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Musk Is Going All In to Elect Trump
  + stars: | 2024-10-11 | by ( Theodore Schleifer | Maggie Haberman | Ryan Mac | ) www.nytimes.com   time to read: +2 min
Mr. Musk’s frenzied engagement reflects his view of this moment in American history. It may be impossible to capture the financial value of all the support Mr. Musk is providing to Mr. Trump. Mr. Trump has privately used grand — and unverified — terms to describe what Mr. Musk is donating to the super PAC, telling one associate recently that the figure is $500 million. Just as Mr. Musk worked late into the night as his companies teetered on the verge of catastrophe, tinkering with rocket designs at SpaceX, sleeping on a couch in the Tesla factory or making staff cuts at Twitter, Mr. Musk has deemed this an all-hands-on-deck moment. This article is based on interviews with 17 people familiar with Mr. Musk’s thinking and operations as Election Day approaches.
Persons: Trump, Musk, Steve Davis, Davis Organizations: SpaceX, Twitter, America PAC, Mr Locations: America, Pittsburgh
A golden cross is a chart pattern in which a stock's 50-day moving average moves above its 200-day average. Given the more volatile backdrop, CNBC Pro screened FactSet for stocks that are forming or approaching a golden cross pattern. The health-care stock has a 50-day moving average of $103.31 and is approaching its 200-day moving average of $104.14. MarketAxess Holdings Meanwhile, the 50-day moving average of $230.11 for MarketAxess Holdings has already surpassed its 200-day moving average of $228.36, indicating possible future gains. Its 50-day moving average of $218.04 has also already passed its 200-day moving average of $215.18.
Persons: paring, Cardinal Health's Organizations: Dow Jones, Nasdaq, CNBC Pro, Health, Holdings, MarketAxess Holdings, SBA Communications SBA Communications, SBA Locations: Wednesday's
Crude oil futures held firm on Thursday as fears of war between Israel and the Iran-backed militia Hezbollah overshadowed soft U.S. gasoline demand. "The hurricane left a noticeable mark on US gasoline consumption," Prateek Kedia, vice president of global commodities research at JPMorgan, told clients in a research note Wednesday. Here are today's energy prices:But oil still managed to close slightly higher Wednesday, as escalating tensions on the Israel-Lebanon border provided a price floor. Daniel Yergin, vice chairman of S&P Global, told CNBC's "Squawk Box" on Wednesday that Middle East tensions are hanging over the market. He cautioned that oil could spike again, pointing to the April rally when prices broke above $90 per barrel when Israel and Iran teetered on the brink of war.
Persons: Alberto, Kedia, John Evans, Daniel Yergin, CNBC's Organizations: Beta Operating, JPMorgan, Israel, P Global Locations: Long Beach , California, Israel, Iran, U.S, Lebanon
Crude oil futures fell Tuesday as the recent rally took a breather, with traders watching tensions on the Israel-Lebanon border and summer fuel demand. U.S. crude oil and global benchmark Brent are ahead 5.5% and 4.9%, respectively, for the month as prices have bounced back from May doldrums on a more optimistic outlook for summer fuel demand. Here are today's energy prices:Geopolitical tensions are also back in focus amid fears that Israel and the Iran-backed militia Hezbollah could go to war. Oil prices hit annual highs in April as Israel and Iran teetered on the brink of war, stoking fears that a wider conflict could engulf the Middle East and disrupt crude supplies. But McKay also said the oil rally could fade with funds likely to start liquidating long positions if WTI prices fall below $81 per barrel.
