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☆ Stock futures are little changed as Wall Street comes off winning day: Live updates
▼ + stars: | 2023-08-28 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Stock futures were near flat Monday night as investors looked to the final days of what's been a difficult August for the market. S&P 500 futures and Nasdaq 100 futures wavered near the flat line. The moves follow a winning day on Wall Street, a rarity in recent weeks. The S&P 500 and Nasdaq Composite climbed 0.6% and 0.8%, respectively. The S&P 500 and Nasdaq are poised for losses of 3.4% and 4.5%, respectively.

Persons: what's, Dow, Chris Barto Organizations: Futures, Dow Jones Industrial, Nasdaq, Dow, 3M, Bloomberg, Fort Pitt Capital, Traders, HP Locations: August's

☆ Stock futures inch higher to kick off the final trading week of a rocky August: Live updates
▼ + stars: | 2023-08-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures rose slightly to kick off the final trading week of August. Futures tied to the Dow Jones Industrial Average rose 50 points, or about 0.15%, while S&P 500 futures and Nasdaq-100 futures added 0.14% and 0.7%, respectively. The Dow Jones Industrial Average gained 247.48 points, or 0.7%, on Friday, but finished the week 0.45% lower. Both the broad-based and tech-heavy index notched their first winning week in four, adding about 0.8% and 2.3%, respectively. The final trading week of August kicks off Monday, with all the major indices on track to finish the month with losses.

Persons: Stocks, Jerome Powell, Powell, Brian Price Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Federal, Dow Jones Industrial, Investment Management, Commonwealth Financial Network, Dow, Dallas Fed Locations: Jackson Hole , Wyoming

☆ Apple, Microsoft, Tesla, and Meta see a combined $625 billion wipeout in market value amid August's stock slump
▼ + stars: | 2023-08-26 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Four Big Tech companies - Apple, Microsoft, Tesla, and Meta - lost a combined $625 billion in market value this month. Apple, Microsoft, Tesla, and Meta have seen a combined $625 billion slump in market value so far this month, Insider calculations show. Apple has led the market-cap declines with a $314 billion slump, followed by Tesla with a $117 billion drop, Microsoft with $114 billion and Meta, $80 billion. AdvertisementAdvertisementOther factors have also weighed on Big Tech stocks in recent months. While Microsoft, Tesla, Apple, and Meta all saw their market capitalizations take a hit, one tech company has notably defied the trend — Nvidia.

Persons: Tesla, Insider's Phil Rosen Organizations: Big Tech, Apple, Microsoft, Meta, Service, Federal Reserve, Nvidia Locations: Wall, Silicon, America

☆ Here's why trillions of dollars in money market funds may not restart the stock market rally
▼ + stars: | 2023-08-25 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

The 2023 stock market rally caught many investors off guard, with mountains of excess cash sitting in money market funds. "Money market balances are building up, which is unusual given how much the stock market has rallied recently. And history suggests that money market funds are not always fuel for a buy-the-dip trend to support a late-stage rally. Through that lens, the growth of money market funds in 2023 can also be linked to the regional bank crisis earlier this year. Clissold said discussions with wealth advisory clients suggest that "some of that money market fund money does leak into the stock market," albeit over time.

Persons: Emmanuel Cau, Callie Cox, Cox, Todd Sohn, Sohn, Ed Clissold, Ned Davis, Clissold, John Tobin, Dreyfus, I'm, corporates, Tobin Organizations: Bank of America, EPFR, Investment Company Institute, Nasdaq, Barclays, Money, Federal Reserve, Ned, Ned Davis Research, BNY Mellon Investment Management, CIO Locations: U.S

☆ Take Five: Farewell to a bruising August
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 14, 2023. Other data such as consumer confidence, the state of manufacturing, and inflation, with the latest personal consumption expenditures index is also due. Line chart with data from Refinitiv Datstreamn shows U.S. unemployment rate and federal funds target rate from January 2021 to July 2023. Yet Thursday's flash euro area August inflation number, which follows releases from some member states, could be the decider. The world's most populous country is already concerned about the threat to production of several basic commodities, including rice and sugar.

