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☆ Northrop Grumman is among the most overbought stocks on Wall Street. Here are others
▼ + stars: | 2024-08-23 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

A collection of stocks on Wall Street may have recently gotten ahead of themselves. Shares of aerospace and defense contractor Northrop Grumman have advanced roughly 9% in 2024 and 5% in August alone. The company's second-quarter results in July surpassed Wall Street estimates on the top and bottom lines, while Northrop's full-year revenue outlook also beat analysts' expectations. UBS analyst Gavin Parsons recently highlighted Northrop as the bank's top pick among aerospace and defense stocks, citing awards of two of the Pentagon's top three "priority programs" as well as higher defense spending. The deal, at a planned $83.50 per share, is the largest acquisition on Wall Street in 2024 so far.

Persons: Jerome Powell, Northrop Grumman, Gavin Parsons, Kellanova Organizations: Dow Jones Industrial, Nasdaq, FactSet, UBS, Northrop, Mars, Aflac, Edison International Locations: California

☆ Treasury yields mixed as investors brace for Fed Chair Powell’s speech at Jackson Hole
▼ + stars: | 2024-08-23 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: 1 min

The U.S. 10-year Treasury fell slightly on Friday as investors awaited remarks from Federal Reserve Chair Jerome Powell at the annual Jackson Hole symposium. At 4:08 a.m. ET, the yield on the 10-year Treasury was down under a basis point to 3.85%, and the yield on the 2-year Treasury rose under a basis point to 4.01%. Yields and prices move in opposite directions. One basis point equals 0.01%.

Persons: Jerome Powell, Jackson Organizations: Treasury, Federal

☆ Fed Chair Powell is 'a bit more definitive' on rate cuts than I'd imagined, says Roger Ferguson
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell is 'a bit more definitive' on rate cuts than I'd imagined, says Roger FergusonRoger Ferguson, former Fed vice chair and former TIAA CEO, joins 'Squawk on the Street' to discuss Fed Chair Powell's speech at Jackson Hole, what to expect from the Federal Reserve in upcoming meetings, and where lower rates would impact the economy first.

Persons: Powell, Roger Ferguson Roger Ferguson, Jackson Organizations: Federal Reserve

☆ Leaked Microsoft salary data shows the pay gap between Microsoft AI and the rest of the company
▼ + stars: | 2024-08-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The doc includes more than 500 submissions from people who identified themselves as Microsoft employees in the US. The move came in response to a growing number of its workers feeling underpaid compared to Microsoft's tech peers like Amazon . AdvertisementAs a reminder, this pay data is based on Microsoft employees' self-reporting, so it's not a complete picture. However, the pay gap between Microsoft AI and the rest of the company is undeniable. These are the 100 most-used AI apps, according to a top VC.

Persons: —, Chelsea Jia Feng, Insider's Ashley Stewart, Ashley, Satya Nadella, Drew Angerer, Mustafa Suleyman, it's, they're, Tyler Le, Jerome, Jerome Powell's, Goldman Sachs, Jamie Dimon's, Dimon, Ned Davis, Justin Sullivan, Andreessen Horowitz, Jenny Chang, Rodriguez, Jack, Jerome Powell, Sabrina Carpenter, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Microsoft, Business, Microsoft Microsoft, Getty, Bloomberg Creative, JPMorgan, Treasury, Ned Davis Research, Big Tech, RBC Capital Markets, Consumer, Engineers, BI Locations: Washington, New York, London

☆ Fed Chair Powell: We will do everything we can to support a strong labor market
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFed Chair Powell: We will do everything we can to support a strong labor marketFederal Chair Jerome Powell speaks at the central bank’s annual conclave in Jackson Hole, Wyoming.

