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☆ Peter Thiel's 'contrarian' election prediction came true
▼ + stars: | 2024-11-07 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Peter Thiel made a "contrarian" prediction that the election wouldn't be close. Thiel has a history of making contrarian bets in his investments and business ventures. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementIn September, conservative tech billionaire Peter Thiel made what he acknowledged was an unusual prediction about the 2024 election. My one contrarian view on the election is that it's not going to be close," Thiel said in September at an appearance at the All In Summit in Los Angeles.

Persons: Peter Thiel, Thiel, —, it's, aren't, Kamala Harris, Donald Trump, Kamala, Trump, Sen, JD Vance, Blake Masters — Thiel, Elon Musk Organizations: Trump, Service, PayPal, Trump voters, Democratic, Republican Locations: Los Angeles, Ohio, Trump

☆ The Polymarket 'whale' banked $48 million in profits on Trump's election win
▼ + stars: | 2024-11-06 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

A French trader profited $48 million betting on Trump's election win via Polymarket. The trader, known as Théo, wagered heavily on Trump winning the Electoral College and the popular vote. AdvertisementThe Polymarket "whale" who bet about $30 million on a Donald Trump election win saw about $48 million in profits, according to data from the crypto-based betting platform. As of Wednesday morning, the Theo4 Polymarket account is sitting on about $22 million in profits. Related VideoMeanwhile, the three other accounts controlled by the whale — Fredi9999, PrincessCaro, and Michie — have a combined $26 million in profits.

Persons: wagered, —, Donald Trump, Michie —, Trump, Théo Organizations: Polymarket, Trump, Electoral College, Service, Wall Street Journal Locations: France

☆ DJT: Trump’s social media stock spikes after victory, making him $1 billion richer
▼ + stars: | 2024-11-06 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Truth Social owner Trump Media & Technology Group, Trump’s social media company, is skyrocketing in value this morning after CNN and other media outlets projected Trump won the election. Trump is the dominant shareholder in the conservative social media company, which has scant revenue and is losing money. When a stock price starts to rise sharply, traders who bet against it are forced to buy back the stock to limit their losses. That’s despite the fact that Trump Media makes very little revenue and Truth Social is a relatively small player in social media. Trump Media disclosed Tuesday afternoon that its third-quarter revenue dipped 5% to just $1 million.

Persons: Donald Trump didn’t, ”, Trump, Matthew Tuttle, isn’t, Tuttle, ” Tuttle, Michael Block, Block, ” Block Organizations: New, New York CNN, White, Truth Social, Trump Media & Technology Group, CNN, Trump, Trump Media, Tuttle Capital Management, JetBlue, That’s Locations: New York, Iowa

☆ Buy these 3 stocks — whatever the election result, analyst says
▼ + stars: | 2024-11-06 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

But Shelby McFaddin, senior analyst at Motley Fool Asset Management, is looking beyond the end result. "Either potential administrations would bring an increase in infrastructure spending and inflation remains a concern." 'Success story' Looking past the election result, McFaddin named three stocks she likes right now, including shipping and parcel delivery giant United Parcel Service . Calling the company "really interesting," the analyst said it has "been a little bit of a success story," with a rebound in earnings and revenue. It's not necessarily the world's fastest grower, but it is a really reliable company with really strong management," she added.

Persons: Shelby McFaddin, CNBC's, Kenny Polcari, McFaddin, It's Organizations: United Parcel Service, UPS, CNBC, Mastercard Locations: U.S, Washington

☆ Hollywood bets on Thanksgiving rebound: Will ‘Wicked,’ ‘Gladiator II’ and ‘Moana 2’ revive the sluggish Fall box office?
▼ + stars: | 2024-11-05 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Variety-Live-Blog-Byline-Image.Png | ) www.nbcnews.com time to read: +6 min

But multiplex owners are hoping that “Wicked” and “Gladiator II” achieve something close as the pink-and-green musical and the Colosseum-set action epic land in theaters on Nov. 22. “The industry is looking at ‘Wicked,’ ‘Gladiator II’ and ‘Moana 2’ as a Holy Trinity of moviegoing,” says Robbins. Overall domestic box office revenues are down more than 11% from 2023 and nearly 27% from 2019, according to Comscore. Newer attempts like Steven Spielberg’s “West Side Story” remake, Chu’s “In the Heights,” “Dear Evan Hansen,” “Cats” and “The Color Purple” all fizzled at the box office despite being based on popular productions. “Gladiator II,” too, must prove to audiences there’s a reason to return to the arena a quarter century after the first film became a Colosseum-sized blockbuster.

