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Inflation worries from Fed minutes and hot economic data sparked the Dow's worst sell-off in a year on Thursday. Investors are awaiting next week's release of PCE data to gauge if inflation is falling or not. The Dow registered its worst sell-off in over a year on Thursday, even in the face of a strong rally in Nvidia stock following its blockbuster first-quarter earnings report. Inflation concerns sparked the two-day sell-off, with Fed minutes released on Wednesday highlighting lingering concerns among Fed officials about cutting interest rates too soon. Investors will be paying close attention to next week's release of PCE data to gauge if inflation is moving lower or not.
Persons: , LPL, Quincy Krosby, Krosby Organizations: Service, Dow, Nvidia, Fed, PMI
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Wall Street was bouncing higher Friday after, as Jim Cramer put it, a "really bad day" in the prior session. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Thursday's, Goldman Sachs, Cramer, Eli Lilly, Locker, Mary Dillon, Nike isn't, Jim Cramer's, Jim Organizations: CNBC, Nvidia, Novo Nordisk, Costco, Nike, Jim Cramer's Charitable Locations: America, Indiana
Brandon Bell | Getty ImagesU.S. health officials are monitoring and preparing to combat bird flu in humans, even as they stress that the risk to the general public remains low. An Australian child was also recently infected with bird flu, the country announced on Tuesday. In rare cases, bird flu viruses spread to humans and can cause mild to severe symptoms that can require hospitalization. The Food and Drug Administration would need to approve bird flu vaccines before they roll out. Potential mRNA shotsU.S. health officials are also in talks with messenger RNA vaccine makers about potential bird flu shots for humans.
Persons: Brandon Bell, Andrew Pekosz, Pekosz, Peter Chin, That's, Hong Organizations: Getty, Disease Control, U.S ., Human Services Department, CNBC, Johns Hopkins Bloomberg School of Public Health, CDC, HHS, NBC News, UCSF Health, Drug Administration, FDA, Pfizer, Moderna Locations: Quemado , Texas, Michigan, Australian, U.S
New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.
Persons: , That’s, ” Gary Gensler, , Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI
Check out the companies making headlines in premarket trading: Intuit — The TurboTax parent company slipped nearly 6% after issuing weaker-than-expected fiscal fourth-quarter guidance . Intuit forecast adjusted earnings of $1.80 per share to $1.85 per share, while analysts surveyed by FactSet expected $1.92. Ross Stores — The discount apparel retailer stock added more than 7% on the heels of an earnings beat. Workday forecast subscription revenue of $1.895 billion, while the consensus forecast called for $1.9 billion, according to StreetAccount. Analysts surveyed by LSEG were looking for $2.89 in earnings per share on $888 million of revenue.
Persons: Cash, , Jesse Pound Organizations: Intuit, Ross Stores, LSEG, Nvidia, U.S . Food, Drug Administration Locations: U.S
Opening Bell: May 24, 2024
  + stars: | 2024-05-24 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpening Bell: May 24, 2024Watch the opening bell for the New York Stock Exchange and the Nasdaq from May 24, 2024.
Organizations: New York Stock Exchange, Nasdaq
How the super rich party at the Monaco Grand Prix
  + stars: | 2024-05-24 | by ( Susan Griffin | ) edition.cnn.com   time to read: +8 min
British driver Lewis Hamilton of Mercedes looks walks the drivers parade before the Formula 1 Grand Prix at the Circuit de Monaco on May 28, 2023. Here, designer stores, supercars, multi-million-dollar yachts and astronomically priced restaurants are ‘la norme’, but during the three-day Grand Prix, the eye-watering ostentation increases three-fold. Amber Lounge might be one of the most exclusive and expensive events taking place during the Monaco Grand Prix weekend, but Monte Carlo itself is a veritable party hub. “As a former resident, I can tell you there are two sides to the F1 Grand Prix arriving in Monaco. Fans watch the action during qualifying at the F1 Monaco Grand Prix.
Persons: , Tom Holland, Lewis Hamilton, Mercedes, Dan Mullan, revel, Cipriani, Sass Café, Max Verstappen, Justin Bieber, Kim Kardashian, Kylie Minogue, Prince Albert of Monaco, Eddie Irvine’s, Sonia, Amber, Lauren Green, Joash Lee, partygoers, Jax Jones, Monte, Bruce Bundrant, ” Bundrant, Ryan Pierse, Green, Organizations: CNN, Monaco, Prix, Circuit, Getty, Business Development, AS Monaco FC, Locations: Monte Carlo, British, Fairmont, Hôtel Hermitage, Hôtel, Paris, Le Meridien, Monaco, Singapore, Las Vegas, Abu Dhabi
Intuit CEO: We're doing more with less investments thanks to AI
  + stars: | 2024-05-23 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIntuit CEO: We're doing more with less investments thanks to AIIntuit CEO Sasan Goodarzi joins 'Closing Bell Overtime' to talk AI integration, quarterly results, what's ahead for the company and more.
