DIRS.INFO The most relevant business & tech news

☆ Cramer says investors should stick with oil firm Pioneer amid acquisition report
▼ + stars: | 2023-10-06 | by ( Jeff Marks | ) 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. But Jim Cramer said selling stocks on an economy that's putting many people to work, with little wage inflation, makes no sense. 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, Jim, Scott Sheffield's, Eli Lilly, BofA, Lilly's, Jim Cramer's Organizations: CNBC, Labor Department, Federal Reserve, Street, Exxon Mobil, Natural Resources, Eli Lilly Bank of America Locations: U.S

☆ Hispanic unemployment rate declines in September
▼ + stars: | 2023-10-06 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Andrew Lichtenstein | Corbis News | Getty ImagesThe U.S. unemployment rate held steady in September, but ticked down among Hispanic workers, according to data released Friday by the U.S. Labor Department. The unemployment rate held steady at 3.8%, and came in slightly ahead of a 3.7% forecast. Broken down, it dipped to 4.3% from 4.4% among Hispanic women and held steady at 4.3% for Hispanic men. However, it does mark a stark from the depths of the pandemic when the group experienced the highest unemployment rate, according to Gould. Among Black men, the unemployment rate increased to 5.6% from 5%, and fell to 4.5% from 4.7% among Black women.

Persons: Andrew Lichtenstein, September's nonfarm, Dow Jones, Michelle Holder, Elise Gould, Gould Organizations: Brooklyn Puerto Rico Day, Corbis, U.S . Labor Department, John Jay College, Economic Policy Institute Locations: Bushwick, Brooklyn , New York, New York

☆ Markets see higher odds the Fed plows ahead with rate hikes after the blowout September jobs report
▼ + stars: | 2023-10-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Friday's jobs report came in well above expectations, leading markets to see higher odds of another rate hike. AdvertisementAdvertisementAfter the red-hot September jobs report, markets are pricing in higher odds for the Federal Reserve to hike interest rates at the November meeting. Investors are now staring down the prospect of higher for longer interest rates. "Bond markets are reflecting an outlook for better growth as rates move higher and equities are digesting an environment where earnings might be better, but higher rates are a headwind to valuation." Bank of America strategists, for their part, warned that stocks have room to fall further before the Fed pulls back on interest rates.

Persons: —, CME's, Steve Wyett Organizations: Service, Federal Reserve, The Labor Department, Treasury, BOK, Bank of America, Fed Locations: Treasurys

☆ Here are all the portfolio moves the Club made in this week's oversold market
▼ + stars: | 2023-10-06 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +7 min

With the stock market deeply oversold this week, we put cash to work by picking stocks across a range of sectors including energy, technology and materials. With the market oversold, per the S & P 500 Short Range Oscillator , our investment discipline called for us to search for any dislocations within the portfolio. Tech stocks remained under pressure Tuesday afternoon, giving us an opportunity to buy 7 shares of Broadcom and lower our cost basis. But stocks returned to the red Thursday, and the market remained firmly in oversold territory. However, the market reversed course in midday trading, with all three major U.S. stock benchmarks trading sharply higher.

Persons: chipmaker, we've, –, Corona –, Jim, Elliott, We'd, Jim Cramer's, Jim Cramer, Spencer Platt Organizations: Coterra Energy, Devices, Broadcom, Starbucks, AMD, Tech, VMWare, Management, Wall, DuPont de Nemours, Oracle, Constellation Brands, DuPont, Modelo, Corona, Constellation, Elliott Management, U.S . Labor Department, Humana, CNBC, New York Stock Exchange, Getty Locations: China, oversold, ORCL, New York City

☆ Oil prices rise, but post biggest weekly fall since March
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia's fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures settled up 51 cents at $84.58 per barrel. The sentiment of the statistics is mixed for oil prices. A strong U.S. dollar is typically negative for oil demand, making the commodity relatively more expensive for holders of other currencies. "Fear for the health of the global economy and thus oil demand going forward is at the heart of the sell-off," SEB analyst Bjarne Schieldrop said.

