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Falling gas prices kept inflation in check following a 0.3% gain in April. “Adding to the good inflation news, core services inflation (excludes energy services) printed its mildest monthly increase since September 2021,” Kathy Bostjancic, Nationwide’s chief economist, wrote in a note issued Wednesday. On an annual basis, shelter inflation slowed a tenth of a percentage point to 5.4%, which is its lowest rate since April 2022. Still, those costs continue to run hot for consumers, with transportation services prices up 10.5% from a year ago and car insurance up 20.3%. Soft CPI boosts chances for Fed cutsThe CPI, which tracks average change in prices for a basket of goods and services common to consumers, is the most widely cited inflation metric.
Persons: ” Philip T, Powell, They’re, ” Kathy Bostjancic, Indiana University’s Powell, it’s, ” Sean Snaith, ” Preston Caldwell, Tool, , ” Scott Anderson Organizations: CNN, Inflation, Federal, Bureau of Labor Statistics ’, Indiana Business Research Center, Indiana University Kelley School of Business, Federal Reserve, CPI, Transportation, University of Central, Soft, Fed, Morningstar, BMO Bank Locations: , Indiana, University of Central Florida
Investors should focus on high-quality stocks, says Piper Sandler's Michael Kantrowitz. High-quality stocks have high profit margins, earnings growth + momentum, and stable balance sheets. High-quality healthcare stocks in the S&P 500 beat the overall index by 22% over the last year. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPiper Sandler's Chief Investment Strategist Michael Kantrowitz says investors should be focusing on high-quality stocks.
Persons: Piper Sandler's Michael Kantrowitz ., , Piper, Michael Kantrowitz Organizations: Service, Business
In town, no one had seen or heard from Garrett, Millhollin said. “I thought for sure when I was making the 911 call that I was calling just for a body recovery,” Tyree Garrett told CNN. The accident had happened when he started to fall asleep while driving, Garrett told CNN: “I thought I’d make camp and I didn’t. Garrett told CNN he sustained a hairline fracture in his foot and some lacerations. Three of Garrett’s dogs – including Blue – are with him as he recovers, but one still isn’t back from the veterinarian.
Persons: Troy Millhollin, Brandon Garrett’s, ” Millhollin, Garrett, Millhollin, Tyree Garrett, ” Tyree Garrett, Blue, , Brandon Garrett, , I’d, ” Garrett, , Tyree Garrett’s, Sheriff Travis Ash, Brandon, Ash, “ I’m, Pitbull, Shepherd, Whippet, “ I’ve, “ They’ve, they’re, ” Brandon Garrett Organizations: CNN, US Forest Service Locations: Halfway , Oregon, Baker, County
Jerome Powell, Chairman of the U.S. Federal Reserve, speaks during the conference celebrating the Centennial of the Division of Research and Statistics, Board of Governors of the Federal Reserve System in Washington D.C., United States on November 08, 2023. None of those numbers are dramatically different from the April readings, and still show inflation running well above the Fed's 2% target. Central bankers prefer the Commerce Department's measure of personal consumption expenditures prices, a broader measure that also accounts for changes in consumer behavior. The Bureau of Labor Statistics is scheduled to release the CPI report at 8:30 a.m. The Fed meeting
Persons: Jerome Powell, Celal Gunes, Jonathan Pingle, Pingle, tinker, Jack Janasiewicz, , Janasiewicz Organizations: U.S . Federal Reserve, of Research, Statistics, Governors, Federal, System, Washington D.C, Getty, Anadolu, Federal Reserve, UBS, CPI, Investment, Labor Statistics Locations: Washington, United States, Anadolu
In today's big story, we're giving a preview of what to expect at Apple's annual event . The big storyApple's AI unveilingApple CEO Tim Cook at the Worldwide Developers Conference in 2023. Josh Edelson/AFP Getty ImagesApple kicks off its big event today from a unique spot: behind. AdvertisementBut when CEO Tim Cook takes the stage for his keynote address this afternoon, it'll be about catching up with Apple's fellow Big Tech peers. It wouldn't be the first time Apple announced a deal with a fellow tech company that has massive implications , writes BI's Hasan Chowdhury.