Persons: Wesley Snipes, ” There’s, Barbie ”, “ Oppenheimer, ’ ”, Shawn Robbins, “, King, ”, ’, Robbins, —, Chris Aronson, “ Ralph, Grindelwald, Thanksgivings, Marvel’s, Chris Randleman, Ryan Gosling, Emily Blunt’s, Guy ”, Cynthia Erivo, Ariana Grande, Glinda, Barbie, Jon M, Steven Spielberg’s “, Evan Hansen, Ridley Scott, Paul Mescal, Pedro Pascal, Denzel Washington, Indiana Jones, ” Aronson, we’ve, Dwayne Johnson’s Santa Organizations: Trinity, Paramount, Disney, Denzel, “ Locations: ‘, moviegoing, Turkey, Texas

☆ Cathie Wood positions for new tech boom - and it doesn't matter who wins the White House
▼ + stars: | 2024-11-05 | by ( Stephanie Landsman | ) www.cnbc.com time to read: +2 min

ARK Invest's Cathie Wood is positioning for a White House administration that embraces transformative technology. Wood runs the firm's flagship ARK Innovation ETF (ARKK) — which is up almost 22% over the past three months. After soaring nearly 68% last year, the ARK Innovation ETF is down about 8% in 2024. Wood is also behind the ARK Genomic Revolution ETF (ARKG) , which is down about 25% so far this year. The ARK Genomic Revolution ETF owns both stocks.

Persons: Wood, it's, Joe Biden, ARKK Organizations: White, Innovation, Federal Reserve, Tech, Genomic, Beam Therapeutics Locations: ARKK

☆ Analysts tout an 'underappreciated growth driver' at Microsoft that can benefit from AI
▼ + stars: | 2024-11-05 | by ( Morgan Chittum | ) www.cnbc.com time to read: +3 min

The news In a note to clients on Tuesday, RBC Capital Markets described LinkedIn as an "underappreciated growth driver." Revenue rose roughly 10% to $4.29 billion in fiscal Q1, driven by growth across all lines of its business. While not a crucial part of Microsoft's overall top line, it's still an incremental driver of revenue growth and can help the company further diversify its income streams. The morning after last week's earnings Jim Cramer said Microsoft shares below $400 each would be an interesting buy level. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Satya Nadella, OpenAI, Jim Cramer, Jim Cramer's, Jim, Beata Zawrzel Organizations: Microsoft, RBC Capital Markets, RBC, LinkedIn, Revenue, CNBC, Nurphoto, Getty Locations: India, Brazil

☆ The surge in election betting has catapulted Kalshi and Polymarket to the top of Apple's App Store
▼ + stars: | 2024-11-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Kalshi and Polymarket catapulted to the most downloaded free apps on the Apple App Store on Tuesday. Kalshi and Polymarket show Trump favored to win the Electoral College, with Harris expected to win the popular vote. AdvertisementKalshi and Polymarket zoomed to the top of the Apple App Store on Tuesday amid a surge in election betting in the waning days of the 2024 US presidential campaign. Kalshi's ascent in the Apple App Store rankings represented a key goal being reached for the company's CEO, Tarek Mansour. 1 for the entire App Store by Election Day, so the demand curve truly is exponential," Mansour told CNBC last month.

Persons: Kalshi, Trump, Harris, —, Tarek Mansour, we're gunning, Mansour, Polymarket, Donald Trump, Kamala Harris Organizations: Apple, Electoral, Service, CNBC, Electoral College Locations: Polymarket

☆ How tech stocks could fare under a Harris or Trump administration
▼ + stars: | 2024-11-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +6 min

They have also considered the impact of potential tariffs proposed by former President Donald Trump. Some on Wall Street view a Harris win as a potential obstacle for antitrust and megacap technology stocks. "Regulatory scrutiny will probably help a lot of M & A activity under Trump — Harris, it'll be a little more of the status quo," said Jay Woods, chief global strategist at Freedom Capital Markets. This could "slow the pace of the AI revolution," he said in a recent post to X that also called a Harris win "more bullish" for the industry. Some investors also view Tesla as a likely winner under a Trump administration, given CEO Elon Musk's close ties to the former president.

