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☆ European markets cautious ahead of Powell's Jackson Hole speech; Watches of Switzerland down 26%
▼ + stars: | 2023-08-25 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON — European markets were muted on Friday morning as traders await signals from Federal Reserve officials on the likely path of monetary policy. The pan-European Stoxx 600 hovered around the flatline in early trade, with tech stocks shedding 0.4% while oil and gas shares added 0.6%. The continental blue chip index closed the Thursday session down 0.4%, as global momentum on the back of U.S. chipmaker Nvidia 's blowout earnings faded throughout the day. U.S. stock futures were little changed in early premarket trade on Friday, after Wall Street closed out a dismal regular trading session. Thursday marked the worst day for the Dow since March, while the S&P 500 and Nasdaq had their biggest one-day losses since Aug. 2.

Persons: Nvidia, Jerome Powell Organizations: Federal Reserve, Japan's Nikkei, Wall, Dow, Nasdaq Locations: U.S, Asia, Pacific

The company hit the headlines in December 2021 after it laid off 900 employees via Zoom, and has since seen its profit dented by high mortgage rates that have dampened demand for home loans. "Here is an example of the exact wrong company at the wrong time - SPACs are hated and anything related to mortgage lending is hated at the moment," said Thomas Hayes, chairman at Great Hill Capital. U.S. mortgage rates have extended their surge as government bond yields rally. The popular 30-year fixed rate hit its highest level since 2000 last week, causing mortgage applications to hit a 28-year low. Amid ultra-low interest rates, the SPAC market exploded in 2021, but has since sputtered amid rising interest rates, high redemption rates and increased regulatory scrutiny.

Persons: SoftBank, Vishal Garg, Thomas Hayes, Bansari Mayur, Hannah Lang, Sriraj Kalluvila, Marguerita Choy Organizations: Home, Finance, Aurora, Corp, U.S . Securities, Exchange Commission, Great, Thomson Locations: Great Hill, Bengaluru, Washington

☆ Home affordability is the worst it has been since 1984
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. The number of cost-burdened renters increased by 1.2 million, to a record 21.6 million households, between 2019 and 2021. In all, 40.6 million households were housing-cost burdened in 2021, including 20.3 million who were severely burdened. Affordability picture remains grim this yearHopeful house hunters continued to face challenging affordability conditions in July as rising mortgage rates and historically low housing inventory pushed prices higher, said Edward Seiler, the Mortgage Bankers Association’s associate vice president for housing economics. “Unfortunately, given today’s lack of inventory and affordability levels, it may take years before home affordability returns to more ‘normal’ levels,” he said.

Persons: Black Knight, Knight, “, ”, Andy Walden, Edward Seiler, Seiler, Joel Kan, Walden, ” It’s Organizations: DC CNN, Federal Reserve, Black, Joint Center for Housing Studies of Harvard University, Mortgage, Moody’s Investors Service Locations: Washington

☆ August once again lives up to its dismal reputation for stocks
▼ + stars: | 2023-08-24 | by ( Fred Imbert | ) www.cnbc.com time to read: +3 min

The S&P 500 is down more than 3% this month, on pace to snap a five-month winning streak. Go back 20 years and the performance gets worse: The S&P 500 has averaged a monthly 0.1% loss in that time. The S&P 500 has averaged a 0.5% loss in September over the past 20 years. Over the past 10 years, the S&P 500 has fallen an average of 1% each September. "For S&P 500 levels, we see 4,400 as the start of support (50-day average) that extends down to 4,200 (Feb.

Persons: Brendan McDermid, Wall, —, Oppenheimer, Ari Wald, China's, Ed Yardeni, we're Organizations: New York Stock Exchange, Reuters, Nasdaq, Dow Jones, Federal Reserve, CNBC, Wall, Garden Holdings, Hang, Yardeni Research Locations: China, U.S, Hong Kong

☆ Nike falls for record 10th straight day as Foot Locker woes, China slowdown hit stock
▼ + stars: | 2023-08-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Nike's stock tumbled Wednesday for the 10th day in a row after Foot Locker reported dismal quarterly results and consumers continue to pull back from the footwear sector. "This became much more evident through the second quarter including a weaker start to back to school. The store traffic and conversion challenges we began to see in late Q1 persisted through the second quarter as our customer remained cautious with their discretionary dollars," she said. China's uneven recovery could also be weighing on Nike's stock. However, it's unclear if that growth is continuing and what the results will look like when Nike next reports earnings.

