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☆ Japan's Nikkei leads gains in Asia Pacific after Wall Street soars on Fed's jumbo rate cut
▼ + stars: | 2024-09-20 | by ( Anniek Bao | In | ) www.cnbc.com time to read: 1 min

A Japanese flag is displayed as shoppers and pedestrians walk past stores at a shopping street in Tokyo, Japan, on Wednesday, Nov. 23, 2016. Asia-Pacific markets opened higher on Friday with Japan's Nikkei 225 leading gains, after Wall Street soared overnight following the Federal Reserve's outsized rate cut. Japan's core consumer prices index climbed 2.8% year on year, in line with Reuters estimates, versus a 2.7% rise in the previous month. The reading will be the last gauge of the economy before the BOJ concludes its two-day monetary policy meeting, where it's expected to keep interest rates unchanged at 0.25%. The Japanese yen was nearly flat at 142.67.

Persons: PBOC Organizations: Japan's Nikkei Locations: Tokyo, Japan, Asia, Pacific

☆ China's yuan jumps to 16-month high, state banks step in to curb gains
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +2 min

China's yuan rose to its strongest level in nearly 16 months on Friday on bets that Beijing will unveil fresh economic stimulus following a jumbo U.S. rate cut, though gains were capped by dollar buying from Chinese state banks. The onshore yuan strengthened to as much as 7.0420 per dollar, the firmest level since May 24, 2023, on track for a six-session rising streak. The Fed cut rates by a larger than usual 50-basis-points on Wednesday. On Friday, China's major state-owned banks were seen buying dollars in the onshore market to prevent the yuan from appreciating too fast. Prior to the market opening, the People's Bank of China set the midpoint rate at 7.0644 per dollar, its strongest in nearly 16 months.

Persons: recouping, Zhiwei Zhang, Yang Fan Organizations: Citic Securities, People's Bank of Locations: Beijing, China, U.S, People's Bank of China

☆ With a big interest rate cut in the books, Tom Lee says the 'Fed put' is back in play
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +2 min

The Federal Reserve's big interest rate cut this week has reintroduced the notion of the " Fed put " into the stock market, longtime bull Tom Lee said. That means, the Fed's mandate is now primarily supporting a strong labor market," Lee wrote to clients Friday. Broadly speaking, the "put" refers to the desire of the Fed to loosen financial conditions, which in turn supports risk assets like stocks. In particular, he cited "an important lifeline" to three sectors that Lee said actually are in a recession: durable goods, auto sales and housing. This is a long winded way of saying the Fed is not 'pushing on a string ,'" Lee wrote.

Persons: Tom Lee, Lee Organizations: Federal, Fundstrat Global Advisors, Fed

☆ Cramer's week ahead: New inflation data and earnings from Costco, KB Home
▼ + stars: | 2024-09-20 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

But regardless of the week's events, Cramer said the Fed's successful start to the easing cycle is leading the market in a positive direction. "We're in a rate cut cycle now, ok, it's very different from, from the last couple years. Next year should be better for the homebuilder than 2024 because the Fed is lowering rates, he added. Semiconductor outfit Micron will report earnings on Wednesday along with Cintas , which supplies a range of materials, including uniforms, to businesses. Retail grocery giant Costco reports on Thursday, and Cramer will be paying attention to which products are and aren't selling.

Persons: CNBC's Jim Cramer, Cramer, Raphael Bostic, Austan Goolsbee, Hewlett Packard Organizations: Costco, KB, Federal, Atlanta Fed, Chicago Fed, Apple, Semiconductor, Micron, Retail, Commerce Department

☆ Stock market today: Indexes edge down as traders hit pause after rally to record highs
▼ + stars: | 2024-09-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks traded slightly lower as investors pressed pause on the rally to record highs. The S&P 500 and Dow Jones hit record highs on Thursday after the Federal Reserve's 50 basis point rate cut. Heavy trading is expected on Friday due to option expirations and S&P quarterly index rebalancing. AdvertisementUS stocks traded sightly lower on Friday as investors pressed pause on the ongoing rally to record highs. The so-called triple witching day occurs when there is a simultaneous expiration of stock options, index options, and index futures contracts.

