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Given this truism, it's no wonder that the populations of America's so-called superstar cities have stagnated while the Sun Belt's metropolitan areas have boomed. The COVID-era transition to more remote work accelerated this process of "domestic offshoring," a recent study by the workforce-analytics company ADP found. Domestic offshoring regionally segregates middle- and working-class employees from their employers, making it far more difficult for the former group to advance professionally. Domestic offshoring threatens to lock in these effects, potentially costing the country trillions of dollars in forgone wealth creation. But if domestic offshoring persists, fewer of the city's other residents will be middle-class professionals; those people will tend to congregate in domestic-offshoring sites.
Persons: Austin, Chang, Tai Hsieh, Enrico Moretti, Ned Resnikoff Organizations: Sun, Orlando, America, , Companies, Workers Locations: California, New York, Los Angeles, San Francisco, Jacksonville , Florida, Raleigh , North Carolina, Texas , Arizona, Florida, Austin, Raleigh, Charlotte, North Carolina, America's, Nashville, Bay, Tennessee, New York City, San Francisco and New York
The S & P 500 has been notching fresh highs as of late, but investors with a keen eye may find reasonably priced stocks that are beating the market. The benchmark is currently flexing a last 12-month price-earnings ratio of roughly 25 times, according to FactSet data. But some stocks are offering solid performance at a lower valuation when compared with the S & P 500. Shares climbed more than 18% in 2024 through Monday's close, compared with the S & P 500's 13% gain. Shares have climbed more than 35% in 2024, while Arch's TTM price-earnings ratio sits at 7.95, the lowest on the list.
Persons: Chubb, Warren, Berkshire Hathaway, Joshua Shanker, America's Shanker Organizations: CNBC Pro, CNBC, . Insurance, Berkshire, Chubb, Bank of America, " Insurance, Arch Capital, Arch, Bank, America's, Fox Corp, Hartford Financial, Altria Locations: Monday's
Read previewThe billionaire cofounder of LinkedIn, Reid Hoffman, slammed business leaders who support former President Donald Trump, arguing that a 2024 win for the Republican would actually be bad for the economy. He argues that a "robust legal system" is critical for American business to prosper because it keeps things in check. "But a robust, reliable legal system is not a given," Hoffman wrote. Others, Hoffman argues, believe Joe Biden would be even more dangerous to American business than Trump would. There's a growing number of business leaders who publicly support Trump.
Persons: , Reid Hoffman, Donald Trump, Hoffman, Donald Trump's, Trump, Stormy Daniels, Joe Biden, Bill Ackman, Nelson Peltz, Blackstone, Steve Schwarzman, Douglas Leone, Elon Musk, Biden Organizations: Service, LinkedIn, Republican, Business, Trump, Pershing, Capital Management
The European Central Bank began easing interest rates on Thursday, cutting its benchmark rate by 0.25%. Investors and economists expect the Federal Reserve to follow suit and cut interest rates in September. This combination means there's a good chance that the September cut Wall Street is praying for may never materialize. The US already has somewhat higher interest rates than other countries — the Fed's benchmark rate is 5.25%- 5.50%. And in Asian economies, where interest rates are already significantly lower than in the US, things could get even messier.
Persons: Tamara, Vasiljev, Peter Schaffrik, Nigel Green, Green, we're Organizations: European Central Bank, Investors, Federal Reserve, Oxford Economics, JPMorgan, UBS, Bloomberg, of International Finance, Markets, RBC Capital Markets, deVere, Fed, We're, ECB, Bank of, EU, Bank of Canada, Bank of Canada's, Bank of England Locations: stagflation, China, Europe, Japan, South Korea, It's, America, United States, EU, Bank of England, Canada, East Asia
Payden's assets have grown with the firm: As majority owner, she boasts an estimated net worth of roughly $700 million and is a "newcomer" on Forbes' recently published 2024 list of America's Richest Self-Made Women. "I was hired at a 25% discount because I didn't know the difference between a bond and stock," Payden told the Los Angeles Times in 1999. Within a couple years, she moved to Los Angeles to join Scudder, Stevens & Clark, a prestigious money management firm. She failed at least one of those attempts because she "didn't play golf" at an annual meeting on a men-only course, Payden told students at Notre Dame in 2011. Since then, she's built her firm into one of the largest private money management firms in the U.S.
