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Texas' economy is growing faster than California's as it woos big companies and new residents. But some Texas residents are feeling increasingly fed up and priced out of the state. That figure is even stronger for the fourth quarter of 2023, which saw Texas' GDP grow at an annual rate of 5% — a jump that Texas Gov. Its $3.9 trillion GDP accounts for 14% of the national GDP, according to the report. Some Texas residents are less happyAs Texas' economy soars, some residents are feeling increasingly fed up and priced out.
Persons: , Greg Abbott, California's, Tesla, Charles Schwab, Abbott, Elon Musk, CBRE, Jennifer Sor, Austin Organizations: Service, Lone Star, Public, Institute of California, Public Policy Institute, Texas Gov, Bureau, Oracle, State for, Chevron, Gov, Fortune, Texas, Nvidia, Golden State, Bureau of Labor Statistics, Texas realtors, BI Locations: Texas, While California, California, , Texas, State for Texas, Palo Alto , California, Austin, Dallas, Fort Worth, Arlington
Dollar hovers near 11-week high, eyes on China property briefing
  + stars: | 2024-10-17 | by ( ) www.cnbc.com   time to read: +3 min
Ahead of the press conference, the offshore yuan was last 0.04% higher at 7.1328 per dollar. The Australian dollar , often used as a liquid proxy for the Chinese yuan, fell 0.02% to $0.6665, languishing near a one-month low hit in the previous session. "Keeping a very close eye on China, waiting for yet another press conference which is probably going to be long in rhetoric and short in detail," said Rodrigo Catril, a senior currency strategist at National Australia Bank. In the broader market, the dollar was on the front foot, after having scaled an 11-week top against a basket of peers in the previous session. The dollar index was last steady at 103.51, having peaked at 103.60 in the previous session.
Persons: Rodrigo Catril, Sterling, Donald Trump, Thierry Wizman Organizations: Reserve, National Australia Bank, European Central Bank, Republican, FX, Macquarie, New Zealand, Reserve Bank of New Locations: U.S, Asia, China
A customer during the grand re-opening of a Century 21 department store in New York, US, on Tuesday, May 16, 2023. Retail sales increased a seasonally adjusted 0.4% on the month, up from the unrevised 0.1% gain in August and better than the 0.3% Dow Jones forecast, according to the advanced report. Excluding autos, sales accelerated 0.5%, better than the forecast for just a 0.1% rise. The numbers are adjusted for seasonal factors but not inflation, which rose 0.2% on the month as measured by the consumer price index. Despite the decline in initial filings, continuing claims, which run a week behind, edged higher to 1.867 million.
Persons: Dow Jones, Helene, Milton Organizations: Federal Reserve, Commerce Department, Dow, Labor Department, Stock, Boeing Locations: New York, Florida, North Carolina, U.S, Michigan
CNBC's Jim Cramer on Thursday said some investors are missing market opportunities because they are too focused on what the Federal Reserve will do next when it comes to interest rates. "I'm not saying the stock market will never go down when the Fed's easing," he said. But Blackstone reported an impressive quarter, and the stock reached a new all-time high, up more than 6% by the close. He also referenced the turbulence this week in the semiconductor space — triggered by a bad quarter from Dutch chipmaker ASML on Tuesday — saying investors' Fed worries may have scared them out of expensive stocks. "Everyone who's obsessed with the Fed's next foray is basically investing with blinders on, and as a result, they're missing out on some of the greatest moves I've ever seen in my life," Cramer said.
Persons: CNBC's Jim Cramer, I'm, Jay Powell, Blackstone, ASML, Jensen, they're, I've, Cramer Organizations: Federal Reserve, Blackstone, Nvidia, Taiwan Semiconductor
Small-cap stocks are looking very good right now. Lower rates can boost smaller companies by allowing them to borrow money for cheaper and expand their businesses. Smaller companies are more vulnerable to economic cycles. Despite this recently strong performance, small caps are still lagging their large-cap counterparts for the year. To be sure, some on the Street are pointing to another driver for small caps: the potential of a Trump victory on Election Day.
