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We asked seven pro investors to identify the best trades of their careers and explain how the lessons from those decisions still apply today. The CBOE Volatility Index, also known as the VIX, shot above 40, essentially meaning traders were betting that the stock market would be exceptionally rocky over the following month. Jeff Muhlenkamp, lead portfolio manager at Muhlenkamp & CompanyJeff Muhlenkamp Muhlenkamp & CompanyJeff Muhlenkamp's namesake Muhlenkamp Fund (MUHLX) has been in the top 3% of its category in the past half-decade, thanks to trades like one he pulled off on Chinese internet firm Baidu (BIDU). "I pretty much expected, 'OK, if I get a double out of this in five years, I'll be happy' — that's pretty decent money," Muhlenkamp said. He noted that industrials within the Russell Mid Cap value index have returned 116% over the previous five years.
Persons: , That's, Michael Burry, Warren Buffett, Berkshire, Rob Arnott, Tim Boyle, Arnott, I'd, Bob Elliott, Bob Elliott's, Elliott, Jeff Muhlenkamp, Jeff Muhlenkamp Muhlenkamp, Jeff Muhlenkamp's, Muhlenkamp, you've, Sona Menon, Cambridge Associates Sona Menon, Bryant VanCronkhite, Allspring Bryant VanCronkhite Allspring Bryant VanCronkhite, VanCronkhite, Russell, industrials, James Davolos, Davolos, George Patton, Harley Bassman, Harley Bassman's, Bassman, Merrill Lynch, I'm Organizations: Service, American Express, Business, Research, Bloomberg, Getty, Bridgewater Associates, Treasury, Securities, Muhlenkamp, Baidu, Google, North, Cambridge Associates, Allspring, Horizon Kinetics, Opportunities Fund, Credit Suisse Locations: industrials, West Africa, New York City, Guinea
Shares of Salesforce dragged the Dow lower after it posted its first revenue miss in nearly 20 years. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS stocks continued a painful slide lower on Thursday as traders turned their attention to upcoming inflation data that could set the tone for the market as it heads into the summer months. ET, both indexes became stuck on several websites, though individual stock prices continued to update normally. Shares of Salesforce dragged the Dow as the stock dropped 20% after it reported its first revenue miss in almost 20 years.
Persons: Stocks, Salesforce, , Dow, David Russell Organizations: Service, Dow Jones, Dow, Treasury, Global, Barclays, Here's
Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. South Korea has prepared a financial support program of 75.9 trillion won ($56.97 billion) for companies increasing investment in key sectors as well as small businesses struggling with the impact of high interest rates. Asia-Pacific markets extended losses on Thursday, tracking Wall Street's moves ahead of a slew of economic data from the region on Friday. Japan's Nikkei 225 fell more than 2%, while the broader Topix dropped 1.4% in early trading. Japan and South Korea will release industrial production figures on Friday, and China will release the official purchasing managers index for May.
Organizations: Nikkei Locations: Seoul, South Korea, Asia, Pacific, Japan, China, Tokyo
If inflation continues to decelerate in the coming months, mortgage rates could fall further. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.
Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron
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. Separately, the stock market will also deliver its verdict when markets open on Monday. Nervousness among investors over the results has meant that the India VIX index, the market's so-called fear gauge, has shot up by more than 135% since its April lows. However, some equity strategists point out that even a landslide victory for Modi's BJP could potentially sour the stock market. Meanwhile, Gautam Chhaochharia, head of global markets for India at UBS, said foreign investors are in a "wait and watch mode" ahead of India's election results despite economic fundamentals looking "very, very strong."