Persons: , Larry Connor, Tim Cook, Josh Edelson, Insider's Jordan Hart, BI's Hasan Chowdhury, Monica Schipper, Nordin Catic, Tyler Le, Sam Altman, OpenAI, Apple, Satya Nadella, Altman, Alyssa Powell, Chelsea Jia Feng, Andrii Sedykh, Javier Zayas, Abanti Chowdhury, They're, Gen, isn't, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith Organizations: Service, Business, showtime, Apple, Worldwide, Developers, Big Tech, Google, Microsoft, Getty, Getty Images, Taiwan Semiconductor Manufacturing Company, Amazon Locations: India, Mexico, Burazin, New York, London
Global stocks, as measured by the MSCI World Index, are up nearly 10% year-to-date. "I see election risks as one of — if not the biggest — risks to markets in the second half of the year." Why international stocks will best the USInvestors should hedge against the potential downsides of populism and geopolitical conflicts by owning a diverse basket of international stocks, Kleintop said. If that pattern holds, foreign firms will take the baton from US equities, which have mostly led global markets since the financial crisis. Advertisement"I wouldn't say that you would want to abandon US equities, or even abandon some of those high-flying tech or AI-related stocks," Kleintop said.
Persons: , Jeffrey Kleintop, Charles Schwab's, Kleintop, that's, Donald Trump, it's, isn't, Tesla, we've, He'd Organizations: Service, Business, Apple, Meta, Microsoft, Nvidia, International Locations: Europe, United Kingdom, globalism, India, Mexico, Asia, Russia, Ukraine
An alternative trading platform CEO wants to revolutionize private equity investing to help mitigate a stalling initial public offering market. So, Forge Global's Kelly Rodriques partnered with Accuidity to launch the Forge Accuidity Private Market Index this spring. The Forge Accuidity Private Market Index consists of 60 private companies including SpaceX, Stripe and Epic Games, according to Forge Global's website. That means even with Forge's new initiative, only institutional investors and individuals with a high net worth can purchase shares. But anyone, accredited or not, can sell their shares of private companies on the platform.
Persons: Global's Kelly Rodriques, Accuidity, Rodriques, CNBC's Organizations: SpaceX, Games
Can Big Art Make It in Las Vegas? Urs Fischer Weighs In.
  + stars: | 2024-06-08 | by ( Nancy Hass | ) www.nytimes.com   time to read: +2 min
The Swiss artist Urs Fischer suggests beginning our day together with coffee in the Village. No, this is the Las Vegas version, tucked beyond an ocean of slot machines in the far corner of the timeworn, low-lit New York-New York Hotel and Casino on that notorious stretch of real estate called the Strip. “There’s more to see here that’s interesting than some other newer places,” he says, leaning back on a metal bistro chair in front of the faux glassed-in storefront of a stage-set tenement building that showcases a top-hatted mannequin wrapped like a mummy, holding a wicker basket of prosthetic hands and feet. “It’s artificial, but in a good way.”That, of course, is a matter of taste, as is the very notion of Las Vegas itself. That’s where he lives with his two daughters — Charlotte, 15, and Grace, 8 — in a modest-sized but lushly gardened 1920s home near Dodger Stadium.
Persons: Urs Fischer, , Fischer, Julian Schnabel, — Charlotte, Grace Organizations: That’s, Dodger Locations: Swiss, Manhattan, Greenwich, Red Hook , Brooklyn, Long Island City, Queens, Vegas, York, New York, Los Angeles
Wolfe Research has a list of stocks that are big targets for short sellers, including some of the market's most well-known names. Wolfe's short screens look at valuation, earnings quality, capital allocation and sentiment to find stocks that are most at risk. Here are 10 that showed up most commonly on Wolfe's screens: Tesla , the leading domestic maker of electric vehicles, was one of the best-known stocks on the list. Unlike Tesla, the solar stock has soared more than 60% this year. Rideshare platform Lyft popped up on four of Wolfe's short screens, down from six the month before.
Persons: Wolfe, Tesla, Elon, Morgan Stanley's Andrew Percoco, Morgan Stanley Organizations: Wolfe Research, Tesla Locations: Tuesday's
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe record market rally has stalled in recent weeks, just as skeptics of stocks became believers. Advertisement9 stocks to put in your portfolio nowAlthough the market's path forward is murky with the pivotal US election season coming up, investors shouldn't fret. A team of BMO strategists headlined by Belski unveiled their latest US strategy portfolios in a June 3 note. For reference, the US tactical equity portfolio surged 4.9% last month, roughly in line with the S&P 500, and has outperformed by 0.9% this year and 2.8% in the last 12 months.