Persons: Joan Payden, she's, Forbes, Payden, Merrill Lynch, Scudder, Stevens, Clark, wouldn't, Sandra Rygel, Payden wasn't Organizations: Payden, Forbes, Trinity College in, Trinity College in Washington , D.C, Los Angeles Times, Notre Dame, Trinity's, U.S, Zurich Insurance Group, CNBC Locations: Los Angeles, Trinity College in Washington ,, New Jersey, Swiss
Oppenheimer raised its price target on Microsoft to $500 on the potential of increasing AI adoption. Shares of AT & T are up 9% on the year, but analyst Michael Rollins' $20 price target implies that shares could rise another 9%. Analyst Andrew Obin upgraded the Post-it and Scotch parent to buy from neutral and raised his price target by $15 to $120. Analyst Christopher Nardone upgraded the shoe maker to buy from neutral and raised his price target by $16 to $87. Analyst Jay Sole upped his price target on the clothing maker by $14 to $174, now suggesting upside of 43.4%.
Persons: Oppenheimer, Exxon, Neal Dingmann, Dingmann, aren't, — Spencer Kimball, Michael Rollins, Rollins, Lisa Kailai Han, BofA, Andrew Obin, William Brown, Michael Roman, Brown, Obin, — Alex Harring, Christopher Nardone, Nardone, Skechers, Jeffrey Zekauskas, Zekauskas, Huntsman, Benjamin Soff, Soff, Fred Imbert, PVH, Jay Sole, Calvin Klein, Tommy Hilfiger, Sole, Alex Harring, Morgan Stanley, Dara Mohsenian, Mohsenian, Anthony Chukumba, Chukumba, Gavin Parsons, Parsons, Tami Zakaria, Zakaria, Herc, Morgan, Tim Hsiao, Bernstein's Eunice Lee, NIO, America's Ming Hsun Lee, Timothy Horan, Horan, Rob Sanderson, Sanderson Organizations: CNBC, Microsoft, Loop, Exxon, Natural Resources, Citi, AT, VZ, Bank of America, Huntsman, JPMorgan, Deutsche Bank, UBS, Colgate, Palmolive, Loop Capital, UBS shaves, Boeing, Rentals, United Rentals, Herc Holdings, Wall, 3Q, Bank, OpenAI Locations: Truist, Guyana, OPEC, Thursday's, America's
Just two exchange-traded funds invest in the space — iShares Fallen Angels USD Bond ETF (FALN) and VanEck Fallen Angel High Yield Bond ETF (ANGL). FALN 1Y mountain iShares Fallen Angels USD Bond ETF one-year performance The iShares Fallen Angels USD Bond ETF and VanEck Fallen Angel High Yield Bond ETF track two different indexes. ANGL seeks to replicate the ICE US Fallen Angel High Yield 10% Constrained Index, while FALN tracks the Bloomberg Barclays U.S. High Yield Fallen Angel 3% Capped Index. In comparison, the Bloomberg U.S. High Yield Index has a 4.64% annualized return over the past 10 years, the firm said. Be aware of risks Fallen angel portfolios are generally much higher quality than their high-yield peers, said Morningstar's Evens.
Persons: , Zachary Evens, Evens, Jared Woodard, Stephen Laipply, Morningstar's, Laipply, FALN Organizations: Angels, Bond, SEC, Morningstar, Chartered Alternative Investment, Association, Bloomberg Barclays, Bank of, Bank of America, U.S, ICE, Bloomberg Barclays U.S ., Bloomberg U.S, Corporate, Broad Locations: Bank, BlackRock
— When Gil Curren's family moved into a run-down farmhouse in Walmart's hometown of Bentonville, Arkansas, in 1971, the now-retail giant wasn't yet a decade old. Craft cocktails, hipster coffee shops and chef-driven restaurants have popped up around the city. Realtor Kristen Boozman, who works for Sotheby's, helps clients search for homes in the Bentonville area, including many buyers who are relocating from another city. Home values have shot up in the Bentonville area. A Walmart spokeswoman said the Walton Family Foundation funds and advocates for affordable housing projects in the Bentonville area.
