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The yield on the 10-year benchmark note dipped on Friday after the jobs data, but still remained above 4%, partly boosting some megacap stocks. "At this point in some ways the jobs data doesn't do much to the Fed. Giving solid boost to the S&P 500 index, Amazon.com shares (AMZN.O) surged 10.9% after the company issued an upbeat third-quarter outlook. Of the 422 companies in the S&P 500 that have reported quarterly earnings as of Friday, 79.1% have beat analysts' estimates, according to Refinitiv data. Amgen (AMGN.O) gained 6.2% after it reported a higher quarterly profit on strong sales of its cholesterol, osteoporosis and other drugs.

Persons: Brendan McDermid, David Russell, Stocks, Carl Icahn, DraftKings, Shubham Batra, Bansari, Savio D'Souza, Shounak Dasgupta, Shinjini Organizations: New York Stock Exchange, REUTERS, Apple, Dow, Nasdaq, Labor Department, Data, Reuters, Fed, Treasury, Microsoft, Dow Jones, Icahn Enterprises, Hindenburg, NYSE, Thomson Locations: New York City, U.S, Bengaluru

☆ US job growth slowing but labor market still tight
▼ + stars: | 2023-08-04 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The Labor Department's employment report on Friday also showed job growth in May and June was revised lower, potentially suggesting demand for labor was slowing in the wake of the Federal Reserve's hefty interest rate hikes. "We haven't approached that fork in the road yet, but there is still a strong possibility that the labor market can rebalance without a recession." The job growth in June was the weakest since December 2020. With the labor market still tight, wages continued to rise at a solid clip. "The Fed will take comfort from moderating job growth, but will continue to fret about the tight labor market," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto.

Persons: Elizabeth Frantz, Nick Bunker, Sal Guatieri, Lucia Mutikani, Diane Craft, Paul Simao Organizations: REUTERS, Labor, Data, Reuters, Reuters Graphics Reuters, Employment, Treasury, BMO Capital Markets, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, Toronto

Aug 1 (Reuters) - Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said. Nile, which has previously raised $125 million, did not disclose its valuation, but said it had doubled since the last round. Data from PitchBook pegged the company's valuation at $395 million in 2020. Since its technology became available last May, Nile has signed customers such as Stanford University and startup Carta. Pankaj Patel, chief executive at Nile, said the young company can challenge the incumbents by offering ease of use at lower cost and advanced security features in its network.

Persons: John Chambers, Pankaj Patel, Hewlett, Nile, Patel, Sumant, Krystal Hu, Nick Macfie Organizations: Cisco Systems, Cisco, March Capital, Sanabil Investments, Saudi Telecom Company, Liberty Global, PitchBook, Juniper Networks, Hewlett Packard, Aruba Wireless, Stanford University, Reuters, Sumant Mandal, Thomson Locations: Saudi, San Jose, NaaS, Aruba, New York

☆ Harvard professor Francesca Gino was accused of faking data. Now her million-dollar empire is crumbling — and scholars are eyeing who's next.
▼ + stars: | 2023-08-01 | by ( Kate Taylor | ) www.businessinsider.com time to read: +22 min

"We believe that many more Gino-authored papers contain fake data," the Data Colada professors wrote. Data Colada found that the raw data showed clear anomalies, such as a distribution infinitely more likely to be produced by a random-number generator than actual people. Soon after, Data Colada ran an article alleging that Gino tampered with data in at least one of her honesty-pledge experiments. A post on Data Colada or a tweet from Brown is like a bomb going off in the behavioral-science world. Others who attempted to build on Gino's studies are grappling with having wasted time, money, and energy.