Persons: Dow Jones, —, Thursday's, Jerome, Brian Belski, Michael Reinking, Reinking Organizations: Federal, Service, Dow Jones, Nasdaq, NYSE, Here's

☆ Yen nurses losses as BOJ meets, dollar dogged by rate outlook
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +3 min

Japanese 10,000 yen, left, and US 100 dollar banknotes arranged for a photograph in Tokyo, Japan, on Friday, May 10, 2024. It has been a tough week for the yen, with the euro gaining 2.2% to 159.46 as speculators booked profit on recent long yen positions. The dollar was up 1.4% for the week at 142.84 yen , though off an overnight high of 143.95. "As such, there is scope to further raise the policy rate while keeping financial conditions accommodative," she said. "The recent financial market ructions and the upcoming Liberal Democratic Party election may make the BOJ more cautious about raising."

Persons: Samara Hammoud, Kazuo Ueda, Sterling Organizations: Bank of, U.S ., CBA, 25bp, Liberal Democratic Party, U.S Locations: Tokyo, Japan, Bank of Japan, Samara, China, U.S . Federal, Bank of England

☆ Wells Fargo says don't buy this rally, fundamentals don't support it
▼ + stars: | 2024-09-19 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

But Wells Fargo cautioned that the pop is detached from reality. However, the benefits of easing policy may not be truly felt until next year due to the uncertainty surrounding the presidential election, Wells said. The Wall Street bank said the S & P 500 is likely to be range bound in the coming months and it is already trading toward the top of the range. Wells sees the S & P 500 finishing 2024 at 5,200, 7% below Wednesday's closing level. Its target is one of the lowest forecasts among Wall Street strategists, who on average project the benchmark ending the year at 5,571, according to CNBC Pro's market strategist survey.

Persons: Stocks, Wells Fargo, Scott Wren, Wells, Wren Organizations: Street, CNBC Locations: U.S

☆ Stock market today: Dow surges 462 points as stocks rally after jumbo Fed rate cut
▼ + stars: | 2024-09-19 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Indexes rallied Thursday as investors continue to digest Wednesday's jumbo rate cut from the Fed. The Fed cut rates by 50 basis points in its first rate cut in over four years. AdvertisementUS stocks soared on Thursday in a late reaction to the Federal Reserve's jumbo interest rate cut. On Wednesday, the Fed issued its first interest rate cut since 2020, cutting its benchmark rate by 50 basis points. Bank of America analysts said after the meeting that they see 75 basis points of cuts in the fourth quarter and 125 basis points next year.

Persons: —, Jerome Powell's, Dow, today's 50bp, Goldman Sachs, Powell, Gen Z's Organizations: Fed, Service, Federal, Nasdaq, Bank of America, Labor Department, SEC

☆ Stocks making the biggest moves midday: Tesla, Mobileye Global, Darden Restaurants and more
▼ + stars: | 2024-09-19 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Tech stocks — Key tech names rallied a day after the Federal Reserve's supersized rate cut decision. Coursera — The online education platform jumped more than 8% on the back of Bank of America's initiation at a buy rating. Uber shares rose 3%. NextEra Energy Partners — The stock rose more than 3% on the heels of Jefferies initiating coverage with a buy rating. Crypto stocks — Stocks tied to bitcoin's price climbed as the cryptocurrency moved more than 4% higher following the Fed's rate cut on Wednesday.

Persons: Tesla, Meta, Coursera, Uber, DoorDash, Jefferies, Stocks, MicroStrategy, Alibaba, Alex Harring, Samantha Subin, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Tech, Federal, Nvidia, Therapeutics, Intel, Bank of, Darden, DoorDash, NextEra Energy Partners, JPMorgan Locations: Mobileye, Olive

☆ The Fed has underestimated the extent of their 'new language' in cutting, says Narayana Kocherlakota
▼ + stars: | 2024-09-19 | 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 EmailThe Fed has underestimated the extent of their 'new language' in cutting, says Narayana KocherlakotaNarayana Kocherlakota, University of Rochester professor of economics, joins CNBC to discuss why he's surprised by the Federal Reserve's decision to cut rates by 50 basis-points, what risks are present if the Fed is too aggressive in cutting, and more.