Persons: Gil Curren's, it's, Sue, Gil Curren, Melissa Repko, Hunt, Tyson, Shawn Baldwin, Sam Walton, Walton, Walton's, Steuart, Tom Walton, Sam Walton's, Alice Walton, Bridges, She's, Crystal Bridges, Kristen Boozman, There's, Donna Morris, Morris, Tracy Robinson, she's, CNBC Tracy Robinson, Robinson, Stanley, Matthew Cooper, Tom, Cooper, he's, district's, It's, Jeff Webster, Bentonville Shawn Baldwin Organizations: Cyclists, Kansas City, CNBC, Walmart, Craft, Fortune, Tyson Foods, PepsiCo, Hershey, Mattel, . Census, Cushman &, Sage Partners, of Commerce, Northwest Arkansas Council, D.C, Ropeswing Hospitality, Bentonville Schools, Excellerate Foundation, Walton Family Foundation, Walton Family, Bentonville Locations: BENTONVILLE, Ark, Walmart's, Bentonville , Arkansas, Bentonville, Kansas, Austin , Texas, New York, U.S, Silicon, It's, Arkansas, Cushman & Wakefield, American, Crystal, Austin, Boise , Idaho, Dallas, Fort Worth, Atlanta, Toronto, New York City, Miami, Washington, New York City , Washington, Bentonville's
Check out the companies making headlines in midday trading: CrowdStrike — The cybersecurity company popped 9% after posting a strong outlook and a first-quarter results beat. Dollar Tree — Shares of the discount retailer fell more than 4% after second-quarter guidance came in below expectations. Dollar Tree said it expected between $1 and $1.10 in adjusted earnings per share, while analysts surveyed by FactSet had penciled in $1.19 per share. Verint reported adjusted earnings of 59 cents per share on revenue of $221.3 million in the first quarter. Analysts surveyed by LSEG had anticipated just 54 cents in earnings per share and $214.5 million in revenue.
Persons: CrowdStrike, LSEG, FactSet, Kerrisdale, Brown, Forman, Verint, Tommy Hilfiger, PVH, Fadi Chamoun, Goldman Sachs, Goldman, KeyBanc, Lisa Kailai Han, Pia Singh, Yun Li, Sean Conlon, Jesse Pound, Samantha Subin Organizations: Hewlett Packard Enterprise, GameStop, AMC, Kerrisdale, FactSet, SAP, Archer Aviation, Federal Aviation Administration, Systems, Materials, KLA, Barclays, Taiwan Semiconductor Manufacturing, Authentic Brands, Old Dominion, BMO Capital Markets, Nvidia, America's, Jazz Pharmaceuticals Locations: China
But you can lose money by maxing out your 401(k) too early in the year — unless the plan has a special feature. Most 401(k) plans offer an employer match, which uses a formula to deposit extra money into the account, based on your deferrals. Typically, you must contribute at least a certain percentage of income each paycheck to receive the year's full employer match. However, some 401(k) plans offer a "true-up," or additional deposit of the remaining employer match, for employees who max out contributions before the end of the year. It's typically most common in bigger plans, experts say.
Persons: maxing, Tommy Lucas, Moisand Fitzgerald Tamayo Organizations: Finance, Investor, America's Locations: Orlando , Florida
Nvidia 's head start in artificial intelligence chipmaking could boost its shares by another 30%, according to Bank of America. Nvidia shares have already risen 29% since the end of March, pushing its year-to-date gain to 135%. Bank of America's Arya reaffirmed his buy rating on shares and a $1,500 price target, implying 29% upside from Tuesday's close. He views Nvidia as best positioned "to enabling the $3 trillion IT industry towards delivering AI services." NVDA YTD mountain Shares this year While giving the Jensen Huang-led company a market value approaching $2.9 trillion, Nvidia's surging share price may create volatility.
