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☆ African cities sitting on ‘keg of gunpowder’ as growing youth anger fuels unrest
▼ + stars: | 2024-07-30 | by ( Nimi Princewill | Stephanie Busari | ) edition.cnn.com time to read: +9 min

Military and police personnel arrest protesters during the anti-corruption protest in the Ugandan capital, Kampala, on July 23, 2024. Those protesting are angry about widespread government corruption in the country, which loses an estimated Sh. 10 trillion ($2.7 billion) in public funding to graft annually, according to Ugandan anti-corruption body the Inspectorate of Government (IG). In the preceding months, Ghana, Senegal’s fellow West African state, saw days of anti-government protests as demonstrators railed against economic hardships and unemployment. “All over Africa, we are… sitting on a keg of gunpowder,” he said in a recent interview with CNN affiliate Citizen TV.

Persons: Z –, William Ruto, Fabz, Anita Annet, Yoweri Museveni, Inibehe Effiong, ”, Bola Tinubu, Edward Buba, ” Mugano, Mamadou Thior, ” Thior, Thior, Macky Sall, Sall backtracked, Bassirou Diomaye Faye, Olusegun Obasanjo, There’s, … unempowered, Obasanjo Organizations: CNN, Military, Xinhua, Security, of Government, World Bank, South Africa’s Durban University of Technology, ”, Citizen TV Locations: Kenya, East, Kampala, Uganda, Ugandan, United States, United Kingdom, Nigeria, West, Africa, West Africa, Senegal, Ghana

☆ It’s not the end of the world if the Fed doesn’t cut rates tomorrow
▼ + stars: | 2024-07-30 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —The Federal Reserve is all but certain to hold interest rates steady at its meeting this week. That’s why Torsten Slok, Apollo Global’s chief economist, is maintaining his prior forecast that the Fed won’t cut rates at all this year. “There are still two more CPI releases before the September 18 [Fed] meeting, so we have to wait and see if the downtrend in inflation continues,” he told CNN. Fed officials have signaled that September will be when they finally lower interest rates. The difference between a few months for that initial cut “really doesn’t matter unless there’s some big shock that hits the economy in that time,” Fed Governor Christopher Waller said earlier this month.

Persons: Alan Blinder, Paul Krugman —, Blinder, what’s, Brandon Bell, Torsten Slok, Apollo, ”, Sean Snaith, it’s, Christopher Waller, Waller Organizations: New, New York CNN, Federal, CNN, ” University of Central, ” Locations: New York, ” University of Central Florida, Iran, Israel

☆ How major markets typically perform in the 100 days before a presidential election
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Even with election uncertainty, the market typically moves higher in the 100 days leading up to a presidential vote — but it may be a volatile ride to get there. The so-called fear gauge usually declines in the first 20 trading days of the 100-day runup to the election, but typically works higher in the 45-, 60-, 65- and 70 days before election day. The VIX has been higher 6 of the last 8 election years during the closely-watched, 100-day period. Oil prices usually see upward pressure through October, before feeling some weakness in the final weeks before voters cast ballots. In the run up to October, oil prices typically see more of a boost when a Democrat is the sitting president.

Persons: Paul Ciana Organizations: Bank of America, ICE, Democrat, Overseas Locations: U.S

☆ These 4 companies — including one backed by Warren Buffett — can leverage AI with their exclusive data, says fund manager
▼ + stars: | 2024-07-30 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

AI models, such as OpenAI's ChatGPT or Anthropic's Claude, are built by running complex algorithms on large amounts of data. Khodjamirian, who also manages the Monopolies and Oligopolies ETF , named four stocks that he sees as potential winners: Moody's , S & P Global , MSCI , and Intuit . Moody's Using Moody's as a prime example, the fund manager highlighted the company's extensive database on credit decisions. MCO 5Y line S & P Global and MSCI Similarly, Khodjamirian sees potential in S & P Global and MSCI due to their vast troves of financial and index data. His thesis rests on the idea that as AI use becomes more widespread, the value of software — the AI models — may diminish.

