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☆ Binance CEO to step down, plead guilty in anti-money laundering probe
▼ + stars: | 2023-11-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The CEO of Binance will plead guilty to Justice Department charges. Changpeng Zhao will step down from his leadership role and Binance will pay a $4.3 billion fine. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Zhao is set to plead guilty to anti-money laundering charges, and Binance will pay a $4.3 billion fine at a federal court, sources told the Journal. Binance is also set to plead guilty to the related charges, sources added, potentially putting an end to a Department of Justice investigation spanning nearly five years.

Persons: Binance, Changpeng Zhao, —, Zhao, he'll Organizations: Department, Service, Wall Street Journal, Commodity Futures Trading, Department of Justice, Prosecutors, Reuters Locations: Russia, Iran

☆ Stocks are entering the next leg of the bull market and the S&P 500 can hit a record-high of 5,000 by end of 2024, veteran strategist says
▼ + stars: | 2023-11-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The S&P 500 could be on track to notch a new record next year, according to market vet Phil Orlando. AdvertisementThe bull market in stocks has more room to run, and it could take the S&P 500 to a new high by the end of next year, one market veteran says. Orlando sees the S&P 500 surging to 5,000 by the end of 2024, representing an upside of around 10% from the benchmark index's current levels. Higher bond yields influence other interest rates in the economy, which have also helped tighten financial conditions. The S&P 500 has climbed 7% over the past month, trading around 4,535 on Monday.

Persons: Phil Orlando, —, Orlando, They've Organizations: Federated Hermes, Service, Bloomberg, Fed, Treasury

☆ US stocks rise to start short trading week as investors assess rate outlook
▼ + stars: | 2023-11-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks rose on Monday as investors looked ahead at the Fed's next rate move. Investors are pricing in a nearly 30% chance the Fed could cut rates by March. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks rose on Monday as investors assessed the outlook for interest rates into 2024, kicking off the short trading week on a positive note. Traders have raised their expectations for the Fed to cut rates sometime early next year, thanks to inflation running at a below-expected 3.2% yearly pace in October.

Persons: —, David Morrison Organizations: Traders, Nvidia, Service, Fed, FCA, Here's, Dow Jones, Nasdaq

☆ US stocks jump as bond yields slip and Microsoft shares surge
▼ + stars: | 2023-11-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Stocks soared Monday as as bond yields slipped and Microsoft stock surged to a new high. 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 . AdvertisementUS stocks rose on Monday, led higher by falling bond yields and a surge in Microsoft shares, which touched a new all-time-high in the session. "We view Microsoft now even in a STRONGER position from an AI perspective with Altman and Brockman at MSFT running AI."

Persons: Stocks, —, Sam Altman, Greg Brockman, Altman, Brockman Organizations: Microsoft, Treasury, Dow, Service, Nvidia, Dow Jones Industrial Locations: OpenAI, Here's

☆ Russia admits it was on the verge of economic collapse after getting hit with western sanctions last year
▼ + stars: | 2023-11-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia made a rare admission regarding the effectiveness of Western sanctions. A Kremlin spokesperson said the nation was on the brink of collapse after unprecedented sanctions. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That economic pressure was largely brought on by sanctions following Russia's invasion of Ukraine, Peskov added. Russia's economic projections are also based on cherry-picked data, according to two Yale researchers, who have proposed that the nation's economy could be teetering on the edge of collapse as the war consumes all available resources.

Persons: —, Dmitry Peskov, Peskov, Putin Organizations: Kremlin, Service, Russia, SWIFT, International Monetary Fund, Yale Locations: Russia, Moscow, Russia's, Ukraine

☆ Markets are cheering the prospect of rate cuts next year, but it's a double-edged sword
▼ + stars: | 2023-11-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

But that's a tricky situation for investors, as cuts would likely come in response to a slowing economy. Rate cuts aren't inherently bullish and signs emerging that the economy is slowing into year-end. AdvertisementMarkets are cheering the possibility the Federal Reserve could begin slashing interest rates next year, but rate cuts are a double-edged sword, Wall Street experts are warning, because of what the move would signal about the broader economy. But rate cuts may not be the decidedly bullish catalyst markets are hoping for. AdvertisementMarkets have been eyeing a Fed rate cut to trigger a bullish rally in stocks.

