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☆ Stock market today: Indexes mixed after Fed meeting as Powell calms nerves over possible hike
▼ + stars: | 2024-05-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Central bankers chose to keep interest rates steady, and Powell said a rate hike was "unlikely." Fed officials chose to keep interest rates unchanged, in line with the market's expectations. Investors have been fretting over higher interest rates as inflation came in hotter-than-expected throughout the first quarter. The odds of a Fed rate hike in June are less than 1%. Calling that out in the first paragraph is tantamount to saying that interest rate cuts are not coming soon."

Persons: Powell, —, Greg McBride, Bankrate, Charlie Ripley Organizations: Service, Federal Reserve, Nasdaq, Fed, Allianz Investment Management

☆ Binance's former CEO could be the richest US prison inmate ever if sentenced with his $43 billion fortune
▼ + stars: | 2024-04-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Binance's founder CZ could end up being the richest-ever US prison inmate if he's sentenced on Tuesday. Zhao currently has a $43 billion fortune, according to an estimate from Bloomberg. The former crypto exchange boss has asked for no prison time. If he does go to jail, Zhao could be the richest inmate ever to be sentenced in the US, given his $43 billion fortune, per an estimate from Bloomberg. In a letter sent to a Seattle judge in February, he apologized for his "poor decisions" while running his crypto exchange.

Persons: he's, Zhao, —, Changpeng Zhao, That's, Sam Bankman, Fried, Yi, Binance's, Binance Organizations: Bloomberg, Service, Seattle Court, Forbes, Binance, Street Journal, of Justice, CZ Locations: Seattle

☆ Trump 2.0 would be destructive for the economy, as the former president embraces 'crank' doctrine and economic fantasy, Paul Krugman says
▼ + stars: | 2024-04-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Blame the former president's "quack" economic policy and his tendency to deny reality, according to Nobel economist Paul Krugman. Similar "destructive" policies could be re-enacted in the US if Trump is re-elected in November, Krugman said. AdvertisementSome of Trump's economic policies during his presidency were flawed, Krugman said. If re-elected, Trump has said he plans on cracking down on immigration and imposing tariffs on US imports, especially those from China. "What's really worrisome, however, are indications that a future Trump regime would manipulate monetary policy in pursuit of short-run political advantage, justifying its actions with crank economic doctrines ...

Persons: —, Paul Krugman, Krugman, Trump, he's, that's, Nouriel Roubini Organizations: Service, The New York Times, Business, Federal Reserve, Trump Locations: China, stoke

☆ Live updates: Amazon to report quarterly earnings today after the market close
▼ + stars: | 2024-04-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: 1 min

Amazon reports first-quarter earnings on Tuesday. Investors will be looking for updates on the company's cloud-computing business, as well as plans for AI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAmazon will report first-quarter earnings on Tuesday after the closing bell. Investors will be watching for updates on the company's cloud-computing business, as well as for insights into how Amazon plans to use artificial intelligence.

Persons: — Organizations: Service

☆ The US economy is already in a recession, and it's following the same path as China by becoming reliant on debt, veteran forecaster says
▼ + stars: | 2024-04-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The US economy already looks like it's in a recession, according to Danielle DiMartino Booth. The chief strategist of QI Research pointed to weakness in the job market, with layoffs rising. She said that puts the economy in a precarious state, especially with US debt-taking already looking similar to China's. The chief strategist of QI Research has warned for months that the US economy is already in a recession, despite Wall Street's upbeat outlook for a soft-landing. But a downturn is already evident in the weakening job market, Booth said, pointing recent downward revisions in monthly job growth figures.

Persons: Danielle DiMartino Booth, —, Booth Organizations: QI, Service, QI Research Locations: China

☆ 'Winner take most': Here's what Wall Street is expecting from Amazon's Q1 earnings report
▼ + stars: | 2024-04-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

AdvertisementAmazon will report earnings on Tuesday after the closing bell and Wall Street has its eye on a few key details heading into the call. AdvertisementBofA analysts reiterated their "Buy" rating and $204 price target for the stock, implying a 13% upside from its current levels. AdvertisementAnalysts raised their price target for Amazon stock to $217, implying a 20% upside. The firm maintained its "Buy" rating and $220 price target, implying a 22% upside from the stock's current levels. The firm maintained its "buy" rating and $205 price target for Amazon stock, implying a 14% upside from current levels.