Persons: Powell, Jerome Powell Locations: Jackson Hole , Wyoming

☆ Stock market today: Dow rises 462 points as stocks rally after Powell says rate cuts are coming
▼ + stars: | 2024-08-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US stocks surged as Fed chair Jerome Powell signaled imminent interest rate cuts. "The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data," Powell said. AdvertisementUS stocks rallied on Friday with the Dow Jones Industrial Average gaining more than 450 points after Federal Reserve Chairman Jerome Powell confirmed that interest rate cuts are near. That should pave the way for an interest rate cut at the Fed's FOMC meeting in September. AdvertisementWith interest rate cuts imminent, investors are now asking how big the Fed will cut rates by.

Persons: Jerome Powell, Powell, —, Ryan Detrick Organizations: Jackson, Service, Dow Jones Industrial, Federal, Treasury, Fed Locations: Here's

☆ Investors with short time horizons should lock in rates, says Mercer's Olaolu Aganga
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors with short time horizons should lock in rates, says Mercer's Olaolu AgangaOlaolu Aganga, Mercer U.S. Chief Investment Officer, joins 'Closing Bell Overtime' to talk how investors should adjust to recent comments from Fed Chair Powell.

Persons: Mercer's, Aganga, Powell Organizations: Mercer U.S, Chief Locations: Mercer

☆ Fed Chair Powell Signals ‘Time Has Come’ for September Rate Cut
▼ + stars: | 2024-08-23 | by ( Jeanna Smialek | ) www.nytimes.com time to read: 1 min

Speaking in his most closely watched speech of the year, Jerome H. Powell, the chair of the Federal Reserve, clearly signaled that the central bank was poised to cut interest rates in September. And while Mr. Powell stopped short of giving a clear hint at just how large that move might be, he forcefully underscored that the central bank stands prepared to adjust policy to protect the job market from weakening further and to keep the economy on a path for a soft landing. “The time has come for policy to adjust,” Mr. Powell said during the Kansas City Fed’s annual conference at Jackson Hole in Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”He then added: “We will do everything we can to support a strong labor market as we make further progress toward price stability.”

Persons: Jerome H, Powell, Mr Organizations: Federal Reserve, Kansas City, Jackson Locations: Kansas, Wyoming

☆ Wall Street cheers Powell speech, but risks remain. This options trade capitalizes on a potential move lower
▼ + stars: | 2024-08-23 | by ( Jeff Kilburg | ) www.cnbc.com time to read: +3 min

Federal Reserve Chair Jerome Powell's speech gave the stock market a jolt higher, reaffirming expectations for interest rate cuts going forward. Still, I believe the Fed will remain data dependent, which should temper euphoria and keep the S & P 500 in its 2024 range. I want to embrace this range and position accordingly for U.S. equites to again cool off going into September. Volatility has been the overarching theme for August, and I believe the recent uber-sensitivity to macro data will keep markets extraordinarily spastic. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Jerome Powell's, equites, Powell Organizations: Nvidia, Fed, CNBC, NBC UNIVERSAL

☆ Bank of England's Bailey: 'More restrictive policy' could still be needed due to labor market shocks
▼ + stars: | 2024-08-23 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

Andrew Bailey, governor of the Bank of England, waits to deliver a lecture at the London School of Economics in London, UK, on Tuesday, May 21, 2024. Bank of England Governor Andrew Bailey will hail the progress made in dampening inflation in the U.K. in a Friday speech, but also caution that monetary policy may need to remain restrictive for longer than expected due to shocks from the labor market. Headline price rises in the U.K. hit the BOE's 2% target for two months this year, before rising to 2.2% in July. However, he will caution that two less "benign" scenarios remain possible that will require the Bank of England to "maintain restriction for longer." It comes after Federal Reserve Chair Jerome Powell on Friday gave his firmest comments yet indicating that interest rate cuts lie ahead for the world's biggest central bank, stating: "The time has come for policy to adjust."

