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☆ 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

☆ 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

☆ 14 earnings, jobs and the Fed are what we're watching in the market this week
▼ + stars: | 2024-07-27 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

As for Club earnings, we got positive results from life sciences company Danaher and industrial firm Dover. Ford was a major disappointment and its nearly 20% stock drop for the week was the worst performer in the portfolio. In the week ahead, it's going to be another big week of earnings with the four mega-cap names and 10 other Club names set to report. Linde : We're looking for more of the same — steady earnings growth; 6% is the Street estimate. End market commentary will also help us better formulate our view of the economy — and in turn the stock market.

Persons: Russell, Jerome Powell's, Ford, Stanley Black, Decker, We're, we'll, Elliott, we've, We'll, Kraft Heinz, Vita Coco, COCO, Lam, SIRI, WEN, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Nasdaq, Dow, Communication, Honeywell, YouTube, Procter & Gamble, Devices, Microsoft, Starbucks, GE Healthcare, DuPont, Meta, Apple, Coterra Energy, Linde, Silo AI, Elliott Management, GE HealthCare, Amazon, Apple Intelligence, U.S, Labor, Fed, Networks, Procter, Gamble, PayPal, Pfizer, BP, JetBlue Airways, Merck, Solar Inc, Caesars Entertainment, Electronic Arts, EA, Nation Entertainment, Boeing, Cruise, Mastercard, Teva Pharmaceutical, Hess Corp, Arm Holdings, Qualcomm, Lam Research, Western, eBay, EBAY, MGM Resorts, MGM, ConocoPhillips, Mobileye, Canada Goose Holdings, Hershey, Toyota, Dominion Energy, Air Products & Chemicals, Southern Company, International, Coterra Energy Intel, Coinbase, Booking Holdings, LIN, Exxon Mobil, Chevron, LyondellBasell Industries, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: Dover, Eaton, Amazon, China, destocking, Corning, New York City

It's also looking increasingly likely that mortgage rates will drop even further in the coming months. As inflation continues to slow and the Fed is able to start lowering the federal funds rate, mortgage rates should trend down. This will remove some of the upward pressure off of mortgage rates and allow them to fall a bit. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Inch Up (+0.08%)The current average 30-year fixed mortgage rate is 6.38%, up eight basis points from where it was this time last week, according to Zillow data.

Persons: It's, you'll, refinance, they've Organizations: Commerce Department, Federal, Zillow, FHA Locations: Chevron

Since Harris kicked off her presidential campaign, there’s been a string of good news for the US economy. Harris will have Biden’s mostly strong economy to run on. By June 2021, Biden’s sixth month in office, the nation’s inflation rate jumped to more than 5%. After the Federal Reserve hiked interest rate hikes to a 23-year high to stamp out inflation, the economy — eventually — started to run at a slower pace. The Biden administration canceled $168 billion in student loan debt for 4.8 million Americans.

Persons: Joe Biden, Biden, Kamala Harris, Harris, there’s, Biden’s, —, hasn’t, Evan Vucci, Eros Hoagland, Getty, Lina Khan, Jonathan Kanter, Stocks Organizations: CNN, White House, House, Federal, Trump, Biden, Federal Reserve, Gross, Commerce Department, of Labor Statistics, Infrastructure Investment, Jobs, AFL, National Labor Relations Board, United Auto Workers, Union, AP Relief, American, ARPA, Medicare, University of North, Hill, Apple, Google, Federal Trade Commission, Department, FTC, Activision, Big Tech, Justice Department, Fed Locations: Ukraine, Van Buren Township , Michigan, University of North Carolina, America, Valley, Silicon Valley

☆ A notorious market bear who called the 2000 and 2008 crashes warns his favorite valuation measure just hit all-time highs — setting stocks up for a potential 70% drop
▼ + stars: | 2024-07-27 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

But it's hard to argue against the track record of his most preferred valuation measure — total market cap of non-financial stocks to total revenue of those stocks — when it comes to long-term stock-market returns. Unfortunately for investors, the measure just hit an all-time high, topping levels seen in 1929, 2000, 2008, and 2022. Here's the metric:AdvertisementHussman Funds"Last week, our most reliable measure of stock market valuations hit the highest extreme in history," Hussman wrote in a July 20 commentary. AdvertisementWhile Hussman's valuation measure doesn't necessitate near-term losses, there is some evidence that stocks could soon face downside. And as the stock market ground mostly higher, he persisted with his doomsday calls.

