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☆ Stock market today: Indexes hover at records ahead of big inflation report
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

A downgrade revision in March's producer price index helped curb inflation concerns. Fed Chairman Jerome Powell signaled that interest rates will have to remain higher for longer. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . While April's producer price index gained 0.5% against expectations of a 0.3% rise, March's data was revised to show a 0.1% decline. Many are also waiting to see Wednesday's consumer price index release, before determining whether to retreat from markets.

Persons: Stocks, Jerome Powell, —, Quincy Krosby Organizations: Service, Nasdaq, Federal, Global, LPL, AMC Locations: Here's

☆ Why a debt-fueled US economy is facing a hard landing in 2025, chief economist says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

According to the Apollo chief economist, that's because current strength stems from high debt loads, both among US consumers and the corporate world. Slok pointed out that delinquencies are rising on credit cards and auto loans, despite an economy with low unemployment. But while that keeps a hard landing on the table, the next few quarters will still deliver solid performance, he said. Advertisement"We still have behind us a very strong tailwind. We still have strong spending in the pipeline from the Chips Act, Inflation Reduction Act, the Infrastructure Act."

Persons: —, Torsten Slok, Slok Organizations: Service, Apollo, Business, Bloomberg, Fitch, Reserve Locations: headwinds

☆ Tesla will drop 70% after robotaxi and AI ambitions stop shielding a failing business, 'Big Short' investor says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"Big Short" investor Danny Moses is still betting against Tesla stock and expects it to fall to $50. Tesla's focus on Robotaxis and AI is a distraction from its "falling apart" core business, he told CNBC. AdvertisementTesla's stock is cruising toward a steep correction, and will see a drop-off that even new tech initiatives can't steer around, investor Danny Moses told CNBC. The Moses Ventures founder revealed a Tesla short last year, sparked by a frustration over CEO Elon Musk's purchase of X, formerly Twitter. While Moses holds Tesla as his primary short, he touted a separate autonomous driving firm called Wayve.

Persons: Danny Moses, Moses, —, Tesla, Elon Musk's, Bill Gates Organizations: CNBC, DOJ, Service, Moses Ventures, Elon, Department of Justice, Nvidia

☆ Renters need to make 36% more than in pre-COVID years to afford today's average rent, Zillow says
▼ + stars: | 2024-05-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

US average rent rose to just under $2,000 per month in April, Zillow reports. Tenants now need to earn 36% more than they did in 2019 to afford a typical rent. While rent growth continues, multifamily construction has softened its advance. Since the pandemic's start, rent has increased 31.4%, though income has only grown 23% through February. This story is available exclusively to Business Insider subscribers.

Persons: Zillow, —, haven't Organizations: Service, Business

☆ These 3 metro regions still haven't recovered from the pandemic recession as Wall Street debates when the next downturn will strike
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn. The Federal Reserve Bank of New YorkBut this trend is especially distinct in the Northeast, a region that's home to particularly impacted metros. By this indicator, a recession started in October, confirmed further by accelerating job erosion, Danielle DiMartino Booth said.

Persons: —, Danielle DiMartino Booth, it's, Frances Donald, Donald, We're, Gary Schilling Organizations: Federal Reserve Bank of New, Service, US metros, QI, Bloomberg, Wall Street Locations: COVID, Federal Reserve Bank of New York, Rust Belt, California, Hawaii, New Orleans, Honolulu, San Francisco, Cleveland , Detroit, Pittsburgh, Northeast, New York City, New York

☆ These 3 metro regions still haven't recovered from the pandemic recession
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. 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 . AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn.

Persons: — Organizations: Federal Reserve Bank of New, Service, US metros, Business Locations: COVID, Federal Reserve Bank of New York, Rust Belt

☆ Bankruptcies are spiking as companies lose hope of rate cuts
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

April saw the highest number of corporate bankruptcies in a year, S&P Global said. Eroding bets of an interest rate cut contribute to this, as burdened business throw in the towel. AdvertisementCorporate bankruptcies increased in recent months amid teetering confidence in a quick interest rate pivot. AdvertisementBy one measure, rising costs did slow when a rate cut looked likely in early 2024. But last month's stubborn inflation and slowing GDP made a Fed cut look unlikely, and yields shot up to 8.11%.