Persons: Brendan McDermid, Lewis Krauskopf, Kevin Buckland, Nigel Hunt, Dhara, payrolls, Bundesbank, buybacks, Xi Jinping, Karin Strohecker, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Treasury, Federal Reserve, ECB, Reuters, Nino, Climate, Thomson Locations: New York City, U.S, China, Lewis, New York, Tokyo, Amsterdam, London, Jackson Hole , Wyoming, Indonesia, Thailand

☆ The 2023 stock market rally is over as the Fed isn't easing anytime soon and a hard landing of the economy is inevitable, JPMorgan's chief stock strategist says
▼ + stars: | 2023-08-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The rally in the S&P 500 is capped through the rest of the year, JPMorgan's Dubravko Lakos said. That's because there are a litany of negative factors heading into 2024 that will weigh on equities. The strength of the US economy has only postponed a coming recession, not averted one, he added. Stocks could tumble 15% even in the event of a mild downturn, JPMorgan's Marko Kolanovic predicted in a recent note. AdvertisementAdvertisementInvestors are now pricing in a 42% chance the Fed will raise rates another 25 basis-points in November.

Persons: JPMorgan's Dubravko Lakos, Dubravko Lakos, Lakos, JPMorgan's Marko Kolanovic Organizations: Service, CNBC, Investors, Bank of America, New, Fed Locations: Wall, Silicon

☆ Powell's pivotal speech Friday could see a marked shift from what he's done in the past
▼ + stars: | 2023-08-24 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

"I just think he's going to play it about as down the middle as possible," said Joseph LaVorgna, chief economist at SMBC Nikko Securities America. "He's got to strike that chord that the Fed is going to finish the job. "He's going to want to be a little more hawkish than neutral. But he's not going to deliver what he delivered last year. A Cleveland Fed inflation tracker anticipates August's figures will show a noticeable jump.

Persons: Jerome Powell, Powell, Win Mcnamee, Joseph LaVorgna, circumspect, LaVorgna, Donald Trump, He's, It's, Quincy Krosby, he's, Inflation's, Krosby, Patrick Harker, you've, Harker, CNBC's Steve Liesman, Jackson Organizations: Financial, Federal, Getty, Federal Reserve, Nikko Securities America, Research, National Economic Council, LPL, Cleveland, San Francisco Fed, Philadelphia Fed Locations: Washington , DC, circumspect Powell

☆ US economy near stalling point as consumer demand weakens, survey says
▼ + stars: | 2023-08-23 | by ( Safiyah Riddle | ) www.reuters.com time to read: +2 min

REUTERS/Jeenah Moon/File Photo Acquire Licensing RightsAug 23 (Reuters) - U.S. business activity approached the stagnation point in August, with growth at its weakest since February as demand for new business in the vast service sector contracted. Wednesday's data was worse than expected, with economists polled by Reuters predicting that the services index would be 52.2 and the manufacturing index would be 49.3. "A near-stalling of business activity in August raises doubts over the strength of U.S. economic growth in the third quarter. Consumer demand posed a substantial drag on revenue for firms, as new business and orders contracted for firms across all sectors. New business in the service sector declined for the first time in six months, falling to 49.2 from 51.0 the month prior.

Persons: Chris Williamson, Safiyah Riddle, Chizu Organizations: REUTERS, P Global, Service, Manufacturing, Reuters, P Global Market Intelligence, Consumer, Fed, Thomson Locations: Little Italy, Manhattan, New York City , New York, U.S

☆ Investors are pulling money out of stock ETFs for the first time in over a year
▼ + stars: | 2023-08-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Investors are voting with their cash in August and shifting money away from funds that focus on stocks, according to Strategas. The S & P 500 has slumped 4% in August, as the stock market appears to be caught in a late-summer doldrum and interest rates have spiked. Money market funds took in +$40 Bn last week, plus ultra-short duration bond ETFs saw over $1 Bn inflows on Thursday, a threshold usually reserved for uneasy environments," Sohn said in a note to clients Tuesday. Money market funds have been particularly popular this year, as high interest rates have made them attractive places for consumers and investors to park their short-term cash. Money market assets have increased $749 billion over the past six months, according to Strategas, which includes the period of the regional bank crisis earlier this year.

Persons: Todd Sohn, Sohn Organizations: Trust Locations: outflows

☆ Stocks, yields rise as traders balance China, oil supply
▼ + stars: | 2023-08-21 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +4 min

While disappointment sent Asian shares lower, European shares rose on Monday and U.S. stock futures also pointed to a recovery there. ,Europe's STOXX 600 (.STOXX) index was up 0.7% by 1207 GMT, following last week's 2.3% drop, with energy companies outperforming as oil prices rose with tightening supply from Saudi Arabia offsetting demand concerns. Oil prices rose as much as $1 after snapping a seven-week winning streak last week on concerns about Chinese demand. Bond yields move inversely with prices. The ascent of the dollar and yields was weighing on gold at $1,894 an ounce , after it touched a five-month low last week.