Persons: Kamala Harris, Donald Trump, Roger McNamee, Harris, Trump, Trump — Harris, it'll, Jay Woods, McNamee, Vivek Arya, Joe Rogan, Arya, Ed Mills, Raymond James, of America's Brad Sills, Raymond James ' Mills, Dan Ives, Trump's, Tesla, Elon Musk's, Capital's, Wolfe, Chris Senyek Organizations: Elevation Partners, Tech, Antitrust, Google, Justice Department, Trump, Freedom Capital, Bank of America, PHLX Semiconductor, Democrat, Republican, SOX, Devices, Qualcomm, Nvidia, Broadcom, Texas Instruments, Intel, of America's, Microsoft, Oracle, Wedbush Securities, Investors Locations: stoke, Taiwan, China, Washington

He recently told the Wall Street Journal editorial board that Chinese President Xi Jinping respects him but also knows he’s “crazy” and wouldn’t provoke him. But Chinese officials might also see potential for Musk to be a mitigating influence on issues such as tariffs. Like other American business leaders, Musk has met with senior Chinese officials as Beijing courts international companies. AP fileIf Chinese officials receive Musk almost like a world leader, the Chinese public treats him like a rock star. Chinese officials have not been shy about making the connection between what Musk says and where he makes his money.

Persons: Donald Trump, Elon Musk, Jia Qingguo, Trump, ” Jia, Xi Jinping, he’s, ” Trump, Joe Biden’s, “, they’re, ”, Kelly Grieco, Musk, Li Qiang, Qin Gang, ” Grieco, Jennifer Lian, Henry Kissinger, Ian Bremmer, Tesla, Kuan, “ He’s, ” Tesla, Li Keqiang, Li, ” Musk, Grieco, didn’t, Xi, Qin, Hsiao, Kamala Harris, Janis Mackey Frayer, Jennifer Jett Organizations: SHANGHAI, Trump, Peking University, NBC News, Wall Street, Stimson, Qin, Weibo, Communist Party ., Eurasia Group, SpaceX, Shanghai Gigafactory, Getty, U.S, Shanghai, NBC, Global Times, Financial Times, Beijing, Washington, U.S ., Democratic Locations: China, Beijing, Musk, Washington, U.S, United States, York, Shanghai, Chinese, Jiangsu, Xinjiang, Taiwan, Hong Kong, Starlink, Ukraine, Russian, British, European

The social media ads have flooded platforms including Facebook, Instagram and X. One advertisement — viewed more than 900,000 times on Facebook and Instagram since Oct. 28 — depicts Trump winning in the Polymarket odds, according to the Meta Ad Library. A separate sponsored campaign from the right-wing social media personality Shaneyy Richh included nine advertisements promoting Polymarket forecasts. Based on user bets, Polymarket says Trump’s odds of winning are roughly 65.5% and Harris’s odds of winning are 34.5% as of Oct. 31. The company has also used social media to promote election betting, spending over $140,000 on Meta ads, according to the company's ad library.

Persons: Donald Trump’s, Kamala Harris, isn’t, Shayne Coplan, Trump, Harris, Shaneyy Richh, pollsters, ”, Elon, Polymarket, “ Trump, ” Claudio Vallejo, They’re, “, ” Polymarket, Coplan, we’ve, I’ve, ” Trump, “ Polymarket, that’s, Musk, ” John Fortier, “ It’s, you’re, Fortier, “ I’m Organizations: ”, Facebook, Trump, Meta Ad, “, Polymarket, United, Commodity, U.S, NBC, American Enterprise Institute Locations: California , New York, Texas, United States, U.S, Michigan

☆ The Polymarket 'whale' betting on a Trump win is down $3 million after Harris' odds jumped over the weekend
▼ + stars: | 2024-11-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The Polymarket "whale" betting on a Trump win had about $3 million in unrealized losses Monday morning. The person controls a significant portion of contracts tied to a Trump win, with about $30 million wagered. AdvertisementThe "whale" placing big bets on Polymarket for Doland Trump to win the presidential election is in the red after betting odds shifted toward Kamala Harris' over the weekend. The Polymarket whale had unrealized gains of about $10 million toward the end of October before Trump's betting odds began to sink. According to data from Polymarket, Théo controls about 25% of the contracts for Trump to win the Electoral College and more than 40% of the contracts for Trump to win the popular vote.

