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☆ 5 charts that explain why stocks took off last year
  + stars: | 2024-01-12 | by ( Krystal Hur | ) edition.cnn.com   time to read: +4 min
Stocks ended on a high note last year, but were tested by the Federal Reserve’s interest rate hikes, banking turmoil, debt ceiling worries and war in the Middle East. Many early-year consensus predictions about what 2023 would bring — including a recession and several rate cuts — didn’t pan out. CNN spoke with five investors about the biggest lessons they learned and how they’ve helped shape their 2024 outlooks. Fundamentals have to start matteringThe S&P 500 index gained 24% last year despite an earnings recession, often defined as at least two straight quarters of corporate profit losses. Fourth-quarter earnings, which kick off on Friday with results from big banks, are expected to grow about 1% in the fourth quarter of 2023.
Persons: Stocks, they’ve, Taylor Swift, Beyoncé, David Kelly, ”, Kelly, Yung, Yu Ma, Don’t, George Cipolloni, Wall, Leslie Thompson, don’t, Thompson, she’s eyeing, FactSet, “, Amanda Agati Organizations: New, New York CNN —, CNN, Asset Management, Treasury, BMO Wealth Management, Penn Mutual Asset Management, Fed, Spectrum Wealth Management, Nvidia, Microsoft, Apple, Companies, PNC Asset Management Locations: New York
☆ Gang says ICBC paid ransom over hack that disrupted US Treasury market
  + stars: | 2023-11-13 | by ( James Pearson | Thomson Reuters | Reports On Hacks | ) www.reuters.com   time to read: +3 min
The logo of Industrial and Commercial Bank of China (ICBC) is pictured at the entrance to its branch in Beijing, China April 1, 2019. ICBC, whose U.S. arm was hit by a ransomware attack that disrupted trades in the U.S. Treasury market on Nov. 9, did not immediately respond to a request for comment. "They paid a ransom, deal closed," the Lockbit representative told Reuters via Tox, an online messaging app. "The market is mostly back to normal now," said Zhiwei Ren, a portfolio manager at Penn Mutual Asset Management. The ransomware attack came at a time of heightened worries about the resiliency of the $26 trillion Treasury market, essential to the plumbing of global finance, and is likely to draw scrutiny from regulators.
Persons: Florence, BNY Mellon, Zhiwei Ren, Ransom, Allen, James Pearson, Davide Barbuscia, Carolina Mandl, Tatiana Bautzer, Pete Schroeder, Michelle Price, David Goodman, Jonathan Oatis, Alexander Smith Organizations: Industrial, Commercial Bank of China, REUTERS, Commercial Bank of, Reuters, U.S . Treasury, Penn Mutual Asset Management, Treasury, U.S . Treasury Department, Financial, Authorities, Boeing, Overy, Washington DC, Thomson Locations: Beijing, China, Commercial Bank of China, U.S, Tox, United States, London, Carolina, New York, Washington
☆ The bond and stock markets might finally agree on Fed expectations
  + stars: | 2023-07-16 | by ( Krystal Hur | ) edition.cnn.com   time to read: +4 min
CNN —The bond and stock markets are finally seeing eye to eye when it comes to the Federal Reserve. Stocks and the 10-year Treasury’s real yield have begun moving inversely again, according to a research note from Morgan Stanley. That’s a reversal from earlier this year, when yields and stocks both moved higher. A concurrent rally both in bond yields and stocks is atypical. The Consumer Price Index report for June showed that annual inflation slowed to 3%, marking its lowest rate since March 2021.
Persons: Morgan Stanley, George Cipolloni, they’re, ”, Price, Michael Kushma, We’re, Laura He, Read, Goldman Sachs Organizations: CNN Business, Bell, CNN, Federal Reserve, Stocks, Valley Bank, Signature Bank, Penn Mutual Asset Management, Nasdaq, Cyberspace Administration, Financial Services, Bank of America, US Bancorp, Ally, American Express Locations: China
☆ Investors on guard for market stress as Fed signals more hikes ahead
  + stars: | 2023-06-15 | by ( Davide Barbuscia David Randall | Davide Barbuscia | David Randall | ) www.reuters.com   time to read: +5 min
As a result, he is staying away from assets that could be hit hard if market stress suddenly increases, such as small cap stocks. The S&P 500 edged up 0.1% on Wednesday after shuffling between gains and losses. The S&P 500 is up 15% this year, while the Nasdaq (.IXIC) has gained 30%. Mark Heppenstall, chief investment officer of Penn Mutual Asset Management, believes a burgeoning stock market rally could loosen credit conditions, threatening to exacerbate consumer prices - an undesirable outcome for the inflation-fighting Fed. The S&P 500 is up 14% from a low reached after the banking crisis in March.
