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☆ Wall St futures edge lower as investor await data, policy cues
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Wall Street ended the Thanksgiving week on a positive note, with the major indexes notching up their fourth consecutive week of gains on growing optimism that the Federal Reserve was likely done hiking interest rates. ET, Dow e-minis were down 48 points, or 0.14%, S&P 500 e-minis were down 7 points, or 0.15%, and Nasdaq 100 e-minis were down 23.75 points, or 0.15%. The personal consumption expenditure index data for October - the Fed's preferred inflation gauge - is slated to be released on Thursday. Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Axel Rudolph, Shristi Achar, Shashwat Chauhan, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal Reserve, Dow e, IG Group, Walmart, Crown, Elliott Investment Management, Reuters, GE HealthCare, UBS, Thomson Locations: New York City, U.S, Bengaluru

☆ European markets head for mixed open ahead of euro zone business activity data
▼ + stars: | 2023-11-23 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a mixed open Thursday, echoing sentiment in the Asia-Pacific region overnight. Investors in Europe will be keeping an eye on preliminary purchasing managers' index data from the euro zone for November for the latest indication of economic activity in the services and construction sectors. Markets will also be keeping an eye on Dutch election results after an exit poll showed right-wing populist Geert Wilders to be on track for a dramatic victory with his Freedom Party, the PVV. In other news, U.S. stocks rose Wednesday after the benchmark 10-year Treasury yield briefly fell to its lowest level in two months and the November market rally broadened into the Thanksgiving holiday.

Persons: Geert Wilders Organizations: Investors, Freedom Party, Treasury Locations: Asia, Pacific, Europe

☆ Why apple prices plunged in October
▼ + stars: | 2023-11-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +7 min

But apple prices plunged 7.9%. A Goldilocks year for applesIn general, apple prices dip in the fall, because that’s when they’re harvested and flood the market. An apple orchard near Leavenworth, Washington state. “We have a lot of volume, but I don’t know if we’re gonna be making any money this year.”Though gas prices have fallen, apple farmers have other rising costs, including labor. To cope with rising costs and improve sustainability, many farmers have been making adjustments to how they operate, said Todd Fryhover, president of the Washington Apple Commission, which promotes the state’s apple industry.

Persons: it’s, ”, Chris Gerlach, ” Gerlach, “, Jon DeVaney, Gerlach, Lynsee Gibbons, we’ve, Association’s DeVaney, …, Craig Campbell, Campbell, DeVaney, “ I’ve, Jonathan Haines, Todd Fryhover, “ We’re, “ They’re Organizations: New, New York CNN, Bureau of Labor Statistics, US Apple Association, Gro Intelligence, Tree Fruit Association, USDA, “, ” Farmers, Harmony Orchards, Washington Apple Commission Locations: New York, United States, India, Leavenworth , Washington, Washington, Turkey, Iran, Ukraine, Russia, East, South Asia, Yakima, Wenatchee

☆ 'Funflation' drives sporting event ticket prices up a whopping 25%
▼ + stars: | 2023-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

'A gigantic bounce back'Admission prices for sporting events jumped 25.1% in October 2023 from the same month a year prior, according to the Bureau of Labor Statistics' consumer price index data. There's also an alignment of attention-grabbing sporting events taking place this fall. Sports ticket prices were 14.2% higher in October than in November 2019, a smaller gain than the entire index's 19.6% increase, a CNBC analysis of CPI data shows. "We're seeing a gigantic bounce back in prices," Matheson said. StubHub said ticket prices across the top 10 sporting events were 15% higher in 2022 than they were in 2023.

Persons: John Brown, Bryan M, Bennett, Dan Hornberger, That's, Victor Matheson, Matheson, There's, Lionel Messi's, Taylor Swift, StubHub, Rodney Paul, Paul Organizations: Buffalo Bills, New England Patriots, Highmark, Getty, National Football, Philadelphia Eagles, Bureau of Labor Statistics, College of, Inter Miami, Sports, CNBC, NFL, Major League Baseball, National Hockey League, NBA, Syracuse University Locations: Orchard Park , New York, Las Vegas