Persons: Russell, IWM, JC O'Hara, Roth MKM, Eric Johnston, Cantor Fitzgerald, Donald Trump, Kamala Harris, Cantor, Howard Lutnick Organizations: Federal Reserve, Fed, Insight Enterprises, Trump Locations: China
With the Federal Reserve now cutting interest rates, investors are looking for stocks that can be super-charged by lower borrowing costs. Small and medium-sized companies tend to be the most closely affected by the direction of the economy and rates. Outflows were seen solely in large caps; small and mid-caps saw inflows." If money does keep flowing into small caps, will it come at the expense of large caps? .SPX mountain 2022-10-01 S & P 500 since Oct. 1, 2022 That said, if the move into the smaller caps stocks continues, we may start to see more competition for capital.
Persons: Russell, that's, it's, Stanley Black, Decker, Jim Cramer, Jensen Huang, Morgan Stanley's, We're, Canaccord Genuity, pare, Jim Cramer's, Jim, Michael Nagle Organizations: Federal Reserve, BMO Capital Markets, Bank of America, Nvidia, CNBC, Blackwell, Taiwan Semiconductor Manufacturing Company, Devices, Broadcom, Apple Intelligence, Apple, Microsoft, Presidential, Jim Cramer's Charitable, New York Stock Exchange, Bloomberg, Getty Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIf you're obsessed with the Fed you're missing some major moves in unlikely stocks, says Jim Cramer'Mad Money' host Jim Cramer looks at stocks that soared during today's record run.
Persons: Jim Cramer
This is the picture painted of Jabalya, northern Gaza, by the emergency services chief in the area. “You can see the signs of hunger on the people in northern Gaza,” Fares Afana, the head of emergency services in northern Gaza, told CNN by phone on Monday. The 400,000 who remain in northern Gaza are stalked by hunger and face thunderous bombardment. The UN has accused the Israeli military of forcing residents of northern Gaza to choose between starvation or relocation. On Tuesday, at least 17 people were killed in northern Gaza, according to Gaza’s Civil Defense.
Persons: ” Afana, , Afana, , ” Philippe Lazzarini, , Israel “ Organizations: CNN, Israel Defense Forces, Humanitarian Affairs, UN, , Palestine, UNRWA, Monday, Sa’eed, ” CNN, Gaza’s, Media, Civil Defense Locations: Gaza, Israel, Yemen, Jabalya
This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Breather from rally U.S. markets fell Monday, weighed down by a drop in semiconductor stocks and a 8.1% slide in UnitedHealth . Tech stocks fell 6.36%, while telecoms stocks rose 1.97%. Indeed, San Francisco Fed President Mary Daly, who's a member of the Federal Open Market Committee this year, noted that the central bank is "a long way from where [rates are] likely to settle."
Persons: ASML, there's, They're, Michael Hartnett, Mary Daly, who's, Dow, Piper, Craig Johnson, , Jeff Cox, Samantha Subin, Yun Li, Lisa Kailai Han, Alex Harring Organizations: New York Stock Exchange, CNBC, UBS, Tech, ASML's, Bloomberg, Nvidia, AMD, Semiconductor, Nasdaq, Dow Jones, Dow, Survey, U.S . Federal Reserve, San Francisco Fed, Federal Locations: New York City, U.S, Tuesday's, Netherlands, ., Beijing
The Aussie dropped as much as 0.51% to $0.6669, the lowest since Sept. 12, before changing hands down 0.38% at $0.6678 as of 0133 GMT. The New Zealand dollar sank as much as 0.69% to $0.6041, a level last seen on Aug. 19. China will hold a press conference on Thursday to discuss promoting the "steady and healthy" development of the property sector. The dollar was little changed at 149.135 yen , not far from Monday's high of 149.98 yen, the strongest since Aug. 1. The euro edged 0.05% lower to $1.08875, and earlier touched $1.0882, matching the low from Tuesday, which was the weakest level since Aug. 8.
