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☆ CNBC Daily Open: Nasdaq closes at record high; Google launches new AI model
▼ + stars: | 2024-05-15 | by ( Abid Ali | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Nasdaq rose to a record close, while the Dow Jones Industrial Average added 126 points. Meme craze coolsShares of GameStop and AMC rose on Tuesday, extending Monday's gains after "Roaring Kitty" made a reappearance. Shares, however, gave up some of their earlier gains, suggesting enthusiasm for the so-called meme stocks was fading. Powell: Inflation falling slowlyFederal Reserve Chair Jerome Powell said inflation was not slowing as quickly as anticipated, requiring the central bank to maintain its current interest rates for longer.

Persons: Jerome Powell, Alibaba, Powell, CNBC's Yun Li Organizations: CNBC, Nasdaq, Dow Jones, Treasury, GameStop, AMC, Biden, AMC Entertainment Locations: Hangzhou, New York, China, Amsterdam

☆ Forget U.S. stocks — UBS says Europe's are a better bet. Here's why
▼ + stars: | 2024-05-14 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

Michael M. Santiago | Getty ImagesEuropean stocks are now more attractive than their U.S. counterparts, according to Swiss Bank UBS , with factors such as economic data, interest rates and earnings playing a key role. In a note entitled: "A U-Turn: Favouring Europe over US equities," the bank's strategists said European stocks excluding the U.K. now outrank the U.S. on its "regional scorecard." UBS outlined a number of reasons for its "U-turn," especially given U.S. markets tend to outperform European ones. Indicators tracked by the bank — such as purchasing managers' index (PMI) data — suggest an upside risk to European GDP, and a downside risk to U.S. GDP, the bank said. Some of Europe's central banks have already begun easing, and the European Central Bank is expected to do so as soon as June.

Persons: Michael M Organizations: New York Stock Exchange, Santiago, Getty, Swiss Bank UBS, UBS, U.S, European Central Bank Locations: New York City, U.S, Europe, Japan, Swiss

☆ The stock market is about to see a 10% correction, with further disinflation a 'pipe dream' and Fed rate cuts coming much later, Stifel says
▼ + stars: | 2024-05-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The S&P 500 could fall around 500 points in a swift correction, Stifel strategists warned. The investment firm said falling inflation was a "pipe dream," and Fed rate cuts could be delayed. Markets see just one or two rate cuts by the end of the year, per the CME FedWatch tool. "We have been wary of a broad S&P 500 correction in the middle quarters of 2024. Markets have already dialed back their outlook for Fed rate cuts this year, which drove a sell-of in stocks in April.

Persons: — Organizations: Service, Fed, PCE, Traders

It turns out that a long pause between Federal Reserve rate actions is historically good for stocks, according to LPL Financial. The pause, which has reached 280 days, is the second-longest in modern market history, LPL noted, behind only the 2006-07 pause that reached 446 days. "Long pauses are typically good for stocks, and the gains achieved since the Fed's last hike in July 2023 are consistent with recent history," said Jeff Buchbinder, chief equity strategist at LPL Financial. "The pace and rise of the S & P 500 during that time are in line with what we are seeing now." Still, the strategist observed that the sectors that have historically outperformed during long pauses are financials and energy, which generally return 15% for the period.

Persons: LPL, Jeff Buchbinder, Buchbinder Organizations: Financial, Investors, LPL

☆ A soft landing will be tough to achieve, and inflation has hit lower-income Americans hard, Citi CEO Jane Fraser says
▼ + stars: | 2024-05-07 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

A "soft landing" scenario is unlikely for the US economy, Citi CEO Jane Fraser said. "We're seeing a much more cautious low-income consumer," Fraser said. AdvertisementIt's going to be tough for the US to stick an economic soft landing, and rampant inflation is hitting lower-income Americans hard, Citi CEO Jane Fraser said. "It's hard to get a soft landing," Fraser told CNBC on Monday. Yet, Fraser cautioned against declaring a soft landing was a done deal.

Persons: Jane Fraser, Fraser, —, Gary Shilling, Roukaya Ibrahim Organizations: Citi, Service, CNBC, Federal Reserve

☆ Buy stocks in May because inflation is set to plunge through the rest of 2024, Fundstrat's Tom Lee says
▼ + stars: | 2024-05-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

That's because inflation is set to fall "dramatically" through the rest of the year, Lee predicted. AdvertisementInvestors should be buying stocks this month, as inflation is bound for a steep decline for the rest of the year, according to Fundstrat's head of research Tom Lee. Real-time price declines will eventually catch up with the official inflation report. High rates risk tipping the economy into a recession and sparking market volatility, as investors, banks, and consumers grapple with a higher cost of borrowing. It is quite high, and as you know, it's putting a lot of pressure on regional banking ... the cost of money is quite high," Lee said.