Persons: Foot Locker, We've, Rick Patel, Raymond James, There's, We're, Foot, Patel, Locker, Mary Dillon, John Donahoe Organizations: Nike, CNBC, Dick's Sporting Goods, StreetAccount Locations: U.S, China

☆ Foot Locker shares plunge 30% as it slashes guidance and blames 'consumer softness'
▼ + stars: | 2023-08-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

The dismal quarter prompted Foot Locker to lower its forecast again – just five months after introducing it. Those heavy markdowns have weighed on Foot Locker's margins, which dropped 4.6 percentage points compared with the year-ago period. Shrink, a retail industry term that refers to merchandise lost by theft, damage or other means, also weighed on profits, Foot Locker said. It didn't disclose how much shrink cut into its margins compared with promotions. But Foot Locker has been trying to reduce its reliance on Nike and balance its vendor mix.

Persons: Locker, Foot, Mary Dillon, Foot Locker Organizations: Refinitiv, Nike

Office workers look at their mobile phones to check the local online banking app Toss as they gather at Seoul Museum of Art during a lunch break in Seoul, South Korea, April 13, 2023. Interest rate decisions and policy guidance from South Korea and Indonesia take center stage in Asia on Thursday, as investors also navigate the strong cross currents from global equity and bond markets the day before. On the Asian policy front, the Bank of Korea is expected to leave its key policy rate unchanged at 3.50% for a fifth consecutive meeting on Thursday and hold it steady for the rest of this year. Bank Indonesia is also expected to keep its key interest rate steady, at 5.75% for the seventh consecutive meeting and for the rest of the year too. Here are key developments that could provide more direction to markets on Thursday:- South Korea interest rate decision- Indonesia interest rate decision- South Korea producer price inflation (July)By Jamie McGeever; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Kim Hong, Jamie McGeever, Josie Kao Organizations: Seoul Museum of Art, REUTERS, Wall, Nvidia, Shanghai CSI, Bank of England, European Central Bank, Bank of, Bank Indonesia, Thomson, Reuters Locations: Seoul, South Korea, Indonesia, Asia, Europe, China, Shanghai, Japan, Bank of Korea, Korea

He called the U.S. central bank's misreading of the issue "a major failure" that can mar analysis of where the economy stands. Since 2016, policies from the vastly different Trump and Biden administrations have combined in a sort of accidental complementarity to keep both job and economic growth above the Fed's estimate of potential. Median Fed policymaker projections of potential U.S. economic growth have slid from a level around 2.5% a decade ago to 1.8% as of June 2023, when the last projections were issued. Under pressure from colleagues to raise interest rates as the economy accelerated, Greenspan resisted and accommodated the expansion instead of fighting it. But it could help economic growth continue even as prices cool, another prop for the "soft landing" the Fed hopes to engineer and possible evidence of rising potential.

Persons: John Williams, Joe Biden, Adam Posen, Donald Trump, Trump's, Biden, Dana Peterson, Peterson, Jerome Powell, Board's Peterson, Alan Greenspan's, Greenspan, Jackson, John Fernald, Huiyu Li, Michael Feroli, Antulio Bomfim, Powell, Howard Schneider, Paul Simao Organizations: Federal Reserve, New York Fed, San Francisco, Fed, Reuters, BlackRock, Bank of England, Peterson Institute for International Economics, Trump, Biden, Conference Board, Jackson, San Francisco Fed, JPMorgan, Trust Asset Management, Thomson Locations: U.S, Jackson Hole , Wyoming, Washington

☆ Legendary investor Jeremy Grantham sees shades of the dot-com bubble in markets - and predicts stocks will slump and recession will strike
▼ + stars: | 2023-08-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jeremy Grantham compared the post-pandemic boom in stocks to the dot-com bubble. The GMO cofounder doubts AI buzz can offset the impact of higher interest rates and tech woes. The buying frenzy was fueled by rock-bottom interest rates, stimulus checks, federal grants and loans, lockdown boredom, and other factors. The resulting surge in stocks was "in many ways about equal to the 2000 tech bubble," the veteran investor and GMO cofounder added. Grantham added that a recession could still hit this year, and forecasted moderately higher inflation and interest rates in the years to come versus the last decade.

