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☆ This 'quasi monopoly' chip stock will drive AI trend for the next decade, says fund manager
▼ + stars: | 2024-06-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +4 min

European chip stock ASML "is almost in a quasi-monopoly position" to drive developments in artificial intelligence over the next decade, according to fund manager Marcus Morris-Eyton. Its customers include TSMC , which makes the AI chips designed by Nvidia , AMD and Intel , as well as Samsung and SK Hynix . Shares fell by 7% on the day as the company provided what analysts labeled "soft" guidance for the current quarter. Earlier this week, the company opened a test laboratory for its next-generation lithography equipment with Belgium chip research firm Imec. "Ultimately, if you need AI, if you need [electric vehicles], if you need data centers, you need more chips," Morris-Eyton added.

Persons: Marcus Morris, that's, ASML, It's, Francois, Xavier Bouvignies, Tammy Qiu, Didier Scemama, Marie Ganneval, Eyton, Morris Organizations: Nvidia, AMD, Intel, Samsung, SK Hynix, U.S, Infineon, BE Semiconductor, Wall Street, UBS, of America, AllianceBernstein's, ASML, CNBC Locations: United States, TSMC, Belgium, Veldhoven, Netherlands, ASML

India's stock market has been topsy-turvy in the past week. WealthMills Securities' equity market strategist Kranthi Bathini says "India's stock markets need stable policy continuity going forward." "The Union Budget has consistently increased allocations for infrastructure development. Strong digital economy and startup ecosystem Another longer-term theme on Sengupta's radar is the digital economy and startup ecosystem. Riding the consumer wave Aside from sectors poised for growth, WealthMills Securities' Bathini suggests looking out for names set to benefit from the strong consumer.

Persons: turvy, Narendra Modi's, Modi, Dhruba Jyoti Sengupta, Kranthi Bathini, Sengupta —, Sengupta, Bathini Organizations: Narendra Modi's Bharatiya Janata Party, BJP, Lok Sabha, Wrise, CNBC Pro, BSE, Bombay Stock Exchange, WealthMills Securities, Budget, Hindustan, Indian Railway Catering, Tourism Corporation, Indian, Construction, Titagarh, Systems, India, Canara Bank, Bajaj Finance, Securities, Hindustan Aeronautics, Tata Motors, Reliance Industries Locations: Lok, Asia, East, Europe, India, uptrend

☆ People are exiting the stock market in droves
▼ + stars: | 2024-06-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

The US stock market is shrinking, and investors are pulling their money out at a near-record pace as storm clouds gather over the US economy. A shrinking market: The stock market isn’t the economy (for the most part). Fear is currently driving the US market, according to CNN’s Fear and Greed Index. “We really need to consider: Is this the outcome we want?”CEOs are making almost 200 times what workers areCEOs raked in fat pay packages last year as the US stock market boomed, reports my colleague Matt Egan. Economists were expecting job openings to register 8.36 million, according to FactSet estimates.

Persons: ”, Morgan Stanley, Lisa Shatlett, We’ve, Torsten Slok, Jamie Dimon, Dimon, “, Matt Egan, Bosses, Alicia Wallace Organizations: CNN Business, Bell, New York CNN, titans, Bank of America, Morgan Stanley Wealth Management, Federal, Dow, Apollo Global Management, Privately, JPMorgan, Associated Press, Workers, Bureau of Labor Statistics ’, Labor, Federal Reserve Locations: New York, Nantucket, That’s

☆ India's stock markets erase $371 billion after ruling BJP falls short of election expectations
▼ + stars: | 2024-06-05 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

The All India Market Capitalization index , tracked on the Bombay Stock index, lost over 31.06 trillion rupees, or about $371 billion on June 4 alone. India's markets saw their worst one-day loss in about four years as the electoral performance of Prime Minister Narendra Modi's ruling Bharatiya Janata Party fell short of expectations. The BJP-led National Democratic Alliance (NDA) coalition, however, clinched 294 seats, managing to retain the parliamentary majority, crossing the 272 required to form the government. In the previous general election in 2019, the BJP secured 303 seats, and the NDA won 353 seats. A Goldman Sachs report issued early Wednesday said that "even with a reduced majority, we don't think macro stability will be compromised."