Persons: doldrums, Israel, CQ Brown, John Evans, Evans, Ryan McKay, McKay Organizations: Brent, Hezbollah, Air Force, Sunday, Israel, TD Securities Locations: McKittrick, Kern County , California, Israel, Lebanon, Iran, Gaza
Americans felt shakier about the economy in June
  + stars: | 2024-06-25 | by ( Alicia Wallace | ) edition.cnn.com   time to read: +1 min
CNN —US consumer confidence teetered slightly in June as Americans grew a little more wary about the future, new data released Tuesday showed. The Conference Board’s latest consumer confidence index dipped to a reading of 100.4 in June from 101.3 in May. Readings of Americans’ confidence are typically closely watched, as consumer spending accounts for nearly 70% of US economic activity. Although the two indexes typically track similarly over time, the consumer confidence index is more influenced by employment and labor market conditions, while the Michigan sentiment index has a greater emphasis on household finances and the impact of inflation. The Michigan index’s preliminary reading for June, released earlier this month, showed sentiment levels were at a seven-month low.
Persons: Dana Peterson, Organizations: CNN, Conference Board, University of Michigan’s, Michigan Locations: Michigan
"The timing of the Strike Force announcement, in an election year, raises the likelihood that political motivations rather than the interests of American consumers drove the action," House Oversight Committee Chair Rep. James Comer, R-Ky., said in the letter. The Strike Force is jointly led by the FTC and the Department of Justice, which have been at the front lines of the Biden administration's regulatory agenda over the past several years. Comer alleged in the letter that "this pattern" of blaming corporate-pricing practices for inflation "signals that the new FTC-DOJ Strike Force will be used as a political tool." But Biden's logic that companies are the ones responsible for high prices, not his economic agenda, could be taking hold with voters. A March survey found that respondents blamed recent price hikes on "large corporations taking advantage of inflation" more than Democratic policies.
Persons: Lina M, Khan, Bill Nelson, Joe Biden's, Lina Khan, Biden, James Comer, Jonathan Kanter, Comer, , Biden's Organizations: Commerce, Science, NASA, Capitol, Republican, CNBC, Federal Trade, Strike Force, Force, U.S, FTC, Department of Justice, Biden, Kroger, Albertsons, DOJ Strike Force, Democratic Locations: Washington , U.S, Ky
My mom and my aunt are estranged, but I've been close with my aunt since I was young. That year my aunt and I decided to start writing letters since I didn't have my own phone. I've never known exactly why my mom and aunt don't talkWhen I asked my mom why we didn't see her, she'd vaguely reply, "She was always kind of mean to me," or, "We just don't." As my aunt and I began to speak more, I gathered breadcrumbs of what happened between her and my mom. After graduating from Catholic school, my mom abandoned religion, yet my aunt consistently attends church.
Persons: I've, , Allie Finkle's, who's, Zer, declutters, they've, I'd Organizations: Service, Scouts, Catholic, Trump Locations: Lake Michigan, Florida, Wisconsin
SCOTTSDALE, Ariz. (AP) — Scottie Scheffler surged into contention to win a third straight Phoenix Open on Sunday, overcoming a huge mistake on the 18th hole to shoot a 5-under 66 in the weather-delayed third round. Scheffler was at 13 under, two shots behind Sahith Theegala and Nick Taylor as players struggle to avoid a Monday finish amid a second straight week of weather issues on the PGA Tour. Theegala matched Taylor's two-putt birdie on the short par-4 17th to tie for the lead and shot 69. Charley Hoffman had four straight birdies to close out a 64 and was tied with Andrew Novak at 14 under. A long weather delay pushed the first round into Friday, and the tournament has tried to play catchup ever since.
Persons: Scottie Scheffler, Scheffler, Sahith Theegala, Nick Taylor, Steve Stricker, Taylor, Theegala, Charley Hoffman, Andrew Novak, catchup, Zach Johnson, Tom Hoge, ___ Organizations: PGA, John Deere, Scottsdale Locations: SCOTTSDALE, Ariz
Is the Senate Becoming the House?