Persons: bettor, —, Doland Trump, Kamala Harris, Théo, Harris, he'd, Trump Organizations: Trump, Service, Business, Iowa, Wall Street, Electoral College Locations: Polymarket, France

☆ Prepare for market volatility but don't panic trade, analysts say ahead of Election Day
▼ + stars: | 2024-11-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Market analysts predicted choppy trading and sharp swings going into the US presidential election. AdvertisementMarket analysts are braced for volatility ahead of Tuesday's presidential election as traders shuffled their bets on a Donald Trump or Kamala Harris victory. The drivers of market performance — economic growth, corporate earnings, and innovation — ultimately outshine the impact of political changes. The Trump trade is a stronger dollar, weaker bonds/ higher bond yields and stronger crypto. With one day left of this campaign, the dollar is falling, and the dollar index is at a two-week low.

Persons: Donald Trump, Kamala Harris, —, who'll, Naeem Aslam, Joshua Mahony, Harris, Hal Cook, Hargreaves, Kathleen Brooks, Trump Organizations: Service, Republican, Democratic, Federal Reserve, Zaye, Trump, FX Locations: Iowa, United States

☆ Sam Altman's hiring strategy bets on talent, not age
▼ + stars: | 2024-11-04 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

Sam Altman says he prioritizes talent over age in his hiring decisions. The job market in Big Tech is increasingly polarized with many job seekers facing a bleak outlook. AdvertisementOpenAI CEO Sam Altman says his hiring strategy is focused on talent over age. Advertisement"You want both, and I think what you really want is just like an extremely high talent bar of people at any age, " Altman said. While Altman may prioritize talent over age at OpenAI, some older tech employees say they are experiencing ageism in the workforce.

Persons: Sam Altman, —, Harry Stebbings's, Altman, wouldn't, Noam Shazeer, Mustafa Suleyman, Karen Simonyan, Zers Organizations: Big Tech, Service, Tech, Google, Microsoft, BI Locations: OpenAI

☆ Warren Buffett's Berkshire Hathaway hoarded cash, sold stocks, and halted buybacks ahead of the election
▼ + stars: | 2024-11-04 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Warren Buffett signaled in Berkshire Hathaway's third-quarter earnings that he was being cautious. The investor built a record cash pile, slashed his two biggest stock bets, and halted buybacks. The legendary investor and his team sold $36 billion of shares and only made purchases worth $1.5 billion, marking their eighth straight quarter as net sellers. Related storiesNotably, Berkshire pared its bets on Apple and Bank of America, its two largest stock positions going into the quarter. Buffett has said that buybacks only make financial sense when a stock is trading at a discount to its intrinsic value.

Persons: Warren Buffett, —, Donald Trump, Kamala Harris, he's, Trump, aren't, Bershire, Buffett, Russ Mould, AJ, Mould Organizations: Berkshire Hathaway's, Service, Treasury, Apple, Bank of America Locations: Berkshire, payables

☆ 11 surprising things from this earnings season, including my favorite stock so far
▼ + stars: | 2024-11-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +17 min

Horton makes the most sense as a Kamala Harris stock because of a promised $25,000 toward a first home. I don't know if either candidate can pull off huge tariffs (Trump) or a credit (Harris). Here are eleven surprising things about this earnings season that you can store up and pull out when the election is confirmed. The deficit will begin to hurt the stock market hard next year even if the economy continues to cool. Away from the hyperscalers, I like Marvell , where CEO Matt Murphy bought $1 million worth of stock in the open market.

Persons: beckons, Joe Biden, Biden, Donald Trump, D.R, Horton, Kamala Harris, Harris, let's, Let's, Trump, haven't, Myers, Abbvie, Eli Lilly, Anat Askenazi's, Abbott, neonatologists, Reckitt, Jim Hurst, Danaher, Jason Hollar, It's, Amgen, That's, Estee Lauder, Parker, Pat Gelsinger's, He's, Matt Murphy, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: U.S, NBC News, White, Ford Motor, Trump, Costco, Volkswagen, Bankers, Banco Santander, Apple, Amazon, GE Vernova, U.S ., Treasury, Merck, NEC, FDA, CDC, NIH, GE Healthcare, Cardinal Health, NPC, Nvidia, Caterpillar, Linde, Devices, heaven's, Intel, Marvell, Micron, Arista, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Europe, Germany, China, Portugal, Ireland, Italy, Greece, Spain, It's, Santander, —, Bristol, U.S, Taiwan, Eaton, Dover, Norwegian, Caribbean, San Francisco

☆ Election betting odds tighten as polls show Harris has momentum
▼ + stars: | 2024-11-03 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +2 min

A new poll showed Kamala Harris had a surprise 3-point lead over Trump in Iowa. A Des Moines Register/Mediacom poll by Selzer & Co. published on Saturday showed Harris with a three-point lead in the state. On Kalshi, the popular US-based prediction platform, Harris' odds of winning the election have soared from 35% on October 29 to 51% at the time of writing. The Iowa poll surveyed 808 likely voters between October 28 and October 31, with a 3.4-point margin of error. The results marked a sharp swing from September when the same poll showed Trump ahead by four points.

