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☆ 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

☆ 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

☆ 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

☆ Hardware is Wall Street's new favorite bet
▼ + stars: | 2024-06-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at the Apple-Google partnership that shows why hardware has become Wall Street's new favorite bet . The big storyHardware is hotGetty Images; Chelsea Jia Feng/BISoftware may still eat the world, but only with the help of some serious hardware. But generative AI has put a considerable spotlight on a less sexy part of tech: hardware. That's playing out in the stock market, where hardware tech stocks have outperformed software tech stocks by 30 percentage points this year , writes BI's Matthew Fox.

Persons: —, Chelsea Jia Feng, Marc Andreessen's, Hugh Langley, That's, BI's Matthew Fox, it's, Steve Schwarzman, Jon Gray, Brian Ach, Tyler Le, Andy Sieg, Merrill Wealth, Dan Sundheim, Chris Tuite, Trump, Elon Musk, hasn't, Jimmy Simpson, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, Elon, Apple, Business, Apple Intelligence, OpenAI, Google, Microsoft, Amazon, Oracle, Street, Nvidia, Broadcom, Blackstone, Merrill, D1 Capital, YouTube, Netflix, BI, Cannes Lions, advertising's Locations: That's, New York, London

☆ How the Christ Redeemer statue in Rio de Janeiro became the symbol of Brazil
▼ + stars: | 2024-06-15 | by ( Julia Buckley | ) edition.cnn.com time to read: +13 min

Perched on the Corcovado – a 2,300-foot-high granite outcrop looming above the city – the Cristo Redentor (Christ Redeemer) statue sweeps its arms out in a warm embrace, welcoming visitors to the city of samba. “It is he who finds me when I arrive in Rio.”For over a century, the statue has been a symbol of Rio de Janeiro. Christ Redeemer bags are his top sellers, tied with those sporting the Sugarloaf Mountain. Deemed one of the seven modern wonders of the world, the Christ Redeemer is Rio’s most visited attraction, says tour guide Cristina Arroio. Maybe that’s the ultimate miracle of the Christ Redeemer.

Persons: ”, Gilson Martins, Michelle Obama, Heitor da Silva Costa, Jesus teetering, Paulo Vidal, it’s, Vidal, Instituto Moreira Salles, Jesus Christ, Da Silva Costa –, –, Carlos Oswald, Paul Landowski, Da Silva Costa, Soapstone, Márcia Braga, Work, IPHAN, It’s, Matthew Stockman, Gilson Martins Braga –, “, Braga, ” Gilson Martins, ’, Emmanuele, Tom Jobin, “ Da, O, que lindo, ” Martins, ’ ”, Francesco Perrotta, Lina Bo Bardi, Corcovado, Mauro Pimentel, Cristina Arroio Organizations: CNN, Instituto, Nacional, Historical, Heritage, UNESCO, “, Guanabara ”, cariocas, Bosch, Getty Locations: Rio de Janeiro, Rio, Brazil, Calvary, Polish, Latin America, steatite, Minas Gerais, Braga, Ipanema, Guanabara, ” Rio de Janeiro, AFP

☆ Bitcoin will hit $500,000 by the end of this decade as ETF demand booms, Bernstein says
▼ + stars: | 2024-06-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Bitcoin is predicted to hit $500,000 by 2029, according to Bernstein. The bullish outlook is driven by a sustained boom in demand for bitcoin ETFs, combined with constrained supply. AdvertisementThe price of bitcoin is set to soar to $500,000 by the end of the decade, according to a recent note from Bernstein. Advertisement"This is led by unprecedented Bitcoin demand ($190Bn AUM in 2025E vs. $60Bn today) via ETFs run by the world's leading asset managers, and Bitcoin supply being constrained," Bernstein said. Bernstein argues that MicroStrategy deserves the premium valuation as it offers investors an "active-leveraged" strategy compared to passive bitcoin ETFs.

