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Construction of new homes in the United States dropped below expectations in May as builders pull back on new residential projects largely in response to high interest rates, reinforcing concerns about stubbornly high housing prices. Government data released on Thursday showed that new-home construction, or housing starts, fell 5.5 percent last month to an annualized rate of 1.28 million, a sign of more cracks in the already shaky housing market. Slower construction of both single-family and multifamily homes contributed to the overall drop. Building permits dipped 3.8 percent, pointing to less future construction. The magnitude of the decrease in construction last month underscores that high interest rates are both weakening housing demand and raising costs for builders — two dynamics that are ultimately contributing to builders’ reluctance to start projects.
Persons: Freddie Mac, Daniel Vielhaber Organizations: Nationwide Locations: United States
Business Insider spoke with former Disney World employees about their favorite places to eat on the property. AdvertisementFlame Tree Barbecue at Animal Kingdom is a must-tryFor former Magic Kingdom employee Kaitlyn Cahalen, Flame Tree Barbecue is the main Animal Kingdom restaurant she frequents. Jenna ClarkIf you're traveling to Disney World with picky eaters, Roundup Rodeo BBQ in Toy Story Land at Hollywood Studios can be a lifesaver. AdvertisementKalyn Breisch, a former Disney College Program participant who worked at Epcot, told Business Insider that she can be picky. First, because it's always delicious, and second because it reminds me of very happy memories of when my parents came to Disney World."
Persons: , Kaitlyn Cahalen, Jenna Clark, Kalyn, Le Cellier, Josie Maida Aguirre, Matt Stroshane, Walt, Joyce Wingate Boyden, Wingate Boyden, Breisch, Brown, Carly Caramanna, Hollywood Brown Organizations: Service, Business, Disney, Magic, Kingdom, Hollywood Studios, Disney College, Epcot, Disney World, Walt Disney, Vine, Hollywood Brown Derby, Brown Derby, Hollywood Locations: Animal Kingdom, Canada, Magic, California
The phone cutoff for Apple's gen AI system, Apple Intelligence, is the iPhone 15 Pro and Pro Max. Apple's AI head, John Giannandrea, said older iPhones can't handle the computational demands of AI. Apple Intelligence will roll out with iOS 18 and the new iPhone 16 lineup this fall. AdvertisementWhy can't you run Apple's fancy new AI features — collectively called Apple Intelligence — on your old iPhone? The company limited its highly anticipated generative AI system to only the latest iPhones — the iPhone 15 Pro and the iPhone 15 Pro Max and the upcoming lineup, presumably called the iPhone 16.
Persons: Pro Max, Apple's, John Giannandrea, , Max Organizations: Apple Intelligence, Pro, Service, Apple, Business
The market has been on a tear in 2024, driven higher by robust corporate earnings and the artificial intelligence boom. Traders expect the Fed to begin easing rates in September at the earliest, according to the CME FedWatch Tool. If inflation is cooling down but the Fed is still expected to keep its key lending rate higher for longer, what does that mean for the stock market? The data will tell us that, but I think the big takeaway for us is [inflation] going in the right direction. Do you expect some of the cash that’s on the sidelines to enter the stock market?
Persons: Price, Wall, Bell, Jack Janasiewicz, Jerome, Powell, we’re, it’s, wouldn’t, you’re, Hilary Whiteman, Read, Sam Altman, Steve Wozniak, OpenAI, Altman, Samantha Murphy Kelly, Tim Cook, , Ben Wood, “ Apple, Siri Organizations: CNN Business, Bell, New York CNN, Federal, Nasdaq, Fed, Traders, Solutions, You’re, Apple, Insight, CNN, Apple Intelligence Locations: New York, United States, West Coast, Hawaii, California, San Jose , Los Angeles, San Francisco, San Diego, Honolulu, Australia, Sydney, Melbourne, Victoria, Adelaide, South Australia
The iPhone 15 Pro is 0.32 inches (8.25 mm) deep, compared with 0.29 inches (7.4 mm) for the iPhone 12 Pro, per Apple's website. Apple announced at the Worldwide Developers Conference it would integrate its new AI software, Apple Intelligence, into the iPhone, iPad, and Mac. The AI features will roll out later this year with Apple's iOS 18 update, but will only be available to iPhone 15 Pro and 15 Pro Max users. Android chief Sameer Samat previously told Business Insider that it plans to seize the moment to "reinvent" what phones can do. AdvertisementApple didn't immediately respond to a request for comment from Business Insider, made outside normal working hours.