Persons: —, John Hussman, Hussman, Jeremy Grantham Organizations: Service, Hussman Investment Trust, Business, Federal Reserve, Rosenberg Locations: recessionary

☆ Bernard Arnault's wealth is slumping as the luxury boom falters
▼ + stars: | 2024-07-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Bernard Arnault's wealth fell by about 20% between late March and late July, per Bloomberg data. There's been a drop in demand for luxury goods, and LVMH posted disappointing earnings this week. Arnault is still the world's third-richest person, with an estimated net worth of $185 billion. AdvertisementLVMH CEO Bernard Arnault's wealth is slumping amid a drop in demand for luxury goods. Still, Arnault remains the world's third-richest person, and the wealthiest outside the US.

Persons: Bernard Arnault's, There's, LVMH, Arnault, —, He's, Elon Musk, Jeff Bezos Organizations: Bloomberg, Service, Elon, Business

☆ Oil edges up on strong U.S. GDP data but Asia economic woes limit gains
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were up slightly on Friday on stronger-than-expected U.S. economic data that raised investor expectations for increasing crude oil demand from the world's largest energy consumer. But concerns about soft economic conditions in Asia's biggest economies, China and Japan, capped gains. At the same time, inflation pressures eased, which kept intact expectations that the Federal Reserve would move forward with a September interest rate cut. Lower interest rates tend to boost economic activity, which can spur oil demand. Still, continued signs of trouble in parts of Asia limited oil price gains.

Organizations: Brent, . West Texas, Commerce Department, Reuters, Federal Reserve Locations: Fort Stockton , Texas, China, Japan, U.S, Asia

☆ Apple and Microsoft are among the 'Magnificent Seven' stocks set to report next week. Here's what that means
▼ + stars: | 2024-07-26 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

On Friday, the tech-heavy S & P 500 and Nasdaq Composite ended the week with losses, down 0.8% and 2.1%, respectively. However, the bulk of Magnificent Seven results is set for release in the week ahead. As it is, all seven of the Magnificent Seven companies closed out the week with losses. FOMC meeting, July jobs report Elsewhere, investors will also be reviewing the latest Federal Reserve interest rate decision set for release on Wednesday. Traders will also get insight into the labor market next week, with the release of the July jobs report on Friday.

Persons: Russell, Ryan Grabinski, John Belton, Tesla, Belton, FactSet, Stanley Black, Decker, Lam, Kraft Heinz, Ingersoll Rand Organizations: Nasdaq, Dow Jones Industrial, Microsoft, Facebook, Apple, Nvidia, 2H, 3Q, Gabelli, Traders, Dallas Fed, Semiconductor, Nation Entertainment, Electronic Arts, Starbucks, Match Group, Caesars Entertainment, Corning, Howmet Aerospace, Procter, Gamble, Pfizer, Merck, Co, PayPal, ADP, Civilian Workers, Chicago PMI, MGM Resorts International, Allstate, Lam Research, eBay, Qualcomm, Western, Cruise Line Holdings, Hess, Boeing, Mobile, Marriott International, GE Healthcare Technologies, Generac Holdings, Mastercard, Labor, PMI, Manufacturing, Intel, Holdings, Motorola Solutions, Technology, Air Products, Chemicals, Jobs, Exxon Mobil, Chevron Locations: Chicago, Albemarle, Kellanova, Hershey, Moderna

☆ Cryptocurrencies rebound with risk assets, but ether still lower for the week
▼ + stars: | 2024-07-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

In this article ETH.CM=BTC.CM= Follow your favorite stocks CREATE FREE ACCOUNTDado Ruvic | ReutersCrypto prices rose on Friday following two down days in which investors rotated out of risk assets. Bitcoin was last higher by 4.5% at $67,720.83, according to Coin Metrics, and ether advanced 4% to $3,248.25. In equities, the tech-heavy Nasdaq Composite and the broad-market S&P 500 — which suffered their worst single trading day since 2022 this week — rallied. Many expect favorable crypto comments from Trump — who in recent weeks has painted himself as the pro-crypto candidate in this year's election — could boost prices in coming days. Still, bitcoin is little changed for the week, while ether is on pace to end the week with an 8% loss.