Persons: —, we've, Paul McCulley, Chris Grisanti, We're, Claudia Sahm Organizations: Service, Reserve, Fed, CNBC, Mai Capital Management, Deutsche Bank, UBS, Atlanta Fed

☆ Analysis-In Mexico, Gender Balance Push Puts Political Parties in Unfamiliar Bind
▼ + stars: | 2023-11-18 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +5 min

Since 2018, Congress has been split 50-50, and nine of 31 state governors are now women - up from only one woman state governor five years ago. SET IN STONEThe push that also saw Lopez Obrador opt for gender parity in his first cabinet has ushered in a broader shift that looks very likely to yield Mexico's first woman president next year. Carla Humphrey, an INE commissioner who has helped lead the charge for equal representation, said the watershed dates back to gender parity recommendations enshrined in law in the 1990s. They were buttressed by 2012 changes that meant parties could have candidates disqualified if the rules were not met. Since 2019, Mexico's constitution requires gender parity in all elected positions.

Persons: David Alire Garcia, Clara Brugada, Omar Garcia Harfuch, Andres Manuel Lopez, Brugada, Garcia Harfuch, Violeta Vazquez, Rojas, " Vazquez, MORENA, Olga Sanchez Cordero, Lopez, Carla Humphrey, We've, Humphrey, Margo Glantz, Sor Juana Ines de la Cruz, Evelyn Salgado, Glantz, Salgado, Hurricane Otis, Dave Graham Organizations: David Alire Garcia MEXICO CITY, Mexico City mayoral, Regeneration, Mexico City, Senate Locations: Mexico, MORENA, Mexican, Oaxaca, America, Caribbean, Guerrero, Hurricane, Acapulco

☆ 'It's all clear' on inflation, and the Fed could cut rates as soon as March, Wharton professor Jeremy Siegel says
▼ + stars: | 2023-11-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

He predicted central bankers could begin cutting interest rates as soon as March. The Wharton professor thinks the US could risk a recession if the Fed doesn't dial back interest rates soon. AdvertisementThe battle against high inflation is just about over, and that could give the Federal Reserve the green light to soon start cutting interest rates soon, according to Wharton professor Jeremy Siegel. AdvertisementThe Fed has raised short-term interest rates 525 basis points over the past year, which Siegel previously warned could trigger a recession. Central bankers have a bigger risk now of dialing back interest rates too late, he suggested, as the economy is already showing signs of slowing down.

Persons: Jeremy Siegel, Wharton, —, Siegel, Powell, Goldman Sachs Organizations: Service, Federal Reserve, CNBC, Treasury, Bank of America

☆ The Fed's next move will be to cut rates as the drop in inflation was a 'gamechanger,' former PIMCO chief economist says
▼ + stars: | 2023-11-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The Fed's next rate move will be to cut rates, former PIMCO chief economist Paul McCulley said. Some forecasters say the Fed will slash interest rates by nearly three percentage points next year. Most significant is the "crack" in shelter inflation, McCulley said, which rose 6.7% year-over-year in October. AdvertisementInvestors will debate over when the Fed will cut rates, he added, though most are expecting the first rate cut to happen sometime next year. Some economists, though, have cautioned that the Fed risks easing interest rates prematurely, which could eventually lead to a resurgence in inflation down the line.

Persons: Paul McCulley, McCulley, —, That's, we've, Mohamed El Organizations: Service, CNBC, UBS, Fed

☆ American consumers may be starting to buckle. Here are 5 warning signs a spending slowdown is on the horizon.
▼ + stars: | 2023-11-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Americans are saving lessThe personal savings rate slumped to 3.4% in September. That's well-below the pre-pandemic savings rate, when Americans were stashing away around 7% of their disposable personal income. Consumers aren't planning to splurge this holiday seasonAmericans are less likely to splurge this holiday season than last year. McKinsey & CompanyAmericans are looking less likely to splurge, even as they head into the holiday season. "Hiring for the holiday season is generally done in October, and adding up new jobs created in the BLS-defined holiday season retail sectors in the latest employment report shows that retailers expect a weaker holiday season," Apollo chief economist Torsten Slok said in a note on Tuesday.

