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☆ Apple's quarter eases concerns about mobile device demand, with a China sales beat to boot
▼ + stars: | 2023-05-04 | by ( Jeff Marks | ) www.cnbc.com time to read: +7 min

Revenue in Apple's fiscal second quarter of $94.84 billion dropped 3% year-over-year but beat expectations of $92.96 billion. Bottom line Apple bounced back nicely from the supply-constrained December quarter to deliver record March quarter results across a few key categories and metrics. It's hard to tell if Apple's results were enough to send shares in the near term back to all-time highs of about $176 each, set back in August. In its March quarter, Apple returned $23 billion via the repurchase of 129 million shares valued at $19.1 billion and $3.7 billion in dividends. For the current June quarter, Apple expects year-over-year revenue performance to be similar to the March quarter result, assuming no worsening macro outlook.

☆ Capita warns some pensions data likely taken in cyber attack -FT
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - British outsourcing company Capita (CPI.L) has confirmed to pension clients that some data it processed was likely to have been hacked during a recent cyber incident, the Financial Times reported on Thursday. A large team of staff at Capita had searched the affected servers and identified that some pensions data that Capita processes on behalf of its clients "is likely to have been exfiltrated", the newspaper reported, citing correspondence sent to trustees. "Capita is working closely with specialist advisers and forensic experts in investigating the incident to provide assurance around any potential customer, supplier or colleague data exfiltration," a company spokesperson said in a statement to Reuters. Among its clients, the company provides the British government with services to connect with citizens including managing tax and I.T. The report added that there was "no evidence" that Capita pensions data was available on the dark web and that it had a third-party specialist checking on a regular basis.

☆ Wall Street ends down on nagging uncertainty about Fed rate path
▼ + stars: | 2023-05-03 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

It increased interest rates by a quarter of a percentage point, as expected, and signaled it could pause further hikes. The unanimous decision lifted the U.S. central bank's benchmark overnight interest rate to the 5.00%-5.25% range, the 10th consecutive increase since March 2022. Powell said the Fed still views inflation as too high, and said it was too soon to say the rate hike cycle is over. All of the major S&P 500 sectors ended lower, with energy (.SPNY) and financials (.SPSY) down the most. The S&P 500 posted 24 new 52-week highs and 12 new lows; the Nasdaq Composite recorded 64 new highs and 266 new lows.

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2023. Major U.S. stock indexes dropped over 1% on Tuesday as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Fed may need to hike interest rates. Estee Lauder Cos Inc (EL.N) slid 21.3% as the MAC lipstick maker forecast a bigger drop in full-year sales and profit. Advancing issues outnumbered decliners for a 2.11-to-1 ratio on the NYSE and a 2.25-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 30 new highs and 76 new lows.

☆ U.S. services sector grows steadily in April -ISM survey
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +3 min

The services sector is being supported by consumers shifting spending from goods, which are typically bought on credit. Services inflation remained strong. Services prices tend to be stickier and less responsive to interest rate increases. Some economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation. Services sector employment growth slowed further.

☆ Instant View: Fed hikes another 25 basis points, hints it may be the last increase
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +7 min

TOM GARRETSON, STRATEGIST, RBC PORTFOLIO ADVISORY GROUP, MINNEAPOLIS, MINNESOTA"It was a pretty dovish rate hike today. The expectations were that it might be a bit more of a hawkish rate hike in terms of leaving the door open to further hikes if needed." "The updated language in the policy statement does suggest the bar is going to be quite high for further rate hikes. … The market is hoping or expecting the Fed to pause after this rate hike. From a consumer credit perspective, the impact of further rate hikes will likely continue to be felt by borrowers across a range of industries.

☆ Stock futures fall slightly as investors look ahead to Fed rate decision: Live updates
▼ + stars: | 2023-05-02 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on September 01, 2022 in New York City. U.S. stock futures fell slightly on Tuesday night as investors looked ahead to the Federal Reserve's latest policy decision. Dow Jones Industrial Average futures fell by 11 points, or 0.03%. The Dow Jones Industrial Average dropped 367.17 points, or 1.08%. April's ISM non-manufacturing PMI data is forecasted to show 51.8, according to Dow Jones consensus estimates.

☆ Club meeting recap: Stocks edge down, Halliburton, Humana
▼ + stars: | 2023-04-21 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. The firm said Humana stock is undervalued, given "multiple levers of upside" to management's guidance, along with Medicare Advantage market-share gains. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Apple's new financial product reinforces its ecosystem
▼ + stars: | 2023-04-17 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +4 min

Apple 's (AAPL) latest banking offering — a savings account with a 4.15% annual percentage yield — bolsters the Club's own-it, don't-trade-it mantra. Apple's high-yield savings account is available Monday for users of its Goldman Sachs (GS)-backed credit card. The savings account is unlikely to have a material impact on Apple's profit-and-loss statement — but that's not its fundamental purpose. Like Apple's other financial services — including Apple Pay — the savings account is largely about boosting the long-term attractiveness of owning an iPhone, the crown jewel of its hardware lineup. As a result, investors are willing to pay up for services revenue, which in practice translates into a higher price-to-earnings multiple (P/E) on Apple's stock.