Persons: Tom Lee, Lee, —, That's, it'll Organizations: Service, CNBC

☆ The UK is 'an interesting investment' right now: UBS Global Wealth Management
▼ + stars: | 2024-05-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe UK is 'an interesting investment' right now: UBS Global Wealth ManagementAdrian Zuercher of UBS Global Wealth Management, discusses the outlook for U.S. and U.K. markets.

Persons: UBS Global Wealth Management Adrian Zuercher Organizations: UBS Global Wealth Management

☆ Nobel Prize-winning economist Joseph Stiglitz says the US economy is on solid footing — but warns any one of these 4 major risks could spoil the expansion
▼ + stars: | 2024-05-04 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

The US economic expansion should continue in the months ahead, assuming there are no major external shocks, according to Nobel Prize-winning economist Joseph Stiglitz. Consumer spending, which makes up about two-thirds of the US economy, is still positive, and job gains have been robust. AdvertisementDespite his generally upbeat outlook, however, Stiglitz is concerned about a number of risks. 4 economic risks to watchThe first is that economic slowdowns happening elsewhere could seep into the US. Congress could shut down again, we might not get some of the necessary bills that we need to continue government," Stiglitz said.

Persons: Joseph Stiglitz, we've, Stiglitz, Brent, Mike Johnson, Trump, Putin Organizations: Service, Columbia University, Conference, Business, Republican Locations: Europe, China, Israel, Palestine, Lebanon, Iran, Ukraine, Russia, Taiwan, Eastern Europe

☆ Gold set for second weekly fall; U.S. payrolls on investors' radar
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices were poised for a second straight weekly decline, although bullion held steady on Friday as investors remained cautious ahead of the U.S. non-farm payrolls data that could provide cues on the Federal Reserve's rate cut timeline. Spot gold held its ground at $2,306.84 per ounce by 0457 GMT but lost more than 1% this week. Softer U.S. payrolls print could provide support for gold but a better report may weigh on prices, Wong added. The non-farm payrolls report is due at 1230 GMT.

Persons: Christopher Wong, Wong, Wang Tao, Fawad Organizations: Co, U.S ., Fed, City Index Locations: Bangkok, Thailand, Egypt, Israel

☆ A top mind at UBS Global Wealth Management explains why investors' meltdown over elevated interest rates is misguided — and shares a 5-part investing blueprint as stocks continue to rise
▼ + stars: | 2024-05-03 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Less than a month ago, analysts were calling for subdued earnings growth of just 3%. Although higher rates can be a headache, Lefkowitz said earnings growth matters most. Instead of obsessing over when interest rates will fall, Lefkowitz said investors should consider the reasoning behind the Fed's decisions. "If rates are rising and that's leading to more confidence in the earnings growth outlook, then that shouldn't be a headwind to markets," Lefkowitz said. Follow this 5-part investing game planHealthy earnings growth and a resilient economy have strategists at UBS GWM bullish about US stocks.

Persons: Jonathan Golub, weren't, that's, David Lefkowitz, Lefkowitz, —, shouldn't Organizations: UBS Global Wealth Management, UBS, Business, UBS GWM, Bank of America, Federal, Healthcare

☆ Stock market today: Indexes mixed after Fed meeting as Powell calms nerves over possible hike
▼ + stars: | 2024-05-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Central bankers chose to keep interest rates steady, and Powell said a rate hike was "unlikely." Fed officials chose to keep interest rates unchanged, in line with the market's expectations. Investors have been fretting over higher interest rates as inflation came in hotter-than-expected throughout the first quarter. The odds of a Fed rate hike in June are less than 1%. Calling that out in the first paragraph is tantamount to saying that interest rate cuts are not coming soon."

Persons: Powell, —, Greg McBride, Bankrate, Charlie Ripley Organizations: Service, Federal Reserve, Nasdaq, Fed, Allianz Investment Management

☆ Stock market today: US stocks fall ahead of Fed decision
▼ + stars: | 2024-05-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Markets are widely expecting the Fed to keep interest rates unchanged. The outlook for rate cuts this year continues to sour, with traders pricing in just one or two cuts by December. AdvertisementUS stocks were mostly lower on Wednesday as traders waited for the Federal Reserve to announce its next move on interest rates. Investors have also dialed back their outlook for rate cuts throughout the year. At Wednesday's meeting, market watchers expect Powell to formally confirm this shift from the FOMC, which had previously forecast three rate cuts this year," Alex Kuptsikevich, a senior market analyst at FxPro said in a note.