Persons: Brent, WTI, SEB, Bjarne Schieldrop, Baker Hughes Organizations: . West Texas, Labor Department statistics, ING, Companies, Day, Xinhua Locations: Red, Ras Behar, Egypt, Saudi Arabia, Russia, gasoil, U.S

Spot gold was up 0.6% at $1,831.09 per ounce by 1:41 p.m. EDT (1741 GMT) but on track for its second straight weekly loss, down 0.9% so far. Reuters GraphicsBenchmark Treasury yields headed for a weekly increase, denting the appeal of gold. The bounce in gold prices despite the strong jobs data indicates that selling pressure has been exhausted and there is covering of short positions, said Tai Wong, a New York-based independent metals trader. Spot silver gained 3.1% to $21.54 an ounce, platinum rose 2.6% to $876.73 and palladium firmed 1.8% to $1,161.72. All were on track for weekly losses.

Persons: サマリー, Tai Wong, Ole Hansen, Hansen, Ashitha Shivaprasad, Brijesh Patel, Rod Nickel, Kirsten Donovan 私たち Organizations: Graphics, U.S . Labor, Traders, Saxo Bank Locations: U.S, New York, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2023. The S&P 500 (.SPX) eyed its fifth straight weekly fall, while the Dow (.DJI) is on track to decline for the third straight week. Most major S&P 500 sectors were trading lower on Friday, with utilities (.SPLRCU), often considered a bond proxy, down 1.8%, while rate-sensitive real-estate (.SPLRCR) fell 1.2%. Energy (.SPNY) is set to be worst hit amongst the major S&P 500 sectors this week, while communications services (.SPLRCL) is on track to be the best performing. EV maker Tesla (TSLA.O) fell 2.2% after cutting prices of its Model 3 and Model Y vehicles in the United States.

Persons: Brendan McDermid, Tesla, Neil Birrell, advancers, Ankika Biswas, Shashwat Chauhan, Anil D'Silva, Shounak Organizations: New York Stock Exchange, REUTERS, Companies, Exxon, Dow, Nasdaq, Federal Reserve, Labor, Premier Miton, Treasury, Nvidia, Traders, Energy, JPMorgan Chase, Citigroup, BlackRock, Dow Jones, Tesla, Exxon Mobil, Reuters, Natural Resources, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, United States, Bengaluru

☆ Watch live: President Biden delivers remarks on the September jobs report
▼ + stars: | 2023-10-06 | by ( Emma Kinery | ) www.cnbc.com time to read: 1 min

(The stream is slated to start at 11:30 a.m. Please refresh the page if you do not see a video above at that time.) President Joe Biden is slated to address the jobs report released Friday morning showing positive growth in the economy over the last month. Nonfarm payrolls increased by 336,000 in September, well above the Dow Jones consensus estimate of 170,000 and more than 100,000 higher than the previous month, the Labor Department said Friday. The unemployment rate was 3.8%, compared to the forecast for 3.7%.

Persons: Joe Biden, Nonfarm, Dow Jones Organizations: Dow, Labor Department

☆ US job growth sizzles; wage inflation cooling
▼ + stars: | 2023-10-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

The report followed news this week that job openings jumped in August and first-time applications for unemployment benefits remained low in September. "Moreover, it underscores that they will be in no hurry to cut rates - higher rates for longer." The economy needs to create roughly 100,000 per month to keep up with growth in the working-age population. Monthly wage growth also remained moderate, with average hourly earnings rising 0.2% after a similar gain in August. But as fewer people quit their jobs in search of greener pastures, wage growth could moderate, though recent hefty union contracts pose a risk.

Persons: Elizabeth Frantz, Kathy Bostjancic, Lucia Mutikani, Andrea Ricci, Chizu Organizations: REUTERS, Federal Reserve, Labor Department, Financial, Treasury, Nationwide, Reuters, United Auto Workers, UAW, General Motors, Ford Motor, Chrysler, Manufacturing, Labor, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, payrolls, Washington .

The September jobs report that the Labor Department will issue Friday will show just how much of that durability remains. A growing body of evidence, though, suggests that the job market is cooling — something Fed officials would like to see. Businesses often raise their prices to cover their higher labor costs. Fewer Americans are quitting their jobs after a surge in resignations in the aftermath of the pandemic. Most people quit to take other jobs with higher pay, so the decline in quitting indicates that workers now see fewer available opportunities elsewhere.

Persons: Jerome Powell, Mary Daly, ” Daly, Goldman Sachs Organizations: WASHINGTON, Federal Reserve, Labor Department, Institute for Supply Management, Federal Reserve Bank of San, Economic, of New Locations: United States, Federal Reserve Bank of San Francisco, of New York

☆ Investors roll more than $600 billion a year to IRAs. Anticipated Labor Department rules could raise their protections
▼ + stars: | 2023-10-06 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

This is what the Labor Department will likely tweak, attorneys said. Now, the Labor Department is trying again, though its rule likely won't be as far-reaching, experts said. The OMB has 90 days to review the rule, Borzi said, after which the Labor Department would issue its proposal publicly. watch nowBased on recent legal clues, attorneys expect the Labor Department will seek to raise the bar on all rollover advice provided by the financial ecosystem. That generally means investment advice must be given solely in investors' best interests.