Persons: Blackwell, Vivek Arya, Bank of America's Arya, Jensen Huang, Arya Organizations: Nvidia, Bank of America, AMD, Intel, Bank of America's, Blackwell, Grace
Cooling labor also extended a Treasury rally, with yields on the benchmark 10-year note dropping over seven basis points. Advertisement"When the job market was red-hot in 2022, Fed officials were getting concerned that wage-price pressures could cause inflation to accelerate out of control," Comerica's chief economist Bill Adams said. "Most labor indicators are pointing to a considerably cooler job market now. In Bank of America's view, a reading of 125,000-175,000 would be the optimal range, pointing to continued strength without the need to keep interest rates higher for longer. The bank said a reading in that range would be a catalyst for further stock market gains.
Persons: , Tuesday's, That's, Bill Adams, Powell, May's Organizations: Fed, Service, Bureau of Labor Statistics, Federal Reserve, Treasury, Bank, Here's
Technology stocks have dominated the market for more than a decade. However, strong outperformance in tech may begin to spread to other sectors of the stock market, according to BofA. Here are four reasons tech stocks' dominance could end later this year, according to the bank. AdvertisementThe technology sector's dominance over the stock market could finally end later this year, according to Bank of America. Advertisement"As earnings accelerate outside of Tech, investors will likely become more price sensitive and seek out cheaper earnings growth," Subramanian said.
Persons: , Savita Subramanian, Subramanian, COVID Organizations: Service, Bank of America, Tech, Federal Reserve, Treasury, Bank of, Technology, Communication Services, Nvidia, hyperscalers Microsoft, Rockwell Automation, ROK Locations: Tech, China, Japan
Read previewScale has been a big part of Amazon's pitch for ads in Prime Video. Amazon doesn't regularly release viewership data, and one commonly heard suspicion is that Prime Video hasn't had any huge, original hits of late. It measures Netflix, Prime Video, Max, and Disney+ in 20 countries across the US, Canada, Europe, Latin America, and Asia. Here are some other other findings from Digital i:Netflix and Prime Video have similar viewer demographics, with Prime skewing slightly older. Licensed content makes up about half of viewing across Netflix, Prime Video, and Disney+, with the rest coming from originals.
Persons: , hasn't, Max skews Organizations: Service, Amazon, Business, Netflix, Disney Locations: Canada, Europe, Latin America, Asia
The stock market faces a big test this week with the release of the May jobs report on Friday. Fewer than 125,000 jobs added would suggest that bad news for the economy may finally be bad news for stocks. According to a Monday note from Bank of America, the report needs to print within the "Goldilocks range" of 125,000-175,000 new jobs added in the month. To the downside, Bank of America said a May jobs report below 125,000 would be bad news for the stock market and could lead to a sell-off. Bank of America expects the May jobs report to come in at 200,000 jobs added during the month.
Persons: BofA, , Ohsung Kwon, Kwon Organizations: Service, Bank of America, Federal Reserve
You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. This story is available exclusively to Business Insider subscribers. Indeed, Florida hosts some of the best spots to retire, according to a new ranking from real-estate website Realtor.com. AdvertisementWhile Florida is showing up and showing out, you don't necessarily have to head south to find an ideal post-career destination — your affordable retirement might just be down the Jersey Shore. Here are the top 10 spots to retire, according to Realtor.com, what it costs to live there, and what they're best known for.
Persons: , Realtor.com Organizations: Service, Security, Business, Florida Locations: Florida, Jersey Shore
Further upside is in the cards for a slate of stocks, including Nvidia , according to Bank of America. CNBC Pro combed through Bank of America's research for buy-rated stocks that are well positioned for additional gains. In addition to Nvidia, these names include Apple, Nextracker , BJ's Wholesale Club and Ralph Lauren . The stock is up 32% in 2024, but the analyst said investors should take advantage and buy the dip if shares retreat. "Maintain Buy on multi-year upgrade cycle, gross margin upside and secular services growth," the analyst wrote.