Persons: Bitcoin, Bernstein, —, Gautam Chhugani, Mahika Sapra, bitcoin, Chhugani, Sapra, MicroStrategy Organizations: Service, BTC

☆ The AI boom is unraveling the most dominant tech trade of the last decade
▼ + stars: | 2024-06-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Software stocks have been slammed this year after a long period of strong performance. Meanwhile, hardware stocks are reaping the benefits of the AI boom as their profits soar. AdvertisementYear-to-date, hardware tech stocks are outperforming software tech stocks by a whopping 30 percentage points. AdvertisementThis dynamic means that hardware stocks will continue to outperform software stocks through 2025, according to Mortonson. "The moats that some of the software companies, not all but some, have around their businesses are not going to be quite as high.

Persons: Ted Mortonson, —, Baird, Mortonson, It's, Larry Tentarelli, Chip, Steve Eisman, Eisman Organizations: Service, Software, NYSE Arca, Dow Jones US Software, Nvidia, AMD, Micro Computer, Broadcom, Dell, Chip Daily, CNBC Locations: Salesforce, Snowflake

☆ How the Oilers blew out the Panthers to avoid a Stanley Cup sweep: 5 takeaways
▼ + stars: | 2024-06-15 | by ( Michael Russo | Daniel Nugent-Bowman | ) www.nytimes.com time to read: +9 min

Dylan Holloway added two goals for the Oilers, and Mattias Janmark, Adam Henrique, Darnell Nurse, Ryan Nugent-Hopkins and Ryan McLeod had the others. Instead, the Oilers became the fourth team in a row to win Game 4 to extend a series after dropping the first three games of a Stanley Cup Final. “It only counts as one win,” Panthers captain Aleksander Barkov said. He was in on all three goals the Oilers had in the middle frame, scoring once and adding two assists. Leon Draisaitl, Hyman and Nugent-Hopkins were all pointless — a big reason the Oilers were in their gigantic hole.

Persons: Connor McDavid, Yogi Berra, “ it’s, McDavid, Wayne Gretzky’s, Dylan Holloway, Mattias Janmark, Adam Henrique, Darnell Nurse, Ryan Nugent, Hopkins, Ryan McLeod, Stuart Skinner, Doug Gilmour’s, Evgeni Malkin, Vladimir Tarasenko, Aleksander Barkov, Conn Smythe, yY2beIXAwx — Michael Russo, Bob, Sergei Bobrovsky, Anthony Stolarz, Bobrovsky, Holloway, Zach Hyman, “, ” Darnell Nurse, eason, ince, enrique, tim e, nic, ove Organizations: EDMONTON —, Edmonton Oilers, ” Edmonton, Florida Panthers, Rogers, Wayne Gretzky’s NHL, Oilers, Panthers, Edmonton, Montreal Canadiens, New York Rangers, New Jersey Devils, ” Panthers, Boston Bruins, Eastern Conference, ” Oilers, ust, pla Locations: South Florida, goa

☆ China wants a fleet of aircraft carriers for pride and power, and it's building it at a breakneck pace
▼ + stars: | 2024-06-15 | by ( Chris Panella | ) www.businessinsider.com time to read: +9 min

Read previewChina is building a fleet of aircraft carriers, making technological and capability jumps at a breakneck pace. An aerial drone photo taken on May 1, 2024 shows China's third aircraft carrier, the Fujian, during its maiden sea trials. The aircraft carrier USS Gerald R. Ford transits the Strait of Gibraltar, Jan. 5, 2024. For China, having aircraft carriers allows it to enjoy many of those perks. A composite image shows the American flag flying near the bridge of the US Navy's first-in-class aircraft carrier USS Gerald R. Ford and the Chinese flag flying near China's aircraft carrier Shandong.