Persons: Goldman Sachs, —, Needham, Andy Jassy's, Wells Organizations: Investors, Service, Amazon, Amazon Web Services, Bank of America, Enterprise, Needham Locations: Wells Fargo

☆ The Fed will only cut rates when it's panicking over a recession and a market crash, Black Swan investor says
▼ + stars: | 2024-04-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Investors should be wary of coming Fed rate cuts, Black Swan investor Mark Spitznagel warned. That's because the Fed is only cutting rates in response to a weakening economy, Spitznagel told Reuters last week. The US could see a recession and major stock crash before rates head lower, he predicted. That's because the Fed is only likely to ease monetary policy when the economy is slammed with a recession and the market is flailing, according to famous "Black Swan" investor Mark Spitznagel. "There are lag effects when you reset interest rates like we had."

Persons: Black Swan, Mark Spitznagel, Spitznagel, —, Swan, Nassim Taleb Organizations: Reuters, Service, Federal Reserve, Universa, Federal, National Association of Business Economics, Investor

☆ A rate cut in June is still on tap because the job market is weakening, Citi economist says
▼ + stars: | 2024-04-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

It's still likely the Fed will issue its first rate cut this June, Citi economist Veronica Clark said. That's because central bankers will need to support a weakening labor market, Clark told Yahoo Finance. AdvertisementThe Federal Reserve is still likely to cut rates in June in order to prop up the labor market amid a slowdown in hiring, according to Citi economist Veronica Clark. "We have a base case for June still," Clark said of rate cuts, though she noted a July Fed rate cut was also possible. Markets are now pricing in just one or two cuts by December, according to the CME FedWatch tool, down from as many as seven rate cuts projected at the start of 2024.

Persons: It's, Veronica Clark, Clark, —, That's, Powell Organizations: Citi, Yahoo Finance, Service, Bureau of Labor Statistics — Locations: Central

☆ Tesla is headed for a new growth phase as Elon Musk is finally the 'adult in the room,' Wedbush says
▼ + stars: | 2024-04-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Tesla is back on track as Elon Musk is finally acting like the "adult in the room," Wedbush said. AdvertisementTesla stock could be headed for better days, thanks to Elon Musk finally stepping up as the "adult in the room" to calm investors as the company battles an array of headwinds, according to Wedbush Securities analyst Dan Ives. Ives pointed to Tesla's first-quarter earnings call on Tuesday, during which Musk issued firm guidance on the electric vehicle maker's strategy going forward. The company has a "golden vision" surrounding its full self-driving technology, which will be key to Tesla's strategy over the next decade, Ives added. Tesla stock surged in early trading on Wednesday, despite the company missing its revenue goal by nearly $1 billion over the last quarter.

Persons: Tesla, Elon Musk, Wedbush, Dan Ives, —, Ives, Musk, Wall, Tesla's Organizations: Elon, EV, Service, Wedbush Securities Locations: China

☆ Stock market today: US stocks mixed as traders brace for GDP data and more earnings
▼ + stars: | 2024-04-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks traded mostly lower on Wednesday as traders eyed the release of first-quarter GDP data. AdvertisementUS stocks were mostly lower on Wednesday as traders prepared for the release of first-quarter GDP data and digested the latest round of corporate earnings. AdvertisementInvestors are also preparing to take in more earnings results, which have been resilient so far this quarter. Facebook parent Meta Platforms will report after the closing bell, while Microsoft and Alphabet will report results after the close on Thursday. Tesla shares jumped 11% higher on Wednesday after the carmaker's latest earnings report.