Persons: , Apple, Mark Gurman, Gurman, Mac, It's, Sameer Samat Organizations: Service, Business, Apple, Worldwide, Apple Intelligence, Pro Max, Google, Samsung, Android, Bank Of America Securities
Read previewAs fast-food prices continue to soar, Americans are looking for ways to get more bang for their buck. Like fast-food prices, grocery prices soared during the pandemic. But grocery prices are now largely back to pre-pandemic levels, while inflation at limited-service restaurants still remains elevated. When fast-food prices rise at a faster rate than grocery prices, consumers notice. He attributed this to the price increases at fast-food chains.
Persons: , Chad Frye, Frye, Thomas Valentine, Jordan Sanchez, he's, Lawrence Milford's, Laxman Narasimhan, McDonald's, Danilo Gargiulo, Bernstein, John Furner, footfall —, Michael Siluk, Martin Jennings, Jennings, Brooks Ferrante, Ben Heyworth, it's Organizations: Service, Business, Walmart, Getty Locations: California, Arizona, Florida, Puerto Rican
Read previewTim Cook unveiled Apple's generative AI strategy, which it calls "Apple Intelligence," at its Worldwide Developer Conference earlier this week. At its biggest conference, Apple revealed a bunch of cool AI features that will be launched through its upcoming software update, iOS 18, and on its latest Mac and iPad operating systems. Apple said Mail is also getting a "Smart Reply" boost, which will offer suggestions for automatic responses. It will also have a "Reduce Interruptions" feature that Apple says will "help users stay present" in whatever they are focused on. Record and transcribe audio files in the Notes appNotes is getting an AI boost.
Persons: , Tim Cook, Apple, Siri, Siri's, You'll Organizations: Service, Apple Intelligence, Worldwide, Apple, OpenAI, Business
Apple just formed a bullish golden cross chart pattern
  + stars: | 2024-06-14 | by ( Alex Harring | ) www.cnbc.com   time to read: +1 min
The maker of iPhones and iPads has formed a "golden cross," a technical indicator signaling when a stock's moving average over the last 50 days rises above the same moving average tracking the last 200 days. It's the first time since March that Apple's 50-day moving average trades above its 200-day counterpart. Despite the outperformance, Apple shares have advanced less than 11% this year, underperforming both the broad S & P 500 and technology-heavy Nasdaq Composite . While the golden cross can indicate upside momentum, Wall Street expects a correction ahead. AAPL 5D mountain Apple, 5-day Correction: A previous version misstated when Apple's previous golden cross pattern took place.
Persons: Siri, LSEG Organizations: Apple, Apple Intelligence, Nasdaq Locations: Silicon Valley
High interest rates have been a boon to Americans holding cash, but many on Wall Street are cautioning investors to start thinking ahead. People have been piling into cash vehicles like money market funds and certificates of deposit since the Federal Reserve started hiking interest rates. Interest rates appear to be staying higher for longer, with the Federal Reserve on Wednesday projecting only one rate cut this year. Agency MBS have a duration of about six years, per the Bloomberg US MBS Index as of June 3, Jones noted. Right now, the residential mortgage-backed securities sector looks attractive because of its relative value compared to investment-grade corporate bonds, he said.
Persons: Jones, Leslie Falconio, Fannie Mae, Freddie Mac, Ginnie Mae, Wells Fargo, Luis Alvarado, Alvarado, Falconio Organizations: Federal Reserve, Investment Company Institute, Schwab Center, Financial Research, Agency MBS, Bloomberg, MBS, UBS, Wells, Wells Fargo Investment Institute, Investors, corporates, UBS America's, AAA Locations: UBS Americas, Wells, Wells Fargo
Nearly an hour later, the iPhone maker announced a much-rumored partnership with OpenAI to bring its ChatGPT technology to devices later this year. “I think Apple will take a pragmatic approach to the OpenAI partnership,” Wood said. Apple said it will not share any personal user information with OpenAI, so inquiries made through ChatGPT won’t be linked to an Apple user’s account. So it came as no surprise when some industry watchers, including Elon Musk, were quick to react to Apple’s partnership with OpenAI. “When users do query ChatGPT, Apple will track the prompts and gather metrics to improve its own models,” he said.