Persons: Sasan Goodarzi Organizations: Intuit
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLive Nation President Berchtold: We don't see enough profitability to sustain a monopoly as DOJ saysLive Nation President Joe Berchtold and CNBC's Julia Boorstin join 'Closing Bell' to discuss the DOJ's lawsuit against the company.
Persons: Berchtold, Joe Berchtold, Julia Boorstin Organizations: DOJ
Snowflake posted $829 million in revenue, while analysts polled by LSEG had called for $786 million. Adjusted earnings for the period came in at 14 cents a share, however, missing the consensus estimate by 4 cents. Beauty — The cosmetics maker added 3.4% after easily surpassing consensus forecasts from analysts surveyed by FactSet for the fiscal fourth quarter. posted 53 cents in earnings per share, excluding items, on $321.1 million in revenue, while analysts penciled in just 33 cents on $292.6 million in revenue. On top of that, LiveRamp offered firm revenue guidance for both the current quarter and full year.
Persons: Snowflake, LSEG, NetEase, FactSet, e.l.f, LiveRamp, Cytokinetics, Goldman Sachs, Morgan Stanley, Ed Bred, Lori Koch, Alibaba, GoodRX, , Jesse Pound, Pia Singh, Yun Li, Tanaya Macheel, Sarah Min, Michelle Fox Organizations: Nvidia, Micro, Taiwan Semiconductor, Bloomberg, Department of Justice, of, News, Corp, JPMorgan, DuPont de Nemours, DuPont, Bloomberg News, Bank of America, RBC, Hasbro —, Hasbro Locations: Southern, of New York,
Opening Bell: May 23, 2024
  + stars: | 2024-05-23 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOpening Bell: May 23, 2024Watch the opening bell for the New York Stock Exchange and the Nasdaq from May 23, 2024.
Organizations: New York Stock Exchange, Nasdaq
Wall Street analysts are turning more bullish on Nvidia yet again following another strong guide from the chipmaking behemoth. "The narrative is clearly nowhere near its end, or likely nowhere near its peak," he wrote, adding that shares appear inexpensive. He expects Nvidia's Blackwell chips to be sold out through 2025. "While it's large enough market that competitors can succeed or even gain share, NVIDIA remains the standard bearer for multifaceted AI," he wrote. Nvidia's results lifted the broader chip sector, with the VanEck Semiconductor ETF (SMH) trading 3% higher in the premarket.
Persons: Tom O'Malley, Bernstein's Stacy Rasgon, Blackwell, Blayne Curtis, Citi's Atif Malik, JPMorgan's Harlan Sur, Goldman Sachs, Toshiya Hari, Sur, Morgan Stanley's Joseph Moore, Nvidia's Blackwell Organizations: Nvidia, Blackwell, Wall, Barclays, Jefferies, NVIDIA, VanEck Semiconductor, Micron Technology, AMD Locations: CY25
Debris and a damaged building are seen in the aftermath of a tornado in Temple, Texas, U.S., May 22, 2024, in this screengrab obtained from a social media video. A tornado ripped through central Texas Wednesday evening, causing huge damage and destroying homes, as forecasters warn of a potentially record-breaking heatwave in the state. The city of Temple, northeast of Austin, declared a state of emergency and opened a shelter for displaced people after a twister caused widespread devastation. Footage posted to social media shows buildings in Temple and nearby Belton missing roofs, piles of rubble and smashed windows. Flood warnings were in place Thursday morning for much of northern Texas, including Dallas and Forth Worth, along with parts of Oklahoma.
Persons: Young Organizations: NBC, NWS, Austin Locations: Temple , Texas, U.S, Texas, Temple, Austin, Bell, Belton, Dallas, Forth Worth, Oklahoma, Louisiana, Antonio, Iowa, Greenfield
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMarkets could see more short-term 'stumbles' into the end of May, says G Squared's Victoria GreeneVictoria Greene, G Squared Private Wealth founding partner, and Keith Lerner, Truist Co-CIO, join 'Closing Bell Overtime' to talk the day's market action.
Persons: Victoria Greene Victoria Greene, Keith Lerner, Truist Organizations: Private Wealth
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
What Nvidia's stock split means for retail investors
  + stars: | 2024-05-23 | by ( Samantha Subin | ) www.cnbc.com   time to read: +2 min
Nvidia's upcoming stock split could propel the chipmaker higher over the short run and boost already enthusiastic investor sentiment, according to Wall Street. Nvidia's results prompted many Wall Street firms to boost their price targets on the stock as demand continues. While a split may improve accessibility by lowering the share price, it doesn't alter the value or fundamentals of the business. Citi's Atif Malik called the split a "positive surprise," while Susquehanna's Christopher Rolland said it "invigorates the retail crowd." "The 10:1 stock split likely adds short-term momentum to this AI bellwether," said Needham's Quinn Bolton.
