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The S&P 500 will climb higher in the first quarter but then plunge 12%, the French bank said. AdvertisementGet ready for an up-and-down 2024 where the S&P 500 nears record highs, plunges, and then stages another comeback, Société Générale says. "The S&P 500 should be in 'buy-the-dip' territory, as leading indicators for profits continue to improve." The S&P 500 traded at 4,556 as of Wednesday's closing bell. Goldman Sachs' David Kostin said earlier this month that he's expecting the S&P 500 to trade at 4,700 points by the end of 2024.
Persons: Société, , Société Générale, SocGen, Manish Kabra, It's, Kabra, who's, Goldman Sachs, David Kostin, he's Organizations: Service, Federal Reserve, Big Tech, Wall, Bank of America, RBC Capital Markets
Argentina's new president Javier Milei wants to adopt the US dollar to tame sky-high inflation. There's a major problem with his plan to revive the ailing South American economy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRight-wing economist Javier Milei won Argentina's presidential runoff Sunday – and that means the country could soon ditch the peso for the US dollar. Under the president-elect's plan, the government would scrap the peso and replace it with the dollar.
Persons: Javier Milei, doesn't, , Milei, Mary, Read, John Hopkins, Steve Hanke, Guillermo Ortiz, Nora Mazzini, Lucila Bonilla Organizations: Service, Central Bank of, US Federal Reserve, International Monetary Fund, Bank, Reuters, Bloomberg, Bank of Mexico, Economics, Oxford Economics Locations: Central Bank of Argentina, Ecuador, El, Panama, Argentina, Mar del Plata, Argentine
Activity is now at a 13-year low as rising borrowing costs take their toll on the US housing market. Mortgage rates have cleared 7.5% this year, driven higher by the Federal Reserve’s war on inflation. AdvertisementThe spike in mortgage rates dragged on the US housing market once again last month, as activity plunged to a 13-year low even as prices ticked up. Soaring mortgage rates, driven to their highest level since the turn of the century by the Federal Reserve's war on inflation, have fueled the housing-market slowdown. As a result, existing homeowners have opted to cling to the historically low mortgage rates they locked in over the last 15 years rather than move house.
Persons: , Freddie Mac, Lawrence Yun, Yun Organizations: National Association of Realtors, Federal, Service, Biden Administration, NAR
The gain came after Satya Nadella said that former OpenAI CEO Sam Altman would join the company. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementMicrosoft's stock price hit an all-time high Monday, as investors reacted to former OpenAI CEO Sam Altman joining the Big Tech giant. That increase added $54 billion of market value to the tech giant and extended its torrid year-to-date stock gain to 57%. The stock rose after Microsoft CEO Satya Nadella announced Monday that the company had hired Altman, as well as former OpenAI president Greg Brockman.
Persons: Satya Nadella, Sam Altman, , Altman, Greg Brockman, Nadella, Emmett Shear, Joshua Mahony, Monday's Organizations: Microsoft, Service, Big Tech, OpenAI, Twitch, Bing, Markets
Founder and CEO Jensen Huang's wealth has soared nearly $30 billion as a result. 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 . That means his fortune now exceeds those of Nike founder Phil Knight, Citadel CEO Ken Griffin, and Blackstone supremo Stephen Schwarzman. He'll turn 60 this year, making him years older than fellow tech billionaires Bill Gates and Jeff Bezos when they left day-to-day operations at 52 and 57, respectively.