Persons: IRAs IRAs, Phyllis Borzi, Obama, Reish, —, Borzi, Andrew Oringer, Sen, Bill Cassidy, Virginia Foxx, There's, They're, Fred Reish, Drinker Biddle Organizations: U.S . Department of Labor, Washington , D.C, Washington Post, The Washington Post, Getty, Investment Company Institute, ICI, Labor, Pew Research Center, Labor Department, Management, Budget, OMB, Wagner Law, Critics, Rep Locations: Washington ,, IRAs

☆ Strong U.S. Job Growth Shows Economy Is Defying Challenges
▼ + stars: | 2023-10-06 | by ( Talmon Joseph Smith | More About Talmon Joseph Smith | ) www.nytimes.com time to read: 1 min

In a sign of continued economic stamina, American payrolls grew by 336,000 in September on a seasonally adjusted basis, the Labor Department said on Friday. The increase, almost double what economists had forecast, confirmed the labor market’s vitality and the overall hardiness of an economy facing challenges from a variety of forces. It was the 33rd consecutive month of job growth, and the increase was the biggest since January. The unemployment rate, based on a survey of households, was steady at 3.8 percent. It has been below 4 percent for nearly two years, a stretch not achieved since the late 1960s.

Persons: payrolls Organizations: Labor Department

"It's pretty evident that the jobs market and the consumer are doing OK. Claims are still very, very low," he said. If claims are up to mid-250,000 by year's end, "that's a fairly obvious sign that there's a loosening of the labor market." "The question everyone's asking is: can yields continue to rise further and at what point are yields going to cause some serious damage on the economy?" The dollar index fell 0.234%, with the euro up 0.25% at $1.0529. All 11 sectors of the S&P index were in the red, with the big megacap growth stocks leading the decline.

Persons: Brendan McDermid, Wall, Mike Sanders, Baylee Wakefield, Brent, Dennis Kissler, Elizabeth Howcroft, Elaine Hardcastle, Sharon Singleton, Richard Chang Organizations: New York Stock Exchange, REUTERS, Madison Investments, Labor Department, Reuters, Aviva Investors, Treasury, Bank of Japan, Analysts, Bank of, Dow Jones, Nasdaq, BOK, Thomson Locations: New York City, U.S, Madison , Wisconsin, Bank of Japan

☆ Low weekly jobless claims, shrinking trade deficit boost US economic picture
▼ + stars: | 2023-10-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Trade balanceExports of goods and services increased 1.6% to $256.0 billion. Goods imports dropped 0.9% to $256.0 billion amid declines in imports of consumer and capital goods, potentially flagging softening domestic demand amid higher borrowing costs. Cell phones and other household goods accounted for the drop in consumer goods imports. The decrease in capital goods imports reflected declines in semiconductors and electric apparatus. Services imports increased $0.1 billion to $58.4 billion, supported by travel and other business services.

Persons: Andrew Kelly, Christopher Rupkey, Unadjusted, nonfarm payrolls, Oscar Munoz, Goldman Sachs, Veronica Clark, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Labor Department, Reuters, Employers, Institute for Supply Management, United Auto Workers, UAW, Ford, General Motors, Chrysler, Treasury, Challenger, Labor, Securities, Commerce Department, Goods, Services, Citigroup, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Ohio, California

FILE PHOTO:Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. Even as longer-dated Treasury yields eased from 16-year highs on Wednesday, investors remain concerned that the elevated levels may continue to pressure equities. The Labor Department's report showed the number of Americans filing new claims for unemployment benefits rose moderately last week, while layoffs declined in September, pointing to still-resilient labor market conditions. Following a mixed jobs reports earlier this week, focus will be on the more comprehensive September non-farm payrolls data on Friday. Declining issues outnumbered advancers for a 1.50-to-1 ratio on the NYSE and a 1.22-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Charles, Henry Monchau, Neel Kashkari, Richmond's Thomas Barkin, Mary Daly, Michael Barr, Kevin McCarthy, Steve Scalise, Jim Jordan, Joe Biden, VinFast, Lamb, advancers, Ankika Biswas, Shashwat Chauhan, Shounak Dasgupta Organizations: New York Stock Exchange, REUTERS, Companies, Dow, Nasdaq, U.S, Treasury, Syz Group, Healthcare, Labor, Dow Jones, Traders, Federal, Democratic, Rivian, EV, Dell Technologies, Lamb Weston Holdings, NYSE, Thomson Locations: New York City, U.S, Minneapolis, Bengaluru