Mortgage rates have taken a nosedive over the past few weeks as the economy continues to show signs of slowing. Average 30-year mortgage rates fell to 7.44% this week, the lowest they've been since late September, according to Freddie Mac. "For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding," Sam Khater, Freddie Mac's chief economist, said in a press release. 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 RatesAverage 15-year mortgage rates are 6.76% this week, a five-basis-point drop from the previous week, according to Freddie Mac data.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll Organizations: Federal, Zillow, Federal Reserve Locations: Chevron

☆ Squeezed Property Owners Put Their Faith in the Fed
▼ + stars: | 2023-11-16 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

Property values have fallen by a fifth since the Fed began its latest interest-rate increases. Photo: Ismail Ferdous/Bloomberg NewsThe Fed might be done raising rates. But can the cost of debt drop fast enough to save struggling landlords? Property stocks are up 5.4% since Tuesday’s consumer-price index data showed that U.S. inflation is easing. Property values have fallen by a fifth since the Fed began hiking in March 2022 and almost 8% of securitized property loans are in distress, according to CRED iQ data.

Persons: Ismail Ferdous Organizations: Fed, Bloomberg

Inflation cooled in October, which is a sign that mortgage borrowers may soon be able to take advantage of significantly lower mortgage rates. Average 30-year mortgage rates are currently down around 20 basis points from where they started the month, and they could fall further soon. Plus, mortgage rates could fall more substantially next year if the Fed decides to cut rates, which is starting to look more likely. 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. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae Organizations: of Labor Statistics, CPI, Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Good news for global marketsYesterday’s impressive rally in U.S. stocks and bonds has gone worldwide this morning, as investors see central banks making gains in their fight against inflation. Adding to the good news was a breakthrough in the House last night that could avert a government shutdown. The question now is whether this represents a false dawn on inflation, or the start of a durable decline in rising costs — and interest rates. President Biden, whose poll ratings have been hurt by inflation, also cheered the numbers. And consumer spending and industrial output in China rebounded last month, a hopeful sign for the world’s No.

Persons: Biden Locations: Britain, China

It also slightly raised its 2023 forecast for growth in global oil demand and stuck to its relatively high 2024 prediction. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. A U.S. crackdown on Russian oil exports could potentially disrupt supply, supporting prices further. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Leon Li, Emily Chow, Edwina Gibbs, Stephen Coates Organizations: REUTERS, Rights, Brent, ING, Organization of, Petroleum, Strategic Petroleum Reserve, U.S . Treasury Department, Kurdistan Regional Government, of Commerce, International Energy, APEC, Markets, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Washington, Moscow, Iraq, Kurdish, Turkey, Shanghai

☆ Oil prices edge up after OPEC says market fundamentals are strong
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsSINGAPORE, Nov 14 (Reuters) - Oil prices inched up on Tuesday after an OPEC report said market fundamentals remained strong and due to concerns supplies might be disrupted as the U.S. cracks down on Russian oil exports. Last week, oil prices slid to their lowest level since July, hurt by concerns that demand could wane in in top oil consumers U.S. and China. Iraq's oil minister expects to reach an agreement with the Kurdistan Regional Government and foreign oil companies to resume oil production from the Kurdish region's oilfields and resume northern oil exports through the Iraq-Turkey pipeline. Oil prices were also supported by a U.S. crackdown on Russian oil exports, potentially disrupting supply. Focal points for the market include the International Energy Agency's latest monthly oil market report later in the day.

Persons: Dun Jiao, Tatiana Meel, Emily Chow, Edwina Gibbs Organizations: REUTERS, Rights, Brent, Organization of, Petroleum, ANZ Research, Kurdistan Regional Government, of Commerce, U.S . Treasury Department, Strategic Petroleum Reserve, International Energy, Energy, Thomson Locations: Nakhodka, Russia, Rights SINGAPORE, U.S, China, Iraq, Kurdish, Turkey, Washington, Moscow

REUTERS/Alexander Manzyuk Acquire Licensing RightsSummaryCompanies US consumer prices unchanged in OctoberU.S. dollar eyes worst session in a yearSilver, palladium gain more than 3%Nov 14 (Reuters) - Gold prices gained 1% on Tuesday as the dollar and Treasury yields retreated after softer-than-expected U.S. consumer inflation data fuelled bets that the Federal Reserve may be done hiking interest rates. U.S. consumer prices were unchanged in October and underlying inflation showed signs of slowing. We are expecting a significant deterioration in the data over the course of the fourth quarter, which should weaken dollar and support gold," said Daniel Ghali, commodity strategist at TD Securities. "Over the next six months, we're looking at gold prices to rally towards $2,100 per ounce." Reuters GraphicsBoosting bullion's appeal, the dollar index (.DXY) fell 1.4%, its biggest daily decline in one year, while benchmark 10-year Treasury yields eyed their worst day in eight months after the inflation data.