Persons: Dado Ruvic, Bitcoin, —, MicroStrategy, Donald Trump, Trump Organizations: Reuters, Metrics, Nasdaq, Federal, Bitcoin Conference, Trump — Locations: Nashville

☆ A massive tech sell-off and small-cap rally are just getting started. Make 5 investments to avoid missing out.
▼ + stars: | 2024-07-26 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Small caps should also get a boost from interest rate cuts, which typically translate to disproportionately large gains for the group. That helps confirm what investors are realizing: small caps are the place to be. When large caps sneeze, the market catches a coldThe small-cap breakout has coincided with large technology stocks breaking down. Small caps also tend to have less of an international presence than their larger peers, so they don't miss out as much when converting overseas profits to dollars. The small-cap index is closely tied to economically sensitive parts of the market, which should continue to participate in this rally.

Persons: —, chartmaster, BMO Capital Markets David Keller, who's, Russell, David Keller, StockCharts.com, Keller, you've, he'd, Keller didn't Organizations: Service, Tech, Nvidia, Meta, Business, BMO Capital Markets, BMO Capital, BMO, Therapeutics, Myriad Genetics, Holdings

☆ Fed’s Preferred Inflation Number Cooled Overall in June
▼ + stars: | 2024-07-26 | by ( Jeanna Smialek | ) www.nytimes.com time to read: 1 min

The Federal Reserve's preferred inflation measure continued to gradually cool overall in June even as a “core” inflation measure held steady, likely keeping the central bank on track for a rate cut later this year without stoking any urgency for a reduction at its meeting next week. A “core” price measure that strips out food and fuel costs for a better sense of the underlying inflation trend proved more stubborn. Yearly core inflation was 2.6 percent, matching its reading in May. And on a monthly basis, both measures of inflation climbed modestly. Overall, the report served as a reminder that inflation is substantially lower than it was at its 2022 peak, but is not yet entirely vanquished.

☆ Stock market today: Indexes rebound as inflation data reinforces Fed rate-cut bets
▼ + stars: | 2024-07-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks rose Friday morning, regaining momentum after three days of losses. Instead, investors indicated 87.7% odds of a 25-basis point cut, and 11.9% odds of a 50-basis point cut. This week, creeping doubt in large-cap tech stocks rally spurred investors to rotate out of the sector, pulling both indexes down 3.67% and 2.6% through the past week, respectively.

Persons: —, Fitch, Olu Sonola Organizations: Nasdaq, Service, PCE, Federal, Treasury Locations: Here's

☆ We're again trimming a red-hot Fed rate cut stock and signaling another portfolio move
▼ + stars: | 2024-07-26 | by ( Zev Fima | ) www.cnbc.com time to read: +3 min

Shares of Stanley Black & Decker were on the move again Friday, adding another 7%, following the morning release of the Federal Reserve's favorite inflation gauge. We've said all along that Stanley Black & Decker would benefit from lower borrowing costs. Stanley Black & Decker brands, which also include Dewalt and Craftsman, are needed for that kind of work. Stanley Black & Decker trim SWK YTD mountain Stanley Black & Decker YTD With Stanley Black & Decker set to deliver earnings Tuesday and its stock now up more than 10% this week, the bar for a strong quarterly print is that much higher. That's why we're leaving a nice-sized chunk of Stanley Black & Decker shares in our portfolio going into the report.