☆ Here's what you need to know about the big jobs report Friday
▼ + stars: | 2023-10-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

A strong jobs market could equal a weak stock market if current trends hold up. Friday's nonfarm payrolls report will provide a major test for Wall Street, which has been on edge all week about a surprisingly resilient labor picture. The fear is that if the tight labor market holds up, the Federal Reserve will hold interest rates high and jeopardize the U.S. economy at a critical time. "Clearly the market is hoping for a headline number that reinforces a labor market that has slowed but remains resilient." Fed officials watch the metric closely as an indicator of tightness in the labor market.

Persons: Friday's nonfarm, Dow Jones, Quincy Krosby, Stocks Organizations: Wall, Federal Reserve, LPL, Labor Department, Labor, Treasury

Slightly more Americans applied for jobless claims last week, but layoffs remain low and the labor market continues to show resiliency amid elevated interest rates imposed by the Federal Reserve. Applications for unemployment benefits ticked up by 2,000 to 207,000 for the week ending Sept. 30, the Labor Department reported Thursday. Jobless claim applications are considered a proxy for the number of layoffs in a given week. Though the unemployment rate ticked up to 3.8%, it’s still low by historical measures. Overall, 1.67 million people were collecting unemployment benefits the week that ended Sept. 23, about 5,000 fewer than the previous week.

Organizations: Federal Reserve, Labor Department

☆ U.S. jobless claims increase slightly to 207,000 for the week
▼ + stars: | 2023-10-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The U.S. labor market held strong as September came to a close, with weekly jobless claims holding around recent lows, the Labor Department reported Thursday. Continuing claims, which run a week behind, were little changed at 1.664 million, below the 1.68 million estimate from FactSet. Following the report, stock market futures added to losses while Treasury yields moved higher. Central bank officials worry that continued tightness in the labor market could exert upward pressure on inflation and necessitate additional interest rate hikes. Markets have been especially sensitive to moves higher in Treasury yields that could indicate the Fed will keep rates higher.

Persons: Dow Jones Organizations: Fear, Business, Fear Community, Labor Department, Dow, Federal Reserve, Treasury, Traders, ADP Locations: Castle Hayne , North Carolina, U.S

☆ Beware these debt-laden stocks breaking down under the weight of higher rates
▼ + stars: | 2023-10-05 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +7 min

Stocks have sold off as Wall Street accepted that the Federal Reserve might keep interest rates higher for longer to crush inflation. Corporate debt refinancings are going to start hitting profits more urgently starting in 2024, according to Wolfe Research chief investment strategist Chris Senyek. "[T]hat higher interest expense is likely to create a $5-$7/share headwind for S & P 500 operating EPS in 2024," Senyek said. Stocks have sold off as Wall Street accepted that the Federal Reserve might keep interest rates higher for longer to crush inflation. "[T]hat higher interest expense is likely to create a $5-$7/share headwind for S&P 500 operating EPS in 2024," Senyek said.

Persons: Stocks, Chris Senyek, —, Senyek, LSEG, RC Willey, George Frey, BAX Baxter, Lockheed Martin, Kellogg Organizations: Labor Department, Wall, Federal Reserve, Wolfe Research, CNBC, General Motors, United Auto Workers, GM, Whirlpool, Kellogg, RC, Bloomberg, Getty, Equity, Lockheed, AEP American Electric Power, Dominion Energy, Motors, Duke Energy, VZ Verizon Communications, Nasdaq, Stock Screener, Whirlpool Corp Locations: Draper , Utah

☆ Gold set to break longest losing streak in 7 years as bond selloff cools
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: +2 min

Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as U.S. bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week. Spot gold rose 0.3% to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday. Benchmark U.S. 10-year bond yields fell from 16-year highs on Thursday and the U.S. dollar was 0.2% lower, allaying some pressure on non-yielding gold. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 869.31 metric tons on Wednesday, its lowest since August 2019. The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1% to $21.19 per ounce, having slipped to its lowest since mid-March this week.