Persons: Andrew Bailey, Bailey, Jerome Powell Organizations: Bank of England, London School of Economics, U.S, Bank of Locations: London, U.S . Federal, Jackson Hole , Wyoming, Bank of England

☆ Opinion | Why We Love a Movie Star in a White T-Shirt
▼ + stars: | 2024-08-23 | by ( Ellen Mirojnick | ) www.nytimes.com time to read: 1 min

This is the first installment of Visual Studies, a series that explores how images move through and shape culture. I consider the white T-shirt to be a star maker. Whether it’s on Marlon Brando or James Dean, Glenn Close or Glen Powell, we’ve seen how a white T-shirt at just the right moment can burn its way into an audience’s memory — as happened this summer when a showstopping scene featuring Mr. Powell in a wet white T-shirt in “Twisters” became a sensation. What’s more, the white T-shirt onscreen and on celebrities has become a symbol of how Americans want to imagine ourselves: unfussy, hardworking, laid-back and egalitarian.

Persons: it’s, Marlon Brando, James Dean, Glenn Close, Glen Powell, we’ve, Powell, Twisters ” Organizations: Studies

☆ The Fed has redeemed itself after an 'egregious' post-COVID inflation error, former Treasury Secretary Larry Summers says
▼ + stars: | 2024-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The former Treasury Secretary told Bloomberg TV that the central bank's interest rate strategy has largely succeeded, even though Fed officials made a major blunder by first underestimating pandemic-era inflation. In 2021, the Fed mischaracterized inflation as "transitory," citing that COVID supply chain disruptions would eventually blow away. Once central bankers grew to understand that inflation needed an interest rate response, the Fed initiated the most aggressive policy-tightening campaign in recent history. In that period, Summers often showcased skepticism that the Fed could clamp down on inflation this way without economic consequences. AdvertisementNow, the main question is how far interest rates could fall during the Fed's September meeting.

Persons: —, Larry Summers, Summers, I've, Jerome Powell, Powell Organizations: Service, Bloomberg, Business, Fed

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises after Fed Chair Powell lays groundwork for interest rate cuts: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Dennis Kelleher of Better Markets discusses his op-ed encouraging Kamala Harris to reject pressure from the crypto industry. Plus, Wyoming Gov. Mark Gordon discusses the state's stablecoin project.

Persons: Powell, explainers, Dennis Kelleher, Kamala Harris, Mark Gordon Organizations: CNBC Crypto, CNBC, Better Markets, Wyoming Gov

☆ The economy will remain strong, says Bianco Research president
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe economy will remain strong, says Bianco Research presidentJim Bianco, Bianco Research president, joins 'Money Movers' to discuss Fed Chair Powell's Jackson Hole speech, what the rally in bonds is telling Bianco, and Bianco's worries about inflation.

Persons: Jim Bianco, Jackson, Bianco Organizations: Bianco Research

☆ Video: See Powell’s important announcement about inflation and the economy
▼ + stars: | 2024-08-23 | by ( Julia Chatterley | ) edition.cnn.com time to read: 1 min

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☆ Rate cuts won't prevent a recession and the economy is deteriorating 'quite rapidly,' investment strategist says
▼ + stars: | 2024-08-23 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Read previewMarkets are confident that rate cuts will benefit stocks and the economy, but one strategist says lower borrowing costs won't stave off a recession. Yet, BCA Research chief asset allocation strategist Garry Evans said this week that lower rates can't avert a looming downturn. "There's things that are breaking down quite rapidly now," Evans said, including recent manufacturing data. Related storiesEvans said labor and manufacturing data, plus a range of global data like weak Japanese exports, are showing signs of a tough economic outlook worldwide. AdvertisementEvans said the Fed will likely cut rates in September, but that it won't prevent a pending recession.

