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☆ The S&P 500 will extend its stellar rally, hitting a new record high before 2023 is over, Carson Group's top strategist says
▼ + stars: | 2023-06-16 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

The S&P 500 has climbed 15% in 2023, powered higher by Big Tech stocks. The index is likely to hit a new all-time high before the end of the year, Carson Group's top strategist said Thursday. "We still think there's a lot left in the tank here," Ryan Detrick told CNBC. "We've been overweight equities at Carson Investment Research since late December," Detrick told CNBC's "Closing Bell". The S&P 500 hit its record high in January 2022, reaching just under 4,800 points.

Persons: Carson Group's, Ryan Detrick, —, Carson, Tesla, We've, Detrick, CNBC's, – Organizations: Big Tech, CNBC, Service, Meta, Nvidia, Carson Investment Research, Reserve, Fed

☆ These 5 charts capture a rollercoaster 15 months for stocks, bonds, and crypto as the Fed pauses its tightening campaign
▼ + stars: | 2023-06-15 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Over the past 15 months, its monetary-tightening campaign fueled wild swings for stocks, bonds, and cryptocurrencies. The central bank didn't raise interest rates at the end of its June meeting Wednesday, opting not to lift borrowing costs for the first time in over 15 months. Stocks, bonds, and cryptocurrencies have all swung wildly over that period – and these five charts capture some of that chaos. When interest rates rise, stocks tend to fall because investors are able to earn better returns by parking their cash in a savings account, rather than buying shares in listed companies. Bond yields spikeBond prices also tend to slide when interest rates rise, again because would-be buyers can earn higher yields by depositing their cash in a bank.

Persons: —, –, Jerome Powell, they've Organizations: Federal Reserve, Service, Stock, Fed, Nasdaq, Dow Jones, Silicon Valley Bank, JPMorgan Chase, Western Alliance, Bitcoin Locations: Silicon, Francisco's, Beverly Hills

☆ London's embattled hedge fund to be broken up as Wall Street banks cut ties over sexual harassment allegations
▼ + stars: | 2023-06-15 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

London-based hedge fund Odey Asset Management will break itself up, it said in a letter to investors Thursday. Its founder Crispin Odey was accused of sexual harassment by 13 women in a Financial Times investigation published last week. JPMorgan and Morgan Stanley both cut ties with the asset manager after the allegations broke. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. The firm's founder Crispin Odey was accused of sexual harassment or assault by 13 women in a Financial Times investigation published last week.

Persons: Crispin Odey, Morgan Stanley, —, Odey, gilts, Liz Truss's, Liz Truss Organizations: Management, Financial, JPMorgan, Service, Investment, UBS, Authority, European Union – Locations: London, Brexit

☆ Low housing supply could squeeze home prices up 5% in 2023 even though mortgage rates have spiked, Zillow economist says
▼ + stars: | 2023-06-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Low housing inventory will squeeze prices higher, according to Zillow's chief economist. Goldman Sachs also recently revised its 2023 outlook for home prices up from a 6.1% plunge to just a 2.2% fall, citing "the tailwind from tight housing supply." Demand for housing tends to fall when the cost of borrowing to buy a home rises, driving down prices. Olsen's 5% home-price growth target clashes with most of Wall Street, with Goldman and other banks still forecasting declines. Read more: Wall Street is divided on the outlook for US house prices.

Persons: Skylar Olsen, ”, —, she's, CNBC's, Olsen, Goldman Sachs, Freddie Mac, Goldman, Elon Musk, Jeremy Siegel Organizations: Service

☆ Los Angeles Councilman Faces Corruption Charges
▼ + stars: | 2023-06-13 | by ( Jill Cowan | ) www.nytimes.com time to read: +1 min

A Los Angeles City Council member was charged on Tuesday with embezzlement, perjury and conflict of interest, becoming the latest in a procession of elected city leaders to have been accused of corruption. Prosecutors said that Curren Price, 72, a former state legislator who has represented South Los Angeles on the City Council for a decade, voted on projects that benefited developers who paid his wife’s consulting business a total of more than $150,000 between 2019 and 2021. The allegations were tied to three counts of perjury and two counts of conflict of interest. “This alleged conduct undermines the integrity of our government and trust in our elected officials,” George Gascón, the Los Angeles County district attorney, said in a statement. “We will continue to work tirelessly to root out corruption at all levels.”

