazuo Ueda said in June that the central bank could raise rates "depending on economic, price and financial data and information available at the time," Reuters reported. "Our decision on bond-buying taper and interest rate hikes are two different things," Ueda told the country's parliament. The headline inflation rate has been above the BOJ's 2% target for more than two years.
Persons: Javier Ghersi, Kazuo Ueda, Ueda, Bond Organizations: Bank of, Reuters, ING, Bank of America, realty, Bank of Japan, Japanese Trade Union Confederation Locations: Japan, Bank of Japan
Asia-Pacific markets climbed on Monday, with Japan's Nikkei 225 leading gains in the region after a key U.S. inflation report late last Friday raised hopes for an interest rate cut. The Nikkei rose 2.02%, while the broad-based Topix was up 1.52%. In Asia, the highlight for this week will be the Bank of Japan's monetary policy meeting starting July 30. A Reuters poll of economists expects the central bank to raise rates by 10 basis points to 0.1%. Other key inflation data from the region include China's July PMI data, while Australia will release its latest set of inflation data before the central bank's Aug. 6 monetary policy meeting.
Persons: Topix, Dow Jones Organizations: Mount Fuji, Japan's Nikkei, Nikkei, Bank, ING Locations: Asia, Pacific, U.S, Australia
CNN —Close your eyes and imagine a stand-up comedian. Today, female comics are more likely to be seen in vintage Versace, Gucci or Alessandra Rich than a denim button-down. To the uninitiated, Barone wore a sparkly silver dress. Dev Bowman“For a long time, female comedians were pressured into dressing like their male counterparts,” said Barone. “I don’t want it to seem like I’m saying I’m the first person to ever wear a dress to do stand up comedy,” she said.
Persons: Versace, Gucci, Alessandra Rich, ” Ziwe, George Santos, Jean Paul Gautlier, Ayo Edibiri, , Loewe, Thom Browne, Rachel Sennott, Maya Rudolph, Mary Beth Barone, Barone, Kate Moss, Naomi Campbell, Moss, , Instagram, Barone nodded, ” Barone, Jimmy Fallon, Tom Ford, De, Dave Benett, Sidewalkkilla Barone, Todd Owyoung, Britney Spears, Mary, Kate, Ashley Olsen, Paris, Mary Beth Barone Cat Cohen, , ’ ”, Cohen, Kelsely Randall, Chloe, Halle Bailey, Kelsey, aren’t, Phyllis Diller, Jean Carroll, Joan Rivers, Rivers, Midge Maisel, Maisel, Catherine Cohen, Dev Bowman, ” Cohen, ” Margaret Cho —, Betsy Johnson, Todd Oldham, Gemma Kong, Andrew Dice Clay, Louis C.K, ” Cho, ” Margaret Cho, Jay Leno, Margaret Norton, Cho, Ron Galella, Karen Kilgarriff, Janeane Garofalo, Kim Gordon’s, Janeane, Karen, Harry Styles, Forbes earnt Styles, Edebiri, It’s, ” Barone —, Dior Organizations: CNN, YouTube, Sydney, De Beers, NBC, Paris Hilton, Netflix, Globe, MTV, Hollywood Locations: New York, LA
I’m not sure TNT ever had a chance.”“TNT matched the money, but the league knows Amazon and these tech companies are the only ones willing to pay for the rights when they double in the future,” Barkley added. It just sucks.”The comments came after the NBA on Wednesday rejected an offer from Warner Bros. Discovery to match Amazon’s $1.8 billion per year bid to carry the league’s games starting with the 2025-26 season. The decision set up a potential legal showdown between the NBA and WBD, the parent company of TNT and CNN, which maintains it has matching rights to any broadcast offer. “These partners will distribute our content across a wide range of platforms and help transform the fan experience over the next decade.”