Persons: —, Jerome Powell, Jackson, Stocks, Garry Evans, Evans Organizations: Service, Federal, Business, Research, CNBC, Labor Department, Wednesday, Institute for Supply Management

☆ US stocks test record highs as Powell says 'the time has come for policy to adjust'
▼ + stars: | 2024-08-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

US stocks tested record highs as Fed chairman Jerome Powell delivered his speech at Jackson Hole. "The time has come for policy to adjust," Powell said, confirming imminent interest rate cuts. AdvertisementUS stocks tested record highs on Friday as Federal Reserve chairman Jerome Powell delivered remarks at the Jackson Hole economic symposium. AdvertisementOf note about Powell's Jackson Hole speech, according to Renaissance Macro Research, is that it didn't include the word "gradual." AdvertisementIf Friday's surge higher holds, it could buck the trend of the stock market's reaction to Powell's previous Jackson Hole speeches.

Persons: Jerome Powell, Jackson, Powell, —, Susan Collins, Raphael Bostic, Powell's Jackson, Steve Sosnick, Sosnick Organizations: Service, Federal, Treasury, CNBC, Macro, Interactive Brokers

☆ ING economist discusses expectations for Fed Chair Powell's speech at Jackson Hole
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailING economist discusses expectations for Fed Chair Powell's speech at Jackson HoleRob Carnell of ING discusses what to expect from U.S. Federal Reserve Chair Jerome Powell's policy speech at Jackson Hole on Friday.

Persons: Jackson, Rob Carnell, Jerome Powell's Organizations: ING, U.S . Federal Locations: U.S

☆ How investors can prepare for lower interest rates: It's 'like getting a haircut,' advisor says
▼ + stars: | 2024-08-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Lower interest rates are "generally positive for stocks," said Marguerita Cheng, a CFP and chief executive of Blue Ocean Global Wealth, based in Gaithersburg, Maryland. Considerations for cash, bonds and stocksFalling interest rates generally means investors can expect lower returns on their "safer" money, advisors said. High interest rates have meant investors enjoyed fairly lofty returns on these lower-risk holdings. Winnie Sun co-founder and managing director of Sun Group Wealth PartnersHowever, such returns are expected to fall alongside declining interest rates, advisors said. "They'll be crying in six months when interest rates are a lot lower," she said.

Persons: Jerome Powell, Andrew Harnik, Winnie Sun, Lee Baker, Powell, Stephen Brown, Marguerita Cheng, Sun, Powell didn't, Ted Jenkin, Carolyn McClanahan Organizations: Getty, Sun Group Wealth Partners, Financial Advisors, Finance, North, Capital Economics, Blue, Sun Group Wealth, Planning Partners Locations: Irvine , California, Atlanta, Jackson Hole , Wyoming, U.S, North America, Gaithersburg , Maryland, Jacksonville , Florida

☆ Here's our behind the scenes debate on whether to trim Best Buy ahead of next week's earnings
▼ + stars: | 2024-08-23 | by ( Paulina Likos | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. "We're debating maybe taking some profits into the quarter," Marks said, adding that big-ticket items like appliances aren't selling well right now given the weaker consumer. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Stocks, Jerome Powell's dovish Jackson, Powell, Jeff Marks, Evercore, Blackwell, Marks, Jim Cramer's, Jim Organizations: CNBC, Federal, Tech, Nvidia, Broadcom, Devices, Club, AMD

☆ ‘The time has come’: The Fed just sent a crucial message about its next move
▼ + stars: | 2024-08-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

And so does the broader US economy: Economic growth this year has been solid and the Atlanta Fed is projecting that growth hasn’t slipped. “The labor market is cooling, but it’s not getting soft. A slowing job market is also playing a role in nudging the Fed to ease borrowing costs. Translation: The recent weakness in the job market could result in American shoppers curbing their spending more than expected. A big question mark is the future of America’s job market, which is a key driver of the US economy.