Persons: Yuri Khodjamirian, Claude, Khodjamirian, CNBC's, Moody's, they're, Warren Buffett's Berkshire Hathaway, MCO, Meta, Warren Buffett's Organizations: Tema ETF's, P, Intuit, Facebook, Microsoft Locations: Tema, Moody's

☆ Interest rate cuts probably aren't here just yet, but they could finally reach Americans in under 2 months
▼ + stars: | 2024-07-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

It's safe to say that Americans can count on an interest rate cut pretty soon, but probably not this week. On Wednesday, the Federal Open Market Committee will announce its next interest rate decision, and it's once again expected to hold rates steady. However, the FOMC's September meeting could finally bring Americans the relief they've been waiting for — CME FedWatch showed markets think it's all but certain the Fed will cut rates that month. Lower interest rates would make borrowing more affordable for consumers and businesses alike. "You have kept interest rates too high for too long: it is time to cut rates," they wrote.

Persons: it's, Claudia Sahm, Greg McBride, There's, Jerome Powell, Powell, Sahm, Matt Colyar, September's, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Federal, CME FedWatch, Business, New Century Advisors, Fed, Banking, Housing, Urban Affairs, Democratic, Moody's

Mortgage rates are down from where they've been in recent months, with 30-year mortgage rates hovering just below 6.5%, according to Zillow data. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.78% this week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.07% this week, according to Freddie Mac data, which is a two-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: they've, Freddie Mac Organizations: Federal Reserve, Mortgage Bankers Association, Zillow, Fed Locations: Chevron

☆ Fundstrat's Tom Lee makes another bold call, calling for big rally post-Fed
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Fundstrat's Tom Lee is out with his next eye-popping prediction — and it implies good news for the market in the coming days. "In short, we see a risk-on rally starting Wed that could add +100 points to the S & P 500," he told clients. Lee said investors should expect a gain of at least 6% for small caps during this run alone. "We still see this as the 'summer of small caps' so our preference is to be buying," he said. A rise of 5% would propel the S & P 500 to a new all-time intraday high, topping the record set earlier this month.

Persons: Fundstrat's Tom Lee, Lee, Russell, CME's Organizations: Federal Reserve

☆ Europe stocks head for mixed open ahead of central bank meetings; Standard Chartered announces $1.5 billion buyback
▼ + stars: | 2024-07-30 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

LONDON — European markets are set to see a mixed start to Tuesday, as earnings continue to dominate stock action and investors brace for U.K. and U.S. central bank decisions. The U.K.'s FTSE 100 index is seen slipping just below the flatline, according to IG data, while France's CAC 40 and Germany's DAX rise just 8 and 21 points, respectively. U.K. bank Standard Chartered announced its biggest-ever share buyback, of $1.5 billion, as it raised its outlook in half-year results. Oil major BP hiked its dividend as it beat second-quarter earnings estimates.

Persons: Germany's DAX Organizations: CAC, Chartered Locations: U.S

☆ Here's everything you need to know about the Fed decision coming Wednesday
▼ + stars: | 2024-07-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Market pricing currently indicates an absolute certainty that the Fed will approve its first reduction in more than four years — when it meets Sept. 17-18. They don't want investors to start pricing in a rate cut coming in September and there's literally nothing else that could possibly happen," he said. "Opening the door for that rate cut is probably the most appropriate thing for them at this point," Reynolds added. Expectations for easingGlenmede expects that starting in September, the Fed could cut at each of the three remaining meetings. The Fed will not provide an update on its quarterly summary of economic projections at this meeting.

