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☆ Stock market today: Record-setting rally stalls as Nvidia slides and economic data softens
▼ + stars: | 2024-06-20 | by ( Max Adams | Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks closed mostly lower Thursday, ending a long streak of gains for the S&P 500 and the Nasdaq. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Nvidia dragged the market lower as the tech giant dropped 3% after rising as much in early morning trading. The S&P 500 climbed above 5,500 for the first time ever on Thursday before dipping back below that level. Advertisement"At the same time, labor market indicators like initial and continued jobless claims are weakening.

Persons: —, Bill Adams Organizations: Nasdaq, Nvidia, Traders, Service, Dow Jones, Comerica Bank

☆ Barbara Gladstone, 89, Dies; Art Dealer With a Personal Touch and Global Reach
▼ + stars: | 2024-06-20 | by ( Will Heinrich | ) www.nytimes.com time to read: +1 min

Barbara Gladstone, an art dealer whose eye for spotting talent and knack for nurturing it helped her to build one of the largest and most influential contemporary art galleries in New York, died on Sunday in Paris. She was 89. Her gallery said her death, in a hospital, was caused by an ischemic event, whose symptoms are similar to those of a stroke. Ms. Gladstone, who was on a working trip to Paris, lived in Manhattan. What brought these disparate artists together on her list was her abiding interest in them personally and the devoted way she husbanded their work.

Persons: Barbara Gladstone, Gladstone, Robert Rauschenberg, Keith Haring, Elizabeth Murray, Matthew Barney, Mario Merz, Alighiero Boetti, Richard Prince, Robert Bechtle, Shirin Neshat, Wangechi Mutu, LaToya Ruby Frazier Organizations: Italian Arte Locations: New York, Paris, Manhattan, Italian

☆ Nvidia stock has 50% upside on the potential boom of its AI-fueled software business, analyst says
▼ + stars: | 2024-06-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Nvidia stock still has 50% upside, according to Rosenblatt analyst Hans Mosesmann. That's according to Rosenblatt semiconductor analyst Hans Mosesmann, who increased his Nvidia price target to a street-high $200 per share on Tuesday. But going forward, the real profit story for Nvidia isn't in its hardware-focused GPU business, but rather in its software business, which is spearheaded by Nvidia's popular CUDA platform. Right now, Nvidia's hardware business is going through an unprecedented boom period. Mosesmann's bullishness on Nvidia's software platform was echoed by I/O Fund Tech analyst Beth Kindig last month.

Persons: Rosenblatt, Hans Mosesmann, Mosesmann, —, Hopper, Blackwell, Rubin, Beth Kindig, Kindig Organizations: Nvidia, Service, Rosenblatt, Nvidia isn't, O Fund Tech

☆ Was Global Trade a Mistake?
▼ + stars: | 2024-06-19 | by ( Matthew Zeitlin | ) www.nytimes.com time to read: +1 min

ONE WEEK TO CHANGE THE WORLD: An Oral History of the 1999 WTO Protests, by DW GibsonHOW THE WORLD RAN OUT OF EVERYTHING: Inside the Global Supply Chain, by Peter S. GoodmanOn a cold November morning in 1999, Harold Linde, a member of the Rainforest Action Network, was trying to hang an enormous sign from a construction crane hundreds of feet in the air over downtown Seattle. Loosely attached to a rope, he rappelled off the crane, lost control and began to plummet. Linde might have died, but thanks to the Ruckus Society, a nonprofit that trains activist groups, he knew to rip off his frictionless fleece gloves, grab onto the rope with his bare hands and wait for his colleagues to help him back up. After some spiritual assistance from “a circle of pagan witches on the ground” who were “sending prayers up,” Linde and his friends succeeded in unfurling a 100-pound banner. It showed two arrows pointing in opposite directions, one labeled “DEMOCRACY” and the other “W.T.O.”This stunt, which kicked off the Battle of Seattle, a protest of the third ministerial meeting of the World Trade Organization, captures the combination of high idealism, drama, detailed organization, radicalism and public relations savvy that defined a movement against the rising tide of globalization in the decades after the Cold War.