Persons: Narendra Modi's, Modi, Bradley Saunders, Saunders, Venugopal Garre, , Garre, Fitch, SRH, Mark Mobius, Gautam Chhaochharia Organizations: Bloomberg, Getty, BJP, Traders, " Bank of America, Capital Economics, Modi's BJP, , Reuters, Kolkata Knight Riders, IPL, Sunrisers, Knight Riders, CNBC, UBS Locations: Delhi, India, Kolkata, Sunrisers Hyderabad
U.S. PCE data will be 'scrutinized heavily,' strategist says
  + stars: | 2024-05-30 | 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 EmailU.S. PCE data will be 'scrutinized heavily,' strategist saysMehvish Ayub, senior investment strategist at State Street Global Advisors, says last week's purchasing managers' index data was "quite a shocker."
Persons: Mehvish Ayub Organizations: U.S, PCE, State Street Global Advisors
U.S. one hundred dollar bills are being shown in this picture illustration taken in Buenos Aires, Argentina, on Dec. 15, 2023. The dollar soared to a two-week high against its major peers on Thursday, as a rout in Treasuries improved the currency's allure due to both higher U.S. yields and demand for safe haven assets. The bond market rout has spooked investors, with equities globally sliding sharply this week, spurring a rush to the safest assets. The yen , however, climbed off a four-week low of 157.715 per dollar from overnight to last trade at 157.505. "The bond market bogey is well-positioned to wrest deeper control of the broader market, particularly if upcoming growth and inflation data are on the firmer side of the ledger."
Persons: Tony Sycamore Organizations: Ministry of Finance, Bank of Japan, Reserve, IG Locations: Buenos Aires, Argentina, Treasuries, U.S
The Dow has fallen more than 1,000 points over the last three days alone — and there’s no sign of the negative momentum letting up. The Dow opened lower by 367 points, or 0.9%, Thursday morning. The S&P 500 was down 0.2% and the Nasdaq Composite dropped 0.2% as lackluster earnings results from Salesforce (CRM) worried investors. That comes after a bad Wednesday where all 11 sectors of the S&P 500 closed lower. This week’s downturn has been fueled by a range of factors, including earnings and stronger-than-expected economic data.
Persons: Dow, Bonds, , , Chris Zaccarelli Organizations: New, New York CNN, Dow, Nasdaq, Nvidia, Treasury, Federal Reserve, Deutsche Bank, Independent Locations: New York
CNBC Daily Open: Dow drops, Nvidia couldn't save Nasdaq
  + stars: | 2024-05-30 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
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. Treasury yields weigh on Wall StreetThe S&P 500 snapped its three-day winning streak as Treasury yields climbed. Despite Nvidia's continued rise since its earnings report last week, the tech giant couldn't prevent the Nasdaq Composite from falling. Peltz dumps Disney stakeActivist investor Nelson Peltz has sold his entire stake in Disney, according to a person familiar with the matter.
Persons: Nvidia's, Salesforce, Nelson Peltz, Peltz, Jay Rasulo, Bob Iger, Robert Isom, Vasu Raja, Raja, Korea's Kospi, Hang Seng, CNBC's Brian Evans Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Disney, American Airlines, Treasury, Nikkei, China's CSI, Dow Locations: New York City, Disney, Asia, Pacific, Japan, South Korea, China
Treasury yields fall as investors look to key data
  + stars: | 2024-05-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com   time to read: +1 min
ET, the 10-year Treasury yield was down by 3 basis points at 4.594%, falling back below the 4.6% mark it had crossed Wednesday for the first time in a month. The 2-year Treasury yield was last at 4.966% after falling by nearly 2 basis points. U.S. Treasury yields were lower on Thursday as investors looked ahead to key economic data and assessed the state of the economy. Investors awaited key economic data due toward the end of the week, with the latest personal consumption expenditures price index figures due Friday. Policymakers have in recent weeks indicated that interest rate cuts may be a while off, with Minneapolis Fed President Neel Kashkari telling CNBC that it could take "many more months of positive inflation data" before he would support rate cuts.