Persons: Curren Price, Price, “, ” George Gascón Organizations: Los Angeles City Council, Prosecutors, South, City Council, Los Locations: South Los Angeles, Los Angeles County

☆ Pride, Illustrated: 6 Comics and Graphic Novels to Read This June
▼ + stars: | 2023-06-09 | by ( George Gene Gustines | ) www.nytimes.com time to read: 1 min

Frankie Jude Bryant is a nonbinary middle school student who is dealing with identity, the usual academic challenges and, oh yes, trying to become the Dog Knight, a champion for humans and canines. Despite the presence of magical talking pooches, this journey of heroism and self-discovery feels grounded thanks to captions that get into the head of Frankie, who prefers they/them pronouns. On the first page, they think, “Do you ever feel like you don’t make sense?” Later, Frankie muses about their frenemy Dallas, who misgenders them: “She gets it wrong on purpose just to make a big deal about correcting it.” And when Frankie finds their tribe, “For the first time in a long time, I look in the mirror and I don’t feel a pain in the pit of my stomach.” Written by Jeremy Whitley, drawn by Bre Indigo and colored by Melissa Capriglione. (Feiwel & Friends. Available now.)

Persons: Frankie Jude Bryant, Frankie, Jeremy Whitley, Bre, Melissa Capriglione Locations: Dallas

☆ Mobileye, the 'leading' self-driving stock, has nearly 20% upside, Canaccord Genuity says
▼ + stars: | 2023-06-07 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Mobileye Global is a leader in self-driving technology and a buying opportunity for investors, Canaccord Genuity says. "We believe autonomous vehicles (AVs) are set to increase resource utilization, improve productivity, save lives, and much more," Gianarikas wrote Wednesday. MBLY 1D mountain Mobileye Global shares 1-day Mobileye went public in October 2022 , jumping 37% on its first day trading on Nasdaq. Canaccord's $50 price target implies 18% upside from Tuesday's closing price. "Moreover, Mobileye holds the leading position in ADAS market (it estimates ~70% global market share) and is in a pole position to help lead the full self-driving market."

Persons: Canaccord Genuity, George Gianarikas, Gianarikas, Mobileye, — CNBC's Michael Bloom Organizations: Mobileye, Nasdaq, Intel

☆ The Many Cameos of Stan Lee
▼ + stars: | 2023-06-03 | by ( George Gene Gustines | ) www.nytimes.com time to read: +2 min

Distinguished CompetitionMr. Lee and Marvel are irrevocably linked, but he was no stranger to working with superhero industry rivals DC Comics. From 2001 to 2002, DC released a “Just Imagine” series of stories written by Mr. Lee in which he reinterpreted Superman, Batman, Wonder Woman and other heroes. A cartoon version of Mr. Lee also appeared in DC’s 2018 animated film “Teen Titans Go! In one story, Mr. Lee playfully admonishes the team for recent developments, including “Alcoholic Iron Men!” and the mohawk haircut for the X-Men’s Storm. But the original, unused photo was bolder: It was a nude picture of him with a strategically placed comic book.