Persons: Macquarie, Thierry Wizman, —, Wizman, Morgan Stanley, Torsten Slok Organizations: Service, Macquarie Global, New York Fed, Federal Reserve, San Francisco Fed, Conference, Conference Board, McKinsey & Company, McKinsey, Apollo, of Labor Statistics Holiday, Bureau of Labor Statistics, BLS Locations: York

☆ Retail investors in Russia are powering an IPO hot streak that's drawing vodka makers and pawnshops to go public
▼ + stars: | 2023-11-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Russia's stock market is seeing a streak of IPOs. AdvertisementAdvertisementThe Russian IPO market is seeing a streak of firms go public, with vodka makers to gold miners to pawnshop operators selling shares for the first time. Most of the boom in the Russian stock market is being powered by retail traders, who have plowed cash into the Moscow Exchange. AdvertisementAdvertisementThat's incentivized all types of firms to make their public market debut. Western economists have cast doubt over the strength of Russia's stock market, given that foreign inflows and outflows within the Moscow Exchange are frozen.

Persons: —, Yahuralzoloto Organizations: Moscow Exchange, Bloomberg, Service, Retail, Yale Locations: Moscow, Russian, Ukraine, Kaluga, Kristal

☆ 'Dr. Doom' Nouriel Roubini has said crypto is 'totally corrupt.' Now he's launching his own token.
▼ + stars: | 2023-11-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

"Dr. Doom" Nouriel Roubini is launching a crypto token after years of bashing the crypto industry. The token will be pegged to investments Roubini has touted in the past, including gold and other commodities. Roubini has been a vocal crypto critic, previously calling the industry "totally corrupt." Now, his asset management firm is creating its own crypto token. And he's warned of some form of disaster for the US economy for most of the past two decades.

Persons: Doom, —, Roubini, he's, Atlas, That's Organizations: Service, US Dollar Atlas Capital

☆ Brace for a sharp inflation drop that still won't be enough to return the economy to normal, top economist Mohamed El-Erian says
▼ + stars: | 2023-11-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Inflation will drop sharply, but prices won't get back to the Fed's 2% target soon, Mohamed El-Erian said. AdvertisementAdvertisementThe economy will soon see a sharp drop in inflation – but that still won't be enough to return it to the central bank's target, according to top economist Mohamed El-Erian. Headline inflation accelerated 3.7% year-per-year in September, slightly above the expected 3.6% clip. Meanwhile, core inflation accelerated 4.1% year-per-year, in-line with economists' forecasts. Headline inflation is expected to accelerate 3.28% year-per-year, while core inflation is expected to remain mostly level at 4.16%, according to the Cleveland Fed's Inflation Nowcast.

Persons: Mohamed El, Erian, —, Goldman Sachs, Neel Kashkari, Powell Organizations: Bloomberg, Service, Allianz, Federal, Minneapolis, of Labor Statistics, Cleveland

☆ Everyone is going bankrupt
▼ + stars: | 2023-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

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 . WeWork, the real-estate company that cosplayed as a tech startup, filed for Chapter 11 bankruptcy this week. AdvertisementAdvertisementBut one Wall Street veteran believes WeWork will be the first of many companies to succumb to a similar fate. 3 things in marketsANGELA WEISS / Getty ContributorCan the stock market keep this momentum going?

Persons: —, AFTRA, Tesla, Brooks Kraft, It's, WeWork, David Trainer, Jennifer Sor, Insider's Vishal Persaud, Katie Notopoulos, Adam Neumann, we've, ANGELA WEISS, Jeff Gundlach, OpenAI's, Google's Bard, Min, Uber, Travis Kalanick's, Matthew Tortoriello, Sherrod Brown, Malte Mueller, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, SAG, Hollywood, Tech, Google, Brooks Kraft LLC, Getty, Wall, P, Bank of America, Wall Street, Nasdaq, ExxonMobil, Tesla, Apple, Brooks, Amazon, YouTube, NFL, News Corp, Sony Locations: French Montana, New York City, San Diego, London, New York

☆ Tech stocks are in the beginning stage of the next bull market and will jump another 12% this year, Wedbush's Dan Ives says
▼ + stars: | 2023-11-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Tech stocks are in a bull market and could jump another 10%-12% by year-end, Wedbush's Dan Ives said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementTech stocks are in the early stages of a bull market, and the sector is primed to stage a big rally by the end of this year, according to Wedbush's Dan Ives. That's recreating a "1995 moment" for the tech sector, the year the internet started to transform the space, Ives previously said. "We believe this is the beginning of the next tech bull market.