Persons: Yeap Jun Rong Organizations: U.S ., U.S, CPI, Labor, Wednesday, Benchmark, Trust Locations: ., U.S

☆ US services sector growth slows moderately
▼ + stars: | 2023-10-04 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

The survey's measure of new orders received by services businesses dropped to 51.8, the lowest level since December, from 57.5 in August. PRICES REMAIN ELEVATEDDespite the slowdown in new orders, services businesses continued to face higher prices. A gauge of prices paid by services businesses for inputs was unchanged at 58.9. Some economists view the ISM services prices paid measure as a good predictor of personal consumption expenditures (PCE) inflation. The ISM's gauge of services sector employment dipped to 53.4 from 54.7 in August, which mostly reflected supply issues.

Persons: Amira Karaoud, Kurt Rankin, tightens, September's, Goldman Sachs, Lucia Mutikani, Paul Simao, Andrea Ricci, Will Dunham Organizations: REUTERS, PMI, Institute for Supply Management, Federal Reserve, PNC Financial, United Auto Workers, Retailers, Treasury, Fed, ADP, Conference Board, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Goldman, BLS, Thomson Locations: Louisville, U.S, WASHINGTON, Pittsburgh

☆ US private payrolls growth slows sharply in September, ADP report shows
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

Private payrolls rose by 89,000 jobs last month, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment would rise by 153,000. The ADP report, jointly developed with the Stanford Digital Economy Lab, was published ahead of the release on Friday of the Labor Department's more comprehensive and closely watched employment report for September. The ADP report has not been a reliable gauge in trying to predict the private payrolls count in the employment report. According to a Reuters survey of economists, the Bureau of Labor Statistics is expected to report that private payrolls increased by 160,000 jobs in September.

Persons: Amira Karaoud, payrolls, Lucia Mutikani, Paul Simao, Andrea Ricci Organizations: REUTERS, Rights, ADP, Reuters, Federal Reserve, Conference Board, Stanford Digital Economy, Labor, of Labor Statistics Locations: Louisville, U.S

☆ Private payrolls rose 89,000 in September, much fewer than expected, ADP says
▼ + stars: | 2023-10-04 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Private payroll growth tailed off sharply in September, according to an ADP report Wednesday that provides a counterweight to other signs that the labor market is still running strong. The payroll processing firm said job growth totaled just 89,000 for the month, down from an upwardly revised 180,000 in August and below the 160,000 estimate from economists polled by Dow Jones. Economists estimate non-farm payrolls increased by 170,000 in September, down from a 187,000 increase in August, according to Dow Jones. The report comes a day after the Labor Department said job openings unexpectedly rose sharply in August. ADP said job growth was strongest at companies with fewer than 50 employees, a sector that added 95,000 positions.

Persons: Dow Jones, Job, Nela Richardson Organizations: Federal Reserve, ADP, Labor Department, Labor Locations: New Brighton , Minnesota

Employers added only 89,000 jobs in September, well below expectations, private payroll firm ADP said on Wednesday. "We are seeing a steepening decline in jobs this month," said Nela Richardson, chief economist at ADP. The report is the second to come this week on the health of the job market. On Tuesday, the Labor Department issued its report on job openings for August, with a surprising 9.6 million jobs available. While the job market has slowed in 2023, it still remains tight by historical standards.

Persons: Nela Richardson, ”, Lightcast, Rachel Sederberg, Julia Pollak, José Torres Organizations: ADP, Federal Reserve, Labor Department, Interactive Brokers

Florida said the White House is conditioning transportation funding on the state's agreement not to enforce provisions that the Secretary of Labor believes undermine collective bargaining. Acting Labor Secretary Julie Su, Transportation Secretary Pete Buttigieg and their respective agencies are among the defendants. The Labor Department did not immediately respond to a request for comment. "Florida passed laws to protect workers from being strong-armed by unions," Republican state Attorney General Ashley Moody said in a statement. "We're pushing back against this overreach to protect our state's autonomy and Florida workers."

Persons: Andrew Kelly, Biden, Ron DeSantis, Bill, Julie Su, Pete Buttigieg, General Ashley Moody, Donald Trump, Jonathan Stempel, David Gregorio Our Organizations: Department of Labor, Washington , D.C, REUTERS, Republican, Labor, U.S . Department, Department of Transportation, Labor Department, Florida Education Association, Democrat, Court, Southern District of, Thomson Locations: Washington ,, Florida, paychecks, U.S, Southern District, Southern District of Florida, New York

Search resuls for: "Labor Department"

25 mentions found