Persons: Alexander Manzyuk, Austan Goolsbee, Daniel Ghali, Commerzbank, Ashitha Shivaprasad, Emelia Sithole, Shilpi Majumdar Organizations: REUTERS, Companies, Treasury, Federal, Chicago Fed, TD Securities, Reuters, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

What to watch for in Tuesday’s inflation numberThe markets have rebounded from their fall swoon — with the S&P 500 up more than 7 percent over the past two weeks — as investors grow more optimistic that the Fed is done raising interest rates. That conviction will be put to the test with a new batch of inflation data this week, starting with Tuesday’s Consumer Price Index data at 8:30 a.m. Eastern. It arrives amid deep divisions on Wall Street over the Fed’s next move, and as inflation weighs heavily on President Biden’s poll numbers. Tuesday’s figure could signal that progress on inflation is slowing. That’s no better than the September figure, and well above the Fed’s 2 percent target.

Persons: Biden’s Organizations: Tuesday’s, Wall, Deutsche Bank

☆ High menu prices lift food bills
▼ + stars: | 2023-11-14 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

In the 12 months through October, higher restaurant prices drove food prices above overall inflation, even as grocery prices were relatively low. For the year, grocery prices rose 2.1%, according to Consumer Price Index data released Tuesday by the Bureau of Labor Statistics. But menu prices were up 5.4%, driven largely by a 6.2% rise at limited-service restaurants, which include fast food and fast casual spots. Many fast food and fast casual places say they’ve seen some benefit from customers trading down from pricier options. Grocery prices rose 0.3% and menu prices rose 0.4% in that period.

Persons: Anthony Behar, McDonald’s, Liu Guanguan, Rice Organizations: New, New York CNN, Bureau of Labor Statistics, BLS, McDonald's, AP, China News Service Locations: New York, California

☆ Middle-class movers are heading to these three cities in search of affordability
▼ + stars: | 2023-11-13 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Middle-class movers are choosing Las Vegas, Phoenix, and San Antonio as top destinations. It was the second-most popular destination for middle-class movers coming from out of state, the report said. While cities like Austin saw a surge in home prices, San Antonio has been able to maintain some of its affordability. AdvertisementAdvertisement"If you were to ask me, I'd still tell you San Antonio's more affordable than most cities in Texas," San Antonio real-estate agent Ricardo "Rico" Riojas, Jr. told Insider. San Antonio, Texas.

Persons: —, Andrew Arevalo, Getty Images Arevalo, Redfin, Arevalo, there's, he's, We've, Stephanie K, Dow, I'd, Ricardo, Rico, Riojas, Jr, Allan Baxter, San Antonio — Organizations: Service, Denver, Pew Research, Getty Images, MLS, Las Vegas, San Antonio, Getty, Austin Locations: Vegas, Phoenix, San Antonio, The Nevada, Arizona , Nevada , Florida, Texas, Sin, Colorado, Nevada and Colorado, Clark County, Las Vegas, Denver, California, Arizona, Phoenix , Arizona, San, . Texas, Austin, Antonio, Antonio , Texas

☆ Stock futures are little changed after Moody’s downgrades U.S. outlook: Live updates
▼ + stars: | 2023-11-12 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock exchange during morning trading on November 10, 2023 in New York City. U.S. stock futures inched down Sunday night after Moody's Investors Service lowered its U.S. credit rating outlook to negative from stable. Moody's on Friday underscored the U.S.' "very large" fiscal deficits and partisan gridlock in Washington as contributing factors for the downgrade. The ratings agency reaffirmed America's credit rating at AAA, the highest level. The S&P 500 rose 1.3% the previous week, while the Dow and Nasdaq gained about 0.7% and 2.4%, respectively.