Persons: Ralph Lauren, Robert Ohmes, BJ's, Ohmes, BJ, Christopher Nardone, Nardone, Wamsi Mohan, Mohan, … BJ Organizations: Nvidia, Bank of America, CNBC, Bank of, Apple, BJ's Wholesale, Wholesale, RL, Nextracker Inc, NXT, CY27 Locations: Europe, CY24
Today, the 77-year-old has an estimated net worth of $20.9 billion — nearly double her reported net worth from just two years ago — topping Forbes' most recent list of America's Richest Self-Made Women for the seventh year in a row. Her fortune is largely from her roofing supplies ABC Supply. ABC Supply brought in $20.4 billion in revenue last year and has more than 900 branch locations, according to Forbes. After she met and married roof contractor Ken Hendricks in the 1970s, the duo co-founded ABC Supply. The company hit $1 billion in annual sales for the first time in 1998, according to the company's website.
Persons: Diane Hendricks, Erik Prince, Hendricks, Forbes, , I'd, Ken Hendricks Organizations: Blackwater, Beloit College, Forbes, Supply, ABC Supply Locations: Beloit, Wis, Osseo , Wisconsin, Beloit , Wisconsin
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStock splits are bullish signals for companies, says Bank of America's Jared WoodardJared Woodard, head of research investment committee at Bank of America, joins CNBC's 'The Exchange' to discuss recent stock splits, which companies might be next to consider splits, and more.
Persons: America's Jared Woodard Jared Woodard Organizations: America's, Bank of America
Bank of America found that nine of 10 stocks on its list are tied to the AI boom. Buying AI," Bank of America strategists led by Savita Subramanian said in a note. "AI stocks are now core holdings." Meta Platforms , Uber Technologies , Netflix and ServiceNow also experienced a rise in popularity among active fund managers, according to Bank of America. The Wall Street firm said the change in fund managers' ownership has been positively correlated with the number of "AI" mentions on earnings calls.
Persons: Eli Lilly, Savita Subramanian, ServiceNow Organizations: Bank of, Bank of America, Broadcom, Arista Networks, Applied Materials, Nvidia, Microsoft, Uber Technologies, Netflix Locations: U.S
As the price of gold hits new all-time highs and silver rallies to a multi-year high, Bank of America has identified four exchange-traded funds (ETFs) that offer attractive exposure to precious metals. The top-rated ETFs include abrdn Physical Silver Shares ETF (ticker SIVR), iShares Silver Trust (SLV), Invesco DB Precious Metals Fund (DBP) and abrdn Physical Precious Metals Basket Shares ETF (GLTR). Bank of America rated all four ETFs "more attractive" in comparison to other ETFs with similar assets. These funds reflect baskets of physical precious metals, with varying allocations to silver, gold, palladium, and platinum. abrdn Physical Silver Shares ETF SIVR is the cheapest silver fund in Bank of America's coverage, with a total expense ratio of 0.50%.
Persons: Jared Woodard, SLV, Michael Bloom Organizations: Bank of America, Precious Metals Fund, Bank of, Treasury, Bank, Precious Metals Locations: BofA
The 10 books the rich will be reading this summer
  + stars: | 2024-05-26 | by ( Robert Frank | ) www.cnbc.com   time to read: +11 min
That's why J.P. Morgan Private Bank, every May, releases its summer reading list, often serving as a book club for billionaires. This year marks the 25th anniversary of the list, now called the J.P. Morgan Summer Reading List. The 10 books are carefully curated to match the tastes and preoccupations of J.P. Morgan's wealthy clients. It also helps with client events, since authors on the list often agree to do special dinners or speaking events for J.P. Morgan clients. Authors love being on the list as well since J.P. Morgan buys thousands of books to hand out and since clients often refer the books to others.