Persons: There's, Ray Attrill, there's, Attrill Organizations: New Zealand, National Australia Bank, Statistics, U.S, Traders, Fed, European Central Bank Locations: New Zealand, Beijing, China, Statistics New Zealand
Still, that’s far lower than the 528 drop boxes that the commission was aware of in 2020. PoolNick Ramos, the executive director of the Wisconsin Democracy Campaign, a voting rights group that has pushed for more drop boxes, said he was discouraged by the number of municipalities that had decided not to use drop boxes this election. “Drop boxes are safe, they are reliable and secure.”Changing legal statusFor years, ballot drop boxes were legal in Wisconsin with little controversy or attention, and in 2020, they became a key tactic for municipalities to encourage safe voting during the coronavirus pandemic. A conservative group filed a lawsuit to ban drop boxes in Wisconsin, and the state Supreme Court’s conservative majority sided with them in 2022, banning drop boxes except ones inside clerks’ offices. In Milwaukee, most drop boxes are in front of libraries, and in Madison, the state capital and a Democratic stronghold, officials decided to locate almost all of their drop boxes in front of fire stations.
Persons: Donald Trump, Dale Schmidt, Trump, Nick Ramos, “ We’re, ” Ramos, “ It’s, Joe Biden, Doug Diny, Diny, , , I’ve, Jeff Mandell, Nancy Stenzel, Robin Vos, Scott Fitzgerald, Vos –, Janet Protasiewicz, Protasiewicz, Dylan Brogan, Schmidt, ” Schmidt, Eric Hovde, “ We’ve, ” Hovde, Catherine Engelbrecht, ” Engelbrecht, Mandell Organizations: CNN, Wisconsin county, , Trump, Commission, Madison, Wisconsin Democracy, Wausau, Republican, City Hall, Department of Justice, Council, State Assembly, GOP, Democratic, USA, Conservative, US, Washington Post, WIRED Locations: Wisconsin, Dodge County, Milwaukee, Dodge County , Wisconsin, Juneau , Wisconsin, Wausau, , Hall, Madison, Kenosha
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed still has the green light to cut rates, says PIMCO's Erin BrowneErin Browne, PIMCO, joins 'Closing Bell' to discuss market’s multiple, her year-end playbook and sector she's watching.
Persons: PIMCO's Erin Browne Erin Browne
October Monthly Meeting: Cramer shares his outlook for the new quarter and beyondAs the Fed embarks on its long-awaited easing campaign, a fresh earnings season is already upon us. Join Jim and Jeff Marks as they discuss how they’re approaching the market and preparing for the bulk of Club reports in the coming weeks.
Persons: Cramer, Jim, Jeff Marks
Gold prices inched higher on Wednesday, as U.S. Treasury yields eased, while market participants waited for more U.S. economic data to determine the number of interest rate cuts the Federal Reserve is likely to deliver in the near term. Spot gold rose 0.3% to $2,667.97 per ounce by 0217 GMT, $17 shy of a record high hit last month. The 10-year Treasury yields slipped for a third straight session, making zero-yield bullion more appealing. "The game changer in gold prices is the U.S. monetary policy easing as it sets the stage for investment demand," said ANZ commodity strategist Soni Kumari. Delegates to the London Bullion Market Association's annual gathering predicted gold prices would rise to $2,941 over the next 12 months and silver prices would jump to $45 per ounce.
Persons: Soni Kumari, Mary Daly, Raphael Bostic, Benjamin Netanyahu, Emmanuel Macron Organizations: SA, Treasury, Federal Reserve, ANZ, San Francisco Federal Reserve Bank, Atlanta Fed, London Locations: Budapest, Hungary, U.S, rearming
Mortgage rates dropped a lot over the last few months in response to what appeared to be cooling in the labor market. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. You can calculate this by dividing your closing costs by the amount you're saving on your monthly mortgage payment. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.
