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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. The yield on the 10-year Treasury note rose even as Powell said progress had been made on inflation. Growth in jeopardyPowell warned that keeping interest rates high for too long could harm economic growth. Mainland China's CSI 300 was little changed as consumer price inflation rose less than expected and producer prices fell, raising concerns about deflation in the world's second-biggest economy.
Persons: Inching, Jerome Powell, KeyBanc, Apple, Powell, Joe Biden, NATO's, Putin, Biden, Max Organizations: CNBC, Nasdaq, Nvidia, Dow Jones Industrial, Russia, Patriot, Boeing, China's CSI, Bank of America Locations: intraday, Ukraine, U.S, Germany, Romania, Netherlands, Italy, Asia, China, Pacific, South
Check out the companies making headlines after the bell : WD-40 Company — Shares gained 11% after the maker of metal lubricants reported fiscal third-quarter results that beat analysts' expectations. WD-40 posted earnings of $1.46 per share on revenue of $155 million, higher than the earnings of $1.39 per share on revenue of $145.8 million analysts were expecting, according to FactSet. PriceSmart — The membership warehouse club operator added 6% after posting a fiscal third-quarter earnings and revenue beat. Costco Wholesale — Shares gained 3% after the membership-only retail chain announced its first membership rate increase since 2017. The Costco Wholesale Corp. logo is displayed above a gas station in Hawthorne, California, on June 12, 2024.
Persons: PriceSmart, FactSet, Patrick T, Fallon Organizations: Costco, Semiconductor, Technology, Costco Wholesale Corp, Afp, Getty Locations: Hawthorne , California
ET, the yield on the 10-year Treasury was up by over 2 basis points at 4.289%. The 2-year Treasury yield was last at 4.628% after rising by more than 1 basis point. U.S. Treasury yields were higher on Tuesday as investors looked ahead to economic data and comments from Federal Reserve Chair Jerome Powell. Investors awaited key data points slated for the week ahead, including fresh consumer and wholesale inflation figures. Several other Fed officials are also set to give remarks throughout the week and could provide more insights.
Persons: Jerome Powell, Powell Organizations: Treasury, Federal, Investors, Federal Reserve, Banking, Financial Services Committee
One area is causing a major bottleneck in data center expansion and the energy transition, according to several analysts: the power grid. Morningstar said in its third-quarter equity market outlook last week that: "The grid is the biggest bottleneck of the energy transition. Over in China, there are also targets to accelerate the "intelligent transformation" of grid infrastructure and the construction of smart micro-grids, the bank said. Over in China, HSBC likes one Chinese stock to play the power grid infrastructure bottleneck. There's also one exchange-traded fund that tracks the sector: the First Trust Nasdaq Clean Edge Smart Grid Infrastructure UCITS ETF , which tracks the performance of stocks in the grid and electric energy infrastructure sector.
Persons: Morningstar, Louis Navellier, There's Organizations: Citi, Veolia, HSBC, Navellier, Associates, Emcor, Infrastructure Locations: United States, New York , California, Europe, China, RWE
Stock futures were little changed in overnight trading Tuesday after the S&P 500 notched a fresh record close. S&P 500 futures and Nasdaq-100 futures were little changed. The S&P 500 edged up 0.07%, while the Nasdaq added 0.14%. Wednesday marks a light day for economic data, with a final wholesale inventories reading for May due ahead of the June consumer price index reading on Thursday. "If we get a cooler print on CPI this week and if get a cooler print on PPI, September will get priced in as a lock," Liz Young Thomas, SoFi's head of investment strategy, said on CNBC's "Closing Bell" on Tuesday, cautioning that at some point, cooler data may become too cool.
Persons: Jerome Powell, Dow, Powell, Liz Young Thomas, SoFi's Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Senate, Committee, Financial Services Committee, PPI
Nike's "performance" segment, meanwhile, includes many of its core sports products, such as basketball shoes. AdvertisementWhile revenue from performance products grew in Q4, declines in its lifestyle business overshadowed them, contributing to the worse-than-expected results. In its last fiscal year, lifestyle products have grown to about 60% of Nike's business, UBS analyst Jay Sole estimates. "One of our big takeaways from Nike's 4Q report is its lifestyle business needs a major reset," Sole said. That could help drive performance sales — especially those through Nike's digital business, a major pain point at the moment for the company.