Persons: Wedbush's Dan Ives, —, Ives, Richard Bernstein Organizations: Nasdaq, Service, Tech, Microsoft, CNBC, Richard Bernstein Advisors Locations: Gibraltar

☆ The S&P 500 hits best winning streak in 2 years as stocks extend gains amid falling bond yields
▼ + stars: | 2023-11-07 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The S&P 500 just notched its longest winning streak since November 2021. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUS stocks rose on Tuesday, with the S&P 500 notching its best winning streak since November 2021 as bond yields continued to fall back. All three benchmark indexes traded higher, with the S&P 500 notching its seventh-straight winning session, while the Nasdaq Composite closed higher for the eighth consecutive trading session. Still, investors are keeping an eye on elevated interest rates and the potential for key government bond yields to spike again after they fell back from 16-year highs.

Persons: —, Neel Kashkari Organizations: Nasdaq, Fed, Service, Federal Reserve, Treasury, Minneapolis, Dow Jones

☆ 4 big takeaways from earnings season as Wall Street digests surprisingly resilient corporate results
▼ + stars: | 2023-11-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The S&P 500 looks on track to have the strongest earnings season since the third quarter of 2021. Earnings are telling markets four things about the state of the economy, Bank of America says. Bank of America in a note on Monday pointed to so-far resilient earnings season, despite earlier concerns on Wall Street over a sustained slowdown in corporate profits. Meanwhile, revenue per worker in the S&P 500 is approaching its highest level since 2008, despite sales slowing down. Investors, though, are still waiting on the rest of S&P 500 firms to report their financials over the next few weeks.

Persons: — Organizations: Bank of America, Service, Pfizer, Merck

☆ A 'once-in-a-generation' market opportunity thanks to some unfamiliar names
▼ + stars: | 2023-11-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at why the market might be on the cusp of a once-in-a-generation investing moment (but not with the names you're familiar with). The big storyUnder the radarA trader looks at market charts on the floor of the New York Stock Exchange on January 18, 2023. Angela Weiss/AFP/Getty ImagesWhen it comes to the stock market, the real value is in the crumbs. AdvertisementAdvertisementThe former chief investment strategist at Merrill Lynch views the chance to get in on less-glamorous stocks as a "once-in-a-generation" opportunity. The end of the AI market boon.

Persons: —, Stanley, Angela Weiss, Richard Bernstein, Merrill Lynch, Insider's Jennifer Sor, Bernstein, Jennifer, Brendan McDermid, Fundstrat's Tom Lee, Charlie Munger, Warren Buffett's, Munger, there's, Berkshire Hathaway, Bill Smead, Smead, Kendrick Lamar's, Rishi Sunak, Linda Yaccarino, Hitler, Elon Musk, carles miro, Getty, Tyler Le, Gen Zers, Zers, Donald Trump, OpenAI, OpenAI DevDay, Adolphe Sax, Martha Stewart, Lexie Moreland, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, New York Stock Exchange, Getty, Bank of America, REUTERS, Elon, AI, Trump, Trump Organization, OpenAI Locations: Victoria, New York City, San Diego, London, New York

☆ How the market's forgotten stocks could lead a 'once-in-a-generation' buying opportunity
▼ + stars: | 2023-11-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

A once-in-a-generation opportunity is coming for the stock market, according to investment chief Richard Bernstein. AdvertisementAdvertisementBrace for a big investing opportunity that's about to come for stocks — and not in an area of the market investors may be expecting. That's according to Richard Bernstein, the CIO of Richard Bernstein Advisors, a $16 billion asset manager. That coming pendulum swing in market leadership is a "once-in-a-generation" buying opportunity brewing among forgotten and under-loved areas of the market, Bernstein says. Richard Bernstein Advisors"Because growth is starting to accelerate, it makes less and less sense to pay a premium for growth.

Persons: Richard Bernstein, —, Bernstein, Merrill Lynch —, RBA, Russell, Bernstein isn't Organizations: Service, Richard Bernstein Advisors, Amazon, Bank of America

☆ Defaults of high-yield corporate bonds are accelerating and could bring a $46 billion wave of distressed debt in 2024, Bank of America says
▼ + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The US could see a $46 billion wave of distressed high-yield debt next year, BofA warned. Higher interest rates could cause defaults and bankruptcies to peak in early 2024, experts warn. AdvertisementAdvertisementThat amounts to $35 billion in those three sectors alone, or around 75% of all high-yield defaults expected next year, strategists said. Federal ReserveExperts have been warning of a wave of defaults and bankruptcies to hit the market, especially as interest rates remain higher-for-longer. Meanwhile, total US bankruptcies and debt defaults could peak sometime in the first quarter of 2024, Charles Schwab estimated.