Persons: DW Gibson, Peter S, Goodman, Harold Linde, ” Linde, ” Organizations: Rainforest Action, Linde, Ruckus Society, World Trade Organization Locations: Seattle, “, unfurling

☆ Philippines blames China for ‘personnel injury and vessel damage’ in South China Sea collision
▼ + stars: | 2024-06-19 | by ( Kathleen Magramo | Nectar Gan | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Manila has accused China of injuring Filipino personnel and damaging Philippine vessels during a South China Sea collision earlier this week, as tensions simmer over territorial disputes in the resource-rich and strategically important waterway. CNN has reached out to the Department of Foreign Affairs, the Armed Forces of the Philippines and the Philippine Coast Guard for comment. China claims “indisputable sovereignty” over almost all of the South China Sea, and most of the islands and sandbars within it, including many features that are hundreds of miles from mainland China. A supply ship and two rubber boats from the Philippines had attempted to “illegally” deliver supplies to the stranded warship, China Coast Guard spokesperson Gan Yu said. China’s Coast Guard also said it took measures including “warnings and interceptions, boarding inspections and forced evictions” against the Philippine vessels.

Persons: Shoal, “, Lin Jian, Ferdinand “ Bongbong ” Marcos Jr, Marcos, Ren’ai Jiao, Thomas, China’s, ”, Gan Yu, Matthew Miller Organizations: Hong Kong CNN —, Philippine Department of Foreign Affairs, Associated Press, Philippine Department of Foreign, CNN, Department of Foreign Affairs, Armed Forces, Philippine Coast Guard, Times, China Coast Guard, Foreign Ministry, Chinese Coast Guard, Philippine, South China, BRP, BRP Sierra Madre, Philippine Navy, China’s Coast Guard, US State Department Locations: Hong Kong, Hong Kong CNN — Manila, China, Philippines, Spratly, Philippine, South, South China, Manila, The Hague, Beijing, Palawan, Vietnam, Malaysia, Brunei, Taiwan, BRP Sierra, China’s, States

☆ Microplastics discovered in human penises for the first time
▼ + stars: | 2024-06-19 | by ( Jack Guy | ) edition.cnn.com time to read: +5 min

CNN —Scientists have found microplastics in human penises for the first time, as concerns over the tiny particles’ proliferation and potential health effects mount. Microplastics are polymer fragments that can range from less than 0.2 inch (5 millimeters) down to 1/25,000th of an inch (1 micrometer). Ramasamy said he wasn’t surprised to find microplastics in the penis, as it is a “very vascular organ,” like the heart. Seven different types of microplastics were detected, with polyethylene terephthalate (PET) and polypropylene (PP) the most prevalent, according to the study. “We need to identify whether microplastics are linked to ED and if there is a level beyond which it causes pathology and what types of microplastics are pathologic,” he said.

Persons: Ranjith Ramasamy, Ramasamy, wasn’t, ”, ” Ramasamy, Toxicologist Matthew J, Campen, ” Campen, Leonardo Trasande, don’t, Trasande Organizations: CNN —, University of Miami, CNN, University of New, “ Plastics, NYU Langone Health, American Academy of Pediatrics Locations: University of New Mexico, Albuquerque

☆ Mortgage demand flattens even as interest rates hit the lowest level since March
▼ + stars: | 2024-06-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates dropped last week following the latest inflation data and the FOMC meeting," said Mike Fratantoni, MBA's SVP and chief economist. Mortgage applications to purchase a home rose 2% for the week and were 12% lower than the same week one year ago. Mortgage rates moved a little bit higher to start this week but then pulled back Tuesday after weaker than expected retail sales data.

Persons: Mike Fratantoni, Matthew Graham Organizations: Mortgage, MBA's, Mortgage News

A Massacre Threatens Darfur — AgainDarfur SUDAN El FasherA civil war is ripping apart Sudan, one of Africa’s largest countries. Yet a New York Times examination of satellite imagery and video from El Fasher make one thing clear:The assault is intensifying. DARFUR R.S.F. Whole neighborhoods were razed, similar to the destruction in parts of southern and eastern El Fasher in recent months. “The videos from El Fasher could become critical evidence in future trials for crimes in Darfur.”