Persons: , Tom Peddie, Peddie, hasn't, Matthew Friend, Friend, John Donahue, Phil Knight, Donahue, Jay Sole, Jefferies, Randal Konik, Simeon Siegel, we're Organizations: Service, Business, Nike, Bloomberg, Reuters, UBS, Nike's, Street, BMO Locations: China, Portland, Nike's
ET, the yield on the 10-year Treasury was up by over 3 basis points at 4.31%. The 2-year Treasury yield also climbed more than 3 basis points to 4.633%. U.S. Treasury yields were higher on Monday as investors looked ahead to key economic data due throughout the week, including fresh inflation insights. Data released Friday showed that nonfarm payrolls increased by 206,000 in June, more than the 200,000 Dow Jones forecast. Minutes from the Fed's latest meeting published last week showed that policymakers are looking for more evidence that inflation is easing before deciding to move rates.
Persons: Dow Jones, Jerome Powell Organizations: Treasury, U.S, Federal Reserve, Dow
He needs to execute better," Jim Cramer stressed, referring to Starbucks CEO Laxman Narasimhan, during the Investing Club's June Monthly Meeting . Then in mid-June, Starbucks launched its limited-time "Pairings Menu," which includes a $5 coffee-and-croissant combo and a $6 coffee-and-breakfast-sandwich deal. Order up Jefferies' Barish also raised questions about Starbucks' menu innovations, arguing its updated drink options are not driving sales as much as hoped. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: it's, Jim Cramer, Laxman Narasimhan, Jim, Rachel Ruggeri, Burger King, Jefferies, Andy Barish, Barish, TD Cowen, Cowen, Edward Lewis, Lewis, they're, Narasimhan, Ruggeri, Berry, Long, We've, Jim Cramer's, Spencer Platt Organizations: Starbucks, Taco Bell, Street, CNBC, Getty Locations: North America, Israel, Gaza, China, Burger, Manhattan, New York City
Read previewDonald Trump has long regarded the student loan forgiveness measures rolled out under the Biden administration as a stunt to garner "publicity for the election." At a campaign event in late June, Trump called Biden-era student debt relief measures "vile," suggesting that student loan borrowers shouldn't count on forgiveness under a second Trump administration. A recent Supreme Court ruling striking down the Chevron doctrine has already weakened the Education Department. Biden-era student loan forgiveness measures, as well as his new income-driven SAVE repayment plan, are making their way through court challenges led by conservative groups, which are not likely to be resolved before 2025. Advertisement"Overall, I think a Biden administration is going to be more favorable for college affordability than a Trump administration," Kantrowitz said.
Persons: , Donald Trump, Biden, he's, Trump, Pell Grant, Jan Miller, Mark Kantrowitz, Kantrowitz, Betsy Mayotte, who'd Organizations: Service, Biden, Business, of Education, Department of Education, US Department of Education, Education Department, Senate, Trump, The, Student Loan Advisors, Education Department's, Education Locations: Washington ,, Mayotte
Three of the four big money center banks report this coming Friday, including Club name Wells Fargo . Economic data : The June consumer price index (CPI) is out on Thursday morning, and the June producer price index (PPI) is out on Friday morning. Earnings season : Within the portfolio, net interest income (NII) guidance is going to be a key watch item when Wells Fargo reports its quarter this coming Friday. However, other factors like muted loan demand have prevented Wells Fargo from raising its outlook this year. Wells Fargo – and our other bank name Morgan Stanely – both passed, indicating they have strong capital positions with excess money to return to shareholders.
Persons: May's, You'll, Wells, Michael Santomassimo, Morgan Stanley, We're, Wells Fargo, Morgan Stanely –, JPMorgan Chase, Jim Cramer's, Jim Cramer, Jim, Beata Zawrzel Organizations: Dow Jones Industrial, Nasdaq, Apple, Broadcom, Club, Meta, Energy, Constellation Brands, Corona, Modelo, Federal Reserve, Manufacturing, PMI, Fed, Wells, PPI, CPI, PepsiCo, Delta Air Lines, DAL, Conagra Brands, JPMorgan, Citigroup, Jim Cramer's Charitable, CNBC, U.S, New York Stock Exchange, Nurphoto, Getty Locations: Wells Fargo, FactSet, Wells, Wells Fargo –, New York, United States, America
Gen Z's latest hot club is Costco
  + stars: | 2024-07-05 | by ( Alex Bitter | ) www.businessinsider.com   time to read: +3 min
Read previewOne of Gen Z's biggest tools for fighting persistently high food prices: Sharing a big cart of groceries — and potentially a membership card — from Costco or Sam's Club with roommates or family. Costco and Sam's Club might be happy for the new customers, but they're likely less eager about those who share membership cards to make the purchases. Wholesale retailers like Costco and Sam's Club have long appealed to consumers who shop for big families or parties. But some single people say a Costco membership makes sense for them thanks to benefits like savings on gas. Are you a shopper or employee at Costco or Sam's Club with a story idea to share?