Persons: Sam Altman, Steve Wozniak, OpenAI, Altman, Tim Cook, , Ben Wood, “ Apple, Siri, Apple, ” Wood, Jeff Chiu, It’s, ” Cook, it’ll, Wood, Reece Hayden, Elon Musk, Musk, ” Musk, Annette Zimmermann, ” Andrew Cornwall, Forrester, Organizations: CNN, Apple, Insight, Apple Intelligence, Nvidia, Microsoft, ChatGPT, ABI Research, Industry, OpenAI, SpaceX, Gartner Locations: China, Washington, Cupertino , Calif
It was an upgrade from my previous robot vacuum, the Shark EZ Robot Vacuum, which was constantly getting stuck and pulling up small toys, requiring my intervention. Shark Detect Pro Self-Empty Robot Vacuum The Shark Detect Pro Self-Empty Robot vacuum has an auto-empty dust bin that holds up to 60 days of debris. AdvertisementOur review of the Shark vacuumThe Shark Detect Pro easily traverses carpet, and uses a combination of scanning lasers and 3D to navigate. The Shark Detect Pro in Dirt Detect mode (purple/blue light vs. green) to pick up flour. Bethaney PhillipsThe Shark Detect Pro is a huge upgrade to previous Shark robot models.
Persons: doesn't, Bethaney Phillips, crumb, I've Organizations: Business, Technology, FloorDetect, EdgeDetect Technology, NeverStuck, Shark, NeverStuck Technology
"You have an increase in sellers coming back on the market," said Orphe Divounguy, a senior economist at Zillow. "Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market," Divounguy said. watch nowYet despite the recent jump in supply, "we're still starved for inventory in the for-sale market," said Divounguy. Homebuyers are waiting on lower mortgage ratesAs mortgage rates have remained high and housing affordability has strained household finances, buyers have been unable to jump in the market, Divounguy explained. While mortgage rates could "change pretty quickly" or "on a dime," said Fairweather, buyers are unlikely to see big movement in the near term.
Persons: Orphe Divounguy, Zillow, Divounguy, Redfin, Daryl Fairweather, We're, Fairweather, Freddie Mac, homebuyers, It's, there's Organizations: Zillow, Finance, Biden, Trump, Federal Reserve, Fed Locations: U.S, Dallas , Texas, Fort Lauderdale , Florida, Florida, Tampa, Jacksonville
The new Passwords app for iPhone, iPad, Vision Pro, Mac and Windows, lets users store all of their passwords, including verification codes, app passwords, Wi-Fi passwords, Passkeys and more. Its new Passwords app, introduced at Apple's WWDC 2024 earlier this week, is one more solution to help protect online accounts and manage multiple logins. Password managers, like the Apple Password app, log different passwords, passcodes and logins securely under a safe account. You can't underestimate the amount of effort they will put into making sure that is locked down, and those are all tied into Apple IDs, Apple passwords. Apple Intelligence, its entry into AI, will leverage cloud-based models on special servers using Apple Silicon to ensure that user data is private and secure.
Persons: Cser, Gadjo Sevilla, eMarketer, That's, Andras Cser, Forrester, Security.org, LastPass, Sevilla, Siri, Elon Musk, We're, John Giannandrea Organizations: Windows, IBM, Apple, Google, Microsoft, iOS, Facebook, OpenAI, Apple Intelligence, Machine Locations: WWDC
Leaders at Elon Musk’s social media company, X, told employees this week that 65 percent of advertisers had returned to the platform since January, according to recordings of all-hands meetings obtained by The New York Times, and that smaller companies now made up the bulk of its revenue. The executives, including Linda Yaccarino, who was appointed to run the company a year ago, admitted that the company continued to face challenges as it rebuilt its beleaguered advertising business. Some investors at Tesla, which accounts for the bulk of Mr. Musk’s wealth, have expressed concern he has been distracted by X. Since Mr. Musk took over the social media company, the billionaire has cut 75 percent of staff, restored hundreds of banned accounts and remade the platform to allow most speech, without consequences. In November, he told advertisers not to spend on X, dismissing them using an expletive during an interview at The Times’s DealBook conference.
Persons: Linda Yaccarino, Musk, X Organizations: Elon, The New York Times, Tesla
3 risks to global economic growth
  + stars: | 2024-06-13 | by ( Krystal Hur | ) edition.cnn.com   time to read: +7 min
The World Bank on Tuesday raised its 2024 outlook for global economic growth to hold steady at 2.6%, an increase from its previous projection of 2.4% growth. “Four years after the upheavals caused by the pandemic, conflicts, inflation, and monetary tightening, it appears that global economic growth is steadying,” Indermit Gill, the World Bank’s chief economist, said in a release accompanying the report. Prospects for the world’s poorest economies are even more worrisome.”Here are three risks the World Bank sees. The World Bank said that spillover risk from the Russia-Ukraine war and Israel-Hamas war could curb global growth by pushing up oil prices and shipping costs. Trade tensions are already brewing between some of the world’s biggest global economic engines.