Persons: Stocks, —, Richard Flynn, Charles Schwab, Powell, Alex Kuptsikevich, FxPro Organizations: Service, Federal Reserve, Open Markets, Traders

☆ Here's everything to expect when the Fed wraps up its meeting Wednesday
▼ + stars: | 2024-04-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Recent commentary from policymakers and on Wall Street indicates there's not much else the committee can do at this point. But they're still hopeful that they will be in a position to cut rates later." Markets actually have held up pretty well since Powell made those comments on April 16, though stocks sold off Tuesday ahead of the meeting. Some on Wall Street, though, are still hopeful that inflation data will show progress and allow the central bank to cut. The Wall Street bank's economists are preparing for the possibility that the Fed could be on hold for longer, particularly if inflation continues to surprise to the upside.

Persons: Jerome Powell, Kent Nishimura, Guy LeBas, Janney Montgomery Scott, they're, Powell, We've, there's, specter, LeBas, There's, Goldman Sachs, David Mericle, —, Donald Trump, Goldman, Mericle Organizations: Banking, Housing, Urban Affairs Committee, Getty, Federal Reserve, Federal, Market Committee, Fed, Dow Jones, Department, Labor Department, Republican

☆ Worker pay rose more than expected in Q1 in another sign of persistent inflation
▼ + stars: | 2024-04-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Employee compensation costs jumped more than expected to start the year, providing another danger sign about persistent inflation, while consumer confidence hit its lowest level in nearly two years. The employment cost index, which measures worker salaries and benefits, gained 1.2% in the first quarter, the Labor Department reported Tuesday. The Fed watches the ECI as a significant measure of underlying inflation pressures. State and local government workers saw their compensation costs rise 4.8%, down just narrowly from the same period in 2023. The Consumer Confidence Index slipped to 97, a decline of 6.1 points that was below the Wall Street estimate for 103.5.

Persons: Dow Jones, Dana Peterson, Peterson Organizations: Labor Department, Dow, Fed, Committee, Conference Locations: State

☆ The Fed will be the main event in the week ahead that includes a jobs report, more tech earnings
▼ + stars: | 2024-04-26 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

On top of that, the latest U.S. jobs market scorecard will be released along with more mega-cap earnings. This week, the U.S. 10-year Treasury yield briefly climbed above 4.7% for the first time since November. That's down sharply from the six or seven rate cuts investors were anticipating coming into the year. April jobs Investors will also get an update on the labor picture next week, with the release of the April nonfarm payrolls report set for Friday. Corporate earnings season will also ramp up in the week ahead with a slew of consumer-facing companies set to report.

Persons: Stocks, Powell, David Alcaly, Jerome Powell's, we've, they're, Brian Nick, Matt Stucky, it's, Stucky, Dow Jones, Nick, Archer, Eli Lilly, Kraft, Estee, Ingersoll Rand, Stanley Black, Decker, Hershey Organizations: Nasdaq, Google, Microsoft, Treasury, Lazard Asset Management, Macro, Northwestern Mutual Wealth Management Company, Fed, Apple, Micro Computer, Dallas Fed, Paramount, ON Semiconductor, Chicago PMI, Prudential Financial, Devices, Storage, Diamondback Energy, Caesars Entertainment, Corning, Daniels, Midland, Molson Coors Beverage, Marathon Petroleum, GE Healthcare Technologies, PayPal, ADP, P Global, Manufacturing, Oil, MGM Resorts International, Allstate, Etsy, eBay, Qualcomm, MetLife, First, Devon Energy, Cruise Line Holdings, Brands, Marriott International, Kraft Heinz, Pfizer, Companies, CVS Health, Generac, Mastercard, Labor, Nation Entertainment, Booking Holdings, Natural Resources, Motorola Solutions, Expedia, EOG, Coterra Energy, Dominion Energy, Howmet Aerospace, ConocoPhillips, Moderna, PMI, Services PMI Locations: U.S, Chicago, McDonald's, Albemarle, EOG Resources

☆ A rate cut in June is still on tap because the job market is weakening, Citi economist says
▼ + stars: | 2024-04-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

It's still likely the Fed will issue its first rate cut this June, Citi economist Veronica Clark said. That's because central bankers will need to support a weakening labor market, Clark told Yahoo Finance. AdvertisementThe Federal Reserve is still likely to cut rates in June in order to prop up the labor market amid a slowdown in hiring, according to Citi economist Veronica Clark. "We have a base case for June still," Clark said of rate cuts, though she noted a July Fed rate cut was also possible. Markets are now pricing in just one or two cuts by December, according to the CME FedWatch tool, down from as many as seven rate cuts projected at the start of 2024.