Persons: —, Pu, would've, Matthew Funaiole, Xi Jinping, Kyle Amonson, Dane Egli, Xi, Funaiole, Gerald R, Navy Petty, Jacob Mattingly, Trenton, Li Gang, Cmdr, Michael Dahm, Peter W, Singer, Guy Snodgrass Organizations: Service, Business, Ford, Getty, China Power, Center for Strategic, International Studies, Jiangnan Shipyard, Getty Images, People's Liberation Army, Communist Party, US Coast Guard, Pacific Affairs, Chinese Communist Party, US Navy, Navy, DoD Aircraft, South China Seas, Pacific, Communication, Trenton Edly, US, New America, Defense, PLA Navy's Locations: China, Fujian, Shandong, Liaoning, Xinhua, Getty Images China, Taiwan, People's Republic of China, Gibraltar, Jan, South, Beijing

☆ Supreme Court’s abortion pill ruling puts new focus on conservative Trump judge in Texas
▼ + stars: | 2024-06-15 | by ( John Fritze | Tierney Sneed | ) edition.cnn.com time to read: +9 min

In the mifepristone case, Kacsmaryk’s initial ruling was notable not just for its sweeping nature but in how he embraced the anti-abortion movement’s sensational rhetoric about the procedure. The groups fighting mifepristone argue that the Supreme Court’s decision shouldn’t affect the states’ ability to sue. Both the FDA and several medical groups, including the American Medical Association, told the Supreme Court that mifepristone is safe. But the Supreme Court knocked that argument aside, noting that federal law already allows doctors to avoid performing procedures that violate their conscience. Adam Unikowsky, a veteran Supreme Court litigator who has closely followed the mifepristone case, predicted it will be hard for the states to get the issue back before the Supreme Court.

Persons: Matthew Kacsmaryk, Donald Trump, ”, Carrie Flaxman, Brett Kavanaugh, mifepristone, ” Kavanaugh, Roe, Wade, Kansas –, Andrew Bailey, Kacsmaryk, Joe Biden’s, Biden, it’s, ” Julia Kaye, Erin Hawley, “, –, Adam Unikowsky, litigator, Unikowsky, They’re, ” Jaime Santos, Goodwin, “ that’s, Kavanaugh, isn’t Organizations: CNN, Trump, mifepristone, Supreme, Food, Democracy Forward, and Drug Administration, Republican, Alliance for Hippocratic, Biden, ACLU, Defending, FDA, American Medical Association Locations: Texas, Amarillo, – Missouri, Idaho, Kansas, Missouri, Texas ’, Mexico, Missouri , Idaho

Some Trump allies, including another veteran of his 2016 campaign and the Trump White House, former campaign manager Kellyanne Conway, have downplayed the former president’s comments. Earlier this month, Conway noted that Trump’s Justice Department did not try to prosecute Hillary Clinton despite the chants of “Lock her up!” at 2016 campaign rallies. But other allies have responded more forcefully to Trump’s conviction in his New York hush money trial. He was sentenced to four months in prison, and a federal judge earlier this month ordered him to report to prison by July 1. Once a top adviser to Trump’s 2016 campaign and a senior White House aide, the bombastic Bannon is now a right-wing podcaster with a following of loyal Trump supporters.

Persons: Steve Bannon, Donald Trump, Bannon, Trump, ”, ” Bannon, ’, ” Trump, Sean Hannity —, it’s Joe Biden, Hannity, Kellyanne Conway, Conway, Hillary Clinton, “, Jim Jordan, Attorney Alvin Bragg, Matthew Colangelo, Marco Rubio, Vance of Ohio —, Biden, Kevin McCarthy, Ronna McDaniel, Roger Stone, Rudy Giuliani, “ they’re Organizations: CNN, Fox News, Trump, Trump White House, Trump’s, Ohio, Attorney, Capitol, White House, Republican National, Justice Department, FBI Locations: New York, Detroit, Manhattan, Marco Rubio of Florida

☆ Stock market today: Indexes edge lower after hitting records on cooling inflation
▼ + stars: | 2024-06-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks dipped on Friday after the S&P 500 and Nasdaq 100 reached record highs four days in a row. Investors expect the Federal Reserve to begin cutting interest rates at its September FOMC meeting. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Friday's decline in stocks was preceded by a sharp decline in European stocks, as recent election results continue to make waves in France and Germany. The market currently expects the Fed to begin cutting interest rates at its September FOMC meeting.