Persons: Lee, ”, “ Stan Lee ”, “, Brad Meltzer, Lee’s, Eliot R, Brown, “ I’m Organizations: Marvel, DC Comics, DC, Marvel Comics, Entertainment, Hero Initiative

☆ The AI craze drove investors to pour a record $8.5 billion into tech funds last week, Bank of America says
▼ + stars: | 2023-06-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Investors poured a record $8.5 billion of cash into tech funds last week, Bank of America found. The AI "baby bubble" has become the dominant theme for markets, strategist Michael Hartnett said. Tech funds brought in a record $8.5 billion in the week ending May 31, the bank found. Contrarian-minded investors should sell AI stocks and buy shares in Hong Kong-listed companies, which could benefit from China's efforts to revive its faltering economy, Hartnett said. Read more: Tech stocks are outperforming their rivals by the most since the dot-com bubble

Persons: Michael Hartnett, —, Bill Ackman, Stanley, Hartnett, Read Organizations: Bank of America, Nasdaq, Service, Tech, Nvidia, Meta, Federal Reserve Locations: ChatGPT, There's, Hong Kong

☆ Elon Musk hit with dogecoin insider trading lawsuit
▼ + stars: | 2023-06-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Elon Musk has been accused of insider trading in a class action lawsuit. Musk has repeatedly shared his enthusiasm for the token, including once on "Saturday Night Live." Musk, who is once again the world's richest man, is a longtime dogecoin fan. Alex Spiro, a lawyer for both Musk and Tesla, did not immediately respond to a request for comment from Insider, made outside normal working hours. Read more: Elon Musk's latest financial advice: Don't pour your life savings into dogecoin

Persons: Elon Musk, Tesla, Musk, —, Elon, shiba, –, Musk's, Alvin Hellerstein, Alex Spiro, Read Organizations: Investors, Service, Privacy, Reuters, Twitter Locations: Manhattan, London

☆ Elon Musk has displaced Bernard Arnault as the world's richest person, as Tesla stock surges and LVMH slumps
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Elon Musk has reclaimed the title of world's richest person, per the Bloomberg Billionaires Index. The electric-vehicle pioneer's wealth rose in May thanks to Tesla's stock price surging. Musk surpassed Bernard Arnault on Wednesday after Paris-listed LVMH shares fell nearly 3%. Musk's wealth passed Arnault's on Wednesday after LVMH slipped nearly 3% in Paris trading, according to the Bloomberg Billionaires Index. He's still comfortably the world's second-richest person, ahead of Bezos, who's worth $144 billion.

Persons: Elon, Bernard Arnault, —, Elon Musk, LVMH, Tesla, –, Jeff Bezos –, he's, Linda Yaccarino, Arnault's LVMH, He's, Bill Gates, Larry Ellison, Steve Ballmer, Warren Buffett, Larry Page, Sergey Brin, Mark Zuckerberg, Read, Hermes Organizations: Bloomberg, Service, Privacy, Amazon, Google Locations: Paris, Bezos

☆ Tech stocks are outperforming their rivals by the most since the dot-com bubble
▼ + stars: | 2023-06-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tech stocks haven't outperformed their rivals this much since the dot-com bubble, according to one measure. The tech-heavy Nasdaq Composite beat the Dow Jones Industrial Average by 9.3 percentage points in May. That’s the biggest gap between the two indices since October 2001, according to Dow Jones data. That's the biggest gap between the two stock-market gauges since October 2021, according to Dow Jones data that was cited by MarketWatch. Nvidia has emerged as a clear winner from the AI boom, racking up gains of nearly 160% year-to-date, with other mega-cap tech stocks like Meta Platforms and Tesla also surging in 2023.

Persons: Dow Jones, —, Read Organizations: Nasdaq, Dow Jones, Service, Tech, MarketWatch, Nvidia, Tesla

☆ Prepare for more stock-market jitters after the debt-ceiling deal, Morgan Stanley warns
▼ + stars: | 2023-05-30 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The debt-ceiling deal could drive up stock-market uncertainty, according to Morgan Stanley. Investors should brace themselves for a rise in uncertainty in the aftermath of the 11th-hour debt-ceiling compromise, according to Morgan Stanley. Morgan Stanley's Tirupattur said the Treasury would also likely issue a flurry of bills in a bid to raise more cash once a debt-ceiling deal has been voted through Congress. Investors snapping up these short-term bonds could "drain liquidity in the system" for stocks and other assets, Tirupattur wrote. Read more: Wall Street is bracing for stock market chaos as the debt-ceiling face-off drags on