Persons: It's, Veronica Clark, Clark, —, That's, Powell Organizations: Citi, Yahoo Finance, Service, Bureau of Labor Statistics — Locations: Central

☆ Treasury yields dip ahead of gross domestic product, inflation data
▼ + stars: | 2024-04-25 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 4.9248% after dipping by just over one basis point. U.S. Treasury yields fell slightly on Thursday as investors looked ahead to key economic data points that could inform the path ahead for interest rates. Investors awaited gross domestic product and inflation insights due Thursday and Friday, respectively. The data could inform how Federal Reserve policymakers think about monetary policy and what decisions they come to regarding the outlook for interest rates. Markets are widely expecting interest rates to remain unchanged then, with traders last pricing in the first rate cut for September according to CME Group's FedWatch tool.

Persons: Dow Jones Organizations: Treasury, U.S, PCE

☆ Stock market today: Dow falls 375 points as traders brace for new inflation data after weak GDP
▼ + stars: | 2024-04-25 | by ( Max Adams | Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Commentators pointed out that the data was still mostly strong but inflation is problematic. NEW LOOK 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 . AdvertisementStocks fell on Thursday, with the Dow Jones Industrial Average losing 375 points as the market took in weaker-than-expected economic data. Savings rates are falling as sticky inflation puts greater pressure on the consumer," LPL Financial chief economist Jeffrey Roach said.

Persons: —, Stocks, Jeffrey Roach Organizations: Service, Dow Jones Industrial, Reserve, Barclays, Bank of America, PCE, Financial, Treasury, Meta, Microsoft, Google

High mortgage rates are likely to constrain affordability through the peak homebuying season, which typically lasts from spring to early fall. 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. 15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)The average 15-year mortgage rate is 6.25%, just a single basis point higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Inch Up (+0.09%)The average 30-year refinance rate is 7.53%, nine basis points higher than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: US, of, CPI, Incoming, Zillow, FHA Locations: Chevron

☆ European stocks set to start the week in positive territory as markets look to regain momentum
▼ + stars: | 2024-04-22 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a positive start to the new trading week Monday, following more uncertain sentiment last week amid continuing Middle East tensions and a repricing of interest rate expectations. U.S. stock futures pushed higher on Sunday evening as Wall Street looked to find its footing after a steep selloff for tech companies. Meanwhile, Asia-Pacific markets rebounded from Friday's selloff as investors look to fresh data out of China, Japan and South Korea this week. Markets in the region tumbled last Friday after Israel launched a strike on Iran, causing stocks to fall and safe-haven assets to climb.

Persons: Friday's, Israel Locations: East, Asia, Pacific, China, Japan, South Korea, Iran

☆ Fed officials cast more doubt on the timing of rate cuts this year
▼ + stars: | 2024-04-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewFederal Reserve officials heaped more doubt on the timing of rate cuts this year, echoing Chair Jerome Powell in stating that the path to 2% inflation looks uncertain. The Fed has projected three rate cuts to come by the end of 2024. Fed Chair Powell suggested earlier in the week that rate cuts could be delayed, causing stocks to slide. Inflation risks haven't been lost on investors, who have been steadily dialing back their expectations for Fed rate cuts over the last few months. Markets are now expecting just one or two rate cuts by the end of the year, according to the CME FedWatch tool, down from six cuts that were anticipated at the start of 2024.

Persons: —, Jerome Powell, Loretta Mester, Mester, Michelle Bowman, Bowman, John Williams, It's, Williams, Powell, haven't Organizations: Service, Cleveland Fed, Business, York Fed

☆ US regional banks are still under pressure. That’s likely to continue
▼ + stars: | 2024-04-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Despite overcoming a crisis in 2023, the pain isn’t over for America’s regional banks. Shares of New York Community Bank have tumbled 71%, Bank OZK shares have slid 16% and Webster Financial shares have lost 11%. Regional banks reported wide losses on their profits during the first quarter. PNC projects that its net interest income will fall between 4% to 5% in 2024 from last year. “I’m worried about a handful of [regional banks],” Bair told CNBC on Tuesday.