Persons: Jeremy Grantham, Grantham, David Rubenstein, It's Organizations: Service, Bloomberg, Federal Locations: Wall, Silicon

☆ The American rebuild begins after dismal World Cup campaign
▼ + stars: | 2023-08-21 | by ( Amy Tennery | ) www.reuters.com time to read: +4 min

The Americans, who own a record four World Cup titles and had never before finished worse than third place, left town long before the party was over after a shock defeat to Sweden in the last 16. "Our commitment to excellence remains unshakeable, and we believe this strategic plan will set the foundation for our women's national team to achieve greater heights in the years to come." The U.S. federation must also replace women's national team General Manager Kate Margkraf, whose departure was announced on Friday. But the Macedonian-American never shied from bringing the next generation into the fold, as he fielded the least experienced U.S. team in memory with 14 World Cup newcomers, compared to only eight in 2015. But fans looking for a glimmer of hope from the Americans' dismal campaign can look to the younger players.

Persons: Megan Rapinoe, Alyssa Naeher, Vlatko Andonovski, Matt Crocker, Crocker, Kate Margkraf, There’s, Andonovski, Sam Mewis, Catarina Macario, Mallory Swanson, Forward Sophia Smith, Naomi Girma, Alyssa Thompson, Julie Ertz, Fox, Amy Tennery, Pritha Sarkar Organizations: Soccer Football, FIFA, United, Spain, England, Sunday's, team, Soccer Sporting, Premier League, Southampton, women's, U.S . Soccer, National Women's Soccer League, U.S ., Vietnam, U.S, Soccer, Thomson Locations: New Zealand, Sweden, United States, Melbourne, Australia, U.S, Sydney, Qatar, Paris, Tokyo, New York

☆ Asian shares head for 3rd week of losses on China woes, US rates
▼ + stars: | 2023-08-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) were up 0.1% after hitting a nine-month low the session before. It was, however, headed for a weekly loss of 2.8%, the third straight week of declines. Data early on Friday showed Japan's core inflation slowed in July, a result that is likely to support market wagers that the Bank of Japan is in no hurry to phase out monetary easing anytime soon. Chinese property giants gained 0.3%, pulling away from a nine-month low hit just a session ago. "At the start of the year China's economy was powering ahead.

Persons: HSI, China Evergrande, Jonas Goltermann, Treasuries, Padhraic Garvey, Sam Holmes Organizations: Nikkei, Bank of, HK, Capital Economics, ING, Atlanta Federal, Brent, . West Texas, Thomson Locations: Japan, SYDNEY, Asia, Pacific, Bank of Japan, China's, China, U.S, Americas

☆ Here's a rapid-fire update on all 36 stocks in the Club's portfolio, including 2 recent buys
▼ + stars: | 2023-08-17 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +14 min

Here's a rapid-fire update on all 36 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Apple remains an "own it, don't trade it" stock, Jim said. Halliburton (HAL): Given we just added a new stock to the portfolio, Jim said Halliburton may be the stock we look to cut ties with. The lesson with P & G is that, sometimes, there's nothing to do but hold a stock, Jim said. Stanley Black & Decker (SWK): The maker of DeWalt and Craftsman tools is one of the best bargains in our portfolio, Jim said.

Persons: Jim Cramer's, Jim, it's, We're, —, he's, he'll, we're, Dupont, Walt Disney, Estee Lauder, Locker, Mary Dillon's, Halliburton, Humana, Humana's, Linde, Eli Lilly, there's, Mark Zuckerberg's, Jim said, Morgan Stanley, James Gorman, Nikesh Arora, Elliott Management's, Elliott, Stanley Black, Decker, It's, Wells Fargo, Wells, Charlie Scharf —, Jim Cramer, Jim Cramer Rob Kim Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Devices, AMD, Nvidia, Amazon, Federal, Bausch Health, Caterpillar, Costco, Coterra Energy, DuPont de Nemours, Comcast, Emerson, Emerson Electric, Ford, United Auto Workers, GE HealthCare Technologies, Big Tech, NFL, Halliburton, HAL, Texas, Honeywell International, Honeywell, Linde, LIN, Facebook, Reality Labs, Microsoft, Oracle, Palo Alto Networks, Procter & Gamble, Natural Resources, Starbucks, Constellation Brands, TJX, Goods, Wynn Resorts, WYNN, Jim Cramer's Charitable Locations: Bausch, China, Hulu, NBCUniversal, Palo, Macao

☆ Asia stocks fall as weak China data weigh
▼ + stars: | 2023-08-16 | by ( Kane Wu | ) www.reuters.com time to read: +3 min

China reported weaker than expected July activity data Tuesday, accompanied by news that Beijing would no longer publish youth unemployment data. Wong said he was most concerned about month-to-month decline of China's retail sales and weak infrastructure investments, which suggested lack of funding from local governments. China's industrial output and retail sales growth both slowed from a month earlier to a year-on-year pace of 3.7% and 2.5% respectively, missing expectations. If the decline begins to accelerate, it will feed back on weaker consumer confidence and weigh on already feeble retail sales growth. All three major U.S. equity indexes ended Tuesday lower, after a stronger-than-expected report on U.S. retail sales data.