Persons: , Brian Belski, hasn't, Ed Clissold, Ned Davis, he's, David Lundgren, Belski Organizations: Service, BMO Capital Markets, UBS, Business, Ned, Ned Davis Research, BMO, Microsoft, Netflix, Nvidia Locations: Montreal, BMO's US
Hundreds of mutual funds and hedge funds overlap in their investments, creating some shared favorites between the two different investment vehicles, according to Goldman Sachs. This basket of stocks—which includes Danaher , Mastercard , Vertiv and Uber —are constituents of both Goldman's Hedge Fund VIP and Mutual Fund Overweight baskets. "Hedge funds and mutual funds have boosted exposures to equities this year, with hedge fund net leverage rising near its highest level over the past year and mutual fund cash balances dropping to record lows. Visa shares are up about 4.6% for the year, lifted by stronger-than-expected earnings in the fiscal second quarter. Both stocks have had a tough quarter, however, with Visa falling 2.4% since the end of March, while Mastercard shares have lost 7.6%.
Persons: Goldman Sachs, Vertiv, Uber, David Kostin, Kostin, Goldman, Alexander Blostein Organizations: Mastercard, VIP, Mutual Fund, FactSet, KKR, Visa, Tuesday's Locations: FRE
CEOs are making almost 200 times what workers are
  + stars: | 2024-06-04 | by ( Matt Egan | ) edition.cnn.com   time to read: +4 min
The median CEO in the S&P 500 was paid 196 times as much as the median employee in 2023, according to an analysis by Equilar and The Associated Press. The widening divide is driven by the fact that CEO pay — which is closely tied to share prices — is rising notably faster than that of employees. Median total compensation for S&P 500 CEOs (including stock awards) soared to $16.3 million in 2023 — a huge year-over-year increase of 12.6%, compared to just 0.9% in 2022. The median S&P 500 employee earned $81,467 last year, up 5.2% from 2022, the report said. Given the rising stock market, the median stock award increased by 10.7% to $9.4 million, the report found.
Persons: Moody’s, Eleanor Bloxham, Bloxham, , Hock Tan, William Lansing, Tim Cook, Barbara Rentler, Organizations: New, New York CNN, Associated Press, Workers, Value Alliance, CNN, Federal Reserve, Nasdaq, Broadcom, Apple, Ross Stores, Ross Locations: New York, United States
U.S. dollar drifts higher from multi-month lows, yen gains
  + stars: | 2024-06-04 | by ( ) www.cnbc.com   time to read: +2 min
Job openings, a measure of labor demand, were down 296,000 to 8.059 million on the last day of April, the lowest since February 2021. Market participants had their focus on the JOLTS data ahead of Friday's U.S. job report, which is expected to show 185,000 new jobs created in May, up from 175,000 in April. "Certainly we had the JOLTS data which was pretty weak. The JOLTS report followed data on Monday showing a second straight month of slowdown in manufacturing activity and an unexpected decline in construction spending. In afternoon trading, the dollar index was up 0.1% at 104.12, having fallen to its lowest since mid-April overnight at 103.99.
Persons: Eugene Epstein, Epstein Organizations: U.S, Swiss, Labor, Survey, Federal Reserve, North America, European Central Bank, Bank of Canada, BoC, BOC, ECB Locations: Friday's, Moneycorp, New Jersey
Courtesy Matt WronkoskiBut when it’s good, and it usually is, there is something wonderful and irreplaceable about pickup basketball. But I still play pickup ball whenever I can, and recently I’ve been thinking about what it means for America in 2024. In a time when we’re divided by race and class and age, pickup ball cuts across those lines. Maybe this country would be a better place if it worked a little more like a pickup game. And a different basketball playerI was once an angry young man on the basketball court.
Persons: I’d, Thomas Lake, Matt Wronkoski, “ Ginobili, , you’d, Ruthie, Ruthie didn’t, Jimmy Dean, Corey, I’m, Corey wasn’t, Eric, John, We’d Organizations: CNN, rec, America, Spokane Hoopfest Locations: Jacksonville , Florida, America, St, Johns, Springfield , Massachusetts, Jacksonville
It's a more aggressive approach than many investors employ, because being a short seller is infinitely more risky than buying shares. But when you short, the potential loss is unlimited because there's no guarantee a stock's price will fall; it could instead rally to extreme highs. These variables include low institutional ownership, low cash reserves, and market caps smaller than $250 million, among other characteristics that could signal a vulnerable stock. Uber (UBER) is another stock he really likes, although he allocates less toward it because it's a newer company. But everywhere I go, there's Uber.