Persons: Loretta Mester, —, DAX, Austan, Mester Organizations: Nasdaq, CNBC, Investors, Federal Reserve, Service, University of Michigan, Fed, Here's Locations: France, Germany

☆ Ukraine's strikes on Crimean air defenses could end its role as a Russian military staging ground: experts
▼ + stars: | 2024-06-14 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +5 min

Read previewUkraine's sustained attacks against Russia's air defenses could make occupied Crimea untenable as a military staging ground, war analysts said. Ukraine has repeatedly hit Russia's air defenses in Crimea over the last few months, with attacks intensifying this week. AdvertisementAccording to reports, one Russian S-400 "Triumf" and two S-300 air-defense missile systems were targeted overnight on Sunday into Monday, with suggestions that Ukraine used US-supplied Army Tactical Missile Systems, known as ATACMS. AdvertisementForbes reached a similar conclusion on Wednesday, saying Russia's S-400 missile systems can't defend nearby Russian troops or even themselves. AdvertisementBut despite Ukraine's recent successes, its campaign of long-range air strikes won't be the silver bullet that ends Russia's occupation of Crimea, military experts told BI.

Persons: —, Ukraine's, Forbes, Russia's, Kyrylo Budanov, Keir Giles, Giles, they're, Matthew Savill, James Black, Putin Organizations: Service, Institute for, Business, Army Tactical Missile Systems, Staff of, Armed Forces, Chatham House's, Eurasia Programme, Royal United Services Institute, RAND Europe, Kremlin Locations: Crimea, Russia, Ukraine, Russian, Chatham House's Russia, Eurasia, Ukrainian

☆ CEO spent $15,000 on pizza—and turned it into more than $1 million in revenue: 'The ROI is insane'
▼ + stars: | 2024-06-14 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

That's how it worked out for Matthew Parkhurst, co-founder and CEO of New York-based tech startup Antimetal. The company was ready to emerge from its beta phase, and Parkhurst wanted to make potential clients aware that Antimetal even existed. Antimetal spent roughly $15,000 on pizzas, packaging and targeted delivery to potential clients, venture capital firms and even tech influencers with large social media followings. It worked: Roughly 75 of the companies that received pizza have become Antimetal clients, Parkhurst says — creating a bump of more than $1 million in annualized net revenue, according to documents reviewed by CNBC Make It. "Obviously, the ROI [return on investment] is insane on the revenue side, compared to what we spent," Parkhurst says.

Persons: Matthew Parkhurst, Parkhurst, Antimetal Organizations: San, CNBC Locations: New York, San Francisco

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin dips into the $65,000 level to end the week: 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, Matthew Hougan, chief investment officer at Bitwise Asset Management, discusses regulatory advancements in crypto, spot ether ETFs and more from Coinbase's State of Crypto Summit in New York City.

Persons: explainers, Matthew Hougan Organizations: CNBC Crypto, CNBC, Bitwise Asset Management, Crypto Locations: Coinbase's State, New York City

☆ Stock market today: US stocks end the week higher after cool inflation, Apple AI hype
▼ + stars: | 2024-06-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

US stocks traded mostly lower on Friday but ended up for the week after a cool May CPI report. The Nasdaq 100 closed at record highs driven by AI excitement and solid earnings from Broadcom and Adobe. AdvertisementUS stocks traded mostly lower on Friday but gained for the week after a cool May inflation report and Apple's unveiling of its AI ambitions at WWDC. The Nasdaq 100 finished the week higher by more than 3%, while the S&P 500 was up about 1.5%. The Dow Jones, which has little exposure to the AI tech trade, finished the week down about 0.5%.

Persons: —, Dow Jones, Loretta Mester, we'll, Mester, Austan Goolsbee, We've, Goolsbee Organizations: Nasdaq, Broadcom, Adobe, Service, Federal, PPI, CNBC

☆ US designates Nordic neo-Nazi group as terrorists
▼ + stars: | 2024-06-14 | by ( Jennifer Hansler | ) edition.cnn.com time to read: +4 min

CNN —The US State Department on Friday designated a Nordic neo-Nazi group and three of its top officials as terrorists. It’s the second time in history that the US has designated a foreign White supremacist organization and its leaders as terrorists. The department designated the Nordic Resistance Movement (NRM) and three of its top officials – Tor Fredrik Vejdeland, Pär Öberg, and Leif Robert Eklund – as Specially Designated Global Terrorists on Friday, according to a statement from spokesperson Matthew Miller. The Trump administration in 2020 designated the Russian Imperial Movement (RIM) and its leaders as Specially Designated Global Terrorists. NRM is a transnational neo-Nazi organization founded in Sweden in 1997, with branches in Norway, Denmark, Iceland, and Finland, according to the State Department.