Persons: ” Indermit Gill, Jerome Powell, , Ayhan Kose, Danielle Wiener, Bronner, Joe Erlinger, aren’t, TikTok, John S, James L, Donald Trump, Joe Biden’s, Biden Organizations: CNN Business, Bell, New York CNN, Bank, World Bank, European Central Bank and Bank of Canada, US Federal Reserve, European Commission, EU, Bureau of Labor Statistics, McDonald’s, Pew Research Center, Knight Foundation, TikTok Locations: New York, Russia, Ukraine, Israel, India, Mexico, United States, France, United Kingdom, China, Beijing
But menu prices, a source of frustration for budget-conscious consumers, are still going up — even as restaurants brag about their discounted meals. In that time prices ticked up 0.2% at limited service spots, which include fast casual and fast food joints. Grocery prices rose 1% in the 12 months through May. The increases, particularly in fast food prices, have caused customers to pull back on spending and complain online, eroding the sector’s reputation for affordability. In February, overall food prices remained flat for the first time since April 2023.
Persons: Joe Erlinger, Justin Sullivan, Rice, Milk Organizations: New, New York CNN, Bureau of Labor Statistics, McDonald’s, KFC, Starbucks Locations: New York, Burger King, Ukraine, Texas
It's historically been a smart move to buy Apple shares around this time of year coming off the technology giant's developer conference, according to Morgan Stanley's sales team. Apple's biggest announcement was its push into artificial intelligence — the buzzy software that has helped propel large tech names, such as Nvidia , to record highs. Apple executives at the event unveiled Apple Intelligence, AI tools that will be available on the Mac, iPhone and iPad. AAPL YTD mountain Apple, year to date Shares rebounded on Tuesday, rallying more than 6% to a new all-time high. But the stock has underperformed both the S & P 500 and tech-heavy Nasdaq Composite this year with a gain of just over 6%.
Persons: Morgan, Morgan Stanley, Siri Organizations: Apple, Developers, Nvidia, Apple Intelligence
Apple’s AI: We’ve seen some of this before
  + stars: | 2024-06-11 | by ( Samantha Murphy Kelly | ) edition.cnn.com   time to read: +6 min
On the other hand, however, other AI tools look familiar from what we’ve seen on the market. Ahead of the demo, the company emphasized that the majority of the new tools are powered by Apple Intelligence. If you want your email to sound more professional, or more friendly, Apple says its AI will take a stab. Siri’s AI flexApple really flexes its AI muscle, however, when it comes to Siri, which Apple says is taking a massive step forward by becoming more contextually relevant and more personal. In the demo, Apple showed how someone could upload a picture of vegetables at a farmer’s market and ask what they could make for dinner.
Persons: , they’re, , Siri, Craig Federighi, It’ll, they’ve, OpenAI, Apple, Genmoji, Roger Federer, he’s, it’s Organizations: CNN, Developers, Apple, “ Apple Intelligence, Apple Apple Intelligence, Google, Samsung, Catering, Apple Intelligence
London CNN —Elon Musk is not happy about a new partnership between Apple and ChatGPT creator OpenAI. “Apple has no clue what’s actually going on once they hand your data over to OpenAI,” Musk said in a separate post. OpenAI’s technology will support some of these new tools — for example, allowing users to direct questions to ChatGPT via their Apple devices. Greg Brockman, OpenAI president, said late Monday that ChatGPT would be integrated into Apple’s operating systems for iPhones, iPads and Mac computers. So Musk’s employees may have limited options if he wants to ban rival AI — or even OpenAI — from his companies.