Persons: David Capablanca, Capablanca, there's Uber Organizations: Service, Business, Trust, Nasdaq, Capablanca, Apple Locations: Argentina, Galapagos, Columbia, Italy, India
The artificial intelligence boom is fueling demand for power, with many tech companies rapidly developing infrastructure as they compete for dominance. Data centers house vast amounts of computing power needed for AI workloads, and are intense power-guzzling workhorses. But the need for power goes beyond data centers and other infrastructure, according to Goldman. Goldman cited studies which showed that AI data centers can consume up to 10 times the energy of their regular counterparts. Taiwan's tech industry extends across a "comprehensive global AI supply chain," with tech manufacturers consuming a "substantial" amount of power.
Persons: Goldman, — CNBC's Michael Bloom Locations: Asia, China, Taiwan, South Korea, India, South Korea's, Power, Australia
Several stocks are well-positioned to benefit from any power supply bottlenecks resulting from rapid growth in data centers, according to 11 analysts at TD Cowen who compiled a 169-page report. As a result, they're building data centers where power is available, investing in transmission lines and exploring the use of nuclear energy . Brookfield Renewable Partners , an international renewable power producer and developer, is another beneficiary of the data center boom. "The recently signed framework agreement... is a clear example of BEP's exposure to corporate [power purchase agreement] momentum associated with data center demand. That will contribute to the energy supply needed to power data centers.
Persons: Cowen, Michael Elias, Elias, FactSet, TD Cowen, Sean Steuart, it's, Cowen's David Deckelbaum, Coterra Organizations: Amazon, Oracle, Digital Realty Trust, Digital Realty, Digital, Brookfield Renewable Partners, Microsoft, Brookfield, NuScale Power Corp, Reactor, Regulatory, Energy, Coterra Energy Locations: Northern Virginia, Silicon, Tuesday's, U.S, Europe, Brookfield, Appalachia
"One year after appearing on South Park, the median stock underperforms the S&P 500 by 7%," Spectra Markets said. South Park: The End of Obesity special released last week tackled the growing popularity of Ozempic and Mounjaro as Eric Cartman tries to get his hands on the hugely popular weight-loss drugs. Advertisement"One year after appearing on South Park, the median stock underperforms the S&P 500 by 7%," Spectra Markets President Brent Donnelly said. "South Park has a 20+ year history of capturing the cultural zeitgeist and it's impossible to argue that anything that is lampooned on South Park is not priced in," Donnelly said. But not all those featured on South Park saw their stock prices peak shortly thereafter, with Microsoft, Yelp, and Netflix bucking the trend.
Persons: , Eric Cartman, Brent Donnelly, Donnelly, Eli Lilly, shouldn't Organizations: Service, Spectra Markets, Novo Nordisk, Twitter, Starbucks, Walmart, Microsoft, Netflix
Dollar steady ahead of inflation data, yen wobbles
  + stars: | 2024-05-29 | by ( ) www.cnbc.com   time to read: +7 min
The dollar was stable on Wednesday on wagers the Federal Reserve is unlikely to cut rates until later this year ahead of crucial inflation readings this week, while the yen drifted to its weakest in four weeks. Market focus this week will be on a slew of inflation reports, with German inflation data due on Wednesday and the wider euro zone's reading on Friday. Market focus this week will be on a slew of inflation reports, with German inflation data due on Wednesday and the wider euro zone's reading on Friday. The pound was 0.13% higher at 200.68 yen, the strongest since August 2008, while the euro touched a one-month high of 170.795 yen earlier in the session. The yen, which is sensitive to Treasury yields, is down 10% for the year against the dollar but may yet scrape a monthly gain in May.
Persons: Sterling, Christopher Wong, Prashant Newnaha Organizations: U.S, Australian, FX, TD Securities Locations: U.S, Tokyo, Asia
Dollar ebbs as markets await key global inflation reports
  + stars: | 2024-05-28 | by ( ) www.cnbc.com   time to read: +3 min
In this photo illustration, a person is seen holding 100, 50, and 5 U.S. dollar bills in his hand. The dollar waned on Tuesday following a slight pick up in risk appetite, but it held tight ranges against its peers ahead of key inflation data from major economies this week that markets are looking to for guidance on the global interest rate outlook. The euro was a touch firmer at $1.0860 despite some dovish comments from European Central Bank policymakers on Monday and data showing German business morale stagnated in May. Down Under, the Aussie edged 0.03% higher to $0.6657, with the country's monthly consumer price index data also due on Wednesday. BOJ Governor Kazuo Ueda said on Monday the central bank will proceed cautiously with inflation-targeting frameworks, noting that some challenges are "uniquely difficult" for Japan after years of ultra-easy monetary policy.