Persons: Issei Kato, HONG KONG, Australia's, Redmond Wong, Wong, Hang, John Milroy, Ord Minnett, Tina Teng, Ord Minnett's Milroy, Brent, Kane Wu, Lincoln Organizations: REUTERS, Japan's Nikkei, Saxo Markets, Dow Jones, Nasdaq, Fed, New Zealand, CMC, Canada, BHP, Thomson Locations: Tokyo, Japan, HONG, Asia, Asia Pacific, China, Beijing, Greater China, Wedneday

☆ Premarket stocks: Does it matter whether the Federal Reserve hikes or pauses rates in September?
▼ + stars: | 2023-08-14 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —After the Federal Reserve raised interest rates in July to the highest level in 22 years, Wall Street’s focus is on whether September will bring another rate hike. But does it really matter whether the Fed raises or pauses rates next month? Before the Bell: Does it matter whether the Fed raises rates in September by another quarter point or holds steady instead? And, that earnings can grow even in an environment where interest rates are back to levels that they have been in for the past couple of decades. Year-over-year comparisons should improve, but I think investors want to see that.

Persons: Bell, Ed Yardeni, they’ve, Moody’s, they’re, We’ve, Fitch, CNN’s Kathleen Magramo, Women Jan Tinetti, Tinetti, Read, CNN’s Olesya Dmitracova, Darren Morgan, ”, Jonathan Moyes Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Employers, Traders, Yardeni, Women, Labour, Organisation for Economic Co, Development, Gross, National Statistics, Wealth Locations: New York, New Zealand

☆ Is it time to worry about stagflation?
▼ + stars: | 2023-08-10 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +8 min

CNN —For the past two years, economists have been worrying about the risks of high inflation rates. But far less attention has been given to inflation’s sibling: stagflation. Stagflation is the combination of high inflation and a slowing economy. The current state of stagflation: Last year, then-World Bank President David Malpass warned that stagflation risks were high because of supply chain disruptions stemming from lockdowns in China and bans on Russian oil. What’s happening now: The risk of stagflation varies significantly across different regions of the globe.

Persons: Stagflation, David Malpass, Janet Yellen, ”, Lan Ha, stagflation, Andrew Kenningham, “, That’s, ” Kenningham, ” Ha, Ha, Parija Kavilanz, don’t, Dallin Hatch, Biden, Joe Biden, Trump, Matt Egan, It’s Organizations: CNN Business, Bell, CNN, Federal, World Bank, Euromonitor, Capital Economics, Bank of England’s, National Institute of Economic, Social Research, Trump Locations: Israel, lockdowns, China, Europe, Germany, Ukraine, Saudi Arabia

☆ Retailers say organized theft is biting into profits, but internal issues may really be to blame
▼ + stars: | 2023-08-10 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +8 min

In this article TGTFL Follow your favorite stocks CREATE FREE ACCOUNTThis is part two of a three-part series on organized retail crime. "If there's an occurrence of external theft they would steal let's say 10 bucks worth of merchandise, but if it's internal theft, it'd be 40 bucks." Internal theft also happens at warehouses and in aisles where online orders are prepared, one of the people said. However, he thinks internal theft is now "second place" to external theft. Shrink references reach a 'fever pitch'Retailers started to blame organized theft for lower profits as the industry's performance started to suffer.