Persons: – Tor Fredrik Vejdeland, Pär Öberg, Leif Robert Eklund –, Matthew Miller, Biden, Trump, ” Miller, “, ”, Harris Administration’s, —, Ian Moss, Donald Trump Organizations: CNN, US State Department, Nazi, White, Nordic Resistance Movement, Terrorists, Russian Imperial Movement, State Department, United, US Intelligence Community, Biden, Department, Bureau, Counterterrorism Locations: Sweden, Norway, Denmark, Iceland, Finland, United States, Europe, South America, Australia, Canada, New Zealand, U.S

CNN —The Biden administration on Friday imposed sanctions on an Israeli group for disrupting humanitarian convoys headed to Gaza. The sanctions against the organization are the latest punitive measure taken under an executive order targeting those perpetrating violence in the West Bank. “They also have damaged aid trucks and dumped life-saving humanitarian aid onto the road. President Joe Biden signed an executive order earlier this year allowing sanctions on those causing West Bank violence. The order has been used to roll out sanctions on Israeli settlers attacking Palestinians in recent months.

Persons: CNN —, Biden, Matthew Miller, “, ”, Miller, Joe Biden, CNN’s Clarissa Ward, Brent Swails Organizations: CNN, US Treasury Department, US State Department, West Bank, ”, Biden, Reuters Locations: Gaza, Kerem, Jordan, Hebron, Israel

☆ Roaring Kitty becomes the 4th largest GameStop shareholder after nearly doubling his position to 9 million shares
▼ + stars: | 2024-06-14 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Keith Gill appears to have nearly doubled his GameStop position to nine million shares. AdvertisementKeith Gill, better known as Roaring Kitty on social media, appears to have nearly doubled his position in GameStop stock. With Gill's massive options position in the money, he partially sold the options and exercised some to acquire an additional 4 million shares at $20 each. He was briefly worth nearly $1 billion when GameStop stock soared to more than $60 in after-hours trading last week. Gill's nine million shares in GameStop are slightly ahead of the 8.3 million shares owned by State Street and behind the more than 20 million shares BlackRock, Vanguard, and GameStop CEO Ryan Cohen each hold.

Persons: Keith Gill, Gill, —, Ryan Cohen, Reddit Organizations: GameStop, Service, State Street, BlackRock, Vanguard, SEC

☆ China says 2 military employees sold 60 pounds of secret documents to a recycling plant, allowing a shopper to bag 4 volumes for under $1
▼ + stars: | 2024-06-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Read previewChina's State Security Ministry said on Thursday that a retiree had somehow secured four volumes of confidential military documents at a recycling store for just 85 cents. According to the post, Zhang is a former employee of a state-owned enterprise and collects military newspapers and magazines as a hobby. Related storiesThe State Security Ministry said agents rushed to Zhang's home and seized the documents. AdvertisementUpon investigating the scrap store, the state security ministry discovered that Zhang's purchase had been part of eight volumes of 200 secret documents marked for disposal, the post reads. China's State Security Ministry has, in recent months, regularly urged the public to assist in reporting foreign espionage.

Persons: —, Grandpa Zhang, Zhang, Guo, Li, William Burns rankled, We've, Burns Organizations: Service, Security Ministry, Business, State Security Ministry, China's State Security Ministry, CIA, Street Journal . Locations: Beijing, China, William Burns rankled Beijing, Colorado, Street Journal . China

☆ Friday's trading could trigger a $10 billion rush of demand for Nvidia shares. Here's how
▼ + stars: | 2024-06-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

At stake is one of the top two spots in the Technology Select Sector SPDR Fund (XLK) , whose June rebalance is based on market cap values as of Friday's close. The market caps of Microsoft, Apple and Nvidia were all within $100 billion of each other as of Thursday's close, according to a FactSet calculation. This type of big shift in an index fund is unusual, but not unprecedented. The fund tracks an index from S & P Dow Jones Indices that uses weighting caps to keep the index in bounds. Depending on how many shares of Nvidia are required, it might cause a short-term spike in the name," Bajaj said.