Persons: Jensen, Huang, , Nvidia –, that's, Jensen Huang, , Mark Zuckerberg, Elon Musk, he's, Phil Knight, Ken Griffin, Blackstone supremo Stephen Schwarzman, Chris Malachowsky, Curtis Priem, East San Jose Denny's, Bill Gates, Jeff Bezos Organizations: Bloomberg, Service, Nvidia, Big Tech, Nike, Citadel, Blackstone supremo, East San Locations: Taiwan, Thailand, Oregon, East, East San Jose
Jim Chanos tore into Elon Musk's supporters Sunday in an expletive-laden post on X. "If you are a cult member who believes rockets exploding are a 'success'... please sit down and STFU," the legendary short-seller said. The Wall Street Journal reported Friday that Chanos would be shutting down his hedge funds. AdvertisementJim Chanos appeared to rip into supporters of Elon Musk in an expletive-laden rant Sunday, just days after the Wall Street Journal reported the legendary short-seller and longtime Tesla bear would be closing down his funds. "The marketplace for what I do has changed," Chanos told the Journal, likely referring to short sellers' struggles in 2023.
Persons: Jim Chanos, Elon Musk's, , Elon Musk, Tesla, Chanos, he's, Musk's Tesla Organizations: Elon, Street, Service, Wall Street Journal, Enron
Investors like dividend stocks for their yields, but the equities' returns have been pretty dismal so far this year. "That's what is putting pressure on these [dividend] stocks, or maybe just keeping them from lifting." IPDP YTD line Dividend Performers ETF (IPDP) performance year to date When it comes to specific stocks, Gilreath likes two under-the-radar plays: Brady Corporation and ABM Industries . Brady, which manufacturers identification and health-care products, has a 1.7% dividend yield. Diversification in light of recession risk When it comes to dividends, investors should look for quality rather than quantity.
Persons: That's, Bond, Andrew Graham, Dave Sheaff Gilreath, Gilreath, Morningstar . Brady, Capital's Graham, Graham, Dow, Laura Mattia, Morningstar, George Gagliardi, You'd, I'm Organizations: Investment, Jackson, Capital, Federal Reserve, Brady Corporation, ABM Industries, Dow Inc, Dow, LyondellBasell, Shell, Coromandel Wealth Management, U.S Locations: San Francisco, Indianapolis, Sarasota , Florida, Lexington , Massachusetts
The IDF released the first footage of its elite commando brigade in Gaza Thursday. The soldiers are fighting in the Al-Shati refugee camp in northern Gaza. The IDF said it had killed Hamas militants and destroyed "terrorist infrastructure" as part of the operation. The elite commandos killed Hamas militants and destroyed "terrorist infrastructure," per the IDF. Most of the civilians have been forced out of northern Gaza, where the Israeli commandos are doing battle.
Persons: , Khan Younis Organizations: IDF, Service, Israel Defense Forces, Commando Brigade, Hamas, US State Department . Israel Defense Forces, Egoz Unit, Associated Press Locations: Gaza, Israel, Khan
Russia has been using so-called "ghost ships" to skirt the West's oil price cap. Russia sends millions of barrels of crude oil through a choke point at the Danish straits, per the outlet. AdvertisementRussian oil tankers could face a crackdown at a key choke point, according to the Financial Times. But Denmark could struggle to stop the ghost ships because of constraints on its own navy, according to maritime experts. Blocking commercial traffic in the Danish straits would come close to a declaration of war," Hans Peter Michaelsen, an independent defense analyst, told Reuters.
Persons: , Hans Peter Michaelsen Organizations: EU, Financial Times, Service, European Union, KSE, Bloomberg, FT, UN, Reuters Locations: Russia, Denmark, Moscow, Saint Petersburg, EU, Danish
A TikTok video appeared to show someone in Toronto listing half a bed to rent for $650 a month. The latest sign that "hot bedding" — sharing a bed with a stranger to save money on rent — is on the rise. In a TikTok posted last month, Toronto-based realtor Anya Ettinger highlighted a post on Facebook Marketplace that appeared to show someone offering to rent out half a bed in exchange for 900 Canadian dollars ($650) a month. "Just when you thought the Toronto market couldn't get any worse, it did," Ettinger says in the TikTok video. AdvertisementDespite Ettinger's outrage, there are signs that "hot bedding" — sharing a bed with a stranger to save money on rent — is on the rise.