Persons: Sudan’s, Al Salam, Abu Shoak, El Fasher Al Salam, Abu, Mohamed Zakaria, Thomas van Linge, —, Mellit, El Fasher, ”, El, El Geneina, Janjaweed, Linda Thomas, Greenfield, Ali Yagoub Gibril, Al Zeer Salem, Fasher, Matthew Gillett, “, ” Mr, Gillett Organizations: Fighters, Rapid Support Forces, . Security, New York, El, Sudanese, Al Salam Camp, Camp, Reuters Fighters, Yale, Research, —, Times, Centre, Information Resilience, Mellit El, Support Forces, Google, ”, Islamic Relief, United Nations, The Times, U.S . Treasury, Broadcasting, University of Essex Locations: Darfur, SUDAN El Fasher, Sudan, El, DARFUR, El Fasher, East Darfur, Sudan’s, Chad, El Geneina, American, Spain, Central Darfur

☆ Matthew Briggs made his English Premier League debut at 16. 11 years later, he was left feeling suicidal
▼ + stars: | 2024-06-19 | by ( Ben Church | ) edition.cnn.com time to read: +11 min

That “surreal moment” seemingly was the start of an exciting career in the game – Briggs was once tipped as a future England captain. In the year when he walked away from soccer, Briggs moved in with his uncle. For the first time in his life, Briggs learned how to deal with the feelings he had struggled with for years. Briggs playing for England in the Under-20 World Cup in 2009. Thousands of young players are fed into the academy system every year, with only a tiny percentage ever making it.

Persons: CNN — Matthews Briggs, – Briggs, ” Briggs, “, ‘, ’, Briggs, ”, Middlesborough, Wayne Rooney, Lee Smith, I’m, Joe Giddens, Matthew Briggs, –, I’ve, Alex Livesey, “ I’ve, that’s, it’s, Matthew Ashton, ” Neil Saunders, Briggs leant, Harvey Elliot, Arsenal’s Ethan Nwaneri, Elliot Organizations: International Association for Suicide Prevention, Befrienders Worldwide, CNN, English Premier League, Fulham, CNN Sport, Fulham’s, Arsenal, Premier League, Professional Footballers Association, England, Guyana’s CONCACAF, FIFA, US, Danish, HB Køge, Guyana, CONCACAF, Panama, Academy, PFA –, PFA, Liverpool Locations: England, Dubai, “, Guyana, Panama, Trinidad & Tobago

☆ Putin vows trade and security tie-ups with North Korea beyond the West's reach
▼ + stars: | 2024-06-18 | by ( ) www.cnbc.com time to read: +3 min

Anton Vaganov | ReutersVladimir Putin promised to build trade and security systems with North Korea that are not controlled by the West and pledged his unwavering support in a letter published by North Korean state media on Tuesday ahead of his planned visit to the country. The article was published a day after the two countries announced that Putin would visit North Korea for the first time in 24 years for two days starting on Tuesday. Putin's foreign policy adviser Yuri Ushakov said Russia and North Korea may sign a partnership agreement during the visit that would include security issues. Ahead of the visit North Korea appears to have been making preparations for a possible military parade in downtown Pyongyang, commercial satellite imagery showed. He said the United States had seen Putin "get incredibly desperate over the past few months" and look to Iran and North Korea to make up for equipment lost on the battlefield.

Persons: Vladimir Putin, Anton Vaganov, Reuters Vladimir Putin, Sinmun, Putin, Yuri Ushakov, Andrei Belousov, Sergei Lavrov, Alexander Novak, Matthew Miller, Victor Cha Organizations: St ., Economic, Reuters, West, North, Workers, Party, Russia, Russian, Interfax, U.S . State Department, Center for Strategic, International Studies Locations: St, St . Petersburg, Saint Petersburg, Russia, North Korea, North Korean, North Korea's, Eurasia, Ukraine, Pyongyang, Korea, United States, Iran, Moscow, U.S

☆ 'A threat like no other': The West watches on concerned as Putin visits North Korea for the first time in years
▼ + stars: | 2024-06-18 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +5 min

Ties between Russia and North Korea have deepened in recent years with the countries — which are both heavily sanctioned by the West — hailing their strategic cooperation in the spheres of defense and trade. North Korea has not been shy in its outpourings of reverence for Putin, describing him as a "comrade-in-arms" in the battle against what both countries see as Western hegemony. Analysts say the deepening relationship between Russia and "rogue" state North Korea is increasingly hazardous for the West. This aspect of the relationship not only destabilizes security on the peninsula and in Asia; it also heightens the direct threat posed by North Korea to the [U.S.] homeland." It is unclear what further strategic cooperation between North Korea and Russia could entail.