Persons: Neel Kashkari Organizations: U.S, Treasury, Investors, PCE, Federal, Minneapolis, CNBC
A trader signals an offer in the Standard & Poor's 500 stock index futures pit at the CME Group in Chicago on Dec. 14, 2010. The data feeds for key market averages had an issue on Thursday that caused the calculations for the S&P 500 and the Dow Jones Industrial Average to halt for about an hour. It appears the calculations for the Dow and S&P 500 froze at about 10:41 a.m. Futures markets for the S&P 500 and the Dow appeared to be operating normally during the pause. The SPDR S&P 500 ETF Trust (SPY) , a common vehicle for investors to make broad market bets, also appeared to be actively trading.
Persons: Dow Organizations: CME Group, Dow Jones, CNBC, Dow, Trust Locations: Chicago
However, investors can boost their performance when accounting for reinvesting dividends. The stock has a dividend yield of 4.2%, which is just a snapshot of how much it pays currently. The stock has a dividend yield of 3.1%. If you're a long-term investor, you're dollar-cost averaging," she said. Names on her radar these days include Amgen , which is yielding about 3%, and Southern Copper , which has a dividend yield of 3.2%.
Persons: Goldman Sachs, Dow, it's, Kim Abmeyer, Abmeyer, — CNBC's Chris Hayes Organizations: Dow Jones, UnitedHealth, Microsoft, Abmeyer Wealth Management, Dow, CNBC Pro, Chevron, Pfizer Locations: Wednesday's, Dallas, Chevron
The latter fact is on display in our list of top-five performing portfolio stocks since the April 24 close through Wednesday's close, the eve of our May meeting. The chipmaker jumped 44.1% since April's Monthly Meeting. 4, Eli Lilly stock jumped 10.8% since our April 24 meeting. A slew of promising AI announcements helped fuel the stock's strong performance since the April meeting. More broadly, Broadcom has been one of the portfolio's biggest beneficiaries of the AI trade.
Persons: Dow, Jim Cramer, we're, Jim, Costco, Eli Lilly's, Eli Lilly, Jim Cramer's, Spencer Platt Organizations: Nasdaq, Dow Jones Industrial, Nvidia, Apple, China Academy of Information, Communications Technology, iPhone, Bank of America, Costco, Costco Wholesale, Walmart, Club, Broadcom, CNBC, Traders, New York Stock Exchange, Getty Locations: Wednesday's, China, U.S, Google's, New York City
From left to right: Johan Pihl, Doconomy's chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. DoconomySwedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it's raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank . Credit ratings agency S&P Global came on board as a new investor, while existing shareholders Motive Ventures, PostFinance and Tenity also participated. watch nowDoconomy plans to use the fresh cash to drive expansion into North America and roll out new products, CEO and co-founder Mathias Wikstrom told CNBC in an interview. Mathias Wikstrom CEO, Doconomy
Persons: Johan Pihl, Mathias Wikstrom, it's, Tenity, Wikstrom, Jordan Peterson, It's, Doconomy Organizations: CNBC, UBS, Commerzbank, UBS Next, P Global, Motive Ventures, PostFinance, Boston Consulting Group, Mastercard, United Nations, Dreams Technology, Citi Ventures, Ikea Locations: Sweden, North America
NEW YORK — New York Federal Reserve President John Williams on Thursday said inflation is still too high but he is confident it will start decelerating later this year. With markets on edge over the direction of monetary policy, Williams offered no clear signs on where he is leaning as far as possible interest rate cuts go. Williams called policy "well-positioned" and "restrictive" and said it is helping the Fed achieve its goals. But higher than expected inflation readings have altered that landscape dramatically, and current pricing is pointing to just one decrease, probably in November. Williams said he expects PCE inflation to drift down to 2.5% this year on its way back to 2% in 2026.