  + stars: | 2024-02-09 | by ( Carl Hulse | ) www.nytimes.com   time to read: +1 min
In 2008, as the nation faced a catastrophic financial crisis, the House did what it sometimes does — veered off the rails. It was the steadier Senate that had to step in and take over, find a way to approve the legislation and show the House how it was done. When the unruly House, with its treacherous two-year election cycle, melts down, the Senate is expected to step up, providing the adult supervision needed in the legislative world. The august Senate — at least on the Republican side — is becoming more like its chaotic counterpart across the Rotunda every day. The Senate Republican Conference, as it is known, is more publicly divided and feuding than at any time in recent memory, a rare development for a group led by Senator Mitch McConnell, Republican of Kentucky and the minority leader, who has always taken great pains to conceal internal disputes.
Persons: Mitch McConnell, McConnell Organizations: Senate, Republican, Republican Conference Locations: Washington, Kentucky
Opinion | Why We Should Bring Back the Buffalo
  + stars: | 2023-11-23 | by ( Dayton Duncan | ) www.nytimes.com   time to read: +2 min
But that heartbreaking tale has another chapter, too, that shows how Americans can change direction and pull back from the brink. Today, more than 350,000 bison can be found in the United States — a notable success, but really just a start. Most of today’s bison are being raised as livestock, confined like cattle, fattened in feedlots and trucked to commercial slaughterhouses. Meanwhile, some ranchers and nonprofit environmental organizations are trying to provide buffalo with something closer to the habitats they once knew: more room to roam and native grasses to eat. Under those conditions, the bison can reclaim their former role as the “keystone” species of the prairies, improving conditions for all other species to thrive.
Persons: Lewis, Clark, Meriwether Lewis Locations: North Dakota, Montana, United States, fattened, feedlots
[1/9] A view shows a residential house heavily damaged by a Russian missile strike, amid Russia's attack on Ukraine, in the town of Selydove, Donetsk region, Ukraine November 15, 2023. Local officials in one channel on Telegram messenger said that four people were believed to be trapped under the rubble. There were no soldiers living there, only civilians," Olha, a 64-year-old woman who lives next door to the ruined building, told Reuters. Russia has carried out regular missile and drone strikes on population centres behind the front line of its 21-month-old invasion of Ukraine. Ukraine regularly reports that Russian missile and drone strikes have killed and hurt civilians and damaged civilian infrastructure during the full-scale war launched by Russia in February 2022.
Persons: Alina Smutko, Olha, Natalia, Max Hunder, Ivan Lyubysh, Tom Balmforth, Alexandra Hudson Organizations: REUTERS, Russian, Alexandra Hudson Our, Thomson Locations: Russian, Ukraine, Selydove, Donetsk region, Russia, Moscow
Rich countries are stumbling into a debt trap
  + stars: | 2023-11-03 | by ( Felix Martin | ) www.reuters.com   time to read: +7 min
Unlike many corporations and households, the U.S. government did not lock in the low interest rates of the last decade by issuing long-dated debt, preferring instead to skew funding towards bills and short-term bonds. The second route out of the debt trap is to target the primary fiscal surplus, choosing a combination of spending cuts and tax hikes that will stabilise the public debt. That leaves the third route to debt sustainability – keeping real interest rates low. But in the short run, it allows a government to tame the debt ratio without fiscal austerity, and even if growth is sluggish. Governments are indeed stuck in a classic debt trap.
Persons: Joe Biden, Fumio Kishida, Volodymyr Zelenskiy, Kacper, Everett Dirksen, you’re, Dirksen’s, Stanley Druckenmiller, Joe Biden’s, Peter Thal Larsen, Thomas Shum Organizations: Japan's, NATO, REUTERS, Reuters, Congressional, Office, International Monetary Fund, U.S, Treasury, Reuters Graphics Reuters Graphics, Medicaid, Federal, Bank of Japan, Thomson Locations: Ukraine, Vilnius, Lithuania, Illinois, U.S, Britain
On October 23, 1983, 241 US service members were killed in the Beirut barracks bombings. AdvertisementAdvertisementIn the wake of the 1983 Beirut barracks bombing, which took the lives of 241 US service members, then-President Ronald Reagan described the Middle East as a "powder keg." FILE - An Oct. 23, 1983 file photo shows the aftermath of a suicide truck bombing of the U.S. Marines barracks in Beirut, Lebanon. Four times in the last 30 years, the Arabs and Israelis have gone to war," Reagan added. AdvertisementAdvertisementWith tensions boiling, Washington is warning Americans throughout the Middle East to exercise caution and remain vigilant.
Persons: Ronald Reagan, , Hamas teetering, Reagan, Jim Bourdier, We've, Israel —, Lebanon Dorothy Shea Organizations: Service, Hamas, Corps, US, U.S, Marines, AP, United Nations, US Navy, Pentagon, U.S . Locations: Beirut, Israel, Iran, Lebanon's, Iwo Jima, Lebanon, Western Europe, Japan, Tehran, Gaza, Yemen, Iraq, Syria, Palestinian, Washington
Why an economic soft landing may prove elusive
  + stars: | 2023-10-13 | by ( Edward Chancellor | ) www.reuters.com   time to read: +8 min
His latest book, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism”, won’t make him any friends in monetary policymaking circles. The Fed responded by reducing interest rates to zero and employing various tools to lower bond yields. These economic imbalances prevented central banks from returning interest rates to normal levels. Unless, that is, liberalising economic reforms are enacted that boost productivity and allow interest rates to rise. Bernard Conolly’s book, “You Always Hurt the One You Love: Central Banks and the Murder of Capitalism” was published in hardback in September.
Persons: Bernard Connolly, Connolly, won’t, they’ve, Michael Woodford, , Alan Greenspan, staved, Lehman, Edward Chancellor’s “, Bernard Conolly’s, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, European Monetary Union, European Commission, Banks, U.S . Federal, stoke, Lehman Brothers, Fed, Reuters Graphics, Treasury, Securities, Thomson Locations: U.S, United States, British, Europe, American, , , disequilibrium, intertemporal, Central
CNBC Daily Open: The Russell 2000 is flashing a warning
  + stars: | 2023-10-03 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +3 min
In other words, the Russell 2000 turned negative for the first time in 2023. It comprises 2,000 small companies — the average market capitalization of a firm on the Russell 2000 is $2.98 billion, as of Aug. 31. More significantly, investors think the Russell 2000 more accurately reflects the state of the U.S. economy. Financials comprise much of the index, Hickey said, which makes the Russell 2000 more sensitive toward higher interest rates. A canary the Russell 2000 might not be, but a cautionary tale it definitely is.
Persons: Michael M, Russell, Paul Hickey, Hickey, CNBC's Hakyung Kim Organizations: New York Stock Exchange, Santiago, Getty, CNBC, Dow Jones, Nasdaq, Apple, Investment Locations: New York City, U.S
CNBC Daily Open: Heed the Russell 2000’s warning
  + stars: | 2023-10-03 | by ( Yeo Boon Ping | ) www.cnbc.com   time to read: +3 min
In other words, the Russell 2000 turned negative for the first time in 2023. It comprises 2,000 small companies — the average market capitalization of a firm on the Russell 2000 is $2.98 billion, as of Aug. 31. More significantly, investors think the Russell 2000 more accurately reflects the state of the U.S. economy. Financials comprise much of the index, Hickey said, which makes the Russell 2000 more sensitive toward higher interest rates. A canary the Russell 2000 might not be, but a cautionary tale it definitely is.
Persons: Michael M, Russell, Paul Hickey, Hickey, CNBC's Hakyung Kim Organizations: New York Stock Exchange, Santiago, Getty, CNBC, Dow Jones, Nasdaq, Apple, Investment Locations: New York City, U.S
[1/4] Joseph Bankman, father of Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, leaves the courthouse, after U.S judge revoked Bankman-Fried's bail, in New York, U.S., August 11, 2023. FTX, now being led by turnaround specialist John Ray, said that company founder Sam Bankman-Fried ran FTX as a "family business" and misappropriated billions in customer funds for the benefit of a small circle of insiders, including his parents. Sam Bankman-Fried has pleaded not guilty to charges that he defrauded FTX customers by using their funds to prop up his own risky investments. Bankman and Fried also pushed FTX to make tens of millions of dollars in charitable contributions, including to Stanford University, FTX said. FTX has recovered more than $7 billion in assets to repay customers, and it is pursuing additional recoveries through lawsuits against FTX insiders and other defendants that received money from FTX before it went bankrupt.
Persons: Joseph Bankman, Sam Bankman, Eduardo Munoz, Stanford, Barbara Fried, John Ray, Fried, Sean Hecker, Michael Tremonte, Joe, Barbara, " Hecker, Tremonte, Bankman, FTX, Dietrich Knauth, Nick Zieminski Organizations: REUTERS, Monday, Stanford University, Stanford Law School, Thomson Locations: New York, U.S, Bahamas, FTX
An employee works on the production line of Nio electric vehicles at a JAC-NIO manufacturing plant in Hefei, Anhui province, China August 28, 2022. China Daily via REUTERS/File Photo Acquire Licensing RightsBEIJING, Aug 29 (Reuters) - China's factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand threatens recovery prospects in the world's second-largest economy and pressures officials to prop up growth. An index reading above 50 indicates expansion in activity on a monthly basis while below that signals contraction. "ASEAN, China's top trading partner, has also decreased to a nearly two-year low of 50.8." The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Thursday.
Persons: Taimur Baig, Joe Cash, Anant Chandak, Susobhan Sarkar, Sam Holmes Organizations: REUTERS, Rights, Manufacturing, DBS, ASEAN, PMI, Thomson Locations: Hefei, Anhui province, China, Rights BEIJING, Bengaluru
Bonds find respite but China crisis festers
  + stars: | 2023-08-18 | by ( ) www.reuters.com   time to read: +4 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. But equally there was little let-up in the bad news from China's ailing economy and real estate sector. China's securities regulator said on Friday it would cut trading costs, support share buybacks and introduce long-term capital as it unveiled a package of measures aimed at reviving the stock market and boosting investor confidence. Other Asian bourses and European stocks fell too, with U.S. stock futures also in the red before the open. Emerging market equity indices (.MSCIEF) teetered near two-month lows too.
Persons: Brendan McDermid, Mike Dolan, HSI, teetered, Estee Lauder, Joe Biden, Fumio Kishida, Yoon Suk, Elaine Hardcastle Organizations: New York Stock Exchange, REUTERS, Bank of America, Federal, Jackson, China, HK, People's Bank of, U.S, Japan's, Palo Alto Networks, Deere, Treasury, Japan, South, Camp David Reuters Graphics Reuters, Reuters, Reuters Graphics, Thomson Locations: New York City, U.S, China, Treasuries, Beijing, Philadelphia, Shanghai, Hong Kong, People's Bank of China, South Korea
Chinese electric car brand Nio is in the middle of a big turnaround that can push the stock up as much as 28%, according to Deutsche Bank. Analyst Edison Yu was impressed by the jump in deliveries last month as well as its improved operations. Nio said its July deliveries totaled 20,462, up 103.6% year over year and nearly double the June figure of 10,707 cars. Deutsche Bank expects the company can continue the rally amid the increase in unit sales as well as gross margin. "We think the stock can finally recapture momentum after being a relative laggard all year and also see some small potential for strategic optionality," Yu said.
Persons: Edison Yu, Nio, Yu, — CNBC's Michael Bloom, Evelyn Cheng Organizations: Deutsche Bank Locations: Abu Dhabi
The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland. UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc public liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March. UBS said the decision followed a "comprehensive assessment" of Credit Suisse's non-core assets that were covered by the liquidity support measures. "These measures, together with the intervention of UBS, contributed to the stabilization of Credit Suisse and financial stability in Switzerland and globally," UBS said in a statement. Credit Suisse has also fully repaid an emergency liquidity assistance plus (ELA+) loan of 50 billion Swiss francs obtained from the Swiss National Bank in March, as the lender teetered on the brink after a collapse in shareholder and investor confidence, UBS confirmed.
Organizations: Credit Suisse, UBS, Swiss National Bank, Confederation, Swiss Federal Council Locations: Zurich, Switzerland, Swiss
BEIJING, July 31 (Reuters) - China's manufacturing activity fell for a fourth straight month in July while the services and construction sectors teetered on the brink of contraction, official surveys showed on Monday, threatening growth prospects for the third quarter. Construction sector activity for July was its weakest since COVID-19-related workplace disruptions dissipated around February, data from the National Bureau of Statistics showed. The non-manufacturing PMI, which incorporates sub-indexes for service sector activity and construction, dropped to 51.5 from June's 53.2. "Meanwhile, we're seeing improvements in inventory levels, suggesting that with destocking nearing its end, China's manufacturing sector bottomed out in the second quarter," he added. "Unless concrete support is rolled out soon, the recent downturn in demand risks becoming self-reinforcing."
Persons: Xu Tianchen, Julian Evans, Pritchard, Joe Cash, Sam Holmes, Edmund Klamann Organizations: National Bureau, Statistics, Communist Party, PMI, Economist Intelligence Unit, destocking, China, State, Capital Economics, Thomson Locations: BEIJING, China
Just when Chinese electric car companies may be needing the cash, foreign automakers need the market — not only in China but globally. Volkswagen isn't faring much better in China's electric car market, with an average of just over 10,000 vehicles delivered each month in the first half of the year. China's homegrown electric car brands from BYD to Zeekr have piled into the local market, where Tesla still commands a hefty share. Li Auto was the only one of the three U.S.-listed Chinese electric car companies to have the healthiest reading above 1, according to a Wind Information screen for the first quarter. China's electric car market is set to grow by 27% this year to 8.7 million units — and remain the largest in the world in coming years, according to Bank of America Securities.
Persons: Tesla, Nio, Li Auto, Volkswagen's Organizations: Volkswagen, Everbright Securities, CNBC, Bank of America Securities, International Energy Agency Locations: China, Western Europe, Shanghai, BYD, Abu Dhabi, U.S
AMC Theatres isn't going ahead with its plan to charge more for the best seats at the movie theater. After trials at select locations, the chain scrapped the plan to ensure "its ticket prices stay competitive." AMC's unpopular tiered-pricing plan would have raised costs for middle seats and charged less for seats in the front row. The US box office dropped from $11.3 billion in 2019 to just $7.3 billion in 2022, according to Box Office Mojo. The domestic box office has grossed just over $5 billion in 2023 to date, per Box Office Mojo.
Persons: Oppenheimer, Adam Aron Organizations: AMC, AMC Theatres, Office, National Association of Theater, Regal Cinemas, National Association of Theater Owners, CNBC Locations: Canada
The company reported losses attributable to shareholders of 476 billion yuan ($66 billion) and 106 billion yuan ($15 billion) for 2021 and 2022, respectively, according to a Monday stock exchange filing. Combined net losses for the two years amounted to 582 billion yuan ($81 billion). Evergrande has been undergoing a major debt restructuring since late 2021, which was ordered by the government. Its debt restructuring could also set an important precedent for global investors dealing with similar cases involving Chinese developers. For years, real estate was a pillar of growth for China’s economy.
Persons: Evergrande, Stringer, headcount, Xu Jiayin Organizations: Hong Kong CNN — Evergrande, Bloomberg, Getty Locations: Hong Kong, That’s, Beijing
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