Persons: It's, Francesca Gino, Gino, Michael Sanders, Greg Burd, —, Hugo Boss, Gino coauthoring, Swarthmore College's Bhanot, Maurice Schweitzer, Simine Vazire, Sanders, Goldman Sachs, Schweitzer, they'd, Uri Simonsohn, Joe Simmons, Leif Nelson —, Data Colada, Dan Ariely, Ariely, Chris Goodney, Harvard, Colada, Nick Brown, Brown, Jeff Lees, Lees, There's Ariely, Brian Wansink's, HBS's Amy Cuddy's, Cuddy, Amy Cuddy's, Marie Claire's, Allison Williams, Astrid Stawiarz, Marie Claire Simonsohn, Simmons, Nelson, they're, Gordon Pennycook, Pennycook, it's, Bhanot Organizations: TED, Twitter, LinkedIn, Harvard, Wharton, Swarthmore College, Harvard Business School, Alaska Airlines, King's College London, Tione, University of Trento, Sant'anna, Studies, Carnegie Mellon University, University of North, Wired, Forbes, Google, Swarthmore, University of Melbourne, Disney, Lavin Agency, Data, Duke University, who's, NBC, BuzzFeed News, Bloomberg, Getty, Privately, Higher Education, Hill, Duke, US Department of, Cornell University, New York Times Locations: Trento, Pisa, University of North Carolina, HBS, Guatemala, Boston, New York, British, Guatemalan

☆ Citigroup is monitoring employees' office attendance, and constant absences could mean missing out on bonuses or being fired
▼ + stars: | 2023-07-28 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Citigroup is going to start monitoring employees' office attendance in the UK, as soon as August 7. Citi joins several Wall Street banks tightening their policies on flexible working arrangements. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Wall Street banks are pivoting from flexible working policies established during the pandemic in a bid to maximise worker productivity and make use of office buildings. JPMorgan, the largest bank in the US, set the tone on flexible working arrangements in April when CEO Jamie Dimon required managers to return to the office five days a week.

Persons: Jamie Dimon Organizations: Citigroup, Staff, Citi, Service, Privacy, Bloomberg, Workers, JPMorgan Locations: Wall, Silicon

☆ IMF raises global growth forecast despite China's recovery 'losing steam'
▼ + stars: | 2023-07-25 | by ( Silvia Amaro | ) www.cnbc.com time to read: +3 min

watch nowThe International Monetary Fund on Tuesday raised its growth forecast for the global economy, turning slightly more positive despite slowing momentum from China. In the latest update to its World Economic Outlook, the IMF raised its 2023 global growth prediction by 0.2 percentage point to 3%, up from 2.8% in its April assessment. "The global economy continues to gradually recover from the pandemic and Russia's invasion of Ukraine. In China, the recovery following the reopening of its economy shows signs of losing steam amid continued concerns about the property sector, with implications for the global economy," Gourinchas said. This is due to weaker manufacturing output and lower growth performance during the first quarter of this year, the IMF said.

Persons: Pierre, Olivier Gourinchas, Gourinchas, Cyrus de la Rubia Organizations: Monetary Fund, Economic, IMF, Hamburg Commercial Bank Locations: China, Ukraine, U.S, United States, Beijing, Germany

☆ New York City shootings: Gunman riding scooter kills 1, injures 3 in Queens and Brooklyn, NYPD says
▼ + stars: | 2023-07-08 | by ( Nic F. Anderson Artemis Moshtaghian Ashley R. Williams | Nic F. Anderson | Artemis Moshtaghian | ) edition.cnn.com time to read: +3 min

CNN —One person died and three others were wounded Saturday in a string of shootings in Brooklyn and Queens that New York police described as “random” in nature. A gunman riding an illegal scooter without a license plate opened fire at five different locations in Jamaica, a neighborhood in the Queens borough, and in Brooklyn, according to the New York Police Department. As he’s driving on his scooter, he’s randomly shooting people.”Shell casings appear at one of the crime scenes where four people were shot in separate shooting incidents in New York City on July 8, 2023. But numerous witnesses reported seeing a man riding a scooter “randomly firing at a group of people,” Kenny said. NYPDLess than a minute later, the suspect shot a 63-year-old man in his right shoulder, Kenny said.

Persons: ”, Joseph Kenny, he’s, Kyle Mazza, Kenny, ” Kenny, Edward Caban Organizations: CNN, New, New York Police Department, AP Police, Authorities, Police, NYPD Locations: Brooklyn, Queens, New York, Jamaica, New York City, New York . New York City

More than half of the analysts covering Fidelity rate it either a strong buy or buy, according to FactSet. The average price target on shares implies upside of about 20%. Shares could surge nearly 29% from their current levels, according to the average price target. Analysts anticipate a potential pullback in shares, with the average price target suggesting downside of more than 21%, FactSet found. Other names that had a strong week include Zions Bancorporation , KeyCorp , Truist Financial and Catalent .