Persons: Stanley Black, Decker, Jim Cramer's, We've, We're, we're, Jim Cramer, Jim Organizations: Stanley, CNBC

☆ European stocks head for mixed open as selloff eases; U.S. inflation data due
▼ + stars: | 2024-07-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange as a picture of Vice President Kamala Harris is displayed on a television screen, on July 22, 2024. Overall, Stoxx losses have eased from last week, when the regional index recorded its worst performance since October. LONDON — European markets are heading for a mixed open Friday, as a global stock selloff eases and investors await U.S. inflation. The biggest item on the data front Friday is the U.S. personal consumption expenditures price index, due at 8:30 a.m. Asia-Pacific markets largely rebounded Friday, as Tokyo's headline inflation slowed slightly to 2.2% in July from 2.3% in May.

Persons: Kamala Harris, Wall, Dow Jones, Mercedes, Stellantis Organizations: New York Stock Exchange, LONDON, Mercedes Benz Locations: U.S, Asia, Pacific, .

☆ 10 things to watch in the stock market Friday after a tumultuous week
▼ + stars: | 2024-07-26 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

The data didn't sway the market odds on the Fed cutting interest rates three times this year, starting in September. The industrial conglomerate raised its full-year outlook. Two of the Club's industrial names, Honeywell and Dover , reported earnings this week with mixed fortunes for their stocks. Dexcom shares plunged more than 35% after the medical device company missed on revenue and cut its full-year outlook. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Bristol Myers, Abbott, Skechers, Lockheed Martin, L3Harris, Japan's Eisai, Eli Lilly, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Federal, Transportation, Electronics, Honeywell, Colgate, Palmolive, Abbott Laboratories, Libre, Deutsche Bank, Lockheed, EU, Novo Nordisk, Jim Cramer's Charitable, CNBC Locations: Dover

☆ Fed’s key inflation gauge rose 2.5% in June from a year ago, in line with expectations
▼ + stars: | 2024-07-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Fed officials use the PCE measure as their main baseline to gauge inflation, which continues to run above the central bank's 2% long-range target. An important gauge for the Federal Reserve showed inflation eased slightly from a year ago in June, helping to open the way for a widely anticipated September interest rate cut. Core inflation, which excludes food and energy, showed a monthly increase of 0.2% and 2.6% on the year, both also in line with expectations. Goods prices fell 0.2% on the month, while services increased 0.2%. The report also indicated that personal income rose just 0.2%, below the 0.4% estimate.

Persons: Dow Jones Organizations: Commerce Department, Federal Reserve, Fed

☆ Markets now pricing in three rate cuts before the end of the year following better inflation news
▼ + stars: | 2024-07-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Improving news on inflation again has raised investors' hopes that the Federal Reserve soon will start to aggressively lower interest rates. Futures market pricing now indicates that while the Fed will remain on hold at next week's policy meeting, it will commence cutting in September and move again in November and December. The market-implied probability for a September cut nudged up to about 90% Friday morning, according to the CME Group's FedWatch Tool that measures fed funds futures pricing. Traders in early 2024 were pricing in at least six cuts this year, but the central bank's rate-setting group has remained on hold for a year. Following the two-day meeting that concludes next Wednesday, the Fed meeting schedule is empty for August, save for the all-important annual conclave in Jackson Hole, Wyoming.

Persons: Joseph Brusuelas, —, Jerome Powell, Christopher Waller Organizations: Federal Reserve, Friday's Commerce Department, RSM, Traders, Federal Open, Fed Locations: Jackson Hole , Wyoming

☆ Inflation is inching closer toward the Fed’s 2% target
▼ + stars: | 2024-07-26 | by ( Alicia Wallace | ) edition.cnn.com time to read: +1 min

CNN —Yet another favorable piece of economic data shows that price hikes are slowing and that long-unruly inflation appears to be tamed. On a monthly basis, the price index increased by 0.1%, also landing in line with expectations. Falling energy prices, which dropped 2.1% from May, continued to help put a damper on overall inflation in June, as did goods prices, which dropped 0.2%. Food and services inflation increased just 0.1% and 0.2%, respectively, for the month. Taking inflation out of the equation, real spending was still up for the month, rising 0.2%.