Persons: Vladimir Putin, North, Kim Jong Un, Teneo, Kim, Putin, Kim Jong, Matthew Miller, Miller, Victor Cha, Cha Organizations: Vostochny, UN, West, Kremlin, Democratic People's, U.S . State Department, U.S ., Reuters, Analysts, Center for Strategic, International Studies, National Security Council, Ukraine, North Locations: Amur, Russia, North Korea, Russian, Democratic People's Republic of Korea, DPRK, Korea, Ukraine, Pyongyang, U.S, Iran, Europe, Asia, Gaza, Moscow, North Korean, Eurasia

☆ US announces major bust as efforts to crack down on Chinese money launderers working with drug cartels ratchet up
▼ + stars: | 2024-06-18 | by ( Sean Lyngaas | ) edition.cnn.com time to read: +17 min

A US-based lawyer who has represented accused Chinese money launderers said the tempo of law enforcement operations against the alleged launderers has increased in recent weeks as federal agents close in on “bigger fish” among Chinese money launderers in the US. None of the federal law enforcement agencies involved in tracking Chinese money launderers agreed to be interviewed on the record. Grassley and Whitehouse have each introduced legislation they say is key to closing loopholes in US law that are actively exploited by the cartels’ money launderers. Elaborate networksRecent court documents illuminate how far-flung and elaborate US-based networks of alleged Chinese money launderers are. Mirror TransactionsExperts say the Chinese money launderers have mastered the art of so-called mirror transactions, which involve a series of deposits at multiple bank accounts to conceal the drug money.

Persons: ”, Anne Milgram, surveil, “, Don Im, Biden, HSI, Ricardo Mayoral, William Kimbell, ” Kimbell, launderers, —, Sen, Sheldon Whitehouse, ” Whitehouse, Treasury Department —, Whitehouse, Christopher Wray, Joe Biden, Xi Jinping, Republican Sen, Charles Grassley, Enhua Fang, Li Pei Tan, Tan, Joe Habachy, Matthew Rothbeind, Fang, Chaojie Chen, Chen, Greg Hunter, ” David Luckey, JPMorgan Chase Organizations: CNN, Drug, Administration, Sinaloa Cartel, US Court, Central, Central District of, DEA, IRS, “, Centers for Disease Control, Federal, Homeland Security, Treasury, Treasury Department, Treasury’s, Network, Homeland Security Investigations, DHS, Financial Crimes, Rhode Island Democrat, intel, Department of Homeland Security, FBI, Senate, ” CNN, White, Office of National Drug Control, Service, Biden, Republican, Grassley, Rand Corporation, of, JPMorgan Chase, Bank of America, JPMorgan, Organization Locations: California, Mexican, China, Mexico, Los Angeles, Sinaloa, Central District, Central District of California, Colombia, America, Oregon, Virginia, South Carolina, Washington, DC, North, Central America, —, Iowa, North Carolina, Belize, Chinese, Georgia, Chicago, Tulsa, East Coast, Detroit , Chicago, Ohio, Western, of North Carolina, Wells Fargo

☆ How the Supreme Court could decide Trump’s blockbuster fight for immunity
▼ + stars: | 2024-06-18 | by ( John Fritze | ) edition.cnn.com time to read: +8 min

Trump’s out of luck: No immunityThe simplest outcome would be for the Supreme Court to rule that former presidents are not entitled to immunity from criminal prosecution. Nixon and the ‘outer perimeter’ of powerBut the justices could reach more broadly by granting some degree of immunity for “official” actions. That official-versus-private debate emerged as a key component of Trump’s immunity battle and will be closely scrutinized once the opinion lands. In terms of timing, a lot would depend on the direction the Supreme Court gives Chutkan in its opinion. It could also raise the possibility of further pre-trial legal wrangling, unless the Supreme Court explicitly ruled out appeals of those decisions.