Persons: London CNN — Elon Musk, OpenAI, ” Musk, Apple, Musk’s, Siri, Greg Brockman, We’re, Will, Sam Altman, , Catherine Flick, ” OpenAI, ” Matt Britzman, Hargreaves Lansdown Organizations: London CNN, Apple, SpaceX, Bluetooth, ” CNN, OpenAI, Developers, Apple Intelligence, Google, Samsung, Microsoft, Windows, Staffordshire University Locations: OpenAI, , England
Davidson thinks the artificial intelligence plans Apple unveiled on Monday will lead to a new era for the iPhone and open up possibilities for the tech company as it asserts itself in the AI race. Analyst Gil Luria upgraded Apple to buy and raised his price target to $230 per share from $200, which suggests a roughly 19% upside from Monday's $193.12 close. Luria's upgrade comes on the heels of Apple's announcement of its long-awaited generative AI initiatives , which it calls "Apple Intelligence," at its Worldwide Developers Conference, or WWDC, on Monday. That could lead to a much-needed iPhone upgrade cycle, Luria said, raising his fiscal year 2025 estimates above consensus on the expectation of an AI-driven boost for the smartphone maker. "Importantly, Apple is uniquely positioned to offer these capabilities, and may be the only one capable of doing so any time soon," Luria added.
Persons: D.A, Davidson, Gil Luria, Max, Luria, Apple, Siri Organizations: Apple, Apple Intelligence, Worldwide Developers Conference, Napster
Apple unveiled Apple Intelligence at WWDC 2024. AdvertisementApple finally threw its hat into the AI ring during its WWDC keynote on Monday, revealing a suite of generative AI features it calls Apple Intelligence. But most iPhone users will need to upgrade in order to use them. The Apple Intelligence features, which will be coming to iPhone, iPad, and Mac, will be free for users and start rolling out to US users later this year. There's also a revamped Siri, powered by Apple Intelligence, that promises to be more useful by accessing specific actions within apps.
Persons: , There's, Siri Organizations: Apple, Apple Intelligence, Service, Business
Apple stock soared 7% to a record high as investors cheered developments unveiled at its WWDC event. Apple gained as much as $198 billion in market value on Tuesday. The iPhone maker is now just $29 billion in market value away from eclipsing Microsoft as the world's largest company. The stock initially sold off, with Apple shares falling 2% on Monday following the WWDC event. Tuesday's gain for Apple has re-cemented the iPhone maker as the second largest company in the world, reclaiming the spot from Nvidia.
Persons: , Goldman Sachs, Siri, We're Organizations: Apple, Microsoft, Service, Wall, Citi, JPMorgan, Nvidia
The pressure is heating up on Apple to flaunt its AI potential at its annual Worldwide Developers Conference Monday. Shares of Apple have lagged major technology peers since the start of the year, rising just 1.5%. While the Apple event isn't typically regarded as a big market-moving stock catalyst, the highly anticipated announcement of new generative AI-enabled features changes the narrative this year, Woodring said. He added that shares tend to underperform the S & P 500 by 10 basis points on average on the day of the event. The analyst retained a $225 price target on Apple shares, implying 14% upside from Friday's close.
Persons: Morgan Stanley's Erik Woodring, Woodring, Siri, Tim Cook, Samik Chatterjee, Atif Malik, AAPL, Toni Sacconaghi Organizations: Apple, Developers, Nvidia, Microsoft, Mac, Citigroup, Google, Samsung
On Monday, the longtime Club holding unveiled its long-awaited generative AI initiatives, known as Apple Intelligence. It means that Apple's new AI tools should be able to boost lagging iPhone sales, which make up roughly half of the company's overall revenue. The iPhone 15 Pro and Pro Max, which were released last year, are the only versions of the smartphone currently compatible with Apple Intelligence. "Even if iPhone 15 users don't upgrade right away, they now have a very good reason to do it sooner than they otherwise would have. Taken together, these suite of features show that Siri is getting the makeover that Jim Cramer recently argued would be crucial for an iPhone upgrade cycle to ensue.
Persons: Siri, Pro Max, Zev Fima, Fima, Kelsey Peterson, Apple, Jim Cramer, Jim, Jim Cramer's, Tim Cook, Nic Coury Organizations: Apple, Monday, Club, Apple Intelligence, Pro, Investing, Apple News, Microsoft, CNBC, Developers, AFP, Getty Locations: China, Cupertino , California
That's the scenario Apple sketched out Monday, when it tried to explain how it was integrating AI into its ecosystem. But it's also a very real problem for Apple since Apple is in the business of selling expensive, high-margin hardware. AdvertisementBut I do have a third, vibes-based theory about why the AI that Apple showed off didn't blow me away. And during Apple's Monday demo, the company played on both sides of that line: It would tell you that Apple's AI could instantly make your writing better. In Apple's framing, that's AI that's helpful, but not creepy; immediately useful, but not too disruptive.
Persons: , Apple, it's, we've, Tim Cook, Craig Federighi Organizations: Service, Business, Apple, iPhones, AIs Locations: emojis
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