Persons: Jerome Powell, Chris Kleponis, they've, Michael Reynolds, Reynolds, there's, it'll, Powell, Goldman Sachs, David Mericle, Mericle, Bill English, We've Organizations: Banking, Housing, Urban, Capitol, AFP, Getty, Glenmede, Fed Locations: Washington ,, Yale, Jackson Hole , Wyoming

☆ S&P 500 futures are little changed as Wall Street awaits Fed decision: Live updates
▼ + stars: | 2024-07-30 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

S&P 500 futures are near flat Tuesday night as investors parsed the latest earnings reports and readied for the Federal Reserve monetary policy decision coming Wednesday afternoon. Futures tied to the broad index lost 0.1%, while Nasdaq 100 futures ticked higher by 0.2%. Fed funds futures are pricing in a strong likelihood that central bankers will keep rates steady at the 5.25% to 5.5% range, according to CME's FedWatch Tool. The S&P 500 and Nasdaq are tracking to end July down 0.4% and 3.3%, respectively. The Dow and Russell 2000 are slated to finish the month higher by more than 4% and 9%, respectively.

Persons: Dow, Russell, Jerome Powell, CME's, Powell, Bryce Doty Organizations: New York Stock Exchange, Federal Reserve, Nasdaq, Dow Jones, Microsoft, Sit Investment, Fed, Boeing, Albemarle, Qualcomm, Etsy

☆ Here's how to trade the S&P 500 after the volatility, according to the pros
▼ + stars: | 2024-07-29 | by ( Weizhen Tan | ) www.cnbc.com time to read: +4 min

How can the S & P 500 be traded? Those losses continued on Thursday , with the S & P 500 closing at 5,399.22 and the Nasdaq finishing at 17,181.72. The S & P 500 lost 0.83% for the week, and the Nasdaq declined around 2% in the same period. "Then that's where maybe I'm looking to try and find some bargains here for people to sort of buy back into this market," Stutland said. Large over smalls, large over mids and U.S. over international within the large cap space," he told CNBC's " Squawk Box Asia " on Friday.

Persons: we've, Richard Clode, Janus Henderson, Paul Christopher, Christopher, Brian Stutland, CNBC's, Stutland, He's, smalls, We're Organizations: Nasdaq, Trump, Wells, Wells Fargo Investment Institute, Equity Armor Investments Locations: China, Wells Fargo, Friday's, —

☆ Treasury yields fall as investors look to key data, Fed meeting in week ahead
▼ + stars: | 2024-07-29 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over three basis points to 4.1666%. The 2-year Treasury yield was last at 4.3729% after falling by more than one basis point. U.S. Treasury yields fell on Monday as investors awaited the release of key economic data and looked to the Federal Reserve's meeting scheduled for the week. Investors awaited the Federal Reserve's July meeting and key data from the labor market slated for the week. Investors will be looking at the data for hints about the state of the labor market, as this could also inform monetary policy expectations and decision-making.

Persons: Jerome Powell Organizations: Treasury, Investors, PCE

☆ Jim Cramer says the market rotation isn't all about smallcap stocks
▼ + stars: | 2024-07-29 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer said Monday the recent reshuffling on Wall Street is about more than a resurgence in small-cap stocks. "This market is not experiencing a smallcap rally, it's experiencing a rally in everything else but the tech titans. Cramer suggested the market isn't being led solely by a few smaller-cap companies that are performing well. Instead, he said, large institutions may be buying poor quality small stocks "as part of a larger basket" with indexes like the Russell 2000 or the S&P Small Cap 600. There are also larger companies that have seen huge gains recently as part of the market broadening, he said, such as McDonald's .

Persons: CNBC's Jim Cramer, Cramer, Russell, Wall, McDonald's Organizations: titans

☆ Stocks are approaching a 'watershed' moment as rate cuts unlock opportunity in unloved areas of the market, Wharton professor Jeremy Siegel says
▼ + stars: | 2024-07-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The stock market is about to see a major shift once the Fed cuts rates, Jeremy Siegel said. The top economist thinks value stocks could start outperforming growth stocks once the Fed eases policy. Cooling inflation data supports a Fed rate cut by September, Siegel predicted. The Wharton School finance professor pointed to opportunity lurking in value stocks, an unloved group of the market that's underperformed this year when compared to growth stocks. Growth stocks have outperformed partly due to Wall Street's AI craze, which has ignited investor fervor for growth stocks, like mega-cap tech firms.