Persons: —, April's, Frances Donald Organizations: P Global, Service, Federal, ICE, Fed, Investment

☆ Saudi Arabia's $100 billion AI and semi-chip fund says it will divest from China if the US asks
▼ + stars: | 2024-05-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi AI firm Alat would divest from China if the US requests it, CEO Amit Midha told Bloomberg. Saudi Arabia has been pouring billions into AI and semiconductor initiatives in an attempt to become a major hub. AdvertisementA new state-backed Saudi Arabian fund centered on semiconductor and AI technology has guaranteed that it would divest from China if Washington requests it. Officials have long portrayed China's access to AI and semiconductor technology as a national security threat. US officials have already had to mandate AI firms to divest from China, such as G42.

Persons: Amit Midha, —, Midha, that's Organizations: Bloomberg, Service, Milken Institute Global Conference, Saudi Arabia's Public Investment Fund, Officials, Silicon, New York Times, United Arab Emirates, Microsoft Locations: Saudi, China, Saudi Arabia, Washington, Beijing, Alat

☆ A 'proper' economic downturn is looming, which could trigger steep rate cuts as soon as this year, economist says
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Economist Frances Donald told Bloomberg TV that a sharper Fed pivot is ahead. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMarkets are right to price in a Federal Reserve policy pivot but should brace for a rate-cutting cycle that's sharper than expected, economist Frances Donald told Bloomberg TV. "We believe we are heading into a proper downturn that will require a proper easing cycle." So we're not exiting the period in which rate hikes become really impactful in the economy," she said.

Persons: Frances Donald, —, Donald, We're, Danielle DiMartino Booth Organizations: Bloomberg, Service, Manulife Investment Management

☆ Why Apple will be the big winner of AI's 2nd wave, according to 'Big Short' investor Steve Eisman
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Steve Eisman told Bloomberg TV that Apple will benefit from the coming wave of AI-based applications. Prospects of an AI iPhone have spurred bullish calls among other analysts. AdvertisementApple is well positioned to exploit the second leg of artificial intelligence, as the technology starts to take the form of mobile applications, Steve Eisman said. Sacconaghi's bullishness preceded Apple's winning earnings, during which CEO Tim Cook teased big AI announcements to come. AdvertisementWhen it comes to AI, Eisman has previously touted big investments in infrastructure, which would benefit from the tech's massive power demand.

Persons: Steve Eisman, —, everybody's, Neuberger Berman, we're, Eisman, Bernstein's, Toni Sacconaghi, Sacconaghi's bullishness, Tim Cook, Dan Ives Organizations: Bloomberg, Apple, Service, Nvidia, AMD, Cook, Co, Securities, Worldwide Locations: China

☆ Stock market today: Indexes extend gains as traders eye Fed speakers for rate clues
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Markets started were revived last week as the April jobs report renewed hopes of rate cuts. Investors will tune in to Fed speakers this week for further clues about Fed policy. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Morning gains stretched the stock rally into its fourth day, a move up first sparked by Friday's jobs report. A lineup of Fed speakers this week could potentially deepen this notion or, otherwise signal that markets are turning too optimistic.

Persons: Stocks, —, David Morrison, Neel Kashkari, Lisa Cook, Austan Goolsbee Organizations: Service, Federal Reserve, Trade Nation, Fed, Minneapolis, Chicago

☆ Billionaire investor Stanley Druckenmiller trimmed his Nvidia bet after huge gains, said AI is a 'little overhyped' at this point
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stanley Druckenmiller told CNBC he pared some of his Nvidia exposure in late March. The investor is confident in the stock's worth, but sees market enthusiasm in AI as overhyped for now. But AI will be a long-term play to pursue over the years, with a big payoff down the road. Nvidia, a semiconductor company, has become central to emerging AI technology,with most of the software run by the firm's chips. Over the past year Druckenmiller has also held exposure to AI large-caps such as Microsoft and Alphabet.

Persons: Stanley Druckenmiller, —, he's, ChatGPT, Druckenmiller, We've Organizations: CNBC, Nvidia, Service, Duquesne Family Office, Microsoft

☆ Stock market today: US stocks end mostly higher as multi-day rally pushes on
▼ + stars: | 2024-05-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The recent equity rebound stalled as investor rate cut bets were made uncertain by Fed commentary. Fed President Neel Kashkari said rates might not be restrictive enough to clamp down on inflation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks were mostly higher Tuesday, with the S&P 500 and Dow Jones Industrial Average continuing to pull slightly higher. His remarks followed similar hawkishness from Fed President Tom Barkin on Monday, who indicated that the economy will need to slow down more before policy can pivot.