Persons: Narendra Modi's, Modi, Goldman Sachs, — Organizations: Bombay Stock Exchange, Bombay, BSE, Bharatiya Janata Party, BJP, National Democratic Alliance, Developmental Inclusive Alliance coalition, Indian National Congress, Goldman Locations: Bombay, Mumbai, India, INDIA, Lok

☆ Diamond industry 'in trouble' as lab-grown gemstones tank prices further
▼ + stars: | 2024-06-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022. Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat. Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky. An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months. Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.

Persons: Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure Organizations: Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky Locations: Harrods, London, De Beers, American, China, U.S

☆ Oil prices slip despite OPEC+ production cut extension
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell early on Monday, despite a move by producer group OPEC+ to extend deep output cuts well into 2025. This includes 3.66 million bpd of cuts that were due to expire at the end of 2024, and voluntary cuts by eight members of 2.2 million bpd to expire by the end of June 2024. But on Sunday, the group agreed to extend the cuts of 3.66 million bpd by a year until the end of 2025. It will also prolong the cuts of 2.2 million bpd by three months until end-September 2024, before phasing it out over a year from October 2024 to September 2025. "The communication of a gradual unwind reflects a strong desire to bring back production of several members given high spare capacity."

Persons: Brent, Goldman Sachs, Joe Biden, Israel, Benjamin Netanyahu Organizations: . West Texas, of, Petroleum, U.S Locations: Russia, OPEC, East, Gaza, Israel, Iran

☆ Airlines headed for record revenue in 2024 as travel soars, but profit margins remain thin
▼ + stars: | 2024-06-03 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

The International Air Transport Association (IATA) raised its profit forecast for the airline industry in 2024 and predicts a record revenue of $996 billion. "With a record five billion air travelers expected in 2024, the human need to fly has never been stronger. DUBAI, United Arab Emirates — The International Air Transport Association raised its profit forecast for the airline industry in 2024 and predicts revenue of $996 billion — a record high and a 9.7% jump on the previous year. But while revenues and profits are enjoying tailwinds, expenses are also soaring, leaving profit margins thin, the IATA report said. Total expenses for global airlines are expected to reach $936 billion, according to the industry body's projections — a 9.4% annual increase and a record high.

Persons: Willie Walsh, Walsh Organizations: International Air Transport Association, United Arab Emirates, Airlines Locations: Dubai, DUBAI, United Arab

☆ GameStop shares surge as ‘Roaring Kitty’ trader posts account showing $116 million position
▼ + stars: | 2024-06-02 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Meme stock GameStop is rallying again on speculation Keith Gill, the man who inspired 2021's epic short squeeze, could currently have a huge position in the video game retailer. Gill, who goes by DeepF------Value on Reddit and Roaring Kitty on YouTube and X, reappeared Sunday night, posting a screenshot of what could be his portfolio holding a significant amount of GameStop common shares and call options. The Reddit trading crowd's favorite trader holds 5 million shares of GameStop worth $115.7 million as of Friday's closing price, according to the account snapshot posted on Reddit's r/SuperStonk forum. The account also showed a position of 120,000 call options in GameStop with a strike price of $20 that expire on June 21st that were purchased for about $5.68 each. GameStop shares closed Friday at $23.14.

Persons: Keith Gill, Gill Organizations: GameStop, DeepF, YouTube, CNBC

☆ OPEC+ to extend deep oil production cuts into 2025
▼ + stars: | 2024-06-02 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

CNN —The Organization of the Petroleum Exporting Countries and its allies — a group of leading oil producers known as OPEC+ — agreed Sunday to extend a voluntary production cut of 2.2 million barrels of crude oil a day into 2025. The group also released its 2025 production requirements for member and nonmember countries, which were essentially the same as this year’s. Despite the OPEC+ cuts, equivalent to about 5.7% of global crude supply, and ongoing tensions in the Middle East, global oil prices have fallen by about 10% since hitting a five-month high in early April. The IEA expects global supply to increase by just 580,000 barrels per day this year. Sunday’s OPEC+ decision coincides with Saudi Arabia selling some more shares in its oil company Aramco.