Persons: ”, Josh Emanuel, Emanuel, James St . Aubin, Jeffrey Gundlach, Mark Heppenstall, Josh Jamner, Davide Barbuscia, David Randall, Ira Iosebashvili, Sam Holmes Organizations: YORK, Federal, Wilshire, Nasdaq, Sierra Investment Management, DoubleLine Capital, CNBC, Fed, Penn Mutual Asset Management, ClearBridge Investments, Thomson Locations: U.S
☆ Why does Wall Street expect a rate hike in June?
  + stars: | 2023-05-28 | by ( Krystal Hur | ) edition.cnn.com   time to read: +4 min
CNN —Wall Street expects the Federal Reserve to raise interest rates in June. Not only that, it finally believes the central bank when it says it likely won’t cut rates this year. Futures traders expected a roughly 66% chance of a quarter point rate hike in June as of Friday afternoon, according to the CME FedWatch Tool. That’s a drastic about-face from even earlier this month, when Wall Street expected the central bank to slash rates multiple times this year starting as early as this summer. “If it comes in hotter than expected, it almost locks a rate hike in” for June, said Heppenstall.
☆ Wall Street says bad news is no longer good news. Here’s why
  + stars: | 2023-04-09 | by ( Krystal Hur | ) edition.cnn.com   time to read: +6 min
New York CNN —There’s been a seismic shift in investor perspective: Bad news is no longer good news. Markets teetered after a slew of economic reports signaled that the red-hot labor market is finally cooling (more on that later), flashing warning signals across Wall Street. Now that Wall Street is in “bad news is bad news and good news is good news” mode, it will be looking for signs that the economy remains resilient. President Joe Biden said in a statement Friday that the March data is “a good jobs report for hard-working Americans.”The March jobs report revealed that US employers added a lower-than-expected 236,000 jobs last month. The jobs report was also the first one in 12 months that came in below expectations.
☆ US energy stocks join European peers' rally after surprise oil output cut
  + stars: | 2023-04-03 | by ( ) www.reuters.com   time to read: +2 min
April 3 (Reuters) - U.S. energy stocks hit an over one-month high on Monday, following a rally in European peers as crude prices rose more than 6% following a surprise announcement by Saudi Arabia and other OPEC+ oil producers to cut production. The S&P 500 energy index (.SPNY) added 4.2%, eying its best day in six months, while the benchmark S&P 500 (.SPX) traded flat. So any amount of oil price incrementally higher from here is very good for margins and it's very good for these stocks." Other oil producers Occidental Petroleum (OXY.N), ConocoPhillips (COP.N), Devon Energy (DVN.N), Marathon Oil (MRO.N) and APA Corp (APA.O) gained between 6.3% and 9.5%. Alastair Syme, head of energy research at Citi, said investors had recently been reducing the weight of energy stocks in their portfolios, and that any move to re-weight would likely benefit most of the largest cap stocks.
☆ Analysis: As U.S. Treasuries tumble, some investors say turning point is near
  + stars: | 2022-10-21 | by ( Davide Barbuscia | ) www.reuters.com   time to read: +4 min
NEW YORK, Oct 21 (Reuters) - Some investors believe Treasury yields are close to peaking, even as markets continue pricing in more hawkishness from a Federal Reserve bent on taming the worst inflation in decades. Others think higher yields will soon start luring investors into Treasuries. Vanguard, the world’s second-largest asset manager, last month told Reuters that U.S. Treasuries are near the end of a painful decline. Zhiwei Ren, managing director and portfolio manager at Penn Mutual Asset Management, believes yields may subside if the economy enters a recession. But he said persistent labor shortages, broken supply chains and other long-term changes in the global economy are likely to keep inflation elevated.
☆ Stocks week ahead: Get ready for earnings season
  + stars: | 2022-10-09 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +6 min
We’ll get a better sense this week when several top financial firms and consumer companies report third-quarter earnings. The robust greenback will hurt sales and profits for these firm’s international operations. “Bank balance sheets and capital positions both remain in solid shape,” said KBW analyst David Konrad in a bank earnings preview report. The US government will report the latest monthly reads on consumer prices and wholesale prices next week. The consumer price index, or CPI, is the one investors will be watching most closely.
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