Persons: It's, Tesla, FactSet, BorgWarner, Zions Organizations: Wall, Dow Jones, Nasdaq, Federal, CNBC, Finance, Fidelity National Information Services, Global Payments, Truist

☆ US weekly claims rise moderately; private payrolls surge in June
▼ + stars: | 2023-07-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Claims, relative to the size of the labor market, are below the 280,000 level that economists say would signal a significant slowdown in job growth. A survey last month showed consumers' views of the labor market more upbeat in June relative to May. Though policymakers viewed the labor market as remaining "very tight," they "anticipated that employment growth would likely slow further." The claims data has no bearing on June's employment report, scheduled for release on Friday.

Persons: Rubeela Farooqi, Unadjusted, payrolls, nonfarm payrolls, Andrew Challenger, Lucia Mutikani, Safiyah Riddle, Chizu Organizations: Federal Reserve, Labor Department, Reuters, Treasury, Fed, ADP, Challenger, Companies, Thomson Locations: WASHINGTON, White Plains , New York, Minnesota, Michigan , New York , Kentucky, Ohio, Texas, New Jersey, U.S

☆ US consumer spending hits speed bump; inflation picture mixed
▼ + stars: | 2023-06-30 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Economists polled by Reuters had forecast consumer spending, which accounts for more than two-thirds of U.S. economic activity, rising 0.2%. When adjusted for inflation, consumer spending was unchanged. Data for April was revised lower to show the so-called real consumer spending rising only 0.2% instead of 0.5% as previously reported. With consumer spending softening, inflation subsided. The so-called core PCE price index increased 4.6% on a year-on-year basis in May after advancing 4.7% in April.

Persons: Kevork, Sal Guatieri, Joe Biden's, Mike Graziano, Morgan Stanley, Dana Peterson, Lucia Mutikani, Jonathan Oatis Organizations: Walmart, REUTERS, Commerce, Reserve, BMO Capital Markets, Reuters, Services outlays, Treasury, RSM, Fed, Conference Board, Thomson Locations: Los Angeles, WASHINGTON, U.S, Toronto, Outlays, New York, Washington

The pan-European STOXX 600 index (.STOXX) closed 0.1% higher. That made Spain the first among the euro zone's large economies to have inflation fall below 2%. This followed hawkish comments from U.S. and European central bank policymakers at a European Central Bank meet-up in Sintra on Wednesday, where the underlying theme was that rates are likely to stay higher for longer. Adding to recent hawkish messages from central banks globally, Sweden's central bank raised its policy rate by a quarter percentage point as expected and forecast at least one more rate hike this year. The stock was the top gainer on France's blue-chip index (.FCHI), which rose 0.4% and also helped the automaker sub-index (.SXAP) climb 1.3%.

Persons: Germany's DAX, year's, Claus Vistesen, Daniela Hathorn, Amruta Khandekar, Matteo Allievi, Sherry Jacob, Phillips, Rashmi Aich, Conor Humphries Organizations: Pantheon, U.S . Federal Reserve, European Central Bank, Capital.com, Renault, Belgian, Severn Trent, Thames, Semiconductor, Citigroup, Thomson Locations: Spain, Sintra, Severn, Bengaluru, Gdansk

☆ What is AI? Everything you need to know about artificial intelligence but were too afraid to ask
▼ + stars: | 2023-06-24 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +11 min

Meta, Amazon and Alibaba have said they’re working on generative AI tools, too. As impressive as some generative AI services may seem, they essentially just do pattern matching. Not all AI tools are equally useful and many companies will certainly tout AI features and strategies simply to tap into the current hype cycle. Artificial intelligence is also much broader than ChatGPT and other generative AI tools. Companies will likely need new workers to help them implement and manage AI tools.