Persons: Fed's Jackson, Susannah Streeter, Hargreaves Lansdown, Europe's, Brent, Jerome, Powell, Seema Shah, Jackson, Nvidia, Yoruk Bahceli, Wayne Cole, Dhara Ranasinghe, David Evans, Mark Potter Organizations: REUTERS, Staff, Treasury, Hargreaves, Global, U.S . Federal, U.S ., Thomson Locations: Frankfurt, Germany, China, Saudi Arabia, U.S ., Atlanta

☆ Markets should brace for a turbulent few weeks as slow motion rate shock continues, DataTrek says
▼ + stars: | 2023-08-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

That's partly because the Fed is unlikely to stop its quantitative tightening regime. The Fed has reduced its balance sheet aggressively over the past year, which could weigh on stocks. As of last week, the Fed has already reduced its balance sheet around $700 billion from the first quarter of 2022, down to $8.2 trillion from $8.9 trillion. Aggressive balance sheet tightening was one of the factors that weighed heavily on stocks last year, with the S&P 500 shedding 20% to notch its worst performance since 2008. "The current slow-motion long-term rate shock has a way to go, in our view, and equity markets will struggle as it evolves.

Persons: DataTrek, Nicholas Colas, Colas Organizations: Fed, Service, Reserve, Treasury Locations: Wall, Silicon

☆ S&P 500 futures are little changed on Monday evening: Live updates
▼ + stars: | 2023-08-14 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Futures tied to the S&P 500 were little changed in overnight trading Monday. Futures linked to the broad market index added 0.1%, while Nasdaq-100 futures rose about 0.2%. A rebound in semiconductor and technology names lifted the S&P 500 and Nasdaq Composite 0.58% and 1.05%, respectively, during the regular trading session. Six of the 11 major S&P sectors finished positive, led to the upside by information technology. Later in the week, traders will parse releases from Target and Walmart .

Persons: Homebuilders D.R, Horton, Lennar, Warren Buffett's Berkshire Hathaway, NVR, Stocks, selloff, Morgan Stanley, Alicia Levine Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Discover Financial, Dow, Nvidia, VanEck Semiconductor, BNY Mellon, Home Depot, Target, Walmart

☆ A veteran chartmaster warns stocks will crash 11% from their peak as the remarkable market rally loses steam — but these 7 investments look destined for further gains
▼ + stars: | 2023-08-03 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

US stocks have defied all odds this year, and the market rally only strengthened in July. After two months of nearly nonstop gains for the S&P 500, a long-time chartmaster warns that the weakness that markets displayed in early August is just the beginning. As expected, the S&P 500 rallied after October when that headwind passed, and finished 2022 with a bang. Charts that Keller studies also indicate that this market rally has reached its late innings. Exchange-traded funds (ETFs) tracking those sectors include the Energy Select Sector SPDR Fund (XLE), the Financial Select Sector SPDR Fund (XLF), the Industrial Select Sector SPDR Fund (XLI), and the Materials Select Sector SPDR Fund (XLB).

Persons: David Keller, Keller, chartmaster, Stocks, headwind, Brace, we've, StockCharts.com, Keller doesn't Organizations: Energy, P Oil & Gas Exploration, Production, Commodities

At least 300 people were arrested, including several senior opposition leaders, and several people were reported shot, some possibly fatally, in clashes with police on Wednesday. The demonstrations, planned for Wednesday to Friday, are the third round of protests that the opposition has called this month. Protests this year have cost the economy more than $20 million per day, according to a private sector lobby group. Veteran opposition leader Raila Odinga did not make a public appearance on Wednesday or Thursday as he did during previous protests. A Kenyan court froze the tax hikes late last month, pending a ruling by senior judges.