Persons: Jeremy Siegel, Siegel, —, Powell Organizations: Service, Wharton School, CNBC

☆ The Fed Is Impacting Our Election, Our Climate, Our Economy - The New York Times
▼ + stars: | 2024-07-29 | by ( Jen Harris | ) www.nytimes.com time to read: +2 min

The Federal Reserve’s handling of inflation is souring the public on our economy, harming vulnerable Americans, slowing our fight against climate change — and hindering the fight against inflation itself. For the past several months, the Fed has resisted lowering interest rates in an environment that clearly demands lower rates. The Fed repeatedly stated that it would not lower rates until it had confidence the P.C.E. While the Fed keeps waiting, the pain keeps accumulating. There is also the damage that unnecessarily high interest rates are inflicting on our battle against climate change.

Persons: Donald Trump, Kamala Harris Organizations: Fed Locations: U.S

This could cause mortgage rates to move up or down slightly. If Fed officials signal that they could start lowering the federal funds rate soon, mortgage rates could ease. This would remove a lot of the upward pressure off of mortgage rates and allow them to trend down. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments.

Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ New Vanguard CEO says improving customer experience is a 'very high' priority and AI could help
▼ + stars: | 2024-07-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The new CEO at Vanguard said Monday that the asset management giant could lean on artificial intelligence as it looks to improve its customer service experience. Vanguard, which built its reputation as a low-cost and investor-friendly brokerage firm, has seen criticism about its customer service in recent years. Difficulty in reaching a Vanguard representative on the phone is one common complaint seen in online forums. CEO Salim Ramji told CNBC's Bob Pisani on Monday that fixing the customer experience is "very high on my list of priorities" and that artificial intelligence looks like a promising avenue for help. Ramji comes to Vanguard from rival BlackRock, making him the first outsider CEO for the roughly $9 trillion asset manager.

Persons: Salim Ramji, CNBC's Bob Pisani, Ramji, Jack Bogle Organizations: Vanguard, BlackRock Locations: Malvern , Pennsylvania

☆ S&P 500 faces greater downside risk ahead, Bank of America says
▼ + stars: | 2024-07-29 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

The odds of a pullback in the S & P 500 are higher now, according to Bank of America. "We are thus overdue for a pullback," wrote Subramanian, adding there is "elevated downside risk in coming months. In fact, the strategist expects the S & P 500 will end the year at 5,400. Just 50% have been triggered [today] vs. an average of 70% ahead of prior S & P 500 peaks." From 1936 to 2010, dividends contributed around 40% to S & P 500 total returns, but have only accounted for 15% since 2010.

Persons: Savita Subramanian, Subramanian Organizations: Bank of America, Nasdaq, Dow Jones, BofA Securities

☆ Japan's Nikkei jumps 2% to lead gains in Asia as traders assess U.S. inflation data, await BOJ meeting
▼ + stars: | 2024-07-29 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

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

☆ Yields on cash are likely to drop. Put money to work here instead, Janus Henderson says
▼ + stars: | 2024-07-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors who are camped out in cash are nabbing sweet yields, but the clock is ticking on that attractive income. Money market fund assets totaled $6.14 trillion as of the week ended July 24, according to the Investment Company Institute . The largest money market funds are offering an annualized 7-day current yield of 5.12%, per the Crane 100 Money Fund Index. "Investors must also remember that the liquid securities held in money market funds have maturities capped at slightly over a year," he said. While these short-term bonds may be an attractive alternative to hiding out in cash, investors should avoid making them the lion's share of their fixed income holdings.