Persons: , Anya Ettinger, Ettinger Organizations: Service, Facebook, University of Technology Sydney Locations: Toronto, Canada, Sydney, Melbourne
China is the world's electric vehicle leader, with 64% of total production and 59% of global EV sales in 2022, according to the World Economic Forum. One of its biggest EV producers, BYD , looks set to topple Tesla's position as the world's top seller of electric cars. AdvertisementCheaper EVsTesla sells just four cars – the Model S and Model 3 sedans, and the Model X and Model Y SUVs. Advertisement"2023 is set to be another banner year for China in terms of EV sales," the data company said. Seeing BYD overtake Tesla in the EV race may not bring any festive cheer for Elon Musk this holiday season.
Persons: Tesla, , Tesla's, BYD, Elon, John Keeble, Seth Goldstein, that's, Goldstein, Teslas, Musk, Morgan Stanley, Lin Shanchuan, China's, Mazzocco, Morningstar's Goldstein, Stella Li Organizations: Service, Economic, EV, Elon Musk's, Yuan, Battery, Center for Strategic, International Studies, Getty, Tesla Beijing, Rho, Reuters, Bloomberg Locations: China, Shanghai, Washington ,, Fujian, Xinhua, Norway, America
Donald Trump engaged in insurrection but can still run for president, a Colorado court ruled Friday. But the clause doesn't disqualify people from the presidency, judge Sarah B. Wallace found. AdvertisementDonald Trump is still eligible to run for president even though he engaged in an insurrection by inciting the January 6 Capitol riots, a Colorado judge ruled Friday. Wallace found that Trump "engaged in an insurrection on January 6, 2021, through incitement" – but also ruled that the clause didn't apply to people running for President. Last week, Minnesota's Supreme Court ruled that Trump was still eligible to appear on primary ballots, turning away a lawsuit from Free Speech for People.
Persons: Donald Trump, Sarah B, Wallace, , disqualifies Trump, Trump, today's, Steven Cheung Organizations: Service, Trump, Minnesota's, People Locations: Colorado, Washington, Michigan
Mortgage rates have soared north of 7% in recent months, driven higher by the Federal Reserve's war on inflation. One-in-three homebuyers are paying all-cash rather than taking out a mortgage, according to data from Redfin. AdvertisementMore than a third of homes are being bought in cash, according to data from Redfin, with low affordability and high mortgage rates pricing poorer Americans out of the housing market. That's a sign that wealthier Americans are making up a greater share of homebuyers with sky-high mortgage rates pricing out the rest of the population, Redfin said. Existing homeowners have also opted to cling to the historically low mortgage rates they locked in over the last 15 years.
Persons: , Redfin, Dana Anderson, Freddie Mac Organizations: Federal, Service, National Association of Realtors, Business Locations: That's
It’s a sign a key engine for the world’s second-largest economy is still sputtering, despite Beijing’s stimulus packages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crash worsened last month in a sign the world's second-largest economy is still facing headwinds despite recent government interventions. Evergrande serves as a case in point for how an industry that contributed to China's economic boom for decades has turned into a point of weakness. That's a sign investors are looking past US president Joe Biden's San Francisco summit with Chinese premier Xi Jinping and zeroing back in on China's economic struggles, according to analysts.
Persons: , That's, that's, Evergrande, Hui Ka Yan, Joe Biden's, Xi Jinping, Hargreaves, Susannah Streeter, Joe Biden Organizations: Service, National Bureau, Statistics, Bloomberg, Cato Institute, CSI Locations: China, Beijing, Chinese, Joe Biden's San Francisco
It's a sign the dream economic scenario – where the Fed reins in inflation without crushing growth or driving up unemployment – is still on the table. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . After a difficult few months, there are signs the central bank's dream economic scenario is back on the table once again. The dream economic scenarioSome big-name investors sounded cautious in their responses to the latest data, warning that inflation may prove stickier than expected. Some might call this a "Goldilocks" scenario – where inflation, growth, and the job market all look "just right".