Persons: Raila Odinga, Ruto, Odinga, William Ruto, Paul Ongili, Aaron Ross, George Obulutsa, Humphrey Malalo, Monicah Mwangi, Anne Mawathe, Joseph Akwiri, Alexander Winning, Emelia, Bernadette Baum, Mike Harrison, Conor Humphries Organizations: Kenya Alliance, REUTERS, NAIROBI, La, NTV Kenya, Kenyan, Civic, Thomson Locations: Nairobi, Kenya, Kibera, Mombasa, Kisumu, Isiolo, Ruto's

☆ Kenya's Ruto says further tax-hike protests will not be allowed
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +2 min

NAIROBI, July 14 (Reuters) - Kenyan President William Ruto vowed on Friday that protests planned next week would not be allowed following two rounds of demonstrations that have left at least 15 people dead. Opposition leader Raila Odinga's party called earlier in the day for three more days of protests from next Wednesday against tax hikes that Ruto signed into law last month. You cannot look for the leadership of this country using the blood of the citizens, the death of the citizens and the destruction of property," Ruto said at the opening of a road in the town of Naivasha. Kenya's President William Ruto attends a joint press conference with Iran's President Ebrahim Raisi at the State House in Nairobi, Kenya, July 12, 2023. The most recent demonstrations took place despite bans by the police, and Ruto did not say how he planned to stop the upcoming protests.

Persons: William Ruto, Raila, Ruto, Odinga, Ebrahim Raisi, Jeremy Laurence, Humphrey Malalo, Thomas Mukoya, Hereward Holland, Aaron Ross, Alex Richardson Organizations: Kenyan, Iran's, State, West Asia News Agency, REUTERS, Human Rights, Thomson Locations: NAIROBI, Naivasha, Nairobi, Kenya

☆ UK house prices fall by most since 2009, higher rates to bite-Nationwide
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, June 1 (Reuters) - British house prices fell by the most since 2009 in the 12 months to May and the country's housing market faces further headwinds after a recent jump in borrowing costs, mortgage lender Nationwide said on Thursday. Compared with May last year, the average house price was down 3.4% after a 2.7% annual fall in April, Nationwide said. House prices edged down by 0.1% in May from April after a monthly 0.4% rise in April, Nationwide said. Martin Beck, an economist with the EY Item Club, a forecasting group, said the 4% fall in house prices from last August's peak was modest compared with the 7% rise in house prices over the past two years. Analysts at Capital Economics said prices would fall another 8% while Pantheon Macroeconomics said they would drop 4%.

Persons: Liz Truss's, Headwinds, Robert Gardner, Gardner, Martin Beck, BoE, Beck, William Schomberg, Muvija M, Paul Sandle, Christina Fincher Organizations: Nationwide, Bank of, Capital Economics, Thomson Locations: Bank, Bank of England

☆ How to explore Greece's lesser-known islands like a local
▼ + stars: | 2023-05-12 | by ( Karen Gilchrist | Morgan Awyong | ) www.cnbc.com time to read: +9 min

But now it wants tourists to get to know lesser-known locations across its thousands of sprawling islands. Currently, Germany and the U.K. represent Greece's largest inbound tourism markets by revenue, followed by the United States, France and Italy. An eco-paradise surrounded by 24 islets, Lipsi forms part of the Dodecanese island collection in the southeastern Aegean Sea. Alonissos, SporadesDivers' delight Alonissos, part of the Sporades group of islands, is a diver's paradise and the site of Greece's first underwater museum. Alonissos, part of the Sporades archipelago in the northwest Aegean Sea, is known for its diving spots, including Greece's first underwater museum, the "Parthenon of the Wrecks."

Expressed in terms of annualised run-rates, China's output of 39.9 million tonnes last month was the lowest in a year and down by 1.6 million tonnes from August's record 41.5 million. China's aluminium production is now highly dependent on weather patterns in the south of the country. China's average daily aluminium output and monthly annualised changePRAYING FOR RAINYunnan province accounts for around 12% of China's aluminium capacity and produced 4.2 million tonnes in 2022. WESTERN PRODUCTION FLAT-LINESPrimary aluminium production outside of China was flat year-on-year in the first quarter. WEATHER WATCHHowever, China's dominant position in the global aluminium picture means that it holds the key to future production patterns.

☆ Kenya's President Ruto asks opposition to give talks a chance
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Monicah MwangiNAIROBI, April 16 (Reuters) - Kenya's President William Ruto asked the opposition on Sunday to give talks with the government a chance while his main opponent urged his followers to protest again over electoral reforms and the high cost of living. The protests partly stem from accusations of fraud in August's presidential election in which Ruto narrowly beat Raila Odinga. Odinga's Azimio La Umoja (Declaration of Unity) Alliance and Ruto's Kenya Kwanza (Kenya First) alliance disagree about the content of the talks and who should steer them. Kenya Kwanza wants the talks to involve only lawmakers and discuss only the selection of electoral officials. "If we don't hear from Ruto next week, when Ramadan ends, we are going back to the streets," he said.