Persons: Tesla, — Organizations: Service, Federal, Atlanta Fed, Fed, Facebook, Microsoft, Revenue Locations: Here's

☆ Stock market today: US stocks rise with tech sector gaining amid earnings
▼ + stars: | 2024-04-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

US stocks rose on Wednesday as traders took in corporate earnings reports. Tech stocks have gained, with Tesla popping over 10% in early morning trading. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementUS stocks were mostly higher on Wednesday as traders took in a slew of corporate earnings. Investors have been enjoying a relatively upbeat corporate earnings season thus dar.

Persons: Tesla, —, financials Organizations: Tech, Microsoft, Service, Nasdaq, Dow Jones Industrial, Here's Locations: FactSet

☆ Early retail bulls chart Nvidia's transformation from gaming icon to AI superpower — a ride that's paid for cars, dream homes, and lavish vacations
▼ + stars: | 2024-04-23 | by ( Ana Altchek | Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Nvidia has been a cash cow for retail investors lucky enough to buy before the huge AI-fueled rally. Early retail investors told Business Insider their gains have paid for cars, vacations, and dream homes. The stock's steep climb — up over 1,500% since 2019 — has transformed the lives of some of Nvidia's long-term retail investors, resulting in comfier retirements, new cars, and gains worth millions for some. Nvidia shares tumbled by more than 30% in 2018. That sense of security that such a windfall provides was the top theme among the Nvidia investors Business Insider connected with.

Persons: —, I'm, ChatGPT, Tom, he'll, Danial hadn't, Danial, Roth, Jeff Roberts, Rick, He's, Chris Downs, Downs, he's Organizations: Nvidia, Business, Service, Vanda Research, Apple, Invest, Mexico City Locations: New Jersey, Texas, Costa Rica, Missouri, Bolivia, Paris, Mexico, Spain

☆ The yield curve has been inverted for 18 months without a downturn - but the famed indicator isn't wrong, and a recession is near, strategist says
▼ + stars: | 2024-04-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The bond market's famous recession gauge has been flashing for 18 months. A downturn could be delayed for months after the yield curve first inverts, Paul Dietrich said. Dietrich pointed to the inverted Treasury yield curve, a highly accurate recession gauge that flashes when the yield on the 2-year US Treasury surpasses the 10-year Treasury. In the past, recessions have taken up to 28 months to officially start after being signaled by the yield curve and leading economic indicators, he noted. Dietrich is among the more bearish forecasters on Wall Street, having warned investors of an impending recession for months.

Persons: Paul Dietrich, —, Riley Wealth's, Dietrich, Stocks Organizations: Service, Treasury

☆ Why the steep plunge in stocks in April means the bull market can push on
▼ + stars: | 2024-04-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The S&P 500's recent sell-off is actually a sign the bull market is here to stay, according to Ken Fisher. AdvertisementThe recent sell-off in stocks isn't a reason for investors to flee the market — and it's actually a sign that the bull rally could push even higher, according to market veteran Ken Fisher. Advertisement"It is a bull market. Markets have been too "fixated" on various negative catalysts for stocks, Fisher added, pointing to investor concern regarding rate cuts and elevated inflation. "This bull market, just enjoy it, even though stocks are volatile from time to time," Fisher said.

Persons: Ken Fisher, —, it's, Fisher, we've Organizations: Fox Business Network, Investors, Service, Fisher Investments

☆ Layoffs could spike as one labor-market indicator says a recession is already here, market forecaster says
▼ + stars: | 2024-04-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The US may already be in a recession, according to Danielle DiMartino Booth. A steady rise in the unemployment rate above cycle lows signals a recession, she said. Other forecasters have said the unemployment rate could reach 5% by year-end. AdvertisementThe US could see a rise in layoffs, and there's one indicator in the labor market that suggests a recession is already here, according to veteran market forecaster Danielle DiMartino Booth. The Quill Intelligence Research chief strategist pointed to worrying signs in the labor market, despite headline job growth remaining strong.