Persons: Robert Frank, Today's, Alicia Keys, Swizz Beatz, J.P, Morgan, Darin Oduyoye, Oduyoye, Gary White, Matt Damon, Charles Duhigg, Jonathan Haidt, Haidt, Kasseem Dean, , Gordon Parks, Michel Basquiat, Lorna Simpson, Odili Donald Odita, Kennedy Yanko, Kimberli Gant, Salman Khan Salman Khan, Jack Daniel, Fawn Weaver, Daniel's, Daniels, Weaver, Joshua Robinson, Jonathan Clegg, Robinson, Clegg, Melinda Stevens, Issy von Simson, Tabitha Joyce, Fortunato, Adam Pearson, Fortunato Chocolate, Laura Mae Martin, Laura Mae Martin —, Martin, Jake Gyllenhaal, Greta Caruso, Tony, Damon Organizations: Morgan Private Bank, Morgan, Reading, Wealth Management, J.P, Giants, Art, Phaidon, Brooklyn Museum, Education, Khan Academy, Wall, Mercedes, Nacional, Google, Solutions, JPMorgan, Manhattan Company Locations: Water, Lynchburg , Tennessee, America, United States, Croatian
However, this criteria leaves low-income households who don't qualify relying on thinly stretched grocery budgets, food pantries, or employer meal discounts. Many ALICEs worry their family will go hungry, but they're running out of options to put food on the table. AdvertisementKelley also said she doesn't live near many food pantries and has to drive long distances to reach a grocery store or Walmart. AdvertisementDo you live paycheck to paycheck? Are you open to sharing how you afford food, housing, and other expenses?
Persons: , Cherie Tobias, Tobias, She's, ALICE —, she's, ALICE, Melinda Binkley, Binkley, Lisa Kelley, Kelley, Melissa Hedden, Hedden, it's, isn't Organizations: Service, Business, SNAP, Cincinnati, Walmart, BI Locations: Applebee's, Hastings , Michigan, Stillwater , Minnesota, Wilmington , North Carolina
Read previewThe loss of a B-2 Spirit bomber due to fire and its subsequent retirement highlights the fragility of the US Air Force's bomber fleet. A US Air Force airman poses in front of a B-2 Spirit at Whiteman Air Force Base Missouri. Pictures From History/Universal Images Group via Getty ImagesThe B-21 Raider bomber is criticalThere is a silver lining to America's bomber fleet decline in the B-21 Raider. US Air Force photoWashington must recognize the strategic failure of a small and antiquated bomber fleet. Facilitating the on-time deployment of the next generation bomber cannot come too soon in order to restore the size and strength of America's bomber fleet.
Persons: , Sheila deVera, Sadie Colbert, Austin McIntosh, America's Organizations: Service, US Air Force's, Raider, Business, Joint Base Elmendorf, Richardson , Alaska . US Air Force, Pentagon, Air Force's, US Air Force, Whiteman Air Force Base Missouri, Staff, Air Force, Air, Ship Missiles, Ellsworth Air Force Base, Senior, US Air Force Boeing, Getty, White, Congress Locations: Richardson , Alaska, United States, South Dakota, Vietnam, Palmdale , California
AdvertisementA North Vietnamese student pilot in the cockpit of a non-flying MiG-21 fighter jet trainer with a flight instructor. Only one other B-52 tail gunner had scored a successful kill against a Vietnamese fighter, though more than 30 B-52s had been shot down throughout the conflict. In fact, the first time a B-52 had ever shot down a MiG had only happened a few days prior. A US Air Force B52 bomber unleashes its bomb load over Vietnam. The kill was confirmed by another tail gunner named Tech.
Persons: , Diamond Lil, Albert Moore, Moore, Clarence Chute, Chute, Read, Bill McRaven's Organizations: Service, Boeing, Business, Getty, MiG, US Air Force, Air Force, republication, Sandboxx News, Navy SEAL Locations: Vietnam, United States, Vietnamese, Thai, Soviet, Iraq, Afghanistan
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