Persons: Moody's, Fitch, Jay Hatfield, That's, Lisa Cook Organizations: New York Stock, Moody's Investors Service, Dow Jones Industrial, Nasdaq, AAA, U.S, Infrastructure Capital Management, Federal Reserve Bank of New, Dow Locations: New York City . U.S, Washington, Hatfield

☆ Jefferies upgrades this little-known biotech stock with more than 100% upside
▼ + stars: | 2023-11-10 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +1 min

The firm upgraded shares of the late-stage biotech to buy from hold, lifting its price target to $26 from $18. Shares of Vera Therapeutics have fallen 37.8% this year, but analyst Farzin Haque believes the stock's recent pullback now means an attractive entry point for investors. VERA YTD mountain VERA YTD chart "W/ shares down –30% (vs XBI –13%) since Sept 21 TVTX data release, we have become more optimistic about atacicept (dual BAFF/APRIL) clin profile," Haque wrote. Atacicept, which Vera took over from Merck, is a drug that treats certain autoimmune diseases. "W/ recent increasing focus on eGFR, VERA's OLE data from ph.II for longer-term eGFR data (expected 1Q24) has now become an important catalyst for the stock," Haque said.

Persons: Vera, Jefferies, Vera Therapeutics, Farzin Haque, VERA YTD, VERA, Haque, Lupus nephritis, — CNBC's Michael Bloom Organizations: Vera, Merck Locations: ph.II

☆ San Francisco's retail crime may not be as bad as you think
▼ + stars: | 2023-11-09 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +3 min

Early 2022 seemed to be a dire time for San Francisco, with shocking examples of retail crime. But according to a recent report, retail crime in San Franciscio is now 5% below its pre-pandemic norm. Retailers like Whole Foods and Walgreens referenced retail crime as a rationale for shuttering San Francisco stores. A San Francisco Target placed more merchandise under lock and key and increased reporting to police. Of the numerous challenges confronting San Francisco one year ago, retail crime is one that at least seems not to be getting worse.

Persons: —, Elon Musk, that's, there's, San Organizations: San, Service, Walgreens, Billionaire, Criminal Locations: San Francisco, Franciscio, Chattanooga , Tennessee, Memphis, Tennessee, Lincoln , Nebraska, Bay

NEW YORK, Nov 6 (Reuters Breakingviews) - Elon Musk does well when his back is against the wall. His investment in X now fills the longshot role, which leaves him little to lose. Grok, as it is called, has “real-time access to info via the X platform,” Musk noted in a post, which gives it a “massive advantage” over other AI models. Although the product is still being tested, Musk says it already can out-compute OpenAI’s GPT-3.5 and Meta Platforms' (META.O) Llama 2. X may be near, or already has hit, rock bottom, right where Musk often does his best work.

Persons: Elon, Tesla, Musk, ” Musk, Linda Yaccarino, X, Billionaire Elon Musk, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Twitter, New York Times, Microsoft, New, Billionaire, OpenAI, Thomson

☆ How the market's forgotten stocks could lead a 'once-in-a-generation' buying opportunity
▼ + stars: | 2023-11-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

A once-in-a-generation opportunity is coming for the stock market, according to investment chief Richard Bernstein. AdvertisementAdvertisementBrace for a big investing opportunity that's about to come for stocks — and not in an area of the market investors may be expecting. That's according to Richard Bernstein, the CIO of Richard Bernstein Advisors, a $16 billion asset manager. That coming pendulum swing in market leadership is a "once-in-a-generation" buying opportunity brewing among forgotten and under-loved areas of the market, Bernstein says. Richard Bernstein Advisors"Because growth is starting to accelerate, it makes less and less sense to pay a premium for growth.

Persons: Richard Bernstein, —, Bernstein, Merrill Lynch —, RBA, Russell, Bernstein isn't Organizations: Service, Richard Bernstein Advisors, Amazon, Bank of America

☆ Job growth slowed in October as the economy settled into a new normal
▼ + stars: | 2023-11-03 | by ( Madison Hoff | Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

AdvertisementAdvertisementThe US economy added 150,000 jobs in October, based on nonfarm payroll employment growth from the Bureau of Labor Statistics or BLS. That's less than September's revised job growth of 297,000. After two straight months of an unemployment rate at 3.8%, the unemployment rate rose slightly to 3.9%. Some of the industries that saw job growth from September to October included healthcare, construction, and leisure and hospitality. "The labor market remains tight, but supply and demand conditions continue to come into better balance," Powell said.