Persons: John Williams, Williams, CNBC's Sara Eisen, Dow Jones Organizations: Federal Reserve Bank of New, York Federal, Economic, of New, Fed, Commerce Department Locations: Federal Reserve Bank of New York, New York, York, of New York
MongoDB shares sink 23% after management trims guidance
  + stars: | 2024-05-30 | by ( Jordan Novet | ) www.cnbc.com   time to read: +2 min
Concerning guidance, the company called for adjusted fiscal second-quarter earnings of 46 cents to 49 cents per share, with $460.0 million to $464.0 million in revenue. Analysts surveyed by LSEG were looking for 58 cents in adjusted earnings per share and $470.4 million in revenue. MongoDB trimmed its 2025 fiscal-year forecast, which now stands at $2.15 to $2.30 in adjusted earnings per share and $1.88 billion to $1.90 billion in revenue. Three months ago, the forecast was adjusted earnings per share of $2.27 to $2.49 and revenue of $1.90 billion to $1.93 billion. Analysts had predicted $2.50 in adjusted earnings per share on $1.93 billion in revenue.
Persons: Dev Ittycheria, Salesforce
Residents line up to cast ballots in the national election on May 29, 2024 in Matatiele, South Africa. South African's governing African National Congress appears set to lose majority control in the country's most seismic political transition since the end of the apartheid. The International Monetary Fund projects that South Africa's gross domestic product will climb by 0.9% in 2024. The democratic process is going to emerge victorious," ANC leader and South Africa's incumbent President Cyril Ramaphosa, 71, said Wednesday on social media. The U.S. dollar was up 1.31% against the South African rand at 8:30 a.m. London time, following the report.
Persons: Nelson Mandela, Cyril Ramaphosa Organizations: Reuters, country's Council for Scientific, Industrial Research, ANC, Democratic Alliance wresting, Marxist Economic, Fighters, African National, ANC —, World Bank, Monetary Fund, South, National Union of Mineworkers, Associated Press, U.S Locations: Matatiele, South Africa, London, Johannesburg
Cadence Design Systems is well ahead of its artificial intelligence peers when it comes to delivering steady returns, according to Bank of America. The electronic systems design company is a "high-quality growth compounder" that's "well levered to AI," analyst Vivek Arya said in a Wednesday note to clients. Cadence develops software, hardware and intellectual property that is used to design chips and printed circuit boards, among other related products. "Over the past decade CDNS has delivered 33% annualized returns, 300bps ahead of rival SNPS , and among top 5 across our coverage, well-ahead of SOX index up 25%. Importantly, CDNS stock has outperformed the SOX index each of the 18 times the SOX index declined by over 10% since 2010."
Persons: Vivek Arya, Arya, CDNS Organizations: Cadence Design Systems, Bank of America, Cadence, PHLX Semiconductor, SOX, Nvidia, AMD, Samsung Locations: SOX
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWhile growth has normalized, prices still remain elevated, with median prices of existing and new homes both near all-time highs. In fact, the Housing Affordability Index fell to its all-time low last year, but Schwab noted that it seems to be pushing back up from the bottom. AdvertisementThe bank added that mortgage rates are likely to keep drifting higher, as federal interest rates normalize at around current levels. "Yet, a stabilization in activity, price growth, and interest rate volatility will likely provide a more stable foundation for the sector."
Persons: , Charles Schwab, Schwab, That's, homebuilders, it's Organizations: Service, Business Locations: Redfin
The U.S. economy has been an enigma over the past few years. The job market is booming, and consumers are still spending, which is usually a sign of optimism. But if you ask Americans, many will tell you that they feel bad about the economy and are unhappy about President Biden’s economic record. And while a measure of sentiment produced by the Conference Board improved in May, the survey showed that expectations remained shaky. More than half of registered voters in six battleground states rated the economy as “poor” in a recent poll by The New York Times, The Philadelphia Inquirer and Siena College.