Persons: Danielle DiMartino Booth, — Organizations: Service, Quill Intelligence Research, Business Locations: —

☆ Russia's economic strength will last another 18 months before unraveling as Putin grapples with policy 'trilemma,' think tank says
▼ + stars: | 2024-04-22 | by ( Jennifer Sor | ) 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. Read previewRussia's economic strength could last another year-and-a-half before it starts to fade, according to the Carnegie Endowment for International Peace. In a best-case scenario, the current arrangement will likely begin to come apart within eighteen months owing to growing imbalances and possible social problems," Prokopenko warned. In other words, temporary fixes and a decline in living standards will add to the political and economic headwinds facing the Kremlin," Prokopenko said. Experts have warned of near-term social unrest in Russia, particularly as living standards continue to deteriorate.

Persons: —, Alexandra Prokopenko, Prokopenko, Putin Organizations: Service, Carnegie Endowment, International Peace, Washington DC, Monetary Fund, Business, Carnegie Russia Eurasia Center, Kremlin Locations: Ukraine, Russia, Moscow

☆ Here's why economists are so worried about soaring US debt levels
▼ + stars: | 2024-04-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Those include higher inflation, greater market volatility, and a lower quality of life for Americans. AdvertisementThe US is sitting on the biggest pile of public debt in its history, and economists are getting nervous about it. AdvertisementIt's critical for the US to sell its debt to investors, which range from institutions, individuals, and other countries. It won't be on housing, it'll be on interest," Zagorsky said. There's little the government can do to stop those problems from brewing, other than to stop taking on so much new debt, Zagorsky and Rubin say.

Persons: —, Les Rubin, Rubin, Jay Zagorsky, Zagorsky, it'll, There's Organizations: Service, Bank of America, US Treasury, Boston University, Inflation, Social Security

☆ Fed officials cast more doubt on the timing of rate cuts this year
▼ + stars: | 2024-04-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewFederal Reserve officials heaped more doubt on the timing of rate cuts this year, echoing Chair Jerome Powell in stating that the path to 2% inflation looks uncertain. The Fed has projected three rate cuts to come by the end of 2024. Fed Chair Powell suggested earlier in the week that rate cuts could be delayed, causing stocks to slide. Inflation risks haven't been lost on investors, who have been steadily dialing back their expectations for Fed rate cuts over the last few months. Markets are now expecting just one or two rate cuts by the end of the year, according to the CME FedWatch tool, down from six cuts that were anticipated at the start of 2024.

Persons: —, Jerome Powell, Loretta Mester, Mester, Michelle Bowman, Bowman, John Williams, It's, Williams, Powell, haven't Organizations: Service, Cleveland Fed, Business, York Fed

☆ The Moscow-Beijing alliance is here to stay because partnering with China is the only way Putin can sustain his conflict with the West, think tank says
▼ + stars: | 2024-04-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Russia's growing partnership with China isn't going to fade, a think-tank director said. The West should consider enforcing economic sanctions on China as well, he said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In an op-ed for Foreign Affairs, the think-tank director pointed to Russia and China's economies becoming increasingly intertwined since Moscow began its invasion of Ukraine in 2022. The two nations scaled up their trade partnership to a record $240 billion last year, partly because China has snapped up key Russian commodities while the West has shunned trade with Moscow.

Persons: China isn't, Putin, —, Vladimir Putin, Alexander Gabuev Organizations: Service, Carnegie Russia Eurasia Center, Foreign Affairs, Business Locations: China, Beijing, Russia, Moscow, Ukraine

☆ AI will spark massive disruptions to labor markets and there's no social safety net that can contain the fallout, University of Chicago professor says
▼ + stars: | 2024-04-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The job market will see "massive" disruption as AI becomes more prominent, a professor warned. There's no safety net that can contain the fallout from AI's impact, Eric Posner argues. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementArtificial intelligence will upend the job market even in the best-case scenario — and there's no social safety net for workers who are at risk of being put permanently out of work, according to University of Chicago professor Eric Posner.