Persons: Jerome Powell, —, payrolls, Biden, Labor Julie Su, Aaron Terrazas, Nick Bunker, that's, Bunker, might've, Terrazas, Powell Organizations: Service, Bureau of Labor Statistics, BLS, Labor, That's, North America, Gross, Bureau, Board, Conference Board

☆ Asia markets rise ahead of key economic data
▼ + stars: | 2023-11-03 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Hong Kong Street Scene, Mongkok District with busses Nikada | E+ | Getty ImagesAsia-Pacific markets rose at the end of the week, with investors awaiting a fresh round of data for more clues on the health of services activity through the region. Services purchasing managers' index data from major economies including China, India and Hong Kong are set to be released throughout the day. Futures for Hong Kong's Hang Seng index stood at 17,455, pointing to a higher open compared with the HSI's close of 17,230.59. South Korea's Kospi rose 0.78% at the open, while the Kosdaq was up 0.14%. Japan markets were shut for a public holiday.

Organizations: Getty, Services Locations: Hong, Mongkok District, Asia, Pacific, China, India, Hong Kong, Japan, Australia

☆ Ken Griffin vs. the IRS
▼ + stars: | 2023-11-01 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: The former VP goes out as a politician who put his country first. Meanwhile, Biden's spending is now Mike Johnson's problem. Images: Zuma Press Composite: Mark KellyKen Griffin isn’t giving up on his fight to improve the Internal Revenue Service’s privacy protections, and all American taxpayers could benefit if the Citadel CEO wins. Late last week Mr. Griffin filed an amended version of his lawsuit against the tax agency for the “unlawful disclosure” of his confidential tax information. The hedge fund operator is one of the thousands of wealthy Americans whose private tax data was stolen from the IRS, then leaked and published by the left-leaning ProPublica website.

Persons: Mike Johnson's, Mark Kelly Ken Griffin isn’t, Griffin Organizations: Citadel

☆ Asia markets gain ahead of manufacturing data, Fed decision
▼ + stars: | 2023-11-01 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

Asia-Pacific markets opened higher ahead of a policy decision from the U.S. Federal Reserve, as investors monitored a slew of manufacturing data. The Fed will conclude its two-day monetary policy meeting later in the day, with markets expecting the central bank to stand pat on interest rates. Purchasing managers' index data for October is expected from major economies including China, India and South Korea.

Organizations: U.S . Federal Reserve Locations: Asia, Pacific, China, India, South Korea

Summer Science Program, a nonprofit with an annual budget of about $2 million, sent about 200 high school juniors to six-week intensive research courses at universities this year. Summer Science Program learned last year that one of its alumni, Franklin Antonio, a co-founder of chipmaker Qualcomm, had granted the organization 20% of his estate, said CEO Frank Steslow. The program intends to double the number of students enrolled next summer to more than 400 and increased its annual budget to over $7 million. Summer Science Program has already received a first payment of $65 million, and the funds are unrestricted. But he added, “it seems unusual at first until you realize that the organization itself is almost like a gift restriction, because they’re very specific in what they do,” referring to Summer Science Program.

Persons: Franklin Antonio, Frank Steslow, ” Steslow, Antonio, Steslow, MacKenzie Scott, Jeff Bezos, Scott, Gabrielle Fitzgerald, Fitzgerald, Russell James, ” James, James, Joan B Organizations: Science, Science Program, Qualcomm, Indiana University ,, Indiana University , Bloomington , New Mexico State University, Las, University of Colorado, Panorama, Global's, Texas Tech University, Salvation Army, National Public, Lilly Endowment Inc, AP Locations: Indiana University , Bloomington , New, Las Cruces, University of Colorado Boulder

☆ Asia markets mixed ahead of Bank of Japan decision, China PMI
▼ + stars: | 2023-10-31 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

The Bank of Japan headquarters in Tokyo. Asia-Pacific markets were mixed ahead of a key monetary policy decision by the Bank of Japan, and fresh economic data points throughout the region. The Bank of Japan will conclude its two-day policy meeting later in the day, with investors watching for any signs of the central bank raising its inflation forecasts. It is also expected to discuss further adjustments to its bond yield control. Also on Tuesday, China purchasing manager's index data for October will likely show manufacturing grew at an expansionary pace of 50.2, according to economists polled by Reuters.

Organizations: Bank of Japan, Reuters Locations: Tokyo . Asia, Pacific, China

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