Persons: Neel Kashkari, —, Tom Barkin, Lisa Cook, Austan Goolsbee Organizations: Disney, Service, Dow Jones, Dow, Minneapolis Federal, Chicago Locations: Minneapolis, Here's

☆ 3 reasons why bitcoin can still reach $150,000 by 2025, according to Bernstein
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin will still reach $150,000 by 2025, Bernstein reaffirmed in a new note. ETF and spot bitcoin demand has remained strong, analysts wrote. "Investors ask us if anything has changed on our $150K Bitcoin price view and if the post-halving price correction has affected our conviction. Second, rule updates from the Financial Accounting Standards Board pertaining to crypto are driving corporate interest in bitcoin, Bernstein said. Advertisement"Overall, healthy Bitcoin demand and continued discipline in the Bitcoin mining cycle, allowing the Bitcoin party to last longer this time.

Persons: Bitcoin, Bernstein, —, Gautam Chhugani, Mahika Sapra, Block, Chhugani, Bernstein isn't, bitcoin Organizations: Service, ETF, Financial, outflows, Chartered, ~$ Locations: outflows, bitcoin

☆ 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

☆ The US crackdown on Russian trade is working as Putin struggles to fund his war
▼ + stars: | 2024-05-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Trade with Russia has slumped in the first quarter amid tightening US sanctions, the Financial Times said. After a December executive order bolstered its sanctioning power, the department has amplified warnings against foreign lenders that facilitate trade with Russia. At the same time, the US' crackdown has proliferated trade in the Russian ruble, as other currencies increasingly fall out of favor. That's as foreigners are still free to buy rubles on the Moscow Exchange when settling payments with Russian parties. AdvertisementStill, the ruble faces restricted convertibility, making it difficult to reach trade volumes once possible under the dollar.

Persons: —, Vladimir Potanin, That's Organizations: Financial Times, Companies, Service, US Treasury Department, United Arab Locations: Russia, China, Turkey, Ankara, United Arab Emirates, Austria, Russian, Iran, Tehran, Moscow, UAE, dirhams

☆ Markets worry Treasury yields could jump back to levels that sparked chaos last October
▼ + stars: | 2024-05-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

The benchmark 10-year Treasury yield is hovering below levels that caused a massive crash last fall. Yet, persistent inflation and weak Treasury auctions could boost yields past the 5% mark. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's why Treasury auctions have become attention-grabbers for markets, as investors watch to see if there are enough willing buyers. The dangers of 5%When 10-year yields broke through the 5% mark last fall, traders panicked and the S&P 500 nosedived nearly 6% from October's peak-to-trough.

Persons: —, That's, Treasurys, Bill Gross, Ed Yardeni, Eric Sterner, Yardeni, hasn't, they're, Goldman Sachs, Sterner Organizations: Service, Treasury, Business, Treasury Department, Federal, Yardeni Research, Investment, SEI, Apollon Wealth Management

☆ America's big stagflation scare is over
▼ + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe US economy looks to have steered clear of danger after the specter of stagflation spooked markets and put analysts on edge in recent weeks. Further, average hourly earnings unexpectedly declined to 0.2%. And since elevated labor costs are part of the stagflation equation, the dip in average hourly earnings also signaled a period of languid growth will be avoided. It sent alarm bells ringing around stagflation, which occurs when inflation stays high despite a cooling economy.

Persons: —, specter, Marko Kolanovic, Mohamed El, Bank of America's Michael Harnett —, Harnett Organizations: Service, Business, Bank of America, Bloomberg, Bank of America's

☆ The US could give homeowners a $980 billion stimulus at no additional cost, 'Oracle of Wall Street' says
▼ + stars: | 2024-05-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.

Persons: —, Meredith Whitney, Whitney, Freddie Mac, Freddie Mac's, Freddie, Fannie Mae, Ginnie Mae Organizations: Service, Business

☆ Why one economist says Elon Musk has turned Tesla into a meme stock
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The economist thinks the firm no longer keeps up with what CEO Elon Musk promises. Musk really wants Tesla to be a tech company, but it's an automaker, DeLong said. Advertisement"For all the current Tesla shareholders planning to offload their holdings in the next couple of years, everything hinges on the company succeeding as a meme stock, and Musk is diligently working toward that goal," DeLong argued. Last month, investor Roger McNamee warned that the stock would start trading like a car company if shareholders decided that Musk wasn't central to its narrative. In a similar vein, short-seller legend Jim Chanos called Tesla a "hopes and dreams" stock, trading more on Musk than fundamentals.