☆ A.I. tech race still early and Amazon has time to catch up, says Jefferies' Brent Thill
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA.I. tech race still early and Amazon has time to catch up, says Jefferies' Brent ThillBrent Thill, Jefferies tech research analyst, joins 'Squawk Box' to discuss the different A.I. services available, how portable the A.I. services are and more.

☆ Treasury yields tick up ahead of U.S. jobs report, with many markets closed for holiday
▼ + stars: | 2023-04-07 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

The yield on the benchmark 10-year Treasury note was higher by 1.5 basis points at 3.305%, while the 2-year rate was 1.8 basis points higher at 3.839%. U.S. Treasury yields ticked upward Friday ahead of the release of U.S. non-farm payrolls, while many markets were closed for the Easter holiday. Investors will be assessing labor market data to monitor potential reactions from the Fed and the possibility of a recession. The U.S. jobs report and unemployment rate are set for release Friday, but, with many markets closed or on a half day, reactions may be muted. The Labor Department reported Thursday that jobless claims for the week ending on April 1 came in at 228,000, suggesting pressure is building on the labor market.

☆ Gold slips on firmer dollar ahead of US payrolls data
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +2 min

[1/2] Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File PhotoApril 6 (Reuters) - Gold prices fell on Thursday as the dollar firmed ahead of a much awaited U.S. non-farm payrolls report, as investors sought clarity on whether the Federal Reserve might take a breather on its monetary tightening path. * Investors now await Friday's non-farm payrolls report for March, with economists polled by Reuters expecting new jobs of about 240,000. * Markets see a 54.2% chance of the Fed standing pat on interest rates in May, according to the CME FedWatch tool. * While gold is traditionally considered a hedge against inflation, higher interest rates dim non-yielding bullion's appeal.

☆ Gold off one-year highs as dollar firms ahead of U.S. payrolls data
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices slipped from one-year highs on Thursday as the dollar regained some ground, while investors awaited the U.S. non-farm payrolls report to gage the Federal Reserve's monetary policy strategy. The economic data points this week were major components supporting gold prices, he added, while also noting some profit-booking ahead of the Good Friday holiday. Wednesday's data showed the U.S. services sector slowed more than expected in March. While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim non-yielding bullion's appeal. Markets see a 53.8% chance of the Fed standing pat on interest rates in May, according to CME's FedWatch tool.

☆ Oil falls as weak U.S. economic data stokes recession fears
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. The slew of soft economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk aversion strategies. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ US services sector growth slows; price pressures abating
▼ + stars: | 2023-04-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Despite the pullback in growth in the services sector, Anthony Nieves, chair of the ISM Services Business Survey Committee noted that "the majority of respondents report a positive outlook on business conditions." The services sector is being supported by consumers switching spending from goods, which are typically bought on credit. ISM services PMITRADE DEFICIT WIDENSWhile accommodation and food services businesses reported that "traffic is recovering and nearly flat," they added "we are optimistic about the coming months." With demand cooling, services sector inflation continued to subside, though it remains elevated. Services sector employment growth also moderated.

The underlying trend though for the dollar remained tilted to the downside and Wednesday's U.S. private sector jobs numbers affirmed that. The ADP National Employment report showed U.S. private employers hired far fewer workers than expected in March, suggesting a cooling labor market. Private employment increased by 145,000 jobs last month. Economists polled by Reuters had forecast private employment increasing 200,000. Another report on Wednesday also indicated continued economic weakness, this time in the services sector.

☆ U.S. service sector slows in March; inflation cooling - ISM survey
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +3 min

It was the first time since 2009 that all subcomponents of the manufacturing PMI fell below the 50 threshold. The services sector is being supported by consumers switching spending from goods, which are typically bought on credit. With demand cooling, services sector inflation continued to subside, though it remains elevated. The services sector is now at the heart of the fight against inflation as services prices tend to be stickier and less responsive to interest rate increases. Some economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation.

☆ Inflation's inventory gluts are here to stay and will hit the bottom line in weaker economy: CNBC Supply Chain Survey
▼ + stars: | 2023-04-05 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

But uncertainty about inventory management is significant, with almost one-quarter (23%) of supply chain managers saying they are not sure when gluts will be worked off. The supply chain pressures will be among the factors that weigh on quarterly numbers. Manufacturing orders and the economic outlook Recent data on manufacturing has shown a deterioration in the economy, with the ISM Manufacturing index in contraction level based on March data released this week. "This survey confirms that we remain in an era of serious supply chain cost-to-serve challenges," Baxa said. FreightWaves and ITS Logistics are CNBC Supply Chain Heat Map data providers.