Persons: BofA, —, Charles Schwab Organizations: Service, Bank of America, " Bank of America, HY, Treasury, ICE Bank of America, Federal

☆ BRICS countries could swing an 'economic wrecking ball' at dollar dominance even without a shared trade currency, former White House economist says
▼ + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

BRICS countries could swing an "economic wrecking ball" at the dollar, a former White House economist says. Such a currency could potentially topple the dollar from its perch atop global trade markets and as the dominant reserve currency. "The BRICS+ nations do not need to wait until a shared trade currency meets the technical conditions typical of global reserve currency before they swing their newly enlarged economic wrecking ball at the dollar," he added. "The BRICS+ states do not even necessarily need to have a shared trade currency to chip away at King Dollar's domain. Other economists argue though that the dollar's role as the world's top trading and reserve currency will likely continue for a long time.

Persons: —, Joe Sullivan, Sullivan, BRICS Organizations: White House, Service, White, Foreign, United, Treasury, King, Bank of International Settlements, International Monetary Fund Locations: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, Suez, Brazil, China, Russia

☆ 'Bond King' Bill Gross says the US economy headed for a recession as more indicators flash in the 4th quarter
▼ + stars: | 2023-11-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US could be sinking into a recession by the fourth quarter, Bill Gross said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy may be teetering into a recession, and indicators of coming weakness could soon be flashing red, according to "Bond King" Bill Gross. "We will see it in the fourth quarter," Gross said of a GDP slowdown. And of course, the US economy is 70% based on consumer spending," Gross said.

Persons: Bill Gross, —, Gross, We're Organizations: Service, CNBC, Atlanta Fed, Silicon Valley Bank, Fitch, of Labor Statistics, JPMorgan Locations: Silicon

☆ The Fed and war in the Middle East are the 2 things that could push the US economy into a recession, 'Dr. Doom' economist Nouriel Roubini says
▼ + stars: | 2023-11-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The US economy still faces two risks that could push it into a recession, Nouriel Roubini warned. AdvertisementAdvertisementThe US is facing two risks that could push the economy into a recession, according to economist Nouriel Roubini. That will cause the Fed to push interest rates higher, a move that could overtighten financial conditions and push the US into a recession, Roubini warned. Meanwhile, bond yields could plunge as investors flock to safe-haven assets like US Treasurys, Roubini warned. Other economists have also warned of recession risks, despite the resilience of the economy and the stock market so far this year.

Persons: Roubini, Doom, —, Nouriel Roubini Organizations: Service, Fox Business, Fed, Societe Generale Locations: Israel, Iran

☆ The stock market is following a rare pattern that could signal double-digit gains next year
▼ + stars: | 2023-11-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The stock market is following a rare pattern that could signal big gains next year, NDR said. The S&P 500 rallied for five months straight this year, followed by three consecutive months of losses. A five-month winning streak earlier this year was immediately followed by a three-month selloff from August through October. That's an unusual pattern in the history of the market, one that has only been observe four times since 1926. AdvertisementAdvertisement"Over the past 50 years, the S&P 500 was up every time from one to 12 months later," the strategists said.

Persons: —, Ned Davis, That's, Tom Lee Organizations: NDR, Service, Ned Davis Research, Treasury

☆ US stocks rise as bond yields fall after the Fed keeps interest rates steady
▼ + stars: | 2023-11-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US stocks climbed Monday as the Fed announced its decision to keep interest rates unchanged. Bond yields ticked lower, with the 10-year Treasury yield slipping 11 basis-points. AdvertisementAdvertisementUS stocks closed higher on Wednesday as investors took in the Federal Reserve's latest interest rate decision. Fed officials chose to keep interest rates level at their November policy meeting, in-line with investors' expectations. The Fed funds rate is still in the 5.25%-5.5% range, the highest interest rates have been since 2001.

Persons: —, Jerome Powell, Powell, Chris Zaccarelli Organizations: Fed, Treasury, Service, Nasdaq Locations: US, Here's

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