Persons: Stocks, , PIMCO, Paul McCulley, Jamie Dimon, Ken Griffin, Matt Turner, Taylor, it's Organizations: Service, Bank of America, Federal Reserve, Reuters, Nasdaq, JPMorgan, Citadel, optimist, country's Locations:
Markets are probably overreacting to the October inflation data, according to Jamie Dimon. The JPMorgan CEO told Bloomberg that he's "afraid inflation may not go away that quickly". AdvertisementThe Federal Reserve shouldn't call time on its inflation fight just yet, according to Jamie Dimon. "I'm afraid inflation may not go away that quickly," Dimon added. AdvertisementThe JPMorgan boss isn't the only big name on Wall Street telling markets not to put too much stock in Tuesday's CPI print.
Persons: Jamie Dimon, , Stocks, Dimon, El Financiero, that's, Dimon –, they've, isn't, Ken Griffin Organizations: JPMorgan, Bloomberg, Service, JPMorgan Chase, El Financiero Bloomberg, CPI, Billionaire Citadel
Even for those who have read the comic, seen the film or played the video game version, the anime will hold surprises. (There was a robust list of topics and guest voice actors that reporters were asked not to spoil.) O’Malley and Grabinski came to the New York Times offices last month to discuss the new series, reuniting the movie cast and what comes next for Scott Pilgrim. GRABINSKI I wanted to spend as much time as I could with the ensemble. The first thing I think of when I think of anime is villain scenes.
Persons: Grabinski, Scott Pilgrim, BENDAVID GRABINSKI Bryan, Science Saru, BRYAN LEE O’MALLEY, BenDavid, GRABINSKI, O’MALLEY, Organizations: New York Times, Netflix, Science Locations: Hollywood, Ramona
The Federal Reserve will slash interest rates by an eye-popping 275 basis points next year, according to UBS. UBS expects a mid-2024 recession to encourage the central bank to start easing. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy will slip into recession next year – and that'll lead to the Federal Reserve bringing in steep interest-rate cuts, according to one top European bank. The Fed's cuts would be "a response to the forecasted US recession in Q2-Q3 2024 and the ongoing slowdown in both headline and core inflation," UBS added.
Persons: That's, , it's, Arend Kapteyn, Bhanu Baweja, UBS's, Jason Draho Organizations: Federal, UBS, Service, Federal Reserve, Fed
Moody's lowered its outlook for the US's credit rating to negative Friday. Negative credit outlookMoody's cut its outlook for the US's credit rating to negative Friday. The US's deficit: The US's debt pile is likely to "remain very large", per Moody's. The US's debt pile is likely to "remain very large", per Moody's. By stoking up worries about the government's massive debt pile, Moody's threatened to make a bad week worse – but the market reaction to it slashing its outlook has so far been muted.
Persons: Moody's, , That's, Fitch, Biden, Karine Jean, Pierre, Hargreaves, Susannah Streeter Organizations: Treasury, Service, AAA, AA, Poor's, Federal, Treasury Department, Congress, White, Veterans Day Locations: Washington, British
Nosystem Images | E+ | Getty ImagesMany older women outlive their spouses and may not expect higher future taxes after suffering from the loss. As a result, many married women eventually face a "survivor's penalty," resulting in higher future taxes, according to certified financial planner Edward Jastrem, chief planning officer at Heritage Financial Services in Westwood, Massachusetts. watch nowTypically, the surviving spouse inherits the deceased spouse's individual retirement accounts and so-called required minimum distributions are about the same. But the surviving spouse now faces higher tax brackets, Gagliardi explained. Review investment accountsIt's always important to keep account ownership and beneficiaries updated, and failing to plan could be costly for the surviving spouse, Jastrem said.