☆ Western supplies of weapons to Ukraine could escalate the war to a 'new dimension', Russia's ambassador to the UK says
▼ + stars: | 2023-05-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Russia will scale up its war if the west keeps supplying Ukraine with weapons, its ambassador to the UK Andrei Kelin said Saturday. "This escalation will get a new dimension which we do not need and do not want," Kelin told the BBC. His warning came as a top Ukrainian official said the country was ready to launch a counter-offensive. Andrei Kelin told the BBC that Western military aide would prolong the 15-month conflict – and warned that the longer that dragged on, the more likely Russia was to scale up its attacks. Russia is 16 times bigger than Ukraine," Kelin added.

☆ UK experts are teaching Ukrainians to make can-sized bombs that can bring down buildings, report says
▼ + stars: | 2023-05-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

British explosive experts are teaching Ukrainians how to build can-sized bombs by hand. Similar technology was reportedly used to bring down a building on Russian troops in Bakhmut. The weapons have been used to target individual Russian soldiers and bring down Russian-held buildings, according to CNN. Similar technology was also used to bring down a building on dozens of Russian troops in Bakhmut, per CNN. As well as teaching Ukrainian soldiers how to build can-sized bombs, the British experts are bringing key components – including switches, microchips, and 3D printers – to Ukraine, according to CNN.

☆ The US will battle its rivals in outer space if it has to, senior military official says
▼ + stars: | 2023-05-29 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The US is gearing up for a potential battle in outer space, according to a top official. The military "is ready to fight tonight in space if we have to," Brigadier general Jesse Morehouse said Thursday. "The United States of America is ready to fight tonight in space if we have to," brigadier general Jesse Morehouse of the US Space Command told reporters. Leaked US intel documents seen by The Washington Post last month showed that the military believes Russia's space program is declining – but China's could "hold key US and Allied space assets at risk." Military strategists believe that any possible space war would involve countries attacking each other's satellites in a bid to cripple key infrastructure, because of the bodies' role in defense communications and navigation.

☆ Nobel economist Paul Krugman says he's worried the Fed's war on inflation may trigger future shocks, including more banking chaos
▼ + stars: | 2023-05-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Paul Krugman thinks the Federal Reserve can still bring down inflation without a massive spike in unemployment. "I'm very worried about the problem of sticking the landing," he said in a New York Times op-ed. "I'm in the camp that believes that bringing inflation down doesn't have to be very costly," the Nobel Prize-winning economist wrote in a New York Times op-ed published on Thursday. Most notably, Silicon Valley Bank collapsed in March after it disclosed significant losses on its bond portfolio, leading to customers rapidly pulling their deposits. Read more: Victims of the Fed: How a year of rate hikes cratered stocks - and fueled the demise of FTX and Silicon Valley Bank

☆ The stunning tech rally that boosted Meta and Nvidia by over 100% will fizzle out soon, top RBC strategist says
▼ + stars: | 2023-05-19 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tech stocks' stunning run could soon come to an end, according to top RBC Capital Markets strategist Lori Calvasina. "The tech trade in particular feels like it's starting to run out of catalysts," she told Bloomberg. The sector has soared in 2023, with Meta and Nvidia already seeing their share prices double. Tech stocks have started 2023 with a breakneck rally, benefiting from the surge in demand for ChatGPT and other AI tech as well as traders' expectation that the Federal Reserve will soon end its interest-rate hiking campaign. Read more: Facebook parent Meta and Nvidia have both seen their stock prices double within the first 5 months of 2023

☆ Investors are piling into tech stocks and shrugging off the debt-ceiling drama, Bank of America survey shows
▼ + stars: | 2023-05-18 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Fund managers' allocations to tech stocks have hit a 17-month high, according to Bank of America. Over 70% of investors aren’t worried about the debt-ceiling drama in Washington, the bank’s latest survey showed. Being "long big tech" was also the most crowded trade amongst the fund managers surveyed, according to BofA. The investors' move into tech stocks comes with the sector in the midst of a breakneck rally. Tech stocks have also benefited from hopes that the Fed will soon wind down its war on inflation.