Persons: Baruah, Citi's Atif Malik, Susquehanna's Christopher Rolland, Needham's Quinn Bolton Organizations: Semiconductor, Walmart, Lam Research, Nvidia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBank of America's Chris Hyzy expects yields to fall, says buy on weaknessChris Hyzy, Merrill and BoA, joins 'Closing Bell' to discuss his market outlook, opportunity plays in the market and Nvidia.
Persons: America's Chris Hyzy, Chris Hyzy, Merrill, BoA Organizations: Email Bank, America's, Nvidia
Stocks jumped Thursday with investors feeling buoyant after Nvidia's big first-quarter earnings report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks moved higher on Thursday, with investors cheering another blowout earnings report from chip giant Nvidia. The company, whose chips are at the heart of the artificial intelligence boom, beat on both revenue and earnings. It reported $26.04 billion in revenue versus analyst estimates of $24.65 billion, and earnings per share of $6.12, compared to estimates of $5.59.
Persons: Stocks, Raphael Bostic, , Blackwell, AI Jensen, Dan Ives Organizations: Atlanta Fed, Service, Nvidia, Securities, Microsoft, Atlanta Federal Reserve, Here's
Nvidia released its fiscal first-quarter earnings report on Wednesday, along with news of a planned 10-for-1 stock split. Shares in the chipmaking giant will begin trading on a split-adjusted basis when the market opens on June 10, according to a release. The split announcement, along with better-than-expected financial results, were just the latest in a long line of good news for Nvidia investors. Shares sprung up by 7% at the opening bell on Thursday, pushing the share price over $1,000. Plus, a stock split announcement tends to coincide with strong recent financial performance, and could signal that the company believes more is on the way.
Persons: Sam Stovall, Stovall Organizations: Nvidia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNvidia earnings closed out earnings season, says Virtus' Joe TerranovaTrivariate's Adam Parker, Virtus' Joe Terranova, and Citi's Kristen Bitterly join 'Closing Bell' to discuss markets, Nvidia earnings, and more.
Persons: Virtus, Joe Terranova Trivariate's Adam Parker, Joe Terranova, Citi's Kristen Organizations: Nvidia
While known for sizeable pullbacks in the past, the upward trajectory of Nvidia's stock last year and this year cannot be denied. We've been in Nvidia stock since 2019, years before the AI revolution was sparked by ChatGPT's viral moment shortly after its late 2022 launch. Through its Nvidia AI Enterprise service, Nvidia is in the process of building out a potentially massive software business. With that, let's think about Nvidia stock from the perspective of a long-term investor— and that's the key consideration, the investment horizon. At the beginning of the year, Nvidia stock traded at $481 per share on a $20.80 forward earnings estimate or a forward P/E multiple of 23 times.
Persons: We've, Jim, , Jensen Huang, Leonardo da Vinci, Jim —, it's, It's, you've, Nvidia's, Colette Kress, Tesla, Kress, Jim Cramer's, Jim Cramer, Josh Edelson Organizations: Nvidia, Club, Apple, Enterprise, Devices, Intel, Investing, GE, NVIDIA, CNBC, SAP Center, Afp, Getty Locations: San Jose , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Trivariate's Adam Parker, Virtus’ Joe Terranova and Citi’s Kristen BitterlyTrivariate's Adam Parker, Virtus' Joe Terranova, and Citi's Kristen Bitterly join 'Closing Bell' to discuss markets, Nvidia earnings, and more.
Persons: Trivariate's Adam Parker, Virtus, Virtus ’ Joe Terranova, Citi’s Kristen, Adam Parker, Joe Terranova, Citi's Kristen Organizations: Virtus ’, Nvidia
Nvidia's solid earnings and guidance boosted its stock but the broader market saw a sharp dip. Rate cuts bets faded after services and manufacturing data pointed to still-sticky inflation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The drop came after new services and manufacturing PMI data topped economists' estimates, hinting at more inflation pressure for the US economy. AdvertisementThursday's data pressured the outlook for rate cuts later this year.
Persons: Dow, Organizations: Service, Nvidia, Dow Jones, Nasdaq, Treasury, Here's
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's room for more than one beneficiary in the AI chips space, says KeyBanc's John VinhJohn Vinh, KeyBanc analyst, joins 'Closing Bell Overtime' to talk Nvidia's market domination, the state of the AI boom, and more.
Persons: John Vinh John Locations: John Vinh John Vinh
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRaymond James' Sunaina Sinha Haldea: There's more hope on the horizon for dealmakingSunaina Sinha Haldea, Raymond James Global head of private capital advisory, joins 'Closing Bell Overtime' to talk private versus public markets, real estate investing, and more.
Persons: Raymond James, Sunaina Sinha Haldea, Raymond James Global
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