Persons: Charles Barkley, Barkley, , I’m, , ” Barkley, Ernie Johnson, Kenny Smith, Shaquille O’Neal, WBD, Max, ” Adam Silver Organizations: New, New York CNN, NBA, TNT, Wednesday, Warner Bros, WBD, CNN, TNT Sports ’, Amazon, Disney Locations: New York, United States
Gen Z is earning a reputation as the sober-curious generation that prioritizes their health, well-being, and authenticity when finding a partner. Ryan Mairs, 28, is a "Zillennial" on the cusp between millennials and Gen Z and has noticed the shift. Gen Z are drink less regularly than millennials, according to Statista data. AdvertisementA recent survey by DatingNews.com found that 65% of millennial and Gen Z respondents said they would prefer a "dry" first date. She's the founder of the sober dating platform Club Pillar, launching this summer.
Persons: , Z, Gen Zers, Ryan Mairs, He's, Mairs, it's, Gen, DatingNews.com, Kate Daly, Daly, Justine Benanty, Zers, they're, Benanty, he's, Jessie Urvater, Urvater, Jessie Urvater Urvater, that's, they've Organizations: Service, Business Locations: California
George Clooney attends an event in September 2023. Cindy Ord/Getty Images/FILEActor George Clooney has announced he is endorsing Kamala Harris for president. “President Biden has shown what true leadership is. We’re all so excited to do whatever we can to support Vice President Harris in her historic quest,” the actor said in a statement provided to CNN. The actor and Democratic donor had penned an op-ed calling on President Joe Biden to exit the race.
Persons: George Clooney, Cindy Ord, Kamala Harris, , Biden, Harris, Joe Biden, Clooney, Barack Obama, Joe “, ” Biden, wasn’t, , ” Clooney, Michael Williams Organizations: Getty, CNN, New York Times, White
The German construction sector is showing no signs of recovering, even after being in a crisis for months and despite pledges of support and investment from the government. Recent economic data shows the industry is still in a "dismal situation," Carsten Brzeski, global head of macro research and chief economist for Germany at ING, told CNBC. The data shows that between January and May of this year, permits for single-family homes fell over 31%, and those for multi-family houses declined over 21% compared to the same time period last year. Felix Pakleppa, head of the Central Association of the German Construction Industry, noted the bleak outlook for the sector. "Building permits in Germany continue to only know one direction: downwards," he said, pointing to the data, which has not reflected growth since April 2022.
Persons: Carsten Brzeski, Felix Pakleppa, Housebuilding, Pakleppa Organizations: ING, CNBC, Central Association of, German Construction Industry Locations: Germany
CNN —Actor George Clooney on Tuesday endorsed Vice President Kamala Harris, hailing her “historic” White House bid following President Joe Biden’s exit from the 2024 presidential race. Clooney is seen by many Democratic backers in Hollywood as a sort of compass given his engagement and activism. “President Biden has shown what true leadership is. We’re all so excited to do whatever we can to support Vice President Harris in her historic quest,” Clooney said in a statement to CNN on Tuesday. “He was the same man we all witnessed at the debate,” Clooney added in his op-ed, referencing Biden’s faltering performance at the June 27 presidential debate on CNN.
Persons: George Clooney, Kamala Harris, Joe Biden’s, Clooney, , Biden, Harris, ” Clooney, Barack Obama, Joe ‘, ’ Biden, wasn’t, Joe Biden, She’s, CNN’s Michael Williams Organizations: CNN, Democratic, New York Times, Biden, Democratic Party Locations: Hollywood
New York CNN —The world learned relatively quickly that cybersecurity firm CrowdStrike was behind a crippling global tech outage on Friday. Billion-dollar billExperts largely agree it’s too early to get a firm handle on the price tag for Friday’s global internet breakdown. His firm estimates that a recent hack of CDK Global, a software firm that serves US car dealerships, reached that $1 billion cost mark. It’s also not clear how many customers CrowdStrike might lose because of Friday. It will be difficult, and not without additional costs, for many customers to switch from CrowdStrike to a competitor.