Persons: —, Russia —, Brent Organizations: CNN, of, Petroleum, United, Emirates, Brent, West Texas, International Monetary Fund, International Energy Agency, IEA, Saudi, Aramco Locations: OPEC, Saudi Arabia, Russia, United States, ”, Syria, China, Europe, Paris, Riyadh

☆ Oil falls as Fed policymakers look to maintain rate cuts, gasoline stocks rise
▼ + stars: | 2024-05-31 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack at the New Harmony Oil Field in Grayville, Illinois, US, on Sunday, June 19, 2022. Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market. "I think it's too soon to really be thinking about rate cuts." Meanwhile, U.S. crude oil inventories fell 4.2 million barrels to 454.7 million barrels in the week ending on May 24, the Energy Information Administration said on Thursday, compared with expectations in a Reuters poll for a 1.9 million-barrel draw. Stocks were up 2 million barrels for the week to 228.8 million barrels, the EIA said, compared with expectations for a 400,000-barrel draw.

Persons: Lorie Logan, Logan, Stocks Organizations: New Harmony Oil, Fed, Brent, U.S, West Texas, Dallas Federal, Energy Information Administration, EIA, of, Petroleum Locations: Grayville , Illinois, U.S, El Paso , Texas, OPEC, Saudi Arabia, Russia

☆ Best Buy surges on signs that the expected AI-driven PC and smartphone refresh is starting
▼ + stars: | 2024-05-30 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Bottom Line This was a better-than-feared quarter from Best Buy. Services are an area that Best Buy can lean into and leverage to differentiate from online retailers like Amazon . Importantly, she noted that not only will Best Buy have the largest assortment of AI-enabled PCs but over 40% of that assortment will be exclusive to Best Buy. Going back to how Best Buy can compete with the likes of Amazon, Best Buy is working closely with vendors on marketing strategies and demonstrations to offer a "unique educational and interconnected digital shopping journey." Bimal Tandel photographs Bhavin Tandel and Dinesh Tandel, crew members on the Klara Oldendorff, in front of a Best Buy in Timonium, Maryland, U.S., March 29, 2024.

Persons: Corie Barry, we're, Barry, FactSet, Jim Cramer's, Jim Cramer, Jim, Bimal, Bhavin Tandel, Dinesh Tandel, Klara Oldendorff, Julia Nikhinson Organizations: LSEG, Services, Amazon, Computer, Target, Walmart, Costco, Barry, Apple, CNBC Locations: Timonium , Maryland, U.S

☆ Weekly mortgage demand drops to three-month low, as rates begin climbing again
▼ + stars: | 2024-05-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a brief pullback during much of May, mortgage rates began rising again last week. That had an immediate impact on what had been several weeks of strengthening mortgage demand. As a result, total mortgage application volume fell 5.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year's levels. Mortgage rates jumped sharply to start this week, rising 12 basis points just on Tuesday, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan, Kan, Neel Kashkari Organizations: Mortgage, Mortgage News, Minneapolis Federal, CNBC Locations: Austin , Texas

☆ Top K-pop stocks fall after reports that Hybe may sell $50 million stake in SM Entertainment
▼ + stars: | 2024-05-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Shares of two of South Korea's largest K-pop companies fell on Tuesday after industry giant Hybe is said to be pushing for a $50 million sale of its stake in SM Entertainment. Kospi-listed Hybe's stock slid as much as 2.4%, while SM Entertainment — which is listed on the Kosdaq —saw its shares plunge as much as 5.74%. That puts the sale price per share at between 91,968 to 90,531 won. This means the total transaction value would come up to about 68 billion won, or about $50 million. Before the transaction, Hybe held a 12.45% stake in SM.

Persons: Hybe Organizations: SM Entertainment, Chosun Ilbo, South Korean, SM, CNBC Locations: Korean

☆ Amazon reportedly in talks with Italy to invest billions of euros in cloud expansion
▼ + stars: | 2024-05-28 | by ( ) www.cnbc.com time to read: +1 min

Amazon's computing unit AWS is in talks with Italy to invest billions of euros in the expansion of its data center business in the country as part of the tech giant's effort to boost its cloud offer in Europe, four people familiar with the matter said. Amazon's computing unit AWS is in talks with Italy to invest billions of euros in the expansion of its data center business in the country as part of the tech giant's effort to boost its cloud offer in Europe, four people familiar with the matter said. AWS launched its first cloud region in Italy in 2020 as part of a plan to invest 2 billion euros ($2.2 billion) by 2029. It counts luxury carmaker Ferrari and insurer Assicurazioni Generali among its customers in the country, its website showed. AWS has recently unveiled a 15.7 billion euros investment in data centers in Spain's northeastern Aragon region, replacing a previous 10-year plan announced in 2021, when the company earmarked 2.5 billion euros for the country.