Persons: J, Bradford DeLong, Elon Musk, Musk, Tesla, DeLong, —, Elon, Roger McNamee, Jim Chanos Organizations: Project Syndicate, Service, UC Berkeley, Street

☆ Russia's economic survival hinges on prolonging the Ukraine war, think tank expert says
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia needs to keep its war with Ukraine going or risk an economic hard landing, Elina Ribakova wrote for the Financial Times. The country's military industry has been a major driver of structural economic strength during the war. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But while this may look good on paper, the country is actually at risk of a hard landing if war efforts cease, Elina Ribakova said. For decades," Ribakova wrote.

Persons: Elina Ribakova, Ribakova, —, Vladimir Putin, That's Organizations: Financial Times, Service, Financial, International Monetary Fund, Peterson Institute for International Locations: Russia, Ukraine, Russian, Moscow

☆ The specter of stagflation is back in the news. BofA says investors should buy these 2 areas of the market to capitalize.
▼ + stars: | 2024-05-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Headlines talking about "stagflation" have rocketed to the most in two years, Bank of America said. Utilities and energy typically benefit the most in stagflationary conditions, the bank said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementHeadline references to "stagflation" catapulted to a two-year high last week, Bank of America reported, which could start weighing on Wall Street sentiment. We think that view is misguided, as it is based on an apples-to-oranges comparison," the bank wrote last week.

Persons: —, it's, stagflationary Organizations: Bank of America, Service, Tech

☆ Bitcoin will drop 13% to $50,000 after falling below a key support level as macro drivers slow, Standard Chartered says
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin's break below $58,000 on Wednesday clears a path for it to fall as low as $50,000, Standard Chartered said in new research. The crypto's decline has been driven by rising ETF outflows and falling US liquidity levels. AdvertisementDeteriorating conditions are denting the Bitcoin rally, with this week's drop below $60,000 putting it en route for an even lower price range. According to commentary from Standard Chartered, the apex token could temporarily reach as low as $50,000, signaling an over 13% drop from current levels. Among these are shrinking investments in spot bitcoin ETFs, funds that first sparked the rally at the year's start.

Persons: —, Geoff Kendrick, Kendrick, Mike Novogratz, he's Organizations: Chartered, outflows, Service, Standard Chartered, FX Locations: Hong Kong

☆ Trump says he wants huge tariffs if elected. That could send inflation spiking.
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

But research from the bipartisan Tax Foundation suggests otherwise, and says Trump's 2018 trade war was also economically damaging. The non-partisan Tax Foundation would beg to differ. Tax Foundation estimates that the tariffs then imposed have amounted to an $80 billion tax increase on Americans. Nobody else ever did anything on China," Trump explained. More tariffs under Trump could be poorly timed, as US monetary policy is already struggling to clamp down on current inflation levels.

Persons: Trump, —, Donald Trump, Biden, Kenneth Rogoff Organizations: Time Magazine, Foundation, Service, Time, Republican, Trump, Federal Reserve Locations: China, India, Brazil, United States, Beijing

☆ 'Shark Tank' star Kevin O'Leary says interest rates won't budge this year: 'I'm sorry, it's just reality'
▼ + stars: | 2024-05-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"Shark Tank" star Kevin O'Leary sees zero rate cuts this year, he told Fox Business. Cuts are unlikely as the Fed can't seem to reach its mandate of 2% inflation anytime soon, he said. AdvertisementInvestors need to stifle any hope for interest rate cuts this year, as the Federal Reserve will not be able to reach its inflation mandate anytime soon, Kevin O'Leary said. But there'll be no rate cuts this year," O'Leary said Tuesday. For its part, the Fed has projected three rate cuts in 2024, though officials have repeatedly asserted that this depends on future inflation and economic data.

Persons: Kevin O'Leary, —, there'll, " O'Leary, I'm, O'Leary Organizations: Fox Business, Service, Federal Reserve, Fox Business Network, Fed

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