Persons: Kamala Harris, Kalshi, —, Donald Trump, Harris, Trump, Polymarket Organizations: Trump, Iowa, Service, Des Moines Register, Selzer Locations: Iowa

☆ Why all eyes are on America's fallen tech giant Intel, which is losing its spot in the Dow Jones Industrial Average
▼ + stars: | 2024-11-02 | by ( Helen Li | ) www.businessinsider.com time to read: +9 min

Nvidia will be replacing Intel in the Dow Jones Industrial Average. In the past several years, it has fallen from grace, failing to jump on the AI train in time. The S&P Dow Jones Indices said Friday that Nvidia will replace Intel on the Dow Jones Industrial Average, a blue-chip index intended to project the most relevant picture of the US economy. Habana helped launch Intel's next-generation Gaudi AI chip for businesses this year. AdvertisementEven if Qualcomm acquired Intel, it's unclear what it would do with Intel's manufacturing operations.

Persons: —, Dow, Pat Gelsinger, Stacy Rasgon, Paul Otellini, Otellini, OpenAI, Habana, Intel's, Gaudi, Rasgon, Bryan Catanzaro, Logan Purk, Edward Jones, nipping, Purk, TSMC, Dan Morgan, Morgan Organizations: Intel, Nvidia, Dow Jones, Qualcomm, Service, VMware, Bernstein Research, Apple, Reuters, Microsoft, Systems, Habana Labs, Companies, AMD, Samsung, Wall Street, Apollo Global Management, Bloomberg, Broadcom, Biden Locations: Arizona, Ohio, Nervana, Synovus

Election bets were approved legally just weeks ago, as the 2024 race headed into its home sprint. The ongoing legal wrangling could still lead to a shutdown of U.S. election betting markets, but not until after the 2024 vote. The CFTC permits only U.S. residents to use the newly opened election betting markets, meaning many bettors on the platforms are also potential voters. Nonetheless, Adam Cochran, founder of venture capital fund Cinneamhain Ventures, says he worries about how voters perceive election betting odds. Mansour acknowledged it’s a “fair concern” that the general public might mistakenly see betting odds as the size of a candidate’s lead.

Persons: Donald Trump, Kamala Harris, ” Robinhood, Rostin Behnam, Kalshi, John Aristotle Phillips, Phillips, ”, multibillionaire Trump, Elon Musk, “, ” Harris, Polymarket, bettors, Trump, Harris, Musk, Tarek Mansour, ” Mansour, Adam Cochran, ” Cochran, Mansour, it’s, There’s Organizations: Interactive, Futures Trading Commission, Republican, Democratic, Overseas, Victoria University of Wellington, NBC, Trump, Street Journal, Cinneamhain Ventures Locations: U.S, New Zealand, America

☆ Dollar steady as investors eye U.S. jobs report, election
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: +3 min

The dollar steadied against major peers on Friday, as investors awaited the U.S. jobs report to confirm economic resiliency heading into the Federal Reserve's monetary policy meeting and a close-call U.S. presidential election next week. The dollar steadied against major peers on Friday, as investors awaited the U.S. jobs report to confirm economic resiliency heading into the Federal Reserve's monetary policy meeting and a close-call U.S. presidential election next week. The U.S. dollar started November off at a lower level after coming under pressure against the yen and euro on Thursday. (Kazuo) Ueda's press conference," Morgan Stanley MUFG economists Takeshi Yamaguchi and Masayuki Inui wrote in a report on Thursday. The Fed's monetary policy decision next week comes just days after the U.S. presidential election on Tuesday.

