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☆ Wall St Week Ahead Lofty valuations on US stocks a growing worry for investors
▼ + stars: | 2023-06-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

The S&P 500 now trades at 19 times its expected 12-months earnings, well above its historic average of 15.6 times, Refinitiv Datastream showed. WFII recently downgraded the technology sector, which has led this year's S&P 500 rally, to "neutral" from "favorable," citing "unattractive" valuations. Goldman urged investors to consider "downside protection" to their stock portfolios, though they expect the S&P 500 to reach 4,500 by year-end, or about 3.5% above current levels. Valuations are even more stretched for the Nasdaq 100 (.NDX), whose 36% rally this year has dwarfed that of the S&P 500. "From a near-term perspective, investors should expect stocks to just cool a little bit."

Persons: Refinitiv Datastream, Goldman Sachs, Sameer Samana, WFII, Goldman, Refinitiv, Michael Purves, Purves, Anthony Saglimbene, Lewis Krauskopf, Ira Iosebashvili, Richard Chang Organizations: YORK, Wells, Wells Fargo Investment Institute, Federal Reserve, Nasdaq, Tallbacken Capital, Deutsche Bank, Ameriprise, Thomson Locations: Wells Fargo

☆ Factbox: Key moments in King Charles' coronation
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +4 min

LONDON, May 4 (Reuters) - From the religious symbolism of his anointment to the moment when the crown is placed on his head, what are the highlights to look out for during the coronation of King Charles on Saturday? It has been used at every coronation since King William IV's in 1831 and was first used by George III to travel to the State Opening of Parliament in 1762. "This is often thought to be the most sacred part of the ceremony," Charles Farris, Public Historian At Historic Royal Palaces, said. "The big moment, the big photograph moment, the big moment that everyone's going to be talking about, making memes of, making TikToks of, that's when the king is crowned, when the king has the crown put on his head". While the newly-crowned king and queen will be the centre of attention, all eyes will be on whether Charles' younger son Prince Harry appears.

☆ Bank of America's stock chief warns the S&P 500 could fall another 26% as valuations remain too elevated and decades of market history show half of the criteria for a bottom still aren't being met
▼ + stars: | 2023-03-04 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

The S&P 500 could fall to as low as 3,000, they said. In a note this week, Wilson said that the S&P 500 remains overvalued relative to history by price-to-earnings and price-to-sales metrics. S&P 500 P/E multiples are 9% above their median while P/Sales multiples are 23% above median," Wilson said. "History implies that for the current level of real rates the S&P 500 multiple is ~2.5x overvalued," the chief market strategist said. Wilson's end-of-year target for the S&P 500 is 3,900, while Krishna and Kolanovic have targets of 3,725 and 4,200, respectively.

☆ Popes are for life, resignations should not become a fashion, Francis says
▼ + stars: | 2023-02-16 | by ( Philip Pullella | ) www.reuters.com time to read: +3 min

[1/2] Pope Francis looks at the coffin of former Pope Benedict during his funeral, in St. Peter's Square at the Vatican, January 5, 2023. REUTERS/Yara NardiVATICAN CITY, Feb 16 (Reuters) - Pope Francis has said that pontiffs resigning instead of ruling for life should not become a "fashion" in the Roman Catholic Church and happen only in truly exceptional circumstances. "This does not, however, in any way mean that popes retiring should become, let's say, a fashion, a normal thing," he said. In 2013, Pope Benedict, citing frail physical and mental health, became the first pontiff to resign in 600 years. The tone of Francis' comments to the African Jesuits was in a marked contrast to that which Francis used in the past when discussing the possible resignations of popes, including himself.

A map of Turkey showing the city of Kahramanmaras in relation to the epicenter of the earthquake. A set of before and after images that show how a block in the downtown Kahramanmaras area was turned to rubble by the earthquake. For days, rescue teams and family members have been working through rubble of collapsed buildings throughout the city. Residential buildings Before Residential buildings After Google Maps Street View from November 2022; Adem Altan/Agence France-Presse, via Getty Images from Feb. 7, 2023On many blocks, only a few buildings remain. A set of before and after images that show another block of residential buildings destroyed, leaving the Clarion Hotel Kahramanmaras standing alone.