Persons: , Z, Devak Nanda, Nanda, abitter@businessinsider.com Organizations: Service, Costco, Sam's, Wall Street, Business, Sam's Club, Walmart, of Illinois, Champaign, Devak Locations: of Illinois Urbana
Some key inflation readings in the week ahead could bolster the case for a September interest rate cut, as investors deliberate how long stocks can sustain their rally to record highs. After a rocky start to the year, a recently improving inflation picture has investors hopeful the Federal Reserve could soon start to lower rates. Stubborn inflation patches The June consumer price index is expected to show a slight improvement in the headline number. In May, for example, shelter inflation rose 0.4% on the month and 5.4% on the year, while other key items declined. Monday, July 8 3 p.m. Consumer Credit (May) Tuesday, July 9 6 a.m. NFIB Small Business Index (June) Wednesday, July 10 10 a.m. Wholesale Inventories final (May) Thursday, July 11 8:30 a.m. Consumer Price Index (June) 8:30 a.m.
Persons: nonfarm payrolls, Mark Malek, FactSet, there's, Ross Mayfield, Baird, Mayfield, David Kelly, CNBC's, Wells, Price, JPMorgan Chase Organizations: Reserve, Dow Jones, Nasdaq, CPI, PPI, FactSet, University of Michigan, Asset Management, Citigroup, JPMorgan Chase, PepsiCo, Delta Air Lines, Consumer Credit, Treasury Budget, Air Lines, Conagra, JPMorgan, Bank of New York Mellon Locations: U.S, Wells Fargo, Michigan, Fastenal
Why the Price of Wood and Lumber Keeps Changing
  + stars: | 2024-07-03 | by ( Emily Stewart | ) www.businessinsider.com   time to read: +10 min
And then there was lumber mania, when lumber prices soared to records. After peaking in spring 2021, lumber prices briefly collapsed before jumping back up to $1,400 in early 2022. Paul Jannke, a principal at Forest Economic Advisors, said this housing-market malaise is a big problem for the lumber industry. While those in the lumber industry may not be having a fantastic time, if you're in the market for lumber, it's a good time to buy. Jannke said that while the lower lumber prices hadn't resulted in lower housing costs, "homebuilder margins are at or near record levels."
Persons: Stinson Dean, Deacon Lumber, they've, Dustin Jalbert, RISI, Jalbert, they're, Paul Jannke, Jannke, It's, Dean, Robert Dietz, They've, Dietz, They're, Emily Stewart Organizations: Federal, Forest Economic Advisors, Housing, National Association of Home Builders, Business Locations: British Columbia, China, Canada
Constellation Brands reported an earnings beat on Wednesday that was driven by strength in its beer business. Constellation Brands Why we own it : We like Constellation Brands for its beer franchise, which includes popular Mexican brands Modelo, Corona and Pacifico. We would like Constellation to concentrate on beer and divest its wine and spirits business. We were again pleased to see that the increase in beer sales was driven by strong growth in shipment volume. Net sales are expected to increase 6% to 7%, driven by 7% to 9% growth in beer.
Persons: Bill Newlands, outperformance, Depletions, Jim Cramer's, Jim Cramer, Jim, Justin Sullivan Organizations: Constellation Brands, Modelo, Anheuser, Busch Inbev, Molson Coors, Management, Modelo Especial, Modelo Chelada, Guidance Management, Enterprise, Jim Cramer's Charitable, CNBC Locations: Corona, Pacifico, Covid, U.S, San Rafael , California
With Monday’s Supreme Court presidential immunity ruling likely preventing a trial in the federal election subversion case before the election, Trump is poised to avoid pre-election trials in the three most significant criminal prosecutions he faces. It will determine Trump’s legal fate. A Supreme Court ruling that hamstrings the DC federal subversion caseThe charges by special counsel Jack Smith alleging Trump subverted the 2020 election was the second to last of the four cases brought. “You can’t charge a former president for a crime for the first time in history without going to Supreme Court,” Cobb said. But the new Supreme Court immunity standard jeopardizes the use of much of that conduct in the case.