Persons: Daniel Acker, they're, Neil Saunders, GlobalData, it's, Saunders, Patrick Tormey, it'd, Sonia Lapinsky, AlixPartners, David Johnston, Janine Stichter, Fonrouge, Foot Locker, You've, Mary Dillon, Locker, Michael Nagle Organizations: Target Corp, Bloomberg, Getty, CNBC, Lehman College School of Business, National Retail Federation, Retailers, Walgreens Locations: Chicago , Illinois, drugstores, America, GlobalData, New York, U.S

☆ Why has the stock market been weak lately? It's not mysterious
▼ + stars: | 2023-08-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

.SPX 1M mountain S & P 500 1-month Since then, it's been one excuse after another. Everything Tuesday was down about 1.0-1.25% midday, including the equal-weight S & P 500 (RSP) the market-cap weighted S & P 500, the Nasdaq 100 (QQQ), and the small-cap Russell 2000, but most ended down a fraction of a percent. At nearly 5% yield, money market funds are still sucking in money, even with the S & P 500 up 18% this year. I mentioned Monday that money market inflows reaccelerated last week: $21 billion worth of inflows were added, according to Goldman Sachs. "The pace of money market flows reflects a larger apathy towards stock," Todd Sohn from Strategas told clients.

Persons: it's, Moody's, Mike O'Rourke, Dow Jones, Sellers, Harry Whitton, Russell, Goldman Sachs, Todd Sohn, Strategas, David Kelly Organizations: Bank of Japan, Jones Trading, Regional Banking, Nasdaq, Chief Global, Morgan Asset Management Locations: Japan, China, U.S

☆ US small businesses feel better about the economy, but still can’t find enough skilled workers
▼ + stars: | 2023-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

As inflation continued to slow last month, optimism improved among the more than 1,300 small businesses surveyed, though it remains subdued compared to pre-pandemic times. Of owners hiring or trying to hire, 92% reported few or no qualified applicants for their available jobs, also unchanged from the prior month. “With small business owners’ views about future sales growth and business conditions dismal, owners want to hire and make money now from solid consumer spending,” said Bill Dunkelberg, the NFIB’s chief economist, in a release. Despite the economy holding steady, optimism among small businesses isn’t back to where it was before the pandemic. Even though businesses are still grappling with difficulties in hiring, cooling inflation has taken some of the edge off.

Persons: ”, Bill Dunkelberg, they’ve Organizations: DC CNN, National Federation of Independent Business, Federal Reserve, Gross, Federal Reserve Bank of Cleveland, Labor Department, Wall Street Locations: Washington

☆ Oil extends gains, hovers at four-month highs on OPEC+ cuts
▼ + stars: | 2023-08-07 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Both contracts notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022. Russia said on Thursday would cut oil exports by 300,000 bpd in September. The port that handles 2% of the world's oil supply has resumed operations. OPEC+'s output cuts, China's stimulus measures, and an improved U.S. economic outlook are supporting crude prices, CMC Markets analyst Tina Teng said in a note, although she said prices were approaching near-term resistance of their April highs.

Persons: Tina Teng, Tony Sycamore, Baker Hughes, Florence Tan, Jamie Freed Organizations: REUTERS, Brent, U.S, West Texas, ANZ, CMC, Thomson Locations: Cushing , Oklahoma, U.S, Saudi Arabia, Saudi Arabia Russia, SINGAPORE, Russia, China, Russian, Ukrainian, Novorossiysk, Saudi, Saudi Aramco, Asia

☆ A top-1% fund manager over the past 3 years highlights a 'once-in-a-generation' opportunity in an underrated part of the market — and shares 10 stocks to buy now
▼ + stars: | 2023-08-05 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Focusing on small caps and international companies has led to his outperformance. Large stocks have risen relative to their smaller peers in the last 10 years. What followed was a dominant stretch for small caps, the fund manager said. 10 top stocks to buy nowBesides small caps, Fine said he's now especially bullish on stocks in international markets. He estimated that 70% of his fund is in foreign stocks versus 20% in US names and 10% in cash.

Persons: Matthew Fine's, Matthew Fine, Morningstar, he's, Fine, Stocks, —, that's, it's Organizations: Nasdaq, Companies Locations: United States

☆ World Cup Picks Up Baton for Women’s Sports in Australia
▼ + stars: | 2023-08-05 | by ( Natasha Frost | More About Natasha Frost | ) www.nytimes.com time to read: +1 min

Fans celebrated in central Melbourne this week after a national triumph: The Matildas, the Australian women’s soccer team, had defeated Canada, the reigning Olympic champion, 4-0. It was a glorious victory after a dismal start to the Women’s World Cup for one of the two host teams. In Federation Square, Australians held up gold and green scarves and bellowed, “Up the Matildas!”Two years earlier, the same city had seen a similar outpouring of support for the Australian women’s cricket team. Inside Melbourne Cricket Ground, more than 86,000 people had gathered to watch the final of the Women’s T20 World Cup, while 1.2 million people tuned in from elsewhere in Australia. For Ellyse Perry, an Australian sporting legend who has represented the country in both the cricket and soccer World Cups, the 2020 match — the largest crowd ever to watch a women’s cricket match — was a milestone for women’s sports in Australia.