Persons: Narayana, Narayana Kocherlakota Organizations: University of Rochester, CNBC, Federal

☆ 'No victory lap yet' for President Biden, still more work to do on economy, says CEA chair Bernstein
▼ + stars: | 2024-09-19 | 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 Email'No victory lap yet' for President Biden, still more work to do on economy, says CEA chair BernsteinJared Bernstein, chairman of Council of Economic Advisors, joins CNBC's 'Money Movers' to discuss expectations for President Biden's visit to the Economic Club of Washington DC, reactions to the Federal Reserve's interest rate cut, and more.

Persons: Biden, Bernstein Jared Bernstein, Biden's Organizations: of Economic Advisors, Economic, of Washington DC

☆ Stocks making the biggest moves premarket: Darden Restaurants, Nvidia, DoorDash, Coursera and more
▼ + stars: | 2024-09-19 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

Darden Restaurants — Shares advanced nearly 11% after the restaurant operator announced a multiyear partnership with Uber for on-demand delivery later this year. The company reported weaker-than-expected quarterly earnings and revenue, however, as its sales weakened at Olive Garden and its fine dining restaurants. DoorDash — The food delivery stock rose more than 3% after an upgrade to buy from neutral at BTIG. Alibaba – Shares rose more than 4% after the Chinese e-commerce company launched more than 100 open-source artificial intelligence models and a text-to-video tool. FedEx — Shares rose more than 1% ahead of the shipping giant's first-quarter earnings report due after the bell.

Persons: Uber, Jefferies, chipmakers, FactSet, Alibaba, Max, Stocks, bitcoin, — CNBC's Sean Conlon, Alex Harring, Samantha Subin, Jesse Pound, Brian Evans, Sarah Min, Michelle Fox Theobald Organizations: Darden, Olive, NextEra Energy, Nvidia, Arm Holdings, Micron, Micron Technology, FedEx —

☆ FedEx quarterly profit disappoints as demand for speedy delivery wanes
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +2 min

FedEx reported a steep quarterly profit drop and lowered its full-year revenue forecast on Thursday after its customers continued to trade down from speedy, pricey delivery to cheaper, slower options. Shares in the Memphis-based delivery giant tumbled almost 11% to $267.74 in after-hours trading, dragging shares in rival United Parcel Service down 2.5%. The shift to less-profitable packages is squeezing profits at FedEx and UPS. Subramaniam is leading a complex restructuring at FedEx that involves slashing billions of dollars in overheads and merging its separate Ground and Express delivery units. On an adjusted basis, profit fell to $3.60 per share from $4.55 per share a year ago.

Persons: Raj Subramaniam, Subramaniam Organizations: FedEx, United Parcel Service, UPS, Reuters, Federal, United States Postal Service, FedEx Freight Locations: Memphis, China, Shein, U.S

Because the Fed is likely to cut rates further, mortgage rates should continue to drop this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-Year Mortgage Rates TodayAverage 30-year mortgage rates are hovering around 5.60% today, according to Zillow data. 15-Year Mortgage Rates TodayAverage 15-year mortgage rates are right around 5%, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data.

Persons: annonuncement, Jerome Powell, you'll, they've, Freddie Mac, it's, They'll Organizations: Zillow, Fed Locations: Chevron

☆ Why rate cuts could actually slow the economy instead of sparking growth
▼ + stars: | 2024-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

The consensus view is that lower rates will stave off a recession by stimulating economic growth through lower borrowing costs. The hidden danger of a double cutHowever, David Kelly of JPMorgan Asset Management warned that lower rates aren't an economic panacea. In fact, the chief global strategist thinks these cuts could, paradoxically, cause the economy to slow in the near term. Advertisement"The important thing to recognize is that cutting interest rates at the start doesn't stimulate the economy at all," Kelly said on CNBC. "There is a J-curve effect; it actually slows the economy because people begin to anticipate those lower rates, so they want to wait for lower rates."

Persons: —, Jim Caron, Claudia Sahm, Jerome Powell, Sahm, Ronald Temple, Kevin Philip of, David Kelly, Kelly, what's, you've, Kelly isn't, it's, they've Organizations: Service, Federal, Business, Fed, Dow Jones, Morgan Stanley Investment Management, CNBC, New Century Advisors, Lazard, Kevin Philip of Bel Air Investment Advisors, JPMorgan Asset Management

☆ UBS: China will benefit less from the Fed's rate cut than other APAC markets
▼ + stars: | 2024-09-19 | 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 EmailUBS: China will benefit less from the Fed's rate cut than other APAC marketsEva Lee, head of Greater China equities at UBS, explains why she thinks China will not benefit much from the Federal Reserve's interest rate cut, and why it may also make it easier for the PBOC to move on its policy.