Persons: Donald Trump, –, Jack Smith’s, Trump, “ Trump, ”, Jonathan Entin, Trump’s, John Roberts, Brett Kavanaugh –, he’s, ” Roberts, ” It’s, Neil Gorsuch, ” Kavanaugh, Nixon, Fitzgerald, Ernest Fitzgerald, Richard Nixon, Rudy Giuliani, Matthew Seligman, Alison LaCroix, ‘, Tanya Chutkan, “, ” Entin, Smith, LaCroix, we’ll, ’ ” Organizations: CNN, Trump, Case Western Reserve University’s School of Law, Appeals, DC Circuit, Supreme, Nixon, Air Force, Constitutional, Center, Stanford Law School, Security, University of Chicago Law School, US

☆ South China Sea: US blasts ‘aggressive’ China over collision with Philippine ship
▼ + stars: | 2024-06-18 | by ( Kathleen Magramo | Nectar Gan | ) edition.cnn.com time to read: +7 min

China claims “indisputable sovereignty” over almost all of the South China Sea, and most of the islands and sandbars within it, including many features that are hundreds of miles from mainland China. China had “obstructed the Philippines from executing a lawful maritime operation in the South China Sea, interfering with the Philippines’ freedom of navigation,” Campbell said, according to a State Department readout. The Chinese coast guard on Monday said a Philippine supply ship “ignored China’s repeated solemn warnings” and “deliberately and dangerously” approached a Chinese vessel in “an unprofessional manner,” resulting in a collision. China Coast Guard spokesperson Gan Yu on Monday accused the Philippines of “illegally” delivering supplies to the stranded warship. It should now be clear to the international community that China’s actions are the true obstacles to peace and stability in the South China Sea.”

Persons: Shoal, Manila MaryKay Carlson, China’s, Ferdinand “ Bongbong ” Marcos Jr, Marcos, Matthew Miller, Kurt Campbell, Foreign Affairs Maria Theresa Lazaro, ” Campbell, “, ”, Francel Margareth Padilla, Adrian Portugal, Ren’ai Jiao, Thomas, Gan Yu, Gan, ” Gan, Jay Tarriela, Gilberto C, Teodoro , Jr Organizations: Hong Kong CNN, Philippine, US State Department, Foreign Affairs, Department, Guard, Philippine Coast Guard, Reuters, China Coast Guard, BRP, BRP Sierra Madre, Philippine Navy, Chinese Coast Guard, CNN, Armed Forces, ( Armed Forces, Philippine Defense Locations: Hong Kong, United States, China, Philippines, Philippine, Second, Spratly, South China, Manila, South, Beijing, The Hague, Palawan, Vietnam, Malaysia, Brunei, Taiwan, BRP Sierra, Thomas Shoal, “, West Philippine

☆ CNBC Daily Open: Boeing's 'moment of reckoning'
▼ + stars: | 2024-06-18 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Immigrants, jobs and inflationImmigration has helped the U.S. job market sustain a strong run in recent months without reigniting inflation, economists and analysts say. This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants. The conglomerate sold 1.3 million shares for $39.8 million, reducing its holding to 6.9%. [PRO] S&P 500 to hit 6,000Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000.

Persons: Neel Kashkari, CNBC's Rebecca Picciotto, Ryan Cohen, Keith Gill, Matthew Bartolini, Berkshire Hathaway, Charlie Munger, Tesla Organizations: CNBC, Microsoft, Apple, Nasdaq, Dow Jones, Minneapolis Federal, GameStop, Fund, Nvidia, SPDR Locations: U.S, SPDR Americas, Berkshire, BYD

☆ Nvidia is shaking up this big tech ETF. Here’s what it means for investors
▼ + stars: | 2024-06-18 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

The usual rebalancing of the S & P 500 index and the exchange traded funds around it is a quarterly event occurring Friday. There are exchange-traded funds that follow the broad market benchmark and ETFs that track the S & P 500 sector indexes, including technology. The S & P 500 indexes are pure indexes. Nvidia could become 99% of the S & P 500 by market capitalization, and it would be reflected in the index. This trio dominates the S & P 500 technology index.

Persons: Dow, Matthew Bartolini, Bartolini, We've Organizations: Nvidia, Microsoft, Apple, SPDR Technology, Broadcom, P Technology, SPDR, SPDR Americas Research, Regulators Locations: Americas, SPDR Americas

☆ Nvidia set to overtake Apple in $72 billion technology ETF shakeup after its monster 164% rally this year
▼ + stars: | 2024-06-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Nvidia is set to surpass Apple in a major technology ETF, triggering a $23 billion trade later this month. Microsoft, Apple, and Nvidia are all worth more than $3 trillion amid an ongoing AI-fueled tech boom. AdvertisementNvidia is poised to overtake Apple in one of the biggest technology ETFs later this month, sparking a massive $23 billion trade. A diversification rule in the tech ETF has limited the concentration of the fund in a big way. With Nvidia set to take the second spot from Apple, it will spark a massive combined trade worth more than $20 billion.