Persons: Washington CNN —, “, Jerome Powell, ”, “ Powell, Seema Shah, hasn’t, ” Tom Porcelli, it’s, Powell, cooldown, ” Powell, aren’t, they’re, —, “ There’s, Elizabeth Renter Organizations: Washington CNN, Federal, Fed, Markets, Asset Management, Atlanta Fed, Treasury, CNN, Walmart, America’s Locations: Jackson Hole , Wyoming, nudging

☆ 10 things to watch in the stock market Friday including big earnings movers
▼ + stars: | 2024-08-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

Citigroup opened a negative catalyst watch on Ulta Beauty and lowered its price target to $375 in anticipation of an earnings miss next week. Club holding TJX Companies ' quarterly results topped expectations earlier this week, and it also lifted its guidance. Uber has a similar partnership with Club holding Alphabet 's Waymo in Phoenix. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jerome Powell's, Jackson, Piper Sandler, Chewy, Wynn, Locker, Mary Dillon, Uber, Wells, Jim Cramer's, Jim Cramer, Jim Organizations: Federal, Nasdaq, Dow, Citigroup, UBS, Las Vegas Sands, Wynn Resorts, Ross, TJX Companies, Burlington Stores, Nike, Piper, Cruise, Club, BJ's Wholesale, Jim Cramer's Charitable, CNBC Locations: Macau, Las Vegas, Cava, Wells Fargo, Phoenix

☆ Workday stock gains as software provider widens 2027 margin target
▼ + stars: | 2024-08-23 | by ( Jordan Novet | ) www.cnbc.com time to read: +3 min

Subscription revenue growth grew 17%. With respect to guidance, Workday is now looking for an adjusted operating margin of 25.25% in the 2025 fiscal year, compared with the 25% forecast it provided in May. In September 2023, Workday said it was targeting a 25% adjusted operating margin for fiscal year 2027 and subscription revenue growth between 17% and 19%. Deutsche Bank analysts led by Brad Zelnick increased their 12-month price target on Workday stock to $275 from $265. "The increased 30% operating margin target was the big upside surprise as it is now committed both sooner and greater than most were expecting," the analysts wrote.

Persons: Carl Eschenbach, Zane Rowe, Rowe, We're, Brad Zelnick, Piper Sandler, Jerome Powell, Carl Eschenbach didn't, Julie Biel Organizations: Deutsche Bank, Citi, Evercore ISI, Computing Fund Locations: Davos, Switzerland

☆ Here are Wolfe's favorite stocks as market approaches fresh record
▼ + stars: | 2024-08-23 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

According to Wolfe, Expedia has returned just 3% over the last twelve months and an estimated 2024 price-to-earnings ratio of 10. The online travel agency is rated overweight by analysts polled by FactSet, who have a consensus price target implying 11% potential upside. Walgreens is another long-term favorite that popped up on Wolfe's screens. The stock has 25.3 % potential upside, according to analysts' consensus price target of $12.57, according to FactSet. Other stocks that made Wolfe's "Greatest Hits List" included coffee chain Starbucks , automaker General Motors and medical device maker Medtronic .

Persons: Wolfe, Jerome Powell, Chris Senyek, Expedia, FactSet, Bernstein, Richard Clarke, Clarke, Edgar Bronfman Jr, Bronfman's Organizations: Wolfe Research, Federal, Dow, Nasdaq, Walgreens Boots, Walgreens, Amazon, Paramount Global, Skydance Media, National Amusements, Paramount, General Motors Locations: Deerfield , Illinois

☆ Evercore's Roger Altman on the Fed's inflation fight, state of the economy and Harris' DNC speech
▼ + stars: | 2024-08-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEvercore's Roger Altman on the Fed's inflation fight, state of the economy and Harris' DNC speechRoger Altman, Evercore founder and senior chairman, joins 'Squawk Box' to discuss the Fed's inflation fight, what to expect from Fed Chair Powell at the Jackson Hole symposium todaystate of the economy, Kamala Harris' DNC speech, and more.

Persons: Roger Altman, Harris, Powell, Kamala Harris Organizations: Evercore, DNC

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