Persons: CrowdStrike, , you’re, Dan Ives, it’s, Patrick Anderson, Anderson, Harry Reid, Ty ONeil, , James Lewis, Lewis, It’s, Wedbush Securities ’, ” Ives, George Kurtz, ’ ”, Eric O’Neill Organizations: New, New York CNN, CNN, Wedbush Securities, Anderson Economic Group, Harry, Harry Reid International Airport, Microsoft, Center for Strategic, International Studies, SolarWinds, Exchange Commission, CNBC Locations: New York, Michigan, Russian, CrowdStrike
Renovation loan eligibilityTo get a loan for a house renovation, you'll need to meet certain credit requirements. Cash-out refinances or renovation loans rolled into mortgages are typically the best renovation loan programs because they come with the lowest rates. Home renovation loans FAQsAre renovation loans a good idea? Renovation loans, or home improvement loans, can be a good idea for homeowners looking to make both essential and cosmetic changes to their homes. Renovation loans make it relatively convenient to complete upgrades or repairs that can boost your home's value.
Persons: It's, Fannie Mae's, Freddie Mac's, you'll, Douglas Boneparth Organizations: Federal Housing Administration, Bone, reno, Chevron
“His last act will not be getting knocked down,” said one longtime Biden 2020 campaign aide of the family and the inner circle. They loved saying in 2020 that Joe Biden won because the party, and not the pundits. Some have already “quiet quit,” going through the motions until Joe Biden gets to the end that many of them now believe is inevitable. It feels like if he could go to Congress and make a rousing speech, he would,” said one Democratic operative involved with the campaign. “Here in HQ, we’re working really hard because on winning campaigns, you work really hard,” said Biden campaign spokesman Kevin Munoz.
Persons: Joe Biden, Donald Trump, It’s, Biden, , , they’ve, Illinois Sen, Dick Durbin, Reagan, they’ll, who’s, Faith, , we’re, it’s, Kevin Munoz, Mike Novogratz, Abigail Disney, Trump, Joe, Nancy Pelosi, Chuck Schumer, Hakeem Jeffries, ” Biden, Kamala Harris, I’ve, Dan Kanninen, Kanninen, ” Kanninen, that’s, Donald Trump –, California Sen, Alex Padilla Organizations: Washington CNN, CNN, Biden, Democrats, Democratic, White, White House, Republican, Galaxy Digital, Democratic National Committee, Senate Democratic, Democrat, Google, West, , Trump, Senate, Electoral College Locations: Illinois, Wilmington, Chicago, Pennsylvania, Michigan, Wisconsin, Arizona, North Carolina, California
Chinese Coast Guard ships have sailed near Taiwan’s outer islands. When Lai Ching-te became Taiwan’s president in May, he vowed to stick with the China policies of his predecessor, Tsai Ing-wen. Ms. Tsai sought to avoid confrontation even as she defended Taiwan’s right to self-rule and rejected Beijing’s assertion of sovereignty. Yet Mr. Lai, while keeping Taiwan’s basic policy toward China unchanged, has been blunter in rebuffing its demands. Mr. Lai, who rose as a more plain-spoken politician, sees a need to more sharply lay out Taiwan’s separate status.
Persons: Lai Ching, Tsai Ing, Tsai, Lai, Ms . Tsai, , , David Sacks Organizations: Coast Guard, Council, Foreign Relations Locations: China, Taiwan, Beijing, Taiwan’s, rebuffing, Asia
CNN —Natalie Portman is not done fangirling for Rihanna. As they embraced, and Portman told the singer, “I love you!”“I am a f***ing fan,” Rihanna replied. The singer also told Portman she was “one of the hottest b**ches in Hollywood.”“I’m going to faint,” Portman told Rihanna. “I’m going to black out.”The Oscar-winner went on to tell Rihanna how she listens to her music all the time. Portman and Millepied are parents to son and daughter.
Persons: Natalie Portman, Rihanna, Portman, , ” Rihanna, ” Portman, “ I’m, , Jimmy Fallon, Benjamin Millepied, Mila Kunis, Millepied Organizations: CNN, Paris Locations: Hollywood
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