Persons: — Organizations: Nvidia, Apple, Microsoft, Service, Business, Bloomberg News, Bloomberg

☆ Nvidia jumps past Microsoft to become the world's most valuable company
▼ + stars: | 2024-06-18 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Nvidia on Tuesday claimed the top spt as the world's most valuable company. Shares of the chip maker rose 4%, helping it edge past Microsoft's market cap. AdvertisementNvidia stock rose 4% on Tuesday, helping push its market capitalization past that of Microsoft to claim the title of the world's most valuable company. The chip maker on Tuesday boasted a market value of $3.338 trillion, edging out Microsoft's $3.326 trillion market cap by just $12 billion. Nvidia stock hit an intraday-high of $136.25 Tuesday afternoon.

Persons: —, ChatGPT Organizations: Nvidia, Tuesday, Service, Microsoft, Apple, AMD

☆ Israel’s Daily Combat Pause in Part of Gaza: How Is It Working?
▼ + stars: | 2024-06-18 | by ( Matthew Mpoke Bigg | ) www.nytimes.com time to read: 1 min

Israel has said that the partial daily suspension of its military activity in a part of southern Gaza, which began over the weekend, is aimed at making it safer for humanitarian groups to deliver aid in the territory. Here’s a look at how the pause works and whether aid workers believe it is likely to alleviate civilian suffering that the United Nations says borders on famine. The military said on Sunday it had paused operations during daylight hours in parts of southern Gaza. The policy applies to a seven-mile-long strip of southeastern Gaza surrounding a major stretch of road. It does not include coastal areas where Palestinians have fled since Israel began an invasion of the city of Rafah in southern Gaza in early May.

Persons: Israel Locations: Gaza, United Nations, Israel, Rafah

☆ Stock market today: Indexes dip as traders take a breather after record-setting week
▼ + stars: | 2024-06-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

AdvertisementUS stocks edged lower Monday morning as traders took a moment to catch their breath after stocks set a series of records last week. The S&P 500 and the Nasdaq set four straight record highs last week and closed higher for the seventh week of the last eight. Goldman Sachs strategist David Kostin boosted his year-end S&P 500 price target to 5,600, representing potential upside of about 3% from current levels. Kostin had previously had a 5,200 year-end price target for the S&P 500. AdvertisementMeawnwhile, Evercore ISI boosted its S&P 500 year-end price target to a street-high 6,000.

Persons: Neel Kashkari nodded, —, Goldman Sachs, David Kostin, Kostin, Neel Kashkari, Kashkari Organizations: Traders, Wall Street, Service, Nasdaq, Wall, ISI, Federal, CBS

☆ Nvidia to get 20% weighting and billions in investor demand, while Apple demoted in major tech fund
▼ + stars: | 2024-06-17 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Nvidia 's blistering rally will force a major technology exchange-traded fund to acquire more than $10 billion worth of shares of the chip giant while cutting dramatically back on Apple . The index that the Technology Select Sector SPDR Fund (XLK) follows will soon rebalance, based on an adjusted market cap value from Friday's close. As a result, Microsoft and Nvidia will likely have a weight of around 21%, while Apple will fall sharply to about 4.5%, Bartolini said. That is a change from the prior weightings, which saw Nvidia's weight be kept artificially low by index rules. As of June 14, Microsoft and Apple were both at about 22% each in the fund, while Nvidia was just 6%.

Persons: Matthew Bartolini, Bartolini Organizations: Nvidia Corporation, Nvidia, Apple, Microsoft, SPDR, SPDR Americas Research Locations: Taipei, Taiwan, SPDR Americas

☆ Meet the newest generation of the Kennedy family, America's most famous political dynasty
▼ + stars: | 2024-06-17 | by ( Erin Mcdowell | ) www.businessinsider.com time to read: +2 min

Joe Kennedy III is one of the most prominent modern Kennedys in politics. Joe Kennedy III. Greg Nash-Pool/Getty ImagesJoe Kennedy III, 43, is the grandson of Robert F. Kennedy. Still, he'd go on to serve as a United States representative for Massachusetts from 2013 to 2021 and has held the position of United States Special Envoy for Northern Ireland since 2022. The pair met in a Harvard Law School class taught by Sen. Elizabeth Warren, and they now live in Newton, Massachusetts, with their two young children, CBS reported.