Persons: they've, Freddie Mac Organizations: Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed Locations: U.S, Chevron
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe soft landing narrative may not play out exactly how investors want, says Nuveen's Saira MalikSaira Malik, Nuveen CIO and head of equities and fixed income, and Joe Lavorgna, SMBC Nikko Securities chief economist, join 'Squawk Box' to discuss the latest market trends, state of the economy, the Fed's inflation fight, whether a soft landing scenario can be achieved, state of the 2024 election, and more.
Persons: Nuveen's Saira Malik Saira Malik, Joe Lavorgna Organizations: Nikko Securities
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Nuveen CIO Saira Malik and SMBC Nikko Securities' Joe LavorgnaSaira Malik, Nuveen CIO and head of equities and fixed income, and Joe Lavorgna, SMBC Nikko Securities chief economist, join 'Squawk Box' to discuss the latest market trends, state of the economy, the Fed's inflation fight, whether a soft landing scenario can be achieved, state of the 2024 election, and more.
Persons: Saira Malik, Joe Lavorgna Saira Malik, Joe Lavorgna Organizations: Nikko Securities Locations: Nikko
Spencer Platt | Getty Images News | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineDespite markets falling Tuesday, there's still plenty to like about their current state. Weighed down by ASML's 16% dive and a report by Bloomberg on potential AI-chip export controls, semiconductor stocks like Nvidia and AMD fell 4.7% and 5.2% respectively. Still, investors are the most bullish in four years, according to the October BofA Global Fund Manager Survey.
Persons: DJI, Spencer Platt, there's, They're, Michael Hartnett, Mary Daly, who's, Dow, Piper, Craig Johnson, , Jeff Cox, Samantha Subin, Yun Li, Lisa Kailai Han, Alex Harring Organizations: AMD, New York Stock Exchange, Getty, CNBC, ASML's, Bloomberg, Nvidia, Semiconductor, Nasdaq, Dow Jones, Dow, Survey, U.S . Federal Reserve, San Francisco Fed, Federal Locations: U.S, Beijing
The S&P 500 could lose a quarter of its value next year, according to Stifel. AdvertisementThe S&P 500 looks like it's in the midst of another "mania," and investors could see a steep drop in the benchmark index sometime next year, according to Stifel. AdvertisementThe S&P 500 looks like the fifth stock mania, according to a Stifel analysis spanning the last 139 years. Stocks could be challenged next year due to the uncertain outlook for Fed rate cuts, the strategists suggested. Investors could be impacted for the long-term, they added, pointing to previous manias, which historically led to weak stock returns over the following decade.
Persons: it's, , manias Organizations: Service, Bloomberg
Over the past month, the S & P 500 has climbed 3.2% to break above 5,800 for the first time. "Despite all the soft-landing and Fed rate cut optimism, the S & P 500 up almost 40% y/y has simply over-shot," he wrote in a note to clients. "S & P 500 over-valuation has been supported by (and fully reflects) the Fed likely cutting the real funds rate," he added. This summer, he said he expected the S & P 500 to fall to 5,000 by the fourth quarter. While not included in CNBC Pro's Market Strategist Survey , that forecast would mark Stifel as the second lowest among those surveyed.