☆ Big-name investors are going all-in on AI
▼ + stars: | 2023-05-18 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Some of the best-known names in investing are betting big on artificial intelligence stocks. Bill Ackman recently revealed a $1 billion bet on Google parent Alphabet, while Stanley Druckenmiller pumped a combined $430 million into Microsoft and Nvidia. Tiger Global founder Chase Coleman, billionaire trader Paul Tudor Jones, and Ark Invest CIO Cathie Wood are all bullish on AI. Billionaire investors including Bill Ackman, Stanley Druckenmiller and David Tepper are betting big on firms at the forefront of the AI race - such as Microsoft, Alphabet and chipmaker Nvidia. Here's how seven top players are responding to the AI trend:

☆ Musk is sacrificing near-term profits for long-term profit, says Canaccord's George Gianarikas
▼ + stars: | 2023-05-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMusk is sacrificing near-term profits for long-term profit, says Canaccord's George GianarikasGeorge Gianarikas, Canaccord Genuity Capital Markets, joins 'Power Lunch' to discuss Tesla ahead of its share holding meeting.

☆ Education stocks plummeted after Chegg's CEO warned about ChatGPT – but don't write off entire sectors just yet
▼ + stars: | 2023-05-10 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Chegg's stock price crashed last week after the education company's CEO said ChatGPT was impacting customer growth. But investors shouldn't write off entire sectors just yet, according to analysts. Chegg shares plunged 49% on May 2 following Rosensweig's warning – and other major education stocks sold off as well. Don't write off the whole sector just yetIt can be tempting for investors to see disruptive technology like ChatGPT as a threat to entire industries – hence the broad and deep sell-off for education stocks Tuesday. Read more: Chegg crashes 49% after the education company says the rise of ChatGPT among students is impacting customer growth

☆ Rivian Automotive's results are encouraging, though concerns remain, analysts say
▼ + stars: | 2023-05-10 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Rivian Automotive 's stronger-than-expected results could mean "accelerating growth" from here, though concerns remain for the electric vehicle maker, according to some Wall Street analysts. He also kept a $40 price target, implying the stock can nearly quadruple, jumping 188% from Tuesday's close. Meanwhile, Morgan Stanley's Adam Jonas kept an overweight rating on the stock, with a $24 price target. He has a $14 price target on the stock. "Q1 showed q/q improvement in cost, but significant progress remains to reach their positive 2024 gross margin market," Langan wrote on Tuesday.

☆ A Faster Delivery for Fans of Manga
▼ + stars: | 2023-05-09 | by ( George Gene Gustines | ) www.nytimes.com time to read: +1 min

VIZ Media, a publisher devoted to manga and anime, on Tuesday will begin offering translated chapters of popular manga to audiences in North America on the same day they are released in Japan. The simultaneous publication of titles through the company’s VIZ Manga app is part of an effort to get manga more quickly into the hands of fans at a time of booming readership, the company said. And it may also help fight pervasive piracy. “In the last few years, manga became so much bigger,” said Ken Sasaki, the chief executive of VIZ Media, which is based in San Francisco and is a subsidiary of the Japanese publisher Hitotsubashi Group. Sales jumped 9 percent in 2022, ICv2 reported in March.

☆ The dollar's bad run will continue as the Fed gears up to pause its rate-hiking campaign, UBS says
▼ + stars: | 2023-05-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

The dollar's weakening trend that started in late September is likely to continue, according to UBS. The prospect of Federal Reserve halting interest-rate increases will likely weigh on the greenback, strategists said. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Its miserable run will likely continue as the Federal Reserve looks set to halt its interest-rate increases and given the risk of a banking crisis, according to UBS. UBS warned that a slowdown in US economic growth is also likely to weigh on the buck.

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