Organizations: CNN, Federal Reserve, Commerce Department, Commerce

☆ The tech sell-off may not be over. Here's an options trade to capitalize on the trend—with protection
▼ + stars: | 2024-07-26 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +3 min

The Nasdaq-100 has seen significant profit taking as many investors have trimmed their exposure to the Mag 7. Volatility and carnage in the Nasdaq should persist causing more sellers to sell tech stocks. Here is an options strategy to profit on this additional plunge in Tech. However, the move ran out of gas into the closing bell, and the QQQ finished back in the red. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Russell, Tesla Organizations: Nasdaq, Nvidia, Meta, Dow, CNBC, NBC UNIVERSAL Locations: Tech

☆ Value stocks are fueling the small-cap rebound, and these ETFs are outperforming
▼ + stars: | 2024-07-26 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

This month's market rotation into small caps is being led by a rebound in cheap stocks. According to FactSet, three of the top five small-cap exchange-traded funds in July are explicitly focused on value, including the iShares US Small Cap Value Factor ETF (SVAL) . That fund was up 11.4% for the month through Wednesday, compared to 7.4% for the broader iShares Russell 2000 ETF (IWM) . Investors can account for profitability by looking for stocks with lower price-to-earnings ratios, one of the metrics captured by many value funds. Screening for value stocks can sometimes miss areas of trouble in the market.

Persons: FactSet, ProShares Russell, Sean O'Hara, O'Hara, Todd Sohn, Sohn Organizations: Growers, Companies

☆ Stock market today: Dow soars 654 points as traders celebrate inflation data
▼ + stars: | 2024-07-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Encouraging inflation data stoked optimism that the Federal Reserve can cut interest rates in September. That changed Friday, as encouraging inflation data injected new life into the rally. Advertisement"Next week we expect [Fed Chair Jerome] Powell to set the table for future rate cuts, speaking confidently about progress bringing inflation down. According to the CME FedWatch Tool, the market no longer expects the Federal Reserve to keep rates steady in September. The market also forecasts high chances that the Fed will slash rates by up to 75 basis points through December.

Persons: Russell, —, Jerome, Powell, David Donabedian, Chris Zaccarelli, Dexcom Organizations: Federal, Service, PCE, CIBC Private Wealth, Reserve, Independent, Alliance Locations: Here's, –

☆ Disney is among the most oversold stocks on Wall Street. Here are the others
▼ + stars: | 2024-07-26 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Several companies appear oversold this week and could be due for a rebound after a wild week on Wall Street. Stocks with a 14-day RSI reading below 30 often indicate that it's oversold, with a potential rebound possible ahead for the company's shares. Here are some of the most oversold names: Dexcom is the most oversold stock of the list, with a 14-day RSI of 11.6%. Wells Fargo recently reiterated its overweight rating on Disney and its $136 price target, which implies shares could gain 52.4%. That's driven the stock's RSI to more than 81.

Persons: —, Walt Disney, Wells Fargo, we're, Steven Cahall, Wall, Sara Senatore, Senatore, FactSet, LSEG, Myers Squibb, Northrop Organizations: Nasdaq, CNBC, Stock, Entertainment, Walt, Disney, DIS, Media, " Bank of America, Mohawk Industries, RSI, Northrop Grumman, Citizens Financial Group Locations: Bristol

☆ Yen heads for strongest week in 3 months as carry trades unwind
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: +3 min

The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations. The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations. The euro was a tad stronger at $1.0853 but is down 0.35% for the week, its steepest weekly decline since early June. The souring risk sentiment this week has weighed heavily on the Aussie and the New Zealand dollar . The Aussie is down 2% for the week, its worst weekly performance since November 2023.

Persons: James Athey, Ben Bennett, they're Organizations: Marlborough Investment Management, Federal, Fed, Traders, Bank of Japan, Legal, General Investment Management, New Zealand Locations: Tokyo, Asia, Pacific

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