Persons: Nonfarm, Tapas Strickland, Kazuo, Ueda's, Morgan Stanley, Takeshi Yamaguchi, Masayuki Inui, Sterling, Rachel Reeves, Donald Trump, Kamala Harris, Trump's Organizations: Federal, Bank of Japan, U.S ., Reuters, National Australia Bank, Gov, U.S, Republican, Democratic, Trump, Treasury, Federal Reserve Locations: U.S

☆ What's behind all the volatility in the bond market, plus Amazon lifts stocks
▼ + stars: | 2024-11-01 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Watching rates: Friday's job report caused volatility in the bond market, but not in the way you might think. But the negative revisions of 112,00 jobs over the prior two months was a sign that the job market has lost some of its momentum. 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, you've, Jim Cramer's, Jim Organizations: CNBC, ., Apple, Citi, Microsoft, Meta, Boeing, Markets, Treasury, DuPont, Jim Cramer's Charitable, Trucks, Bloomberg, Getty Locations: Carlstadt , New Jersey, U.S

☆ Oil climbs more than $1 per barrel on reports Iran preparing to strike at Israel
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: +3 min

Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Brent crude futures , which have rolled to the January contract, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT. U.S. West Texas Intermediate crude futures rose $1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session. Oil prices were also supported by expectations that OPEC+ could delay December's planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply. The world's largest oil producer pumped a monthly record high of 13.4 million barrels per day in August, EIA said.

Persons: Axios, Monday's, Tony Sycamore, Sycamore Organizations: Brent, . West Texas, U.S, Reuters, NPC, Energy Information Administration, EIA Locations: pare, Iran, Israel, Iraq, Sydney, Middle, U.S, China

☆ Investors all in on stocks: Mutual fund cash levels lowest on record, according to Bank of America
▼ + stars: | 2024-10-31 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Someone apparently forgot to tell mutual fund managers that they are supposed to be worried right now. Professional fund managers have been increasing their bets on stocks since the fourth quarter got underway earlier this month, according to Bank of America. "Watching mutual fund cash levels is typically like watching paint dry, but not this month. That shift is notable ahead of the election and suggests that some fund managers are unconcerned about short-term volatility as votes roll in. Fund managers are underweight that area relative to history, and could rotate into those stocks if they gain more confidence, according to Subramanian.

Persons: Savita Subramanian, Cash, Subramanian Organizations: Bank of America . Equity, Investment Company Institute

☆ A market hedge for those worried neither Trump nor Harris will do anything about the growing fiscal deficit
▼ + stars: | 2024-10-31 | by ( Michael Khouw | ) www.cnbc.com time to read: +6 min

By contrast, Vice President Kamala Harris's tax plan is expected to increase tax revenues by $1.7 trillion over 10 years, but at a cost of negative 2% to long-run GDP and 786,000 jobs. The Wharton School of the University of Pennsylvania estimates that, including her spending proposals, the primary deficits would increase by $1.2 trillion, and accounting for adverse economic feedback effects, primary deficits increase to $2 trillion. Higher deficits and higher debts, just with different paths to get there. One candidate proposes cutting taxes to improve economic activity but increase deficits, and the other proposes raising taxes and increasing spending by even more and growing deficits. If the deficit keeps increasing faster than our economy grows, so will the debt, inflation, and interest rates.

Persons: We'll, Donald Trump's, Kamala Harris's, Harris, Kamala Harris, Bernie Sanders, Treasuries Organizations: Tax Foundation, Wharton School, University of Pennsylvania, Medicare, Green New Deal, TLT, Treasury Bond ETF, CNBC, NBC UNIVERSAL Locations: United States, Europe

☆ Amazon set to report Q3 earnings after the bell
▼ + stars: | 2024-10-31 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +5 min

Amazon will report results for the third quarter after the bell Thursday. Earnings are growing much faster, due largely to Amazon CEO Andy Jassy's widespread cost-cutting efforts. Amazon is expected to report operating income of $14.7 billion during the quarter, up more than 31% from a year earlier, according to StreetAccount. During the third quarter, Amazon held its annual Prime Day megasale in July. WATCH: What to expect from Meta and Amazon earnings

Persons: Brian Olsavsky, Donald Trump, Olsavsky, Andy, Jassy, Jeff Bezos, Jassy's, Brad Erickson, CNBC's, megasale, Amazon, Oppenheimer, Jason Helfstein, SpaceX's, Helfstein, hasn't Organizations: LSEG, LSEG Revenue, Web, Paris Olympics, Amazon, CNBC, Nasdaq, RBC Capital Markets, Apple, Microsoft, Meta, Adobe Analytics, United Launch Alliance, . Space Force, Olsavsky Locations: U.S

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