Persons: Rodrigo Catril, Sterling, NAB's, Kazuo Ueda, bitcoin Organizations: U.S, European Central Bank, ECB, National Australia Bank, New Zealand, Down, Bank of Japan Locations: Asia, Britain, United States, U.S, Tokyo, Japan
As the price of gold hits new all-time highs and silver rallies to a multi-year high, Bank of America has identified four exchange-traded funds (ETFs) that offer attractive exposure to precious metals. The top-rated ETFs include abrdn Physical Silver Shares ETF (ticker SIVR), iShares Silver Trust (SLV), Invesco DB Precious Metals Fund (DBP) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). Bank of America rated all four ETFs "more attractive" in comparison to other ETFs with similar assets. These funds reflect baskets of physical precious metals, with varying allocations to silver, gold, palladium, and platinum. abrdn Physical Silver Shares ETF SIVR is the cheapest silver fund in Bank of America's coverage, with a total expense ratio of 0.50%.
Persons: Jared Woodard, SLV, Michael Bloom Organizations: Bank of America, Precious Metals Fund, Bank of, Treasury, Bank, Precious Metals Locations: BofA
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Persons: we've, you'll, you've, fryer, Braun, Fryer, Ninja's, Ninja, Crisp, Pick, It’s, Max, Casper, Pillow, Topper, Allbirds Organizations: Business, Apple, Day, Samsung, Walmart, Samsung TV, Amazon Sony, Amazon Samsung, Amazon, DreamCloud Sealy, Amazon ., Shop, Ninja, Sony, JBL Bluetooth, Amazon Beats, Amazon Apple, JBL, Haven, Elm, Flyers Locations: Brooklyn, France, Chewy
As inflation lingers at a generational high, some stocks stand out for their ability to help investors hedge against the effect of high interest rates better than others. "What ensued was a massive negative correlation between the perception about interest rates and the valuation of growth companies from late in 2021." While a basket of high-quality growth stocks used to be negatively correlated to inflation, meaning their stock prices suffered as inflation turned higher, Trivariate says the relationship has since changed. "Today, the correlation of the high-quality growth basket to our inflation basket is zero," the firm said. In the same report, Trivariate Research shared its basket of high-quality names in the technology sector that have a near-zero correlation to its inflation basket.
Persons: Adam Parker, Morgan Stanley, Trivariate, Morgan Stanley —, Meta Marshall, Raymond James, there's, Simon Leopold, Michael Bloom Organizations: Research, Trivariate, Keysight Technologies, Technologies, JPMorgan, VMware, Broadcom Locations: United States
London CNN —When British Prime Minister Rishi Sunak announced on Wednesday that the United Kingdom would hold a general election on July 4, many observers wondered: why now? British Prime Minister Rishi Sunak delivers a speech calling for a general election, outside 10 Downing Street, in London on May 22. Their time in office didn’t begin formidably. In 2010, after 13 years of Labour rule, David Cameron won the general election but didn’t win a majority in parliament. Eventually, the Conservative Party had enough of the chaos and put Sunak in charge as a safe pair of hands.
Persons: Rishi Sunak, Keir Starmer, Sunak, Maja Smiejkowska, he’s, we’ve, ’ ” Sunak, didn’t, David Cameron, Cameron, Theresa May, Boris Johnson, Johnson, Henry Nicholls, Liz Truss, , Starmer Organizations: London CNN, British, Conservative Party, Labour Party, Labour, International Monetary Fund, CNN, IMF, Liberal Democrats, Conservative, Vale, Glamorgan Brewery, Getty Locations: United Kingdom, London, Downing, Glamorgan, Barry, Wales, AFP, Rwanda, Sunak
Dollar holds firm as traders trim U.S. rate cut bets
  + stars: | 2024-05-24 | by ( ) www.cnbc.com   time to read: +3 min
"The carry of holding dollars is far juicier," he said, while policymakers' rhetoric has also made traders nervous about inflation and the risk rate cuts would be distant or small. Traders have pushed out the timing of the first Fed rate cut to December. Thursday's business surveys from S&P Global supported the conviction among many traders that the Fed may keep rates higher for longer. But not for traders who are positioned for Fed cuts. Rates markets still price a near 90% chance the ECB cuts rates next month.
Persons: Martin Whetton, Matt Simpson, Sterling, Christopher Waller Organizations: U.S, Westpac, Federal, Traders, P Global, European Central Bank, Federal Reserve Locations: Sydney
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