Persons: Eric Posner, —, Posner Organizations: Service, University of Chicago, Project Syndicate, Business

☆ The stunning strength of the US economy means the soft landing may already be here, Evercore founder says
▼ + stars: | 2024-04-12 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US economy may have already stuck the soft landing, according to Evercore founder Roger Altman. AdvertisementThe US economy may have successfully avoided a recession and is already gliding toward a soft landing, according to Evercore founder Roger Altman. AdvertisementThose are big reasons stocks remain buoyant despite a sell-off this week as markets repriced expectations for Fed rate cuts. "Everything by and large is going right in the US economy," Altman said, noting that inflation is usually sticky as it falls from a peak. Arguably, the soft landing already has happened."

Persons: Roger Altman, Altman, —, David Rosenberg Organizations: Service, CNBC, Atlanta Fed, Labor, Bureau of Labor Statistics, The New, Fed, National Association for Business Economics Locations: —

☆ AI is coming for Wall Street: Banks are reportedly weighing cutting analyst hiring by two-thirds
▼ + stars: | 2024-04-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewIncoming junior Wall Street analysts could be in danger of losing their jobs to AI, sources within banks told the New York Times. Big firms are reportedly mulling whether to pull back on hiring new analysts as Wall Street leans more heavily on AI, several people familiar with the matter at Goldman Sachs, Morgan Stanley, and other banks told the publication this week. This story is available exclusively to Business Insider subscribers. Deutsche Bank told Business Insider it was too early to comment on any potential job cuts. Advertisement"AI will enable us to do tasks that take 10 hours in 10 seconds," JPMorgan's head of investment banking Jay Horine told the Times, speaking of Wall Street analysts.

Persons: —, Goldman Sachs, Morgan Stanley, Christoph Rabenseifner, Banks, Socrates, Jamie Dimon, Larry Fink, Jay Horine Organizations: Service, Wall Street, New York Times, Business, Deutsche Bank, Times, JPMorgan, BlackRock, Financial, McKinsey, Accenture

☆ The job market looks rock-solid, but there are 4 signs it's weakening as labor trends mirror past recessions
▼ + stars: | 2024-04-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Read previewToday's job market looks to be on solid footing, but there are subtle signs that hiring is starting to weaken, upping the odds that a recession strikes. The job market is already flashing key signs of weakness, and a hiring slowdown could be around the corner, Wall Street strategists have warned. Here are four signs the stellar US job market may be about to stumble:Advertisement1. But job-cut announcements rose to 257,254 over the first quarter, according to the career transitioning firm Challenger, Gray & Christmas. The risk of a coming recession could rise if the job market continues to slow, some forecasters have warned.

Persons: —, David Rosenberg, Rosenberg, Gary Shilling, it's Organizations: Service, Street, Business, Bureau of Labor Statistics, Challenger, National Federation of Independent Business, CNBC

☆ Home prices are poised to jump another 5% this year as the market is even tighter than it was in 2023, economist says
▼ + stars: | 2024-04-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The research firm pointed to home inventory levels, which are still near historic lows. Low inventory has helped push home prices higher over the last year as demand remains hot. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHome prices could continue to climb this year, as the housing market isn't nearly as loose as prospective homebuyers may think, according to Capital Economics. The research firm pointed to the recent uptick in housing inventory, with new listings on the market up 16% compared to levels last year.

Persons: —, That's Organizations: Capital Economics, Service, Business

☆ A famed recession indicator is flashing red even as financial markets price in zero chance of a downturn in the coming year, economist says
▼ + stars: | 2024-04-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

A handful of indicators suggest a hard landing is on the way, top economist David Rosenberg warned. A famed recession indicator in the job market is flashing levels similar to the last three downturns. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Rosenberg Research founder pointed to several warning signs the US could be on the precipice of a downturn, despite the economy looking strong on the surface. In particular, he pointed to the Sahm Rule — a famous recession indicator that flashes when the three-month moving average of the US unemployment rate climbs 50 basis points from a 12-month low.

Persons: David Rosenberg, —, Rosenberg Organizations: Service, Rosenberg Research

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