Persons: Drake, ChatGPT, Jaap Arriens, Sam Altman, “, Sundar Pichai, Kamala Harris, Evan Vucci, OpenAI, Altman, ” Organizations: CNN — Business, Netflix, Google, Getty, Microsoft, Big Tech, CNN, Companies, Economic, CNET, ChatGPT, White Locations: Silicon, Washington, ChatGPT, United States, Europe

At the height of the tightening cycle in September last year, eight central banks hiked rates by a cumulative 550 bps. Year-to-date, G10 central banks have delivered 21 rate hikes and tightened by a total of 725 bps. That compares with 54 rate hikes in the whole of 2022 and 2,700 bps of rate hikes. Developed markets interest ratesMeanwhile, emerging markets were slightly further advance in the cycle with some central banks changing tack to easing mode. That compares with 11 meetings in April, where two central banks delivered a total of 50 bps.

Persons: Jean Boivin, Karin Strohecker, Vincent Flasseur, Hugh Lawson Organizations: European Central Bank, Bank of England, Federal Reserve, BlackRock Investment Institute, UN, Thomson Locations: Australia, New Zealand, Norway, BlackRock, Israel, South Africa, Thailand, Malaysia, Hungary

☆ A Carnival Sunshine passenger says he's surprised to be alive after the ship was rocked by a terrifying storm that smashed his window
▼ + stars: | 2023-05-31 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Bill Hassler told CNN that a wave broke the window of his cabin and let water in. The Carnival Sunshine had been returning from the Bahamas and heading for South Carolina. A storm off the Southeastern coast of the US hit the Carnival Sunshine cruise ship during its return from the Bahamas last weekend, Fox Weather reported. Bill Hassler, a passenger on board the ship, told CNN he was "surprised I'm still alive" after the storm. Representatives for Carnival Cruise Line did not immediately respond to Insider's request for comment.

Persons: Bill Hassler, I'm, Hassler Organizations: CNN, Morning, Fox Weather, National Weather Service, Crew Center, Carnival Cruise Locations: Bahamas, South Carolina, Charleston , South Carolina, Charleston

☆ US consumer spending appears solid early in second quarter
▼ + stars: | 2023-05-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Retail sales excluding automobiles, gasoline, building materials and food services rebounded 0.7% last month, the Commerce Department said. Data for March was revised slightly down to show these so-called core retail sales slipping 0.4% instead of 0.3% as previously reported. Core retail sales correspond most closely with the consumer spending component of gross domestic product. Economists estimated that core retail sales adjusted for inflation rose by about 0.6% in April. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.6%.

☆ 14 million jobs worldwide will vanish in the next 5 years, new economic report finds
▼ + stars: | 2023-04-30 | by ( Julia Horowitz | ) edition.cnn.com time to read: +2 min

WEF — which hosts a gathering of global leaders in Davos, Switzerland, every year — found that employers expect to create 69 million new jobs by 2027 and eliminate 83 million positions. That will result in a net loss of 14 million jobs, equivalent to 2% of current employment. The rush to deploy artificial intelligence, meanwhile, will serve as both a positive and a negative force. At the same time, the proliferation of artificial intelligence will put many roles at risk, as robots replace humans in some cases. There could be 26 million fewer record-keeping and administrative jobs by 2027, WEF predicted.

☆ Weak retail sales, manufacturing output data point to slowing US economy
▼ + stars: | 2023-04-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Retail sales are mostly goods, which are typically bought on credit, and are not adjusted for inflation. Retail sales and inflationThe decline in retail sales was almost across the board. Sales at food services and drinking places, the only services category in the retail sales report, edged up 0.1%. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.3% last month.

☆ Dollar, yields gain as expectations of Fed rate hike increase
▼ + stars: | 2023-04-14 | by ( Herbert Lash | ) www.reuters.com time to read: +3 min

Retail sales fell 1.0% last month, the Commerce Department said. Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. The yield on two-year Treasuries, which reflect interest rate expectations, rose 12 basis points to 4.097%, while on benchmark 10-year notes they rose 6.4 basis points to 3.515%. "The first quarter is going to be better than lowered expectations, which is good, but the guidance at best will be uncertain," Conger said. Atlanta Fed President Raphael Bostic told Reuters that one more quarter percentage point interest rate hike could allow the Fed to end its tightening cycle.