Persons: Barry Bannister, Stifel, manias, Bannister Organizations: Federal Reserve, CNBC Pro's, Survey, Citi, Cisco Systems
Here's a rapid-fire update on all the stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Broadcom: Of course, we love the company's AI business — both its custom silicon solutions for companies such as Alphabet and its networking chips that help stitch data centers together. Stanley Black & Decker: Jim said that this stock is the "most significant beneficiary" from lower rates in the entire portfolio. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, Jim, there's, Lisa Su, Wells, Salesforce, CrowdStrike, it's, we've, Walt Disney, , Eaton, we're, Kamala Harris, Harris, Jim's, Linde, Eli Lilly, Lilly isn't, That's, Morgan Stanley, Goldman Sachs, D.A, Satya Nadella's, Palo, cybersecurity, Brian Niccol, We're, Stanley Black, Decker, TJX, Charlie Scharf, Wells Fargo's, Jim Cramer, Angela Weiss Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple Intelligence, Abbott Laboratories, Devices, AMD, Nvidia, Broadcom, Apple, Federal Reserve, Costco Wholesale, Costco, Coterra, DuPont, Disney, ESPN, GE Healthcare, Democratic, Biden, Honeywell, Linde, Adobe, Microsoft, Davidson, Palo Alto Networks, Constellation Brands, Modelo, Corona, TJX, Jim Cramer's Charitable, New York Stock Exchange, AFP, Getty Locations: Wells Fargo, BlackRock, Dover, Eaton, China, U.S, Chipotle, New York City
The owner of Lay’s, Doritos, Tostitos and Ruffles chips will put more chips in some bags to claw back customers tired of higher prices with skimpier bags. A PepsiCo spokesperson told CNN that Tostitos and Ruffles “bonus” bags will contain 20% more chips for the same price as standard bags in select locations. PepsiCo is also adding two additional small chip bags to its variety-pack option with 18 bags, the spokesperson said. It’s a reversal of years of shrinking bags of Tostitos, Ruffles and other chip brands. Snack prices have gone up more rapidly than other store items.
Persons: , Ramon Laguarta, Edgar Dworsky, Dworsky, ” Dworsky, PepsiCo’s, Chip, Robert Moskow, Cowen, Moskow, Joe Biden, General Mills, shrinkflation, Domino’s, Sandeep Reddy Organizations: New, New York CNN, PepsiCo, CNN, Walmart, Costco, Bank of America, Bureau of Labor Statistics, Consumers, General, Locations: New York, United States, outpacing, Mondelez
ET, the 10-year Treasury yield slipped over 1 basis point to 4.021%. The 10-year U.S. Treasury yield wavered slightly early Wednesday as bond traders digested the latest comments from Federal Reserve officials this week. Bond markets reopened Tuesday after the Columbus Day holiday on Monday, with bond traders digesting the latest comments from Fed officials this week. On Tuesday, however, San Francisco Fed President Mary Daly said there's room for the central bank to lower rates further. No Fed officials are due to speak publicly Wednesday and no major economic data releases are due.
Persons: Neel Kashkari, Christopher Waller, Mary Daly, , Lisa Kailai Han, Sophie Kiderlin Organizations: Treasury, Federal Reserve, Bond, Columbus, Minneapolis, San Francisco Fed
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors should consider diversifying beyond tech, says Defiance ETFs CEO Sylvia JablonskiSylvia Jablonski, Defiance ETFs CEO and CIO, joins 'Squawk Box' to discuss the latest market trends, state of the economy, the Fed's inflation fight, where investors can find opportunities right now, and more.
Persons: Sylvia Jablonski Sylvia Jablonski Organizations: Investors
U.S. interest rate cuts are unlikely to move at an aggressive pace, say market watchers. The Fed kicked off its easing cycle with a jumbo 50 basis-point rate cut in September — but subsequent ones will be milder, they said. They highlighted the better-than-expected September jobs report, renewed worries around inflation, rising yields and an economy that's still relatively strong. How to position In that scenario — and with inflation expected to continue being sticky, it's important that investors still have exposure to commodities, said Landsberg. Christopher of Wells Fargo said if interest rates moderate and earnings are stronger than expected, market performance will broaden out further.
Persons: , Paul Christopher, CNBC's, Adam Coons, Michael Landsberg, Landsberg Bennett, Landsberg, Christopher, Wells Fargo, Luis Alvarado, Alvarado Organizations: Fed, Wells, Wells Fargo Investment Institute, Winthrop Capital Management, Wealth Management Locations: Wells Fargo, U.S
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