Persons: Dow, Dow Jones, Matthew Bartolini, Bartolini, Mohit Bajaj, SPDR, Bajaj, Todd Sohn, — CNBC's Michael Bloom Organizations: Nvidia, Technology, Apple, Microsoft, Dow Jones, Dow Jones Indices, UBS, SPDR, Amazon, Trading, WallachBeth, Bajaj, Street Global Advisors, NYSE Technology Locations: U.S, SPDR Americas, rebalancing

☆ The US needs to build 2 million houses to revive the American dream of homeownership
▼ + stars: | 2024-06-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

A shortage of 2.2 million homes suggest the US housing market will remain unaffordable. The research firm said a shortage of 2.2 million homes is compounding the US housing market's affordability issues. Related stories"Since 2015, we have been warning about a chronic housing shortage, leading to a supply/demand imbalance. Rising development prices across the board suggest to NDR that housing supply will remain constrained for years to come. "The wave of immigrants has not seemed to impact the supply/demand balance for workers, a traditional area for Latino immigrants," NDR said.

Persons: —, Ned Davis, Joseph Kalish, Veneta Dimitrova, Powell Organizations: Service, Ned Davis Research, NDR, Federal Reserve

☆ Tesla stock soars after Elon Musk says his pay package is likely to be approved and BlackRock and Vanguard reportedly vote in favor
▼ + stars: | 2024-06-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Tesla stock surged 7% after Elon Musk's pay package neared approval. Elon Musk's compensation package is worth $46 billion based on Tesla's current stock price. Dealbook reported that Vanguard and BlackRock voted in favor of Musk's package. Wedbush analyst Dan Ives said the apparent shareholder approval of Musk's compensation package should remove an overhang on Tesla's stock price. Ives Rates Tesla stock at "Outperform" with a $275 price target, representing potential upside of 45% from current levels.

Persons: Elon Musk's, Elon, Dealbook, —, Musk, Deleware, Dan Ives, Ives Organizations: Elon, Vanguard, BlackRock, Service, Tesla, New York Times, titans, Ives Locations: Texas, Delaware

☆ The tech momentum trade that's pushing stocks to records can last a lot longer, Jeremy Siegel says
▼ + stars: | 2024-06-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The tech momentum trade driving market gains is likely to continue, says WisdomTree's Jeremy Siegel. AdvertisementThe tech momentum trade that has powered the stock market higher over the past year-and-a-half is likely to continue on for a lot longer than most expect, according to WisdomTree economist Jeremy Siegel. "I think that momentum trade on the tech and AI-related is still there. It takes a lot of bad news to break a momentum trade and we just haven't gotten it," Siegel said. "My forecast for three to five years on the entire stock market is 5% after inflation rate of returns.

Persons: WisdomTree's Jeremy Siegel, Siegel, —, Jeremy Siegel, Carson Group's, Wharton …, overvalued Organizations: Service, CNBC, Nvidia, Broadcom, it's

☆ The Supreme Court Upheld Broad Abortion Pill Access
▼ + stars: | 2024-06-13 | by ( Matthew Cullen | ) www.nytimes.com time to read: +1 min

In a unanimous decision today, the Supreme Court rejected an effort to sharply curtail access to mifepristone, a medication used in a majority of abortions in the U.S. The decision was a victory for supporters of abortion access: The pill will remain widely available, for now. Kavanaugh did not, however, rule out the possibility that states could pursue other challenges to curtail access to the drug. Anti-abortion activists said after the ruling that they would keep trying to unravel the Food and Drug Administration’s approval of the pill. Their argument that the drug is harmful has been dismissed by mainstream scientists.

Persons: Brett Kavanaugh, —, Kavanaugh Organizations: U.S

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