☆ Kenyan opposition ready to talk to government, resume protests
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Summary Opposition, government differ on talks format, contentOdinga says protests to resume after RamadanParliament's majority leader says Odinga insincereNAIROBI, April 13 (Reuters) - Kenya's opposition alliance is prepared to negotiate with the government over electoral reforms and the high cost of living, while also resuming protests, opposition leader Raila Odinga said on Thursday. The protests, in part stirred by accusations of fraud in last August's presidential election, were all marred by violence. Once it ends, we will make an announcement for the protests," he said, referring to the holy Muslim fasting month. Kenya Kwanza wants to limit the scope of the talks to the selection of electoral officials, and the participants to lawmakers only. Kenyan police and interior ministry spokespeople did not immediately respond to Reuters requests for comments on the resumption of protests.

The U.S. CPI inflation report for March will go a long way to determining what the Fed decides at its May 2-3 policy meeting. Markets expect headline inflation to continue slowing, but are still shifting towards pricing in another quarter point rate hike. Finance ministers and central bank officials from around the world are in Washington for this week's International Monetary Fund and World Bank spring meetings. The IMF on Tuesday trimmed its global growth outlook for this year and next as higher interest rates bite, and warned that the risk of "perilous" financial turmoil could slash output to near recessionary levels. Here are three key developments that could provide more direction to markets on Wednesday:- IMF/World Bank spring meetings in Washington- India CPI inflation (March)- U.S. CPI inflation (March)By Jamie McGeever; Editing by Deepa BabingtonOur Standards: The Thomson Reuters Trust Principles.

☆ Kenya police, crowds clash in third wave of price rise protests
▼ + stars: | 2023-03-30 | by ( Ayenat Mersie | ) www.reuters.com time to read: +3 min

Thousands joined marches called by opposition leader Raila Odinga against high living costs and alleged fraud in last year's vote. The government has said the vote was fair, defended its economic record and called for the protests to stop. "We are telling our elder Raila Odinga, the only way to get into government is through the ballot." Odinga's spokesperson Dennis Onyango accused Malala of "ethnic profiling", saying he had assumed the attackers were Odinga supporters because they were from his ethnic group. Odinga, who has run for president five times, challenged Ruto's victory in August's election, but the Supreme Court upheld the result unanimously.

REUTERS/Monicah MwangiNAIROBI, March 20 (Reuters) - Kenyan police fired tear gas and arrested several senior opposition politicians as hundreds of people protested against President William Ruto, the high cost of living and claims of cheating in last year's election. Raila Odinga, who lost to Ruto in August's poll, has urged nationwide protests as he attempts to harness dissatisfaction with the president. Police officers in riot gear fired tear gas at hundreds of rock-throwing protesters in the capital Nairobi's vast Kibera slum, who chanted: "Ruto must go." They also used tear gas to disperse demonstrators trying to gather in the Central Business District, from where Odinga has called for a march toward the president's State House residence, Reuters reporters said. In the western city of Kisumu, an Odinga stronghold, police fired barrages of tear gas in the direction of protesters who had started fires in the road, footage on Citizen TV showed.

☆ BASF to cut 2,600 jobs on high costs in Europe
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: +3 min

A view of a chemical plant of German company BASF, in Ludwigshafen, Rhineland-Palatinate, western Germany, on October 06, 2022 in Ludwigshafen, Germany. BASF said it would cut 2,600 jobs and halt its share buybacks as it warned of a further decline in earnings reflecting high costs in Europe, uncertainty due to the war in Ukraine and rising interest rates. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

☆ One year of war in Europe: How the dollar, energy and food prices swirled
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +6 min

LONDON, Feb 24 (Reuters) - Russia's invasion of Ukraine has disrupted economies and markets around the world, from energy and food prices to European banks, emerging market stocks and the Russian currency. Below are five charts that show how Europe's biggest conflict since World War Two has shaped global financial markets in the last 12 months. But when Russian tanks rolled into Ukraine in late February, European natural gas prices rocketed by almost 400% in two weeks. Energy prices soared, bringing the threat of blackouts, recession and a worrying switch back to dirtier sources of fuel. Food price pressures are easing, but that does little to soften the blow for many developing nations, where food and energy prices make up a larger share of spending.

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