Persons: Assicurazioni Organizations: AWS Locations: Italy, Europe, Milan, Spain's, Aragon

Aerial view of skyscrapers standing at the Lujiazui Financial District at sunrise on June 8, 2022 in Shanghai, China. Asia-Pacific markets rose Monday as industrial profits in China rose during the first four months of the year, according to official data. China's industrial profits rose 4.3% year on year in the January to April period, data from the National Bureau of Statistics showed. More economic data from China and India is also due later this week. Australia will also announce its inflation data for April on Wednesday, with analysts from ING expecting a "modest dip."

Persons: Hong Organizations: National Bureau, Statistics, ING Locations: Shanghai, China, Asia, Pacific, India, Australia

☆ The 3 best dog cooling mats and pads of 2024
▼ + stars: | 2024-05-24 | by ( Christy Caplan | Lisa Sabatini | ) www.businessinsider.com time to read: +13 min

Shop at Amazon Shop at Chewy What we like Check mark icon A check mark. AdvertisementBest for travelThe Green Pet Shop Cool Pet Pad The Green Pet Cool Pet Pad is the best mat for keeping dogs cool on the go. Most of the best dog cooling mats are too small for giant breeds, but the Arf Pets Pad is an exception. AdvertisementHow we tested the best dog cooling mats and padsI evaluated whether each mat could fit inside of a standard-sized dog crate. Christine Caplan/InsiderThe best dog cooling mats and pads in this guide were provided as editorial review samples by their manufacturers.

Persons: Walter, Krista Miller, Read, Christy Caplan, It's, Christine Caplan Organizations: Business, YouTube, Amazon Best, Shop Locations: Pacific

☆ Advertisers boost spending at retailers such as Walmart and Amazon as TV shrinks
▼ + stars: | 2024-05-24 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Global retail media ad spending is expected to more than double from $114.18 billion in 2023 to $233.89 billion in 2027, according to eMarketer. Retail media is expected to represent a larger percentage of digital advertising spending, which has begun to eclipse traditional media spending, growing from 18.9% of that segment in 2023 to 25.7% in 2027, according to eMarketer. "What we hear from brands most directly is they no longer wake up with a recipe to buy X amount of TV, X amount of social, X amount of digital. GSTV screens reach 115 million viewers per month across 49 states. "It's the new TV for mass reach advertising," said Mark Boidman, head of media and entertainment investment banking at Solomon Partners.

Persons: Sean McCaffrey, McCaffrey, Mark Boidman Organizations: Television, Facebook, Walmart, Kroger, WPP, Global, Brands, Solomon Partners Locations: eMarketer, It's

☆ Walmart and Target are slashing prices. What does that mean for inflation?
▼ + stars: | 2024-05-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

That doesn’t mean the battle against inflation is won. Walmart saw first-quarter sales at stores open at least a year climb 3.8% from the prior year, in part thanks to its ability to keep prices low even as inflation remains sticky. “Our combination of everyday low prices plus a large number of rollbacks is resonating” with consumers, Walmart CEO Doug McMillon said on a call with analysts. Investors will get more inflation data next week from the Personal Consumption Expenditures index for April. Without that discount, the combined fine would have topped £88 million ($112 million).

Persons: Doug McMillon, Price, we’re, ”, Preston Caldwell, Scarlett Johansson, Will Scarlett Johansson, OpenAI, Johansson, OpenAI’s, Sam Altman, Brian Fung, OpenAI didn’t, Anna Cooban, “ Organizations: CNN Business, Bell, New York CNN, Walmart, Ikea, Aldi, Morningstar Research Services, Bureau of Labor Statistics, Investors, Citi, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, CNN Locations: New York, United States

☆ Investing alternatives to chasing Nvidia's stock using options after its blockbuster report
▼ + stars: | 2024-05-23 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

Traditionally, value investing and growth investing are considered two distinct investment strategies. Value investors look for stocks they believe the market has undervalued and may be trading for less than their "intrinsic" value. Value investors often employ "bottom-up" investing, which focuses on individual companies rather than the overall market or industry. Growth investing focuses on companies expected to grow at an above-average rate compared to other companies. Is there a way to introduce a margin of safety to a growth stock using options?