☆ Rolling back laws that set minimum wages for construction workers meant pay shrunk, jobs got more dangerous, and workers had to rely more on public assistance
▼ + stars: | 2023-01-16 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A new study looks at the impact of rolling back prevailing wage laws on wages and workers. Prevailing wage laws set pay standards for government contract workers, particularly construction workers. Researchers Frank Manzo, Robert Bruno, and Larissa Petrucci examine the impact of repealing prevailing wage laws — laws that essentially set minimum wages for construction workers on government contracts. Historically, prevailing wage laws have helped plug labor shortages, and contractors could have trouble competing with higher-paying competitors across the country. Indiana, West Virginia, Kentucky, Arkansas, Wisconsin, and Michigan all repealed their prevailing wage laws between 2015 and 2018.

Elon Musk's biggest fans: tech foundersLisa Blue/Philip Pacheco/Getty Images; Jenny Chang-Rodriguez/InsiderFrom the moment Elon Musk took control of Twitter, he has been moving fast, breaking things, and sparking outcry. This past week, he said he'd step down as CEO after a Twitter poll found most respondents wanted him to. For many Silicon Valley founders, Musk's approach to his Twitter takeover makes him a visionary. About 400 Pollen employees were camped out for five days to celebrate the UK-based events and travel company. But according to 31 former Pollen employees, the implosion was years in the making.

☆ Rising rates are weighing on the housing market - and macro headwinds could keep the sector depressed in 2023.
▼ + stars: | 2022-12-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Don't shoot the messenger here, but today I'm breaking down the many troubles plaguing the housing market and homebuyers. The Fed's interest rate maneuvering and the housing market are connected, and mortgage rates often move in lockstep with the central bank's benchmark rate. Brian Jacobsen, a senior strategist for Allspring Global Investments, pointed to a triumvirate of headwinds weighing on the housing sector: labor shortages, rising costs, and soaring mortgages. That means more rate hikes are effectively guaranteed, which raises the odds of a recession and can further squash housing demand. What's your forecast for the housing market next year?

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors. Sales were down 35.4% year over year, marking the tenth straight month of declines. These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

Chicago wheat futures are still elevated versus most years, though they are slipping significantly versus prices elsewhere and against competing grains, even as supplies remain tight. Most-active CBOT wheat settled at $7.29 per bushel Tuesday after hitting a 14-month low. By the first week in March, most-active CBOT wheat had surged more than 50% within 10 sessions. Through Tuesday, CBOT wheat's 10-session decline totaled 11%, almost a record for the time of year. CBOT wheat usually sits at a premium to CBOT corn, but it has lost significant ground to its yellow grain competitor.

☆ The typical first-time homebuyer in America is older than ever before and overwhelmingly white — plus, sky-high prices and grueling rates mean that there are fewer than ever before
▼ + stars: | 2022-11-09 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

The typical first-time homebuyer is 36, white, and partnered, the NAR found. First-time buyers just couldn't catch a break. The average age of first-time buyers increased to 36 years old in the NAR survey period — a survey high — compared with 33 in the previous 12 months. And people who bought homes as prices skyrocketed mostly did so with a partner, which suggests two incomes were needed. Finally, 82% of the first-time buyers were white, the report found, which suggests that the racial disparities in homeownership persist despite laws outlawing such discrimination nearly 50 years ago.

☆ The case for a 'powerful rally' in the stock market is building, MKM Partners says
▼ + stars: | 2022-10-14 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

A powerful counter-trend rally could be on the horizon, but may not come immediately, according to MKM Partners. "Look for any prospective or actual softness in the laggards to help to pull down peak policy rate expectations and Treasury yields." But before the market began rallying, the S & P 500 touched a new 52-week low earlier in the day. "Unfortunately, in each of these episodes, there was still equity market weakness ahead." Meanwhile, the starting point for the equity market decline in 2022 was "exceptionally high," which he said increased concerns of a worse-than-average bear market now.