Persons: Edward Jastrem, , Donald Trump's, George Gagliardi, Gagliardi, Roth, Jastrem Organizations: Getty, Centers for Disease Control, Heritage Financial Services, Coromandel Wealth Management, Wealth Locations: Westwood , Massachusetts, Lexington , Massachusetts
AdvertisementAdvertisementArgentina is getting ready to choose its next president — and the country's economy is a mess. Triple-digit inflationSoaring prices are perhaps the best-known problem plaguing Argentina's economy, but far from the only issue that policymakers are battling. The currency is managed by Argentina's central bank. If, or more likely when, Argentina's economy slips into another recession, it'll be the sixth such occurrence in the past decade. His proposed policies include abolishing Argentina's central bank altogether and adopting the dollar, which economists have warned could end up pushing the country even closer to a default.
Persons: , Sergio Massa, Javier Milei, Manuel Cortina, Lucila Bonilla, Bonilla, they've, Kimberley Sperrfechter, There's, there's, Massa, Cristina Sille, Donald Trump, Bolsonaro, they'll, Sperrfechter Organizations: Service, Union, Homeland, Triple, Consumer, National Institute of Statistics, Argentinian, Oxford Economics, The Central Bank of, International Monetary Fund, Reuters, World Bank, FX, Central Bank of, Peronist Locations: Argentina, American, Buenos Aires, Central Bank of Argentina
That could set the stage for a "roaring '20s" decade, according to UBS. Higher growth, inflation, and interest rates could come to define the period, the Swiss bank said. AdvertisementAdvertisementThe economy's surprising resilience this year could set the stage for a new "roaring '20s" decade of growth, according to UBS. AdvertisementAdvertisementHigher GDP growth, inflation, bond yields, and interest rates would be the main features in a "roaring '20s outcome" for the economy, the strategists added. AdvertisementAdvertisement"A higher stock-bond correlation will make multi-asset portfolios more volatile, a consequence compounded by higher inflation volatility," UBS said.
Persons: , UBS's, Americas Jason Draho Organizations: UBS, Service, Treasury, Americas, Stocks Locations: Swiss
An investigator with the Los Angeles County medical examiner’s office has been charged with stealing items, including a gold necklace, from two dead men, the authorities said. The investigator, Adrian Muñoz, who had worked for the department since 2018, was charged with one felony count of grand theft of property and one misdemeanor count of petty theft of property, the county district attorney’s office said on Wednesday. Mr. Muñoz, 34, would face a sentence of up to three years if he were convicted on all counts, George Gascón, the Los Angeles County district attorney, said at a news conference on Wednesday. “It’s a profound betrayal of the very essence of the role and the solemn duty owed to both the deceased and their bereaved families,” Mr. Gascón said in a statement on Wednesday.
Persons: Adrian Muñoz, Muñoz, George Gascón, , ” Mr, Gascón Organizations: Los Locations: Los Angeles County
Russia is no longer scared of western sanctions, a Kremlin spokesperson said last week. There are signs the economy is resilient, with growth holding firm and total wealth increasing in 2022. But western embargoes are still affecting Russia, as exports plunge and the ruble craters. Russia has also got richer despite the war with Ukraine, according to the UBS Global Wealth Report. However, those top-line figures don't mean sanctions aren't working – or that Russia's economy is in rude health.
Persons: , Dmitry Peskov shrugged, that's, Vladimir Putin's Organizations: Kremlin, Service, International Monetary Fund, UBS Global Wealth, Bank of Locations: Russia, Ukraine, Moscow, Swiss, Bank of Russia
High inflation could hang around for decades, according to Ken Griffin. The billionaire investor believes the pandemic and conflicts will usher in an era of deglobalization. The Federal Reserve will likely have to keep interest rates high to suppress soaring prices, he added. AdvertisementAdvertisementInflation soared across much of the developed world last year, prompting central banks to start raising interest rates in a bid to tame soaring prices. Griffin predicted that higher interest rates will now become the norm, with policymakers forced to keep borrowing costs elevated to maintain their target inflation rate of about 2%.
Persons: Ken Griffin, , Griffin Organizations: Federal Reserve, Service, Citadel, Bloomberg, Economy, Federal Locations: Europe, deglobalization, Singapore, Ukraine
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