Persons: that’s, Jerome Powell, “, ” Powell, Sheila Bair, “ I’m, ” Bair, ” Tesla, Tesla, Elon Musk, Chris Isidore, Musk, Chancellor Kathaleen McCormick, Read, Samantha Delouya, —, Maximilian Kotz, Leonie Wenz, Noah Diffenbaugh Organizations: CNN Business, Bell, New York CNN, Regional Banking, New York Community Bank, Bank OZK, Webster Financial, PNC Financial, T Bank, US Bancorp, Citizens, PNC, Valley Bank, Signature Bank, First Republic Bank, Federal Reserve, Wilson Center, Federal Deposit Insurance Corporation, CNBC, Tesla, Securities and Exchange Commission, United Nations, Potsdam, Climate, CNN, Stanford University Locations: New York, Delaware, ” Delaware

☆ Oil prices could see 'super spike well above $100' if conflict escalates after Iran's attack on Israel
▼ + stars: | 2024-04-15 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

Any disruption in its capacity to supply global markets could send oil prices higher, analysts told CNBC. Insufficient investment makes supply more fragile and increases the chance of a super spike well above $100 if supply is disrupted. Stock Chart Icon Stock chart icon Oil prices since the start of the year. "I think oil prices will go to all time highs this cycle, due to a decade of under-investment in exploration and development," Young added. Oil prices have climbed in recent months on trade disruptions and delays caused by Red Sea maritime attacks from the Houthis, who claim solidarity with the Palestinian people.

Persons: Saeid Arabzadeh, Israel reigniting, Andy Lipow, Daniel Hagari, Josh Young, Brent, Young, Morgan Stanley's Organizations: Afp, Getty, OPEC, CNBC, Brent, Lipow Oil Associates, Israel Defense Forces, Bison, Iran's United Nations, underinvestment, U.S, West Texas Locations: Persian, Iran, Hormuz, Oman, Israel, Damascus, Syria, Asia

☆ Wall Street heads into the week ahead on edge as traders brace for a raft of earnings, economic data
▼ + stars: | 2024-04-12 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

How the corporate America is handling sticky inflation and the prospect of higher interest rates will be top of mind for investors in the week ahead, after this week's choppy moves. The first-quarter earnings season, which kicked off Friday, will give Wall Street insight into how businesses expect to weather an environment of elevated interest rates. More macro data, such as U.S. retail sales, will give insight into how the consumer is handling higher pricing pressures. First-quarter earnings season underway The corporate earnings season kicks into high gear in the week ahead. This week, the small cap Russell 2000 is on track for a losing week, down by more than 1%.

Persons: Bob Doll, CNBC's, Wolfe, Rob Ginsberg, Ginsberg, Goldman Sachs, Morgan Stanley, FactSet, Robert Haworth, Haworth, Charles Schwab, Johnson, D.R, KeyCorp Organizations: Dow Jones Industrial, Exxon Mobil, Costco, Apple, Crossmark, Investments, Investors, Bank of America, Consumer, U.S . Bank, Index, Retail, T Bank, Housing, Manufacturing, Hunt Transport Services, United Airlines, Johnson, Bank of New York Mellon, UnitedHealth Group, Northern Trust, CSX, Discover Financial Services, Prologis, U.S . Bancorp, Philadelphia Fed, American Express, Procter, Gamble, Fifth Third Bancorp, Schlumberger Locations: America, China, NAHB, Vegas Sands, U.S, Horton

☆ Wells Fargo is flat after an earnings beat — here's why and our outlook on shares
▼ + stars: | 2024-04-12 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

Wells Fargo Why we own it : We bought Wells Fargo as a turnaround story under CEO Charlie Scharf. In addition, the bank's net interest margin came up short, and therefore net interest income. However, bank interest income estimates depend on interest rates, a factor Wells can't control. Net interest income fell 17% year over year as deposits declined due to customers reallocating cash into higher-yielding securities. Non-interest income increased 9% thanks to higher asset-based fees driven by an increase in market valuations.

Persons: Wells, Charlie Scharf, He's, Scharf, Charles Scharf, Wells Fargo, it's, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Federal Deposit Insurance Corporation, Silicon Valley Bank, Bank of America, Citigroup, Management, Consumer, Auto, Corporate, Wealth, CNBC Locations: Silicon, Wells Fargo, U.S, That's, Wells, San Bruno , California

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