Persons: Biden’s Organizations: University of Michigan, Conference Board, The New York Times, Philadelphia Inquirer, Siena College, Federal Reserve Locations: U.S
Here are 5 stocks that are buys right here, right now
  + stars: | 2024-05-30 | by ( Jim Cramer | ) www.cnbc.com   time to read: +5 min
Let's say you just joined the Club, and you are trying to figure out which stocks we think are buyable right now, right here. The question is: Which stocks would I buy right now? In fact, we added some more shares to the Club portfolio Wednesday. WYNN YTD mountain Wynn Resorts YTD I would most certainly buy the stock of Wynn Resorts . (Jim Cramer's Charitable Trust is long GEHC, HON, WYNN, SWK, F. See here for a full list of the stocks.)
Persons: WYNN, Boston —, Wynn, Decker, That's, Neil Kashkari, Stanley Black, Jim Cramer's, Jim Cramer, Jim, Jim Cramer Rob Kim Organizations: Club, GE Healthcare, Honeywell, DuPont, Raytheon, United Technologies, Electric, Wynn, Wynn Resorts, Vegas, Stanley, Ford, CNBC Locations: Boston, Macao, Asia, SWK
What do the charts say after this sudden 20% drop in price? After making a new all-time high of around $318 in early March, Salesforce demonstrated choppy, sideways price action into mid-April. A gap lower in price pushed CRM below its 50-day moving average, which often serves as an early warning sign of an impending trend change. From mid-April until this week, Salesforce has again settled into a sideways price range, this time between $268 and $290. While CRM was in a somewhat precarious position leading into this week, the gap lower post-earnings represented a sudden revaluation for this former technology leader.
Persons: Let's, Salesforce, we'd, it's, David Keller Organizations: CRM, CMT
Inflation is taking baby steps towards coming back to where policymakers want it, with a report due Friday expected to show more of that creeping progress. Core inflation is expected to have slowed to 0.2%, which would represent at least some further progress toward easing price pressure on weary consumers. "That said, getting to the Fed's 2% target is apt to be a bumpy landing." However, policymakers' expectations that housing inflation will cool this year have been largely thwarted, throwing another wrinkle into the debate. CPI inflation ran at 3.4% for the all-items measure in April and 3.6% for core, well above the Fed's target.
Persons: Dow Jones, Carol Schleif Organizations: Dow, BMO Family Office, Labor Locations: PCE
"With yields holding firm at elevated levels , large caps continue to outperform small caps. Hopes for multiple rate cuts from the Federal Reserve this year have dimmed after recent inflation readings showed signs of stickiness. An economy that is growing more slowly, but with cooler inflation, could be the combination small caps need. Small caps could also benefit from an uptick in the global economy that benefits areas like manufacturing that has heavy representation in the small-cap index. Investors who really want exposure to small caps could also look outside of the U.S. Wolfe Research analyst Rob Ginsberg said in a May 29 note to clients that global small caps are outperforming their U.S. counterparts and are poised for a potential breakout.
Persons: Russell, Todd Sohn, JC O'Hara, Roth MKM, Chad Miller, you've, Miller, Cayla, Seder, Mark Haefele, Solita, Angelo Kourkafas, Edward Jones, Rob Ginsberg, — CNBC's Michael Bloom Organizations: CNBC, ESG, Silicon Valley Bank, Federal Reserve, Big Tech, Companies, UBS, Institute, Supply, PMI, Investors, U.S . Wolfe Research Locations: Thrivent, Silicon
European stocks are on course for a lower open Thursday, continuing a negative trend this week as global markets come under pressure from rising bond yields. Equity market gloom has been mirrored globally, as expectations that interest rates will be higher for longer have driven up bond yields — generally a harmful move for stocks. First to release will be the euro zone, amid uncertainty over how how many times the European Central Bank will cut interest rates this year beyond its expected first cut at its June meeting next week. That will be followed by the U.S. personal consumption expenditures price index report, the Federal Reserve's preferred inflation gauge. The minutes from the Fed's most recent meeting and recent comments from policymakers have seen money markets fully price in just one rate cut from the world's biggest central bank this year.
Organizations: Equity, European Central Bank, U.S, Federal Locations: Asia, Pacific
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