Persons: Eva Lee Organizations: UBS Locations: China

☆ The Fed 'moved too fast' with rate cuts and now risks reigniting inflation, analyst says
▼ + stars: | 2024-09-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

On the positive side, Wharton professor Jeremy Siegel called the decision the "best news" the Fed has offered in years. He said the Fed "moved too fast" with its 50-point cut. This is unusual, since investors will typically snap up these assets after a rate cut. Related storiesSome on Wall Street noted that the Fed's decision to cut beyond 25 basis points was essentially a signal that the central bank is moving past inflation. To Contopoulos point, this may be premature, as August's consumer price index report still stood above the 2% inflation target.

Persons: —, Wharton, Jeremy Siegel, Michael Contopoulos, Bernstein, Contopoulos, Powell, Narayana Kocherlakota Organizations: Service, Business, Bernstein Advisors, CNBC, Wall, University of Rochester

☆ Battleground stocks: Wall Street is completely divided on these controversial names
▼ + stars: | 2024-09-19 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Forty-one percent of analysts polled by FactSet have a buy rating on Tesla stock, while 21% have a sell rating. About 43% of analysts surveyed by FactSet maintain a buy rating on IBM stock, but 21% are at a sell. He also noted that the risk-to-reward skew on IBM stock is more balanced, leaving less upside for the stock. IBM YTD mountain IBM stock. Goldman Sachs recently added IBM to its conviction list with a $220 price target, or 2% above where shares closed Wednesday.

Persons: Tesla, TSLA, Wolfe Research's Emmanuel Rosner, Rosner, Morgan Stanley, Adam Jonas, Jonas, Elon Musk, Bernstein's Toni Sacconaghi, Sacconaghi, Goldman Sachs, Jim Schneider, Campbell Soup Organizations: CNBC Pro, FactSet, U.S, automakers, IBM, Pepperidge

☆ Trump says Fed's rate cut was 'political move'
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +1 min

Republican presidential nominee and former U.S. President Donald Trump holds a rally at Nassau Veterans Memorial Coliseum, in Uniondale, New York, U.S., September 18, 2024. Republican presidential candidate Donald Trump said on Thursday the U.S. Federal Reserve's decision to cut interest rates by half of a percentage point was "a political move." Most people thought it was going to be half of that number, which probably would have been the right thing to do," Trump said in an interview with Newsmax. The Federal Reserve on Wednesday kicked off what is expected to be a series of interest rate cuts with an unusually large half-percentage-point reduction. Trump said last month that U.S. presidents should have a say over decisions made by the Federal Reserve.

Persons: Donald Trump, Trump Organizations: Nassau Veterans Memorial Coliseum, Republican, U.S, U.S . Federal, Newsmax, Federal Reserve, Senate, Fed Locations: Uniondale , New York, U.S, U.S .

☆ Dollar rebounds after Fed goes big on rate cut
▼ + stars: | 2024-09-19 | by ( ) www.cnbc.com time to read: +4 min

The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets. The U.S. dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of the Federal Reserve's outsized interest rate cut that had been largely priced in by markets. Fed policymakers on Wednesday projected the benchmark interest rate would fall by another half of a percentage point by the end of this year, a full percentage point next year and half of a percentage point in 2026, though they said the outlook that far into the future is necessarily uncertain. "So to expect an easing today because of what the Fed has done seems a little bit too hard to believe." Elsewhere, the Australian dollar edged up 0.05% against its U.S. counterpart to $0.6768, while the New Zealand dollar advanced 0.04% to $0.6210.