Persons: Donald Trump, Trump, won’t, , Ty Cobb, , ” Cobb, pardoning, Fani Willis, Paul Rosenzweig, Bill Clinton, Jamie Raskin, ” Raskin, Jack Smith, Tanya Chutkan’s, Smith, Smith’s, Cobb, John Roberts, Rosenzweig, Aileen Cannon, Cannon, She’s, she’s, she’d, Willis, Nathan Wade, it’s, Wade, Nathan Wade's, Kaitlan Collins, Fulton, Scott McAfee, Michael Moore, Moore, Barack Obama, ” Moore, CNN’s Lauren Fox, Zachary Cohen Organizations: CNN, Republican White House, Trump, Fulton, Department of Homeland Security, Maryland Democrat, DC, DC Circuit, White, Justice Department Locations: Manhattan, Russia, Georgia, Florida, , Fulton County
CNN —The Supreme Court handed down a landmark decision Monday granting Donald Trump partial immunity from special counsel Jack Smith’s election subversion case, handing the former president a significant win during his reelection bid. For starters, the Supreme Court ruled that for “core” presidential activity, Trump has the absolute immunity he had sought. The analysis about what’s immune and what isn’t “ultimately is best left to the lower courts to perform,” Roberts wrote. Immune, immune, immune,” she wrote. In a significant break from the court’s other conservatives, Barrett seemed to suggest Trump should go to trial quickly.
Persons: Donald Trump, Jack Smith’s, Smith, John Roberts, , ” Roberts, , Trump, Justice Department –, isn’t “, Roberts, What’s, Tanya Chutkan, Sonia Sotomayor, Sotomayor, ” Sotomayor, Honig, Justice Ketanji Brown Jackson, ” Trump’s, Barrett, Amy Coney Barrett, Trump’s, ” Barrett, David Cole, Thomas, Clarence Thomas, Merrick Garland, Garland, hasn’t, ” Thomas, CNN’s Katelyn Polantz Organizations: CNN, Supreme Court, Justice Department, Trump, American Civil Liberties Union, Senate Locations: Washington , DC, Florida
Justice Sonia Sotomayor issued a lengthy and strongly worded dissent in which she excoriated the court for its decision. The chief justice said the trial court will have to assess what of Trump’s alleged conduct is immunized under the new test handed down by the high court, and the opinion said that additional briefing will be needed for the trial court to do so. Justice Amy Coney Barrett expressed frustration with how the court was sending the case back down for more proceedings. She suggested that because Trump’s wholesale challenge to the indictment had failed, at least some of the case could go forward. In that sense, if Smith narrowed his indictment, lower courts could hear the Trump trial this year.
Persons: Donald Trump, Trump, Sonia Sotomayor, John Roberts, , ” Roberts, Trump’s, , Roberts, Amy Coney Barrett, ” Barrett, Jack Smith’s, Mike Pence, Biden, Smith, , , ’ Sotomayor, ” Sotomayor, CNN’s Paula Reid, Nikki Carvajal, Priscilla Alvarez Organizations: CNN, of Justice, Trump, Government
"In contrast, current valuation extremes imply potential downside risk for the S&P 500 on the order of 50-70% over the completion of this cycle." JPMorgan's Marko Kolanovic expects the S&P 500 to fall to 4,200, while more extreme forecasts include Jeremy Grantham's estimate in the low 3,000s. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.
Persons: , Jonathan Golub, Count John Hussman, Hussman, Hussman's, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, JPMorgan's Marko Kolanovic, Jeremy Grantham's Organizations: Service, UBS, Business, Hussman Investment Trust, New York Stock Exchange, Investor Intelligence
Nike is struggling to get its stride back
  + stars: | 2024-06-29 | by ( Alex Bitter | ) www.businessinsider.com   time to read: +5 min
One answer rests in what the company calls its "lifestyle" business — basically, shoes and clothing meant for casual wear. Related storiesWhile revenue from performance products grew in Q4, declines in its lifestyle business overshadowed them, contributing to the worse-than-expected results. AdvertisementIn its last fiscal year, lifestyle products have grown to about 60% of Nike's business, UBS analyst Jay Sole estimates. "One of our big takeaways from Nike's 4Q report is its lifestyle business needs a major reset," Sole said. While CFO Friend said management is "confident that we are repositioning Nike to be more competitive," investors have yet to be convinced.
Persons: , Matthew Friend, Friend, John Donahue, Jay Sole, Donahue, Jefferies, Randal Konik, Simeon Siegel, we're Organizations: Service, Business, Nike, Reuters, UBS, Nike's, Street, BMO Locations: China, Portland, Nike's
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Of the 14,450 millionaire businesses in this sector, 874 have revenues over $2.5 million. Millionaire businesses make up 0.38% of all one-person businesses in this sector. Millionaire businesses in construction made up 0.24% of total one-person construction businesses. On the flip side, utilities, mining, and manufacturing ranked lowest for millionaire businesses.