☆ US retail sales post second straight monthly drop; factory output falls
▼ + stars: | 2023-04-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales dropped 1.0% last month, the Commerce Department said. Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. Retail sales are mostly goods, which are typically bought on credit, and are not adjusted for inflation. Sales at food services and drinking places, the only services category in the retail sales report, edged up 0.1%. Excluding automobiles, gasoline, building materials and food services, retail sales slipped 0.3% last month.

☆ This Ivy League school could earn you the highest salary—and it's not Harvard or Yale
▼ + stars: | 2023-04-11 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +1 min

There are plenty of reasons to attend an Ivy League institution if you're one of the lucky students to be admitted. The University of Pennsylvania in particular reports the highest median incomes among former attendees who received federal aid. Even those who don't make it to the highest echelon of wealth may be able to expect a decent salary after attending an Ivy League school. Former Ivy League attendees who received federal aid earn a median of about $90,500 a decade after starting school, according to Department of Education (ED) data. Here's a look at all eight Ivy League schools, ranked by median earnings among federal aid recipients.

☆ Ether has been climbing ahead of its planned 'Shanghai' tech upgrade. Here's what the event could mean for crypto investors
▼ + stars: | 2023-04-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

Ether rose last week as investors looked ahead to the Ethereum network's next big tech upgrade. "And greater participation in ETH staking strengthens the security of the Ethereum network as a whole." Data from CryptoQuant suggests any sell pressure would be low, however. Currently, however, the majority of the ETH staked (54%, or 9.7 million ETH) is currently at a loss, the firm said. "Given there's a limited amount of participants that can exit in a day, this sell pressure will not be as instant or violent as advertised by some commentators," he said.

☆ US economy still churning out jobs at brisk clip; wage pressures subsiding
▼ + stars: | 2023-04-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Labor market tightness is drawing more people into the workforce, with 480,000 entrants last month, which could help to further restrain wage growth. The unemployment rate for Blacks dropped to an all-time low of 5.0%. Economists expect the labor market to loosen up considerably starting in the second quarter as companies respond more to slowing demand caused by the higher borrowing costs. Details of the household survey from which the unemployment rate is derived were upbeat. The employment-to-population ratio, viewed as a measure of an economy's ability to create employment, increased to 60.4% from 60.2% in the prior month.

☆ US stocks end mixed as soft jobs data revives fears of a looming recession
▼ + stars: | 2023-04-05 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

US stocks were mixed on Wednesday as traders digested weak jobs data. The Nasdaq Composite fell 1% as traders retreated on recession fears. Traders were mulling ADP private payroll data, which showed that US companies added fewer jobs than expected. Data showed private payrolls increased by 145,000 last month, far below estimates of 210,000. In a note to clients on Wednesday, UBS Global Wealth Management's investment chief, Mark Haefele, said recession risks have increased.

☆ Here's what history indicates is in store for U.S. and global stocks in April
▼ + stars: | 2023-04-03 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

According to CNBC Pro's analysis of S & P 500 index data on FactSet dating back to 1928, if there is a rebound in the first quarter following a down year for S & P 500, the index rises 78% of the time in April. Historically, when the S & P 500 does rise under these conditions, it delivers an average return rate of around 3%. Global stocks The MSCI World Index , which captures over 1,500 large and mid-cap stocks across 23 developed countries, tends to perform very similarly to its large U.S. benchmark peer in the month of April. However, the index offers lower volatility compared to the S & P 500. — MSCI derived data for the World index before 1986 by calculating how the index might have performed over that period had the index existed.

☆ As volatility persists, this is what investors can expect in the second quarter — according to history
▼ + stars: | 2023-03-29 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

This is particularly notable as, after a year of negative returns, the S & P 500 index tends to decline during the first quarter , and the MSCI World Index fairs only marginally better. Historically, when the S & P 500 does rise under these conditions, it delivers an average return rate of just over 14%. Global stocks In comparison, the MSCI World Index , which captures more than 1,500 large and mid-cap stocks across 23 developed countries, has generally performed better. The index has risen 67% of the time in the second quarter following a negative year of returns bouncing off a positive first quarter. However, the index offers lower volatility compared to the S & P 500, with stocks rising or falling only by 6%.

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