Persons: Joe Kennedy III, Greg Nash, Robert F, Kennedy, Ed Markey, he'd, Donald Trump's, He's, Marjory Stoneman, We're, Lauren Birchfield, Sen, Elizabeth Warren, Matthew Rauch Kennedy Organizations: Stanford University, Harvard Law School, United, Massachusetts, United States, Northern Ireland, Democratic, House Energy, Commerce, Green, NBC Boston, Marjory Stoneman Douglas High School, Harvard, Harvard Law, CBS, CNN Locations: Massachusetts, United States, Northern, Massachusetts's, Parkland , Florida, Newton , Massachusetts

☆ US sounds alarm over Chinese and North Korean support for Russia’s war in Ukraine
▼ + stars: | 2024-06-17 | by ( Stephen Collinson | ) edition.cnn.com time to read: +5 min

But the reality is that China’s fueling the largest armed conflict in Europe since World War II,” Stoltenberg said at The Wilson Center. The idea of an anti-US front among Russia, China, North Korea and Iran has long preoccupied foreign policy experts in Washington. In March, US Director of National Intelligence Avril Haines told Congress that Russia’s need to replenish its military supplies had forced it to grant “long-sought concessions” to North Korea. “What is Russia going to provide in exchange to North Korea, hard currency? So, we know that they are using DPRK ammunition to threaten Ukraine and kill Ukrainians,” he said.

Persons: Joe Biden, Vladimir Putin’s, Volodymyr Zelensky, Biden, Zelensky, Xi Jinping, ”, Jens Stoltenberg, “, Xi, ” Stoltenberg, Putin, Kremlin, Kim Jong Un, of National Intelligence Avril Haines, Kurt Campbell, Kim, ” Campbell, Matthew Miller, John Kirby, ” Kirby, “ We’re, ” Putin Organizations: CNN, NATO, Washington, “ Publicly, The Wilson, “, of National Intelligence, Stimson, ”, House Locations: Ukraine, Russian, China, Ukrainian, Italy, Russia, Beijing, Moscow, Europe, North Korea, Iran, Washington, Pyongyang, Korea, Northeast Asia, Korean, North

☆ Russia will hold Evan Gershkovich’s espionage trial behind closed doors, state media reports
▼ + stars: | 2024-06-17 | by ( Sergey Gudkov | Kathleen Magramo | ) edition.cnn.com time to read: +2 min

CNN —American journalist Evan Gershkovich will stand trial behind closed doors in the Russian city of Yekaterinburg starting on June 26, state-run news agency TASS reported Monday, citing the court’s press service. The Russian Prosecutor General’s office said last Thursday it had approved the indictment and referred Gershkovich’s case to a trial court. On Thursday, US State Department spokesperson Matthew Miller said the allegations against Gershkovich have “absolutely zero credibility.”“We have been clear from the start that Evan has done nothing wrong. He should be released immediately,” Miller said at a State Department briefing. Gershkovich is among a number of Americans being held in Russia, including former Marine Paul Whelan, whom the US State Department has also declared as wrongfully detained.

Persons: Evan Gershkovich, General’s, Gershkovich, “ Gershkovich, Matthew Miller, ”, Evan, ” Miller, Paul Whelan Organizations: CNN, Wall Street, Sverdlovsk Regional Court, US State Department, State Department, US Locations: American, Russian, Yekaterinburg, Sverdlovsk, Moscow’s, Washington, Moscow, Ukraine, Russia

☆ Evercore ISI upgrades its S&P 500 outlook to the highest on Wall Street as it says the AI revolution is just getting started
▼ + stars: | 2024-06-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The firm raised its year-end S&P 500 target to 6,000 and said the index could hit 7,000 by 2025. Evercore strategist and managing director Julian Emanuel increased his year-end S&P 500 price target to a new high on Wall Street at 6,000 in a note on Sunday. Emanuel forecasts S&P 500 EPS growth of 8% and 5% in 2024 and 2025, respectively. The S&P 500 trading at 6,000 would imply a 25x trailing 12-month price-to-earnings multiple based on Emanuel's EPS estimate of $238 per share. AdvertisementIf the high valuation multiples persist, the S&P 500 could rise 31% to 7,000 by the end of 2025.

Persons: —, Julian Emanuel, Emanuel, it's, Tom Lee Organizations: ISI, Service

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