Persons: , Nick Huber Organizations: Service, Census Bureau, Business, Census, Finance
4 You can choose to direct Daily Cash to a Savings account or to an Apple Cash card. By opening a Savings account, Apple Card Owners and Co-Owners are affirmatively electing to have all future Daily Cash automatically deposited into their respective Savings account. Daily Cash may not be divided between Apple Cash Card and Savings accounts. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.
Persons: Wojtalewicz, Ally Walsh, Casey, Ally, Casey Wojtalewicz, she'll, they're, Daily Cash, Cash, Goldman Sachs Organizations: Apple, Apple Card, Coffee, Savings, Daily, Insider Studios, Goldman Sachs Bank, Salt Lake City Branch, FDIC, Green Dot Bank, Branch, Member FDIC, Apple Cash Card, Minor Outlying Locations: Los Angeles, Echo Park, LA, Salt Lake City, Daily, Salt Lake, American Samoa, Guam, Northern Mariana Islands, United States, U.S
As Wall Street digested the dismal outlook from the world's largest sportswear company, at least six investment banks downgraded Nike's stock. Analysts at Morgan Stanley and Stifel took it a step further, specifically calling the company's management into question. The company also said it expects fiscal 2025 sales to be down mid-single digits when it previously expected them to grow. If you ask Phil Knight, Nike's founder and its chairman emeritus, Donahoe is doing just fine. "I am optimistic in Nike's future and John Donahoe has my unwavering confidence and full support."
Persons: Jim Duffy, Morgan Stanley, Stifel, Donahoe, Matt Friend, That's, Hoka, Jessica Ramírez, Jane Hali, Nike didn't, they've, Kevin McCarthy, Neuberger Berman, CNBC's Scott Wapner, " McCarthy, They've, you've, it's, he's, Phil Knight, John Donahoe Organizations: Nike, eBay, Air Force, Air, Associates, CNBC Locations: 2HCY25, China, , U.S
A seller is arranging onions at a vegetable market in Nagaon district, in the northeastern state of Assam, India, on February 1, 2024. This report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Food prices, which rose an annual 8.7% in both April and May, account for nearly half of the overall consumer price basket. "The Indian economy remains hostage to intersecting food price shocks," Michael Patra, deputy governor of the Reserve Bank of India, said in his statement at the latest monetary policy meeting. "Food prices are holding back any consideration of possible changes in the monetary policy stance," he added.
Persons: Michael Patra, Jayanth Varma, bode, Sanjeev Chopra, Narendra Modi, abate, James Thom Organizations: CNBC, Reserve Bank of India, New, New India Investment Trust Locations: Nagaon district, Assam, India, New India, London
As Sam's Club opens more locations, it is trying to raise the bar for its own brand, Member's Mark. Net sales for Sam's Club totaled $86.2 billion in its most recent fiscal year, compared with $176.63 billion for Costco's U.S. clubs. Sam's Club CEO Chris Nicholas told CNBC the brand's revamp was inspired, in part, by the retailer's chief rival. Overtaking Costco and its beloved private label won't be easy for Sam's Club, said Michael Baker, a retail analyst for D.A. But he added Costco's success with Kirkland Signature created a formula that Sam's Club can follow.
Persons: Megan Crozier, Crozier, , kickstart, Mark, Chris Nicholas, Kirkland, Member's Mark, Michael Baker, Davidson Organizations: Sam's Club, Walmart, Costco, Kirkland, Sam's, Costco's U.S, CNBC, D.A
Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Best Buy : Jim said Best Buy's pullback in recent days has created a buying opportunity in the electronics retailer. Salesforce : The stock has in recent weeks clawed back some of its post-earnings plunge , even before Thursday's 6% surge. Wynn Resorts : Wynn is another stock in the portfolio that, it's become increasingly clear, trades based on its exposure to China. 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, Wall, Abbott, Johnson, We're, haven't, it's, Walt Disney, Estee Lauder, levered, Eli Lilly, Lilly, Morgan Stanley, Goldman Sachs, OpenAI, Jensen Huang, Nikesh Arora's, Stanley Black, Decker, TJX, We've, Wells, Charlie Scharf poaches, Wynn, Jim Cramer, Michael M Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Prime, Web, Broadcom, VMWare, Costco Wholesale, Costco, Coterra Energy, DuPont, Walt, Disney, Nvidia, Ford Motor, Ford, Blue, Motors, GE Healthcare, GE, Management, Honeywell, Linde, Microsoft, Palo Alto Networks, Procter & Gamble, Constellation Brands, Modelo, Corona, Fed, TJX, JPMorgan, Wynn Resorts, Wynn, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: China, Covid, Dover, Eaton, Palo Alto, U.S, Wells Fargo, Las Vegas
Total: 25