☆ October's wild trading could give way to a new stock rally, as earnings roll out in the week ahead
▼ + stars: | 2022-10-14 | by ( Patti Domm | In | ) www.cnbc.com time to read: +8 min

But Emanuel sees the chance for a 17% to 20% rally in the S & P 500. The S & P 500 was down about 0.9% for the week, as of Friday afternoon, and it was hovering just above 3,600. S & P 500 earnings are expected to grow by 3.6% for the third quarter, based on actual reports and estimates, according to Refinitiv. Without the boost from more than doubling profits from energy companies, S & P earnings would decline by 3.1%. Week ahead calendar Monday Earnings: Bank of America , Bank of NY Mellon, Charles Schwab 8:30 a.m.

☆ Is it time to buy gold? Wall Street pros weigh in as prices fall
▼ + stars: | 2022-10-11 | by ( Zavier Ong | ) www.cnbc.com time to read: +6 min

The precious metal has come under pressure this year, with the dollar's big gain weighing on gold prices. I think inflation is going to win. Higher real rates imply a higher cost of carry for gold, due to increased competition from higher-yielding investments. "They are something you keep in your portfolio, because when you need them, they work and that's the history of gold and gold equities. He added that he continues to see a "very strong" market for gold and gold equities over the longer-term.

☆ History shows the market should be bottoming soon, and inflation data could be catalyst
▼ + stars: | 2022-10-10 | by ( Patti Domm | In | ) www.cnbc.com time to read: +4 min

If the stock market is going to follow its historic pattern during a midterm election year, it would be bottoming just around now. "Typically, it's after Oct. 9 that you start to see some better performance," said Ari Wald, technical analyst at Oppenheimer. The analyst said that date was the average day the market bottomed in the last eight mid-term election years, going back to 1990. "Investors should moderate their expectations for US equity valuations; history shows these contract during periods of high volatility." "Generally our view is that the rate market is trading more off Fed policy and the Fed's commitment to fight inflation rather than the actual threat of inflation.

Share this -Link copiedFloridians are livestreaming Hurricane Ian on TikTok Floridians are giving TikTok users a front-row seat to Hurricane Ian. Storm surge map, they didn’t have a color for 12 to 15 feet," he said about the historic levels of storm surge expected near where Ian is expected to make landfall. Share this -Link copiedA view of Hurricane Ian from the International Space Station A view of Hurricane Ian from the International Space Station, on Monday. Share this -Link copiedSatellite images show Hurricane Ian approaching Florida Hurricane Ian over the Gulf of Mexico early Wednesday. Share this -Link copiedIan expected to strengthen until making landfall, officials say Hurricane Ian is still forecast to strengthen until the hurricane makes landfall in Florida, the National Hurricane Center said.

Storm surge map, they didn’t have a color for 12 to 15 feet," he said about the historic levels of storm surge expected near where Ian is expected to make landfall. Share this -Link copiedA view of Hurricane Ian from the International Space Station A view of Hurricane Ian from the International Space Station, on Monday. “We are extremely concerned about the potential impacts Hurricane Ian may have on phosphate facilities around the state,” Whitlock added. Share this -Link copiedIan strengthens into Category 4 storm Hurricane Ian has strengthened into a Category 4 storm as it advances upon Florida's west coast. Share this -Link copiedSatellite images show Hurricane Ian approaching Florida Hurricane Ian over the Gulf of Mexico early Wednesday.

☆ What to expect when Costco reports earnings after the closing bell Thursday
▼ + stars: | 2022-09-22 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Club holding Costco (COST) is set to report a surge in fiscal fourth-quarter earnings after the closing bell on Thursday, despite a barrage of macroeconomic headwinds. This strategy has already proved Costco can deliver on earnings, which is why we're expecting solid results in its fiscal Q4. In its fiscal third quarter earnings , released May 26, Costco's total revenue increased 16% year-over-year, to $52.6 billion. Costco ended its third quarter with 116.6 million total cardholders, an increase from 114.8 million total cardholders the prior quarter. Bottom line Unlike most public companies, Costco announces sales figures every month, in addition to its regularly scheduled quarterly reports.

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