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☆ Wall Street kicks off the second half of 2024 with key jobs report in the week ahead
▼ + stars: | 2024-06-28 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The S & P 500 and Nasdaq Composite are hovering around all-time highs, having rallied roughly 15% and 18%, respectively. The 30-stock Dow and S & P 500 each posted losses, down by 0.1%, each. In recent days, a number of Wall Street firms have hiked their year-end S & P 500 targets to catch up with this year's surprisingly strong rally. On a median basis, strategists expect the S & P 500 will end the year at 5,500, a CNBC Pro survey shows . June jobs report Markets will be closed Thursday for the Fourth of July holiday.

Persons: chipmaker, Craig Johnson, Piper Sandler, Goldman Sachs, Scott Chronert, CNBC's, Chronert, Piper Sandler's Johnson, Bill Merz, Merz, He's, Jamie Meyers, Laffer Tengler, he's, Meyers, Bank's Merz Organizations: Nasdaq, Dow Jones, Nvidia, Microsoft, Deutsche Bank Research, Equity, Dow, Wall Street, Citi, ISI, CNBC, U.S, Bank Wealth Management, PMI, Manufacturing, ADP, PMI Services, Services PMI, Constellation Locations: U.S

☆ 11 VC firms funding the next phase of the creator economy, from AI-powered tools to e-commerce startups
▼ + stars: | 2024-06-28 | by ( Sydney Bradley | Dan Whateley | ) www.businessinsider.com time to read: +4 min

And things are beginning to look up again for creator startups. It touches the creator economy as startups develop ways to augment and potentially replace humans in accomplishing some creative tasks. He added that Inspired talks closely with brands and creators to hear what products and startups are exciting, which helps guide the firm's investments. Business Insider is highlighting 11 VC firms and their partners who are focused on finding the next wave of promising creator-economy startups. We looked at each firm's investments in the past year to understand how they funded new ideas in the creator industry.

Persons: —, Goldman Sachs, upstarts, Rex Woodbury, Woodbury, that's, Chad Hurley, Chamberlain, Chamberlain Coffee, Capital's Kamran Ali, ShopMy's Organizations: Service, BEN Labs, Business, Daybreak Ventures, YouTube, Blazar, United Talent Agency, BI Locations: Woodbury, VCs

☆ He dropped out of Princeton and wrestles with imposter syndrome. Inside the unusual rise of a Wall Street tech banker.
▼ + stars: | 2024-06-28 | by ( Emmalyse Brownstein | Bianca Chan | ) www.businessinsider.com time to read: +12 min

Read previewAs a kid, Rob Chisholm was not drawn to the fast-paced, jet-setting life of a Wall Street banker. Well, maybe if I wanted to be an investment banker or something, I would care about that, Chisholm remembers thinking. Chisholm, on the other hand, is very open about his unorthodox path to Wall Street and the resulting feelings of being an outsider. AdvertisementWhen Chisholm was in college, he rejected the "cliche" of going to an Ivy League and getting a job on Wall Street. At the time, Chisholm admitted, Wall Street seemed like the "complete opposite in terms of the culture and the incentives" he thought he wanted.

Persons: —, Rob Chisholm, Chisholm, Goldman Sachