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☆ Gold rangebound as traders seek more U.S. data for Fed cues
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: +1 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices rose slightly on Wednesday helped by lower Treasury yields, but were stuck in a tight range as investors waited for more U.S. data to gauge the Federal Reserve's next step on monetary policy. U.S. gold futures rose 0.3% to $2,354.50. Benchmark 10-year Treasury yields lingered near their lowest level in almost three weeks hit on Tuesday, making bullion more attractive to investors. The U.S. services data is due at 1400 GMT.

Persons: Matt Simpson Organizations: Korea Gold Exchange, Federal, Index, Gold Locations: Seoul, South Korea, U.S

☆ Stock futures are little changed after S&P 500 notches record close: Live updates
▼ + stars: | 2024-06-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange during afternoon trading on April 9, 2024. Stock futures hovered near the flatline in overnight trading after the S&P 500 notched a new record closing high thanks to a rally in artificial intelligence chip darling Nvidia . Futures tied to the S&P 500 rose nearly 0.1%, while Nasdaq-100 futures inched up 0.1%. Lululemon jumped 10% in extended trading on as the sportswear manufacturer beat expectations in its fiscal first quarter. The S&P 500 jumped 1.18% to close at 5,354.03.

Persons: Lululemon, Stocks, Rubin, Aswath Damodaran, nonfarm Organizations: New York Stock Exchange, Stock, Futures, Nasdaq, Dow Jones, Nvidia, Apple, New York University, Federal Reserve, ADP

☆ Stock futures are little changed ahead of private payrolls report: Live updates
▼ + stars: | 2024-06-04 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Stock futures are near flat Tuesday night as investors geared up for private payroll data while analyzing the latest corporate earnings. S&P 500 futures and Nasdaq 100 futures also each rose just around 0.1%. "Upcoming labor market releases are a clear focus for the broad market," said Bill Northey, investment director at U.S. Bank Wealth Management. "Investors are eyeing the most recent readings on labor market health — JOLTS today, the ADP survey tomorrow and the [Bureau of Labor Statistics] labor report on Friday. All are important data points from a monetary policy standpoint."

Persons: CrowdStrike, Dow, —, Dow Jones, Bill Northey, Lululemon Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Nasdaq, Hewlett Packard Enterprise, Federal Reserve, ADP, Traders, U.S, Bank Wealth Management, of Labor Statistics

☆ Gold dips as dollar steadies, focus turns to U.S. jobs data
▼ + stars: | 2024-06-04 | by ( ) www.cnbc.com time to read: +2 min

Pure 1,000-gram gold bars produced by South Korea's LS-Nikko are stacked in a dealers room in Seoul on Jan. 9, 2009. Gold fell more than 1% on Tuesday as the dollar steadied ahead of May's U.S. jobs report, due later this week, which could set the tone for the Federal Reserve's interest rate strategy. Spot gold fell 0.9% to $2,329.10 per ounce. Gold reversed gains from a bounce late in the previous session following weaker U.S. manufacturing data. The dollar index steadied, making gold more expensive for overseas buyers, after falling overnight to its lowest since mid-April.

Persons: Gold, Bart Melek, Jim Wyckoff, Wyckoff, Soni Kumari, Silver Organizations: South Korea's, Nikko, U.S ., TD Securities, Investors, Friday's U.S, Kitco Metals, ANZ Locations: Seoul, May's, U.S, India

The yield on the 10-year Treasury was down by 6 basis points at 4.334%. The 2-year Treasury yield pulled back 3.5 basis points to 4.78%. The fresh reading is fueling investor hope that the labor market is perhaps weak enough to allow the Federal Reserve to cut interest rates. Yields had fallen on Monday, with the 10-year Treasury yield tumbling close to 12 basis points, after economic data indicated a contraction of the manufacturing sector. — Correction: The 10-year Treasury yield fell nearly 12 basis points Monday.

Persons: Dow Jones, nonfarm payrolls Organizations: Treasury, U.S, Labor Department, Dow, Federal Reserve, Fed, European Central Bank

☆ U.S. dollar drifts higher from multi-month lows, yen gains
▼ + stars: | 2024-06-04 | by ( ) www.cnbc.com time to read: +2 min

Job openings, a measure of labor demand, were down 296,000 to 8.059 million on the last day of April, the lowest since February 2021. Market participants had their focus on the JOLTS data ahead of Friday's U.S. job report, which is expected to show 185,000 new jobs created in May, up from 175,000 in April. "Certainly we had the JOLTS data which was pretty weak. The JOLTS report followed data on Monday showing a second straight month of slowdown in manufacturing activity and an unexpected decline in construction spending. In afternoon trading, the dollar index was up 0.1% at 104.12, having fallen to its lowest since mid-April overnight at 103.99.

Persons: Eugene Epstein, Epstein Organizations: U.S, Swiss, Labor, Survey, Federal Reserve, North America, European Central Bank, Bank of Canada, BoC, BOC, ECB Locations: Friday's, Moneycorp, New Jersey

☆ Job openings fell again in April, hitting lowest level since February 2021 in a sign of labor market weakening
▼ + stars: | 2024-06-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Job openings fell more than forecast in April, signaling a potential weakening in the labor market that could provide the Federal Reserve with more impetus to start lowering interest rates. The Labor Department's Job Openings and Labor Turnover Survey released Tuesday showed that the level of employment vacancies slipped to 8.06 million for the month, down by nearly 300,000 from March and close to 19% lower than a year ago. The ratio of job openings to available workers edged down from 1.2 to 1, after being around 2 to 1 when openings peaked above 12 million in March 2022. Fed officials watch the JOLTS report closely for signs of labor market slack as they look for direction on monetary policy. While job openings slid, hires moved slightly higher as did separations and quits, a sign of worker confidence in the ability to move to other positions.

Persons: Dow Jones, nonfarm Organizations: Reserve, Labor, Bureau of Labor Statistics

The Dow Jones Industrial Average rose on Tuesday as Wall Street sought its footing after an uneven start to the month. The S&P 500 added 0.15% to finish the session at 5,291.34, and the Nasdaq Composite advanced 0.17% to 16,857.05. Bath & Body Works was the worst-performing stock in the S&P 500, losing nearly 13% on the back of disappointing guidance. Tuesday's market move comes one day after the Dow fell more than 115 points, or 0.3%, on the first trading day of June. The S&P 500 and Nasdaq Composite both rose modestly on Monday as weak manufacturing data weighed on market sentiment.

Persons: Dow, Megan Horneman, Dow Jones Organizations: Dow Jones, Nasdaq, Treasury, Dow Inc, Caterpillar, Body, Verdence Capital Advisors, Labor Department

☆ Gold little changed as traders seek more data for Fed rate cues
▼ + stars: | 2024-06-03 | by ( ) www.cnbc.com time to read: +2 min

Gold prices were little changed on Monday as traders awaited more U.S. economic data this week, after recent data showed that inflation stabilized and lifted hopes for the Federal Reserve to cut interest rates later this year. Gold prices were little changed on Monday as traders awaited more U.S. economic data this week, after recent data showed that inflation stabilized and lifted hopes for the Federal Reserve to cut interest rates later this year. "Gold is getting a little bit of support after the marginally softer than expected Personal Consumption Expenditures numbers supported the notion that the Fed can cut rates this year," Rodda said. Data on Friday showed that the U.S. inflation had stabilized in April, raising bets for a rate cut in September. Spot gold may break support at $2,319 per ounce, and fall towards $2,302, according to Reuters technical analyst Wang Tao.

Persons: Bullion, Kyle Rodda, Rodda, Wang Tao Organizations: Federal Reserve, Capital.com, Institute of Supply, PMI, Traders Locations: .

☆ Treasury yields slip as investors look to key jobs data in week ahead
▼ + stars: | 2024-06-03 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

ET, the yield on the 10-year Treasury was down by over one basis point to 4.4926%. The 2-year Treasury yield was last one basis point lower to 4.8830%. U.S. Treasury yields fell on Monday as investors awaited fresh economic data, including key jobs data, slated for the week. Investors looked to key economic data that could provide fresh hints about the state of the economy and the monetary policy path. Including food and energy costs, the PCE increased 0.3% from the previous month and 2.7% on an annual basis, as expected.

Organizations: Treasury, U.S, European Central Bank, Traders, Fed, Investors, PCE Locations: U.S

☆ Bad economic news has been good for stocks, but that could change this week
▼ + stars: | 2024-06-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

Bad economic news so far has been mostly positive for the stock market, as investors worry over whether the Federal Reserve will start cutting interest rates. The greenback often rises on bad news as investors seek the safety of cash and equivalents, while the stock market gains on good news. .SPX .DXY line 2024-04-01 Stocks vs. the dollar At the same time, economic data has generally deteriorated, or at least not met Wall Street forecasts. For the most part, bad economic news likely could help convince the Fed that the time is right to start lowering interest rates. Based on the prior two months, the unemployment rate would have to rise to 4.3% in May for that to happen.

Persons: Ohsung Kwon, Kwon, Dow Jones, Claudia Sahm, BofA Organizations: Federal Reserve, Bank of America, Citi, Fed, Bureau of Labor Statistics, New Century Advisors

☆ Jobs data will steal the spotlight next week. What to watch for in 3 key labor reports
▼ + stars: | 2024-06-01 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

In this way, the nonfarm payroll report also offers clues on the near-term path of inflation. As always, payroll processing firm ADP will release its May private-sector jobs report before the government's nonfarm payroll report. On Tuesday, we'll get the latest JOLTS data, shorthand for the Job Openings and Labor Turnover Survey conducted by the Labor Department. Earnings A few noteworthy earnings reports set for next week include CrowdStrike and Hewlett Packard Enterprise after the close on Tuesday. A report released by the Bureau of Labor Statistics showed the US economy added 311,000 jobs in February.

Persons: industrials, Eaton, Locker, Salesforce, we've, FactSet, Dow Jones, we'll, Ferguson, OLLI, Campbell Soup, Brown, Forman, LULU, JM Smucker, Jim Cramer's, Jim Cramer, Jim, Joe Raedle Organizations: Nasdaq, Dow Jones, Federal, Energy, Coterra Energy, Palo Alto Networks, Broadcom, Microsoft, Costco, Labor, Labor Department, Institute for Supply, Hewlett Packard Enterprise, Body, Donaldson Company, DCI, Brands, Natural Foods, THOR Industries, ABM Industries, Vail Resorts, MTN, NGL Energy, Jim Cramer's Charitable, CNBC, Bureau of Labor Statistics, Getty Locations: Chicago, Palo, U.S, Bath, Toro, Miami , Florida

☆ Nvidia will be key to market's direction as Wall Street heads into the summer with May jobs report on deck
▼ + stars: | 2024-05-31 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Nvidia is the key to how stocks will perform in the next few months as investors head into a seasonally weak period for markets, with the macroeconomic picture once again a center of attention. Stocks capped a winning month in May after a strong earnings season and signs of easing inflation buoyed investor optimism. .VIX YTD mountain CBOE Volatility Index In fact, the CBOE Volatility Index, known as Wall Street's fear gauge, is currently at 14. The broad market index was last around 5,220. Traders will have to rely on macroeconomic data for the next several weeks, including the May jobs report that's on deck next Friday.

Persons: Stocks, what's, Olivier Sarfati, Sarfati, Jensen Huang's, Josh Brown, Jonathan Krinsky, Jeff deGraff, CNBC's, deGraff, Rob Ginsberg, JC O'Hara, Roth, Dow Jones, Thomas Urano, Jobs, Cook Organizations: Nvidia, Nasdaq, Dow Jones, Ritholtz Wealth, Semiconductors, VanEck Semiconductor, Macro, Wolfe Research, Advisory, PMI, Manufacturing, Hewlett Packard Enterprise, Body, Services PMI, Labor, Girls Global, University of, District of Columbia, Consumer Credit Locations: Smucker, Washington

☆ New York Mets look to shift off-field narrative with new content deal
▼ + stars: | 2024-05-30 | by ( Ian Thomas | ) www.cnbc.com time to read: +5 min

Mr. Met poses before the game between the Chicago Cubs and the New York Mets at Citi Field. To that end, the Mets will be working on development, production and distribution with Range Sports, a division of entertainment management firm Range Media Partners. Mets owner and hedge fund manager Steve Cohen is a minority investor in Range through his Point72 Ventures fund. The Mets will be focused on a variety of content, Havens said, from players talking about fashion or what they do in the offseason to storytelling around the culture of Mets fans. "That opens up a bunch of new opportunities to engage Mets fans and non-Mets fans," Havens said.

Persons: it's, Steve Cohen, John Malone's Liberty, David Bonderman, Scott Havens, Havens, Pete Alonso, Jorge Lopez, Will Funk, Greg Luckman, Bradley Cooper, Jack Harlow, Brock Purdy, LIV, WWE's, Cohen Organizations: Chicago Cubs, New York Mets, Citi Field, The New York Mets, Major League Baseball, NBA, NFL, Mets, Sports, Range Media Partners, Point72 Ventures, John, John Malone's Liberty Global, TPG, Business, Bloomberg Media, San Francisco 49ers, CW, LIV Golf, ACC football, WWE's NXT Locations: Queens , New York

☆ Baby boomers have been America's secret weapon for fending off recession
▼ + stars: | 2024-05-22 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewTalks of a looming recession are flaring across Wall Street, but the savings war chest of baby boomers has staved off a US downturn. AdvertisementInstead, only the goods sector has shown signs of a growth recession, Yardeni said. But that's after the lockdown's hard-to-beat buying spree; today, goods spending remains at a record high when adjusted for inflation. Related storiesBut to Yardeni, they're the reason no consumer recession has appeared in the past two years, he separately wrote in April:"The Baby Boomers watched a lot of 'Star Trek' during the 1960s. AdvertisementMeanwhile, the baby boomer focus on service spending may also have deformed indicators, making things look gloomier than they are.

Persons: —, Ed Yardeni, Yardeni Organizations: Service, Business, Financial Times, Boomers

☆ A renowned market bear who called the dot-com bubble warns Wall Street groupthink is wrongly leading investors to abandon recession forecasts — and says a 'policy disaster' is brewing as the Fed keeps
▼ + stars: | 2024-05-18 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Various labor market indicators are also showing growing weakness in the economy, he said. Societe GeneraleNational Federation of Independent Business data shows further labor market weakness is likely to come, as small business hiring plans continue to fall. Both stats would suggest a rising unemployment rate going forward. In the meantime, the labor market has consistently proven resilient despite high interest rates, and stocks have enjoyed an eye-popping rally to new highs. Some also argue that labor market data points like the rising unemployment rate have to be shown with context.

Persons: —, Albert Edwards, didn't, Edwards, aren't, we'll, Societe Generale Edwards, Bob Elliott, groupthink Edwards, Alan Greenspan Organizations: Service, Societe Generale, Wall, Business, Societe Generale National Federation of Independent Business, ING, Generale, Unlimited Partners, Bridgewater Associates, of Labor Statistics, Tech

☆ Gold drifts higher as rising Fed rate cut expectations boost appeal
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September. Spot gold rose 0.1% at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1% to its highest since April 19 on Wednesday. "Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective," said Tim Waterer, chief market analyst at KCM Trade. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week." Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Tim Waterer, Austan Goolsbee, Jerome Powell's Organizations: U.S . Federal Reserve, Treasury, KCM, Chicago Federal Reserve Bank Locations: .

☆ Gold prices flat as U.S. inflation data takes centre-stage
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

Gold prices traded flat on Wednesday as investors looked forward to a critical U.S. inflation print that could offer clues on the Federal Reserve's interest rate-cut trajectory. Spot gold held its ground at $2,359.99 per ounce, as of 0704 GMT, trading in a narrow $6 range, after gaining 1% on Tuesday. According to a Reuters poll, the data is expected to show that core inflation in April rose 0.3% month-over-month, down from 0.4% the prior month. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. However, data on Tuesday showed that U.S. producer prices increased more than expected in April.

Persons: Kyle Rodda, Bullion, Jerome Powell Organizations: Fort, BHP Group Locations: Fort Knox Alaska, Kinross, Tetlin , Alaska, ., U.S, American

☆ Here's everything to expect from Wednesday's key report on inflation
▼ + stars: | 2024-05-14 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

"I expect that inflation will move back down on a monthly basis to levels that were more like the lower readings we were having last year," he told attendees at a banking conference. So we're just going to have to see where the inflation data fall out." The index, a proxy for wholesale prices, accelerated 2.2% on an annual basis, the highest reading in a year. "This will be the most important read of the month [excluding nonfarm payrolls] as inflation continues to defy expectations," said Dan North, senior economist at Allianz Trade North America. Even if the report comes in around consensus expectations, it will be "inadequate progress for the Fed to consider a cut until September," he added.

Persons: Frederic J, Brown, Dow Jones, Jerome Powell, we're, Dan North Organizations: AFP, Getty, Federal Reserve, Labor Department's Bureau of Labor Statistics, Allianz Trade North, Fed Locations: Rosemead , California, Amsterdam, Allianz Trade North America

☆ 'This is where you start bear markets from': A notorious bear who called the 2000 and 2008 crashes warns stock-market conditions resemble a major peak more than any time in the last 100 years
▼ + stars: | 2024-05-11 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The gauge is shown below in green and red alongside S&P 500 price action in blue. Most strategists at major Wall Street banks, meanwhile, generally see the S&P 500 staying above 5,000 through 2024. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.

Persons: Jeremy Grantham, John Hussman, he's, Hussman, —, it's, Warren Buffett, there's, David Rosenberg Organizations: Hussman Investment Trust, Business, CPS, Federal Reserve, Rosenberg Research, Bureau of Labor Statistics, Employment Dynamics, bullish

☆ Dollar nurses losses after another set of soft jobs data
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +4 min

Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.

Persons: Commonwealth Bank of Australia's Joseph Capurso, Shunichi Suzuki, Rong Ren Goh, Sterling, BoE, Goh Organizations: U.S, Federal Reserve, dovish Bank of England, Commonwealth Bank of Australia's, Tokyo, Japan's Finance, Eastspring Investments, Bank of England, Monetary, Committee, Fed, Treasury, Traders, PPI, Federal Locations: U.S, United States

☆ Weekly jobless claims jump to 231,000, the highest since August
▼ + stars: | 2024-05-09 | by ( ) www.cnbc.com time to read: +2 min

Initial filings for unemployment benefits hit their highest level since late August 2023 in a potential sign that an otherwise robust labor market is changing. Also, job openings have been declining amid expectations that the labor market is likely to slow through the year. The four-week moving average of claims, which helps smooth out weekly volatility in numbers, increased to 215,000, up 4,750 from the previous week. "One week does not a trend make, but we can no longer be sure that calm seas lie ahead for the US economy if today's weekly jobless claims are any indication." Markets reacted little to the jobless claims release, with stock market futures slightly negative and Treasury yields mixed.

Persons: Dow Jones, Christopher Rupkey, Robert Frick Organizations: Labor Department, Navy Federal Credit Union Locations: New York

☆ Treasury yields fall as investors consider Fed policy path
▼ + stars: | 2024-05-07 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last over one basis point lower to 4.8095%. U.S. Treasury yields declined on Tuesday as investors considered the outlook for Federal Reserve monetary policy following the latest economic data and remarks from central bank officials. In recent weeks, expectations have moved toward there being fewer rate cuts in 2024 than previously expected, or even none. Barkin's comments came after a weaker-than-expected April jobs report released at the end of last week had buoyed hopes about rate cuts. More Fed policymakers are slated to make remarks throughout the week, which investors will be watching closely for additional hints about the policy outlook.

Persons: Tom Barkin Organizations: Treasury, U.S, Federal Reserve, Investors, Richmond Federal, Fed

☆ European markets set to rise with global sentiment remaining stable after U.S. jobs data
▼ + stars: | 2024-05-06 | by ( Matt Clinch | ) www.cnbc.com time to read: 1 min

LONDON — European markets are set to advance Monday as traders continue to assess the possibility of rate cuts after softer-than-expected U.S. jobs data. The French CAC 40 was set to open 50 points higher at 8,239 points, German DAX was expected to jump 60 points to 18,050. Friday's U.S. nonfarm payrolls report showed 175,000 jobs were added in April, below the 240,000 jobs expected by economists surveyed by Dow Jones. The unemployment rate edged up to 3.9% from 3.8% in the prior month, according to the Bureau of Labor Statistics. Wage figures also came in lower than expected, an encouraging sign for inflation.

Persons: DAX, nonfarm, Dow Jones Organizations: CAC, Bureau of Labor Statistics

☆ The US may already be in recession as job cuts accelerate, research CEO says
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The US economy may already be mired in recession, Danielle DiMartino Booth told Bloomberg TV. Downside labor revisions and rising job losses indicate a downturn has hit, the QI Research CEO said. AdvertisementThe US is already mired in recessionary downturn, and rising job losses prove it, veteran forecaster Danielle DiMartino Booth told Bloomberg TV. AdvertisementBy that standard, the rule was triggered in October of last year, according to recently published labor revisions through the third quarter of 2023, indicating job losses of 192,000. Other analysts have also projected rising recession risk, hand-in-hand with a labor market fallout.

Persons: Danielle DiMartino Booth, —, there's, it's, Booth, Goldman Sachs, payrolls, David Rosenberg Organizations: Bloomberg TV, Downside, QI, Service, Bloomberg, Fox Business

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