Persons: Ellyse Perry, — Organizations: Canada, Olympic, Square, Australian, Inside, Inside Melbourne Cricket Locations: Melbourne, Australian, Inside Melbourne, Australia

☆ Tella seems focused on Saints despite Clarets' freedom campaign
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

SOUTHAMPTON, England, Aug 2 (Reuters) - Coveted striker Nathan Tella seemed only to be thinking about his Southampton future on Wednesday, while a bizarre campaign to reunite him with Burnley continued on social media. His parent club Southampton went the other way, dropping into the second-tier Championship at the end of a dismal campaign. Tella is now back at Saints but Burnley want him back, with chairman Alan Pace reposting a "Free Nathan Tella" video his daughter had posted on Instagram. loadingThe video, set against a soundtrack of The Specials’ Free Nelson Mandela song, begins with text reading "Free Nathan Tella" before showing Pace's daughter pinning several posters surrounding the club's stadium. Responds to ‘Nathan Tella baby’.

Persons: Nathan Tella, Alan Pace, Nelson, – Burnley, ‘ Nathan Tella, we've, Tella, Ossian, Christian Radnedge Organizations: SOUTHAMPTON, Southampton, Burnley, Premier League, Saints, Sheffield, Thomson Locations: England

☆ Stocks are on track for a 28% gain this year, and the bull market will stretch into 2024, Oppenheimer says
▼ + stars: | 2023-08-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The S&P 500 is on track to gain 28% this year after a dismal 2022, Oppenheimer said. Stoltzfus, who has made the case for a huge stock market rebound since January, raised his S&P 500 target for the year to 4,900. "A broadening of the rally across S&P 500 sectors suggests that the bull market that emerged from the October 2022 lows has legs to run higher into 2024," Stoltzfus added. Other Wall Street commentators have turned more bullish on stocks as the S&P 500 nears its all-time-high of 4,796, which it hit in January 2022. The benchmark index is likely to hit a new record price this year, some forecasters say, thanks to inflation dropping and financial conditions easing into 2024.

Persons: Oppenheimer, John Stoltzfus, Stoltzfus Organizations: Service, Federal Reserve, Fed Locations: Wall, Silicon

☆ Union Square Ventures slashed the value of 7 of its funds by 26%. Insiders say this will be the 'start of a cascade' of lower valuations for VC funds.
▼ + stars: | 2023-08-02 | by ( Ben Bergman | ) www.businessinsider.com time to read: +5 min

Union Square Ventures is widely considered to be one of the top performing venture firms of all time. USV marked down seven of its funds by nearly 26% this year, a far steeper writedown than other firms. Union Square Ventures — an early backer of Robinhood, Coinbase, and Etsy— is widely considered to be one of the top performing venture firms of all time. Venture firms are required to value their holdings at fair market value, but assessing the value of illiquid assets leaves considerable room for discretion. USV's 2004 fund returned more than $305 million in cash from a $22 million UTIMCO investment, with an IRR of 66%.

Persons: USV, —, VCs, Vincent Harrison, Combinator, Fred Wilson, Wilson Organizations: Square Ventures, Union Square Ventures, UTIMCO, University of Texas, Venture, Bay, Sequoia, Twitter, Zynga Locations: Robinhood, Texas, USV

☆ Toronto stocks start August on a weak note as commodity-linked sectors drag
▼ + stars: | 2023-08-01 | by ( Siddarth S | ) www.reuters.com time to read: +2 min

A sign board displaying Toronto Stock Exchange (TSX) stock information is seen in Toronto June 23, 2014. ET (1417 GMT) on Tuesday, the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 84.12 points, or 0.41%, at 20,542.52. Data showed Canada's manufacturing sector contracted for the third straight month in July as an uncertain economic outlook held back new orders, offsetting a pickup in production. Lower oil prices dragged the energy sector (.SPTTEN) down 0.7%. In the neighboring U.S., manufacturing appeared to stabilize at weaker levels in July, data showed, amid a gradual improvement in new orders.

Persons: Mark Blinch, Brian Madden, Siddarth, Shilpi Majumdar Organizations: Toronto Stock Exchange, REUTERS, Reuters, Toronto Stock, Bank of Canada, Investment, Silvercrest Metals, Thomson Locations: Toronto, China, U.S, Bengaluru

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