Persons: Daniel Siluk, Janus Henderson, Matthew Mish, Siluk Organizations: Investment Company Institute, Federal, UBS, SEC, BBB, Treasury Bond ETF

☆ From bankruptcies to price wars, the US freight recession is reshaping the industry
▼ + stars: | 2024-07-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The freight recession will likely remain drag on into a sixth quarter, according to AFS Logistics. Bankruptcies and aggressive competition have defined the industry downturn, the firm told Business Insider. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThere's no end in sight for the freight recession, and the downturn is reshaping dynamics in the industry. This story is available exclusively to Business Insider subscribers.

Persons: Tom Nightingale, —, Cowen Organizations: AFS Logistics, Business, Service

☆ De-dollarization is a fad that will backfire on countries trying to move away from the greenback, currency expert says
▼ + stars: | 2024-07-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

De-dollarization is nothing but a myth — and it could backfire on countries like Russia and China. That's according to Jeffrey Christian, a commodities expert who thinks dollar dominance isn't going away anytime soon. He says countries phasing out the greenback also could face consequences, like liquidity issues and slow growth. AdvertisementDe-dollarization is probably a fad — and countries trying to stage a global shift away from the dollar may soon find that the movement will backfire. Despite the ongoing movement, dollar dominance isn't probably going away, given how pervasive the greenback is in financial markets, he told Business Insider in an interview.

Persons: Jeffrey Christian, —, Christian, It's, it's Organizations: Service, CPM Group, Traders, Reuters, Bank of International, International Monetary Fund, UC, Berkeley Locations: Russia, China, India

Mortgage rates have been prohibitively high this year for many would-be homebuyers. But as mortgage affordability improves throughout the next few months, more buyers should be able to find a home and mortgage payment that fits their budget. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This is a significant slowdown compared when it peaked at 9.1% in 2022, which means mortgage rates should start trending down soon. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Billionaire Ken Griffin bought a $90 million St. Tropez home and a $45 million dinosaur skeleton. Here are 6 of his most eye-popping purchases.
▼ + stars: | 2024-07-28 | by ( Lian Kit Wee | Nora Redmond | ) www.businessinsider.com time to read: +1 min

Ken Griffin recently bought a $90 million waterfront estate in St Tropez. Griffin currently has a net worth of $41.8 billion, per the Bloomberg Billionaires Index. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Citadel boss is currently the world's 33rd richest person, with a net worth of $41.8 billion, according to the Bloomberg Billionaires Index. This story is available exclusively to Business Insider subscribers.

Persons: Ken Griffin, Griffin, — Organizations: Bloomberg, Service, Billionaire, Citadel, Business Locations: St Tropez, Miami

☆ Where inflation is the highest and lowest in America
▼ + stars: | 2024-07-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The Honolulu metro area in Hawaii, meanwhile, saw the nation’s highest annual inflation rate in May, at 5.2%. Housing costs have therefore eased over the past year, tugging inflation overall much lower. Tight housing-market conditions are also plaguing New York, which at one point boasted the lowest inflation rate in the country. Housing costs make up about a third of the Labor Department’s CPI, a closely watched inflation gauge. Inflation is down substantially from the 40-year highs of two years ago, but housing costs have remained stubbornly elevated.

Persons: ”, Barbara Denham, Brian Adcock, Willy Nunn, homebuilding, Adcock, “, Jane Castor, it’s, homebuilders, Carl Bonham, Mengshin Lin, Roseann Freitas, ” Freitas, Freitas, Josh Green Organizations: Washington CNN, Consumer, Nationwide, Aloha State, Oxford, Labor Department’s CPI, Federal, Boomers, Tampa Bay Chamber, Miami, Tampa, Homes, CNN, ” Tampa, Urban, University of Hawaii, Washington Post, Building Industry Association of Hawaii Locations: The Tampa, St, Petersburg, Clearwater, Florida, Honolulu, Hawaii, Tampa Bay, homebuilding, Houston , Minneapolis, Denver, Central Florida, New York, Tampa The Tampa, Tampa, Hillsborough County, Pasco County, Miami, ”, Urban Hawaii, Lahaina , Hawaii, Lahaina

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