Persons: Jerome Powell, it's, Rodrigo Catril, —, Eric Robertsen, Sterling, NAB's Organizations: U.S, Wednesday, Reuters, National Australia Bank, Bank of England, New Zealand Locations: U.S, Singapore

☆ One number shows why the economy might not get the immediate relief many hope for
▼ + stars: | 2024-09-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

That rate is the 10-year US Treasury yield, a key lending benchmark for everything from mortgages to corporate debt. "The reaction within Treasury markets was most telling yesterday," Reinking said. AdvertisementHowever, it also means the 10-year Treasury is moving higher since the decision. The 10-year Treasury yield is a lending benchmark for everything from home loans to corporate debt. "That's positive for the economy, and in that case yields should be higher.

Persons: —, Michael Reinking, Reinking, Freddie Mac, Inki Cho, Sonu Varghese, Carson, Jerome Powell's, Varghese Organizations: Service, Federal, Treasury, Business, New York Stock Exchange, Fed

☆ Volatility looms as election season heats up. Fortify your portfolio against autumn market shocks
▼ + stars: | 2024-09-19 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Recalibrate for risk Protecting your portfolio from sharp losses begins with understanding your comfort with risk and ensuring that your asset allocation reflects your long-term goals. "But over that period when markets were down, there were opportunities to harvest losses in stocks, individual names that experienced big pullbacks." And they've been a good buy for clients who are nearing retirement, seeking income and appreciate bonds' ability to offset stocks' volatility. Options for buffering losses Options are also playing a role in investors' portfolios as financial advisors try to mitigate volatility. Call options give investors the right to buy a stock at a specified strike price before a certain date.

Persons: Stocks, Goldman Sachs, Arun Prakash, Prakash's, Rafia Hasan, San, Hasan, they've, Andrew Herzog, We're, Herzog, he's, Gregory Guenther, Morningstar, " Guenther Organizations: Federal, Wealth Management, Fed, Treasury Bond ETF, SEC, GrantVest Financial Locations: San Francisco, Plano , Texas, Matawan , New Jersey

☆ 20 cities opening up for homebuyers as inventory grows and mortgage rates tumble
▼ + stars: | 2024-09-19 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. But the tables are finally starting to turn as mortgage rates slide and inventory rises across US cities. Mortgage rates have fallen to the lowest levels since February 2023 as markets have priced in the Federal Reserve's long-awaited interest rate cuts, which finally arrived on Wednesday. pic.twitter.com/aAQvC80WPY — James Faris (@JamesFaris_) September 18, 2024Rising inventory is a big win for buyersHome inventory is also heading in the right direction. 20 cities where homes are much easier to findIn her note, Scibetta listed 20 major US cities where home inventory rose meaningfully from July 2023 to July 2024.

Persons: —, aAQvC80WPY — James Faris, Mackenzie, Zoocasa, Scibetta, Kendall Bonner, Sellers, Bonner, " Bonner Organizations: Service, Business, National Association of Realtors, eXp, NAR

☆ The Fed has poured rocket fuel on the red-hot AI trade
▼ + stars: | 2024-09-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

AI stocks surged after the Federal Reserve's 50 basis point rate cut. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The tech-heavy Nasdaq 100 soared nearly 3% on Thursday, while the underlying AI trade saw even bigger gains. Investors in the stock market's AI trade can thank Fed chairman Jerome Powell for Thursday's risk-on surge in tech, according to Wedbush analyst Dan Ives. AdvertisementIves said that while the AI trade has mainly been focused on Nvidia and Microsoft, other companies are starting to join in on the fun.

Persons: Dan Ives, —, Jerome Powell, Ives Organizations: Federal, Nasdaq, Nvidia, Broadcom, Service, Federal Reserve, Investors, Big Tech, Microsoft, Oracle, Dell, IBM, APple Locations: Asia

☆ Treasury yields rise as investors digest Fed’s jumbo rate cut
▼ + stars: | 2024-09-19 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last less than one basis point higher to 3.6127%. U.S. Treasury yields were higher on Thursday as investors digested the Federal Reserve's decision to cut interest rates by 50 basis points on Wednesday. The Federal Reserve on Wednesday delivered a 50 basis point interest rate reduction, bringing the federal funds rate to 4.75%-5%. The size of the cut was in line with market expectations, which had shifted from expecting a 25 basis point cut to a bigger 50 basis point one in recent days. Elsewhere, the Bank of England is set to announce its latest interest rate decision.

Organizations: Treasury, U.S, Federal Reserve, Bank of England Locations: U.S

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