Persons: Dan Ives, Jensen Huang, Vince Lombardi Organizations: Nvidia, Intel Locations: Wedbush

☆ Mortgage rates fall for the third straight week, dipping below 7%
▼ + stars: | 2024-05-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —Mortgage rates declined for the third consecutive week in a shred of good news for Americans dealing with a still-tough housing market. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Federal Reserve’s decisions on interest rates. Stubbornly high inflation this year has dashed hopes that the Fed could cut interest rates in the spring or in the summer. Some Fed officials said earlier this week that they likely won’t raise interest rates again and a few have said they expect to cut rates this year. With mortgage rates still elevated, some homeowners are deciding to stay put.

Persons: Freddie Mac, inflation’s cooldown, there’s, homebuyers, ” Sam Khater, Freddie Mac’s, That’s, ” Lawrence Yun, ”, Yun, Joe Biden Organizations: Washington CNN —, Treasury, National Association of Realtors, Fed, Housing Locations: San Diego, Chicago, Detroit

So far in May, 30-year mortgage rates have averaged around 6.75%, which is 10 basis points lower than the previous month's average. If the next few months continue to show that inflation is decelerating, mortgage rates could go down further this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Down (-0.09%)The average 15-year mortgage rate is 6.00%, nine basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: they'll, you'll, It's, refinance Organizations: Zillow, FHA Locations: Chevron

☆ Buying a house gets even more expensive
▼ + stars: | 2024-05-22 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Home prices climbed to record highs for April, according to the National Association of Realtors. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHome prices reached record highs in April, a new report from the National Association of Realtors found. The median price of an existing home climbed 5.7% year over year in April to $407,600, keeping pressure on prospective homeowners already dealing with high interest rates. The association said it's the 10th month in a row of year-over-year increases and the highest-ever tally for the month of April.

Persons: —, it's Organizations: National Association of Realtors, Service, Business

The 30-stock Dow slid 605.78 points, or 1.53%, and closed at 39,065.26 for its worst session of the year. The S&P 500 dropped 0.74%, closing at 5,267.84, and the Nasdaq Composite tumbled 0.39% to end at 16,736.03. Stocks fell Thursday, with the Dow Jones Industrial Average registering its worst day of 2024, as a post-earnings rally in Nvidia failed to lift the broader market. With its market cap of more than $2.5 trillion, Nvidia also has considerable sway over the broad S&P 500 . More than 400 names in the S&P 500 were lower, and information technology was the only positive sector for the day.

Persons: Stocks, Dow Jones, it's, Piper Sandler, Craig Johnson Organizations: New York Stock Exchange, Dow, Boeing, Nasdaq, Dow Jones Industrial, Nvidia, . Services, Global, Federal Reserve, Traders Locations: New York City

☆ Home sales: Prices in the US housing market continue to climb
▼ + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. Housing affordability takes into account prices, household incomes and mortgage rates. Sales fell in April for the second month in a row as mortgage rates surged past 7%. Mortgage rates track the yield on the 10-year US Treasury note, which moves in anticipation of the Fed’s decisions on interest rates. Low housing affordability typically crimps demand.

Persons: it’s, ”, Lawrence Yun, Freddie Mac Organizations: Washington CNN —, National Association of Realtors, Global, NAR, Federal Reserve, Fed, Treasury Locations: San Diego, Chicago, Detroit, America, ”

☆ Home sales slipped unexpectedly in April, despite big gains in supply
▼ + stars: | 2024-05-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales of homes priced below $100,000 fell 7.1% year over year, while sales of those priced over $1 million jumped 40%. The median price of an existing home sold in April was $407,600, an increase of 5.7% year over year. The median price in the Northeast was $458,500, up 8.5% year over year. The median price in the West was $629,600, up 9.3% from April 2023. Correction: The supply of homes priced at more than $1 million was up 34% year over year.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, Realtors Locations: Issaquah Highlands, Issaquah , Washington, US, Midwest, West

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