☆ FCC proposes rules to reassess foreign-owned US telecom services authority
▼ + stars: | 2023-03-29 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, March 29 (Reuters) - The head of the Federal Communications Commission (FCC) on Wednesday proposed new rules to periodically reassess existing authorizations for foreign-owned companies to provide telecommunications services in the United States. The U.S. telecommunications regulator has raised mounting concerns about Chinese telecom companies in recent years which had won permission to operate in the United States decades ago. In 2019, the FCC voted to deny state-owned Chinese telecom firm China Mobile Ltd (0941.HK) the right to provide U.S. services and later withdrew U.S. authorizations for several other Chinese telecom carriers including China Telecom Corp (0728.HK). Rosenworcel said: "It is so important to have the agency regularly review foreign companies’ authorizations to providetelecommunications services in the United States." In December, a federal appeals court rejected China Telecom's challenge to the FCC order withdrawing the company's authority to provide services in the United States.

☆ Instant View: U.S. February CPI increase leaves market guessing on Fed
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +9 min

Core CPI without food and energy prices increased 0.5% after rising 0.4% in January. Year over year core CPI gained 5.5% vs 5.6% in January. Economists polled by Reuters had forecast monthly CPI and core CPI up 0.4%. So they're going to have to respond to the banking crisis that's probably just not over yet." If the Fed’s worried about saving face or coming off as wishy washy or worried about losing credibility with the market, they're going to raise by 25 basis points.

☆ Bank of Canada says it needs more evidence that rates are high enough
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

By Steve Scherer and David LjunggrenOTTAWA, March 9 (Reuters) - The Bank of Canada needs more evidence to gauge if interest rates are high enough to tame inflation, in part because the economies of major trading partners are doing better than forecast, senior deputy governor Carolyn Rogers said on Thursday. She spoke a day after the central bank left its key overnight interest rate on hold at 4.50%, becoming the first major central bank to suspend its tightening campaign as inflation eases. "If evidence accumulates suggesting inflation may not decline in line with our forecast, we're prepared to do more." The economic growth and inflation outlooks for both the United States and Europe are higher than the bank had expected in January. (Additional reporting by Fergal Smith in Toronto)((Reuters Ottawa bureau; david.ljunggren@tr.com))Keywords: CANADA CENBANK/Our Standards: The Thomson Reuters Trust Principles.

☆ Gold eases as traders fret about interest rates
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: +2 min

Gold prices ticked lower on Monday as central banks indicated further interest rate hikes to tame stubbornly high inflation, diminishing bullion's appeal as a hedge against price increases. Spot gold was down 0.1% at $1,853.99 per ounce, as of 0305 GMT, after climbing to its highest since Feb. 15 on Friday. Interest rate hikes to contain high inflation discourage investors from placing money in non-yielding assets such as gold. Richmond Fed President Thomas Barkin said on Friday he could see U.S. rates in the 5.5%-5.75% range. Spot silver firmed 0.1% to $21.27 per ounce, platinum slipped 0.3% to $974.36 and palladium was down 0.2% at $1,449.82.

☆ Indian shares set to open higher on improved risk sentiment
▼ + stars: | 2023-03-06 | by ( Bharath Rajeswaran | ) www.reuters.com time to read: +2 min

BENGALURU, March 6 (Reuters) - Indian shares are set to open higher on Monday after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite. Indian shares logged weekly gains on Friday after U.S. boutique investment firm GQG Partners' $1.87 billion investments in Adani group stocks spurred a broad-based rally and improved risk sentiment. ** Info Edge (INED.NS): Co's unit to invest 52 mln rupees in Sploot, a platform for pet parenting. ** Kansai Nerolac (KANE.NS): Co approves acquisition of 40% of total shareholding of Nerofix from Polygel for 370 mln rupees. ($1 = 81.6800 Indian rupees)Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

REUTERS/Andrew Kelly/File PhotoSummarySummary Companies U.S. stocks add to Thursday's gainsTreasury yields and dollar pull backEuropean, Asian stocks also advanceCrude oil gainsMarch 3 (Reuters) - Wall Street stocks posted strong gains while Treasury yields and the dollar pulled back on Friday as data pointing to U.S. economic growth boosted risk appetite, even as expectations for rate hikes kept bond yields near multi-year highs. The recovery in euro zone business activity gathered pace last month, PMI survey data showed, in the latest piece of data to suggest the bloc would avoid a recession. U.S. Treasury yields paused their rally. The U.S. 10-year Treasury yield fell to 3.967%, down from Thursday's high of 4.091% . The two-year Treasury yield, which typically moves in step with interest rate expectations, dipped 3.9 basis points at 4.865%.

☆ US services sector grows steadily; prices stubbornly high
▼ + stars: | 2023-03-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Thirteen services industries, including construction, retail trade, accommodation and food services as well as professional, scientific and technical services, reported growth last month. Overall, the services sector is benefiting from a switch in consumer spending from goods, which are typically bought on credit. ISM services PMISUPPLY SIGNIFICANTLY IMPROVEDThe services sector is now at the center of the fight against inflation as services prices tend to be stickier and less responsive to interest rate increases. A measure of prices paid by services industries for inputs fell to 65.6, the lowest in January 2021, from 67.8 in January. Some economists view the ISM services prices paid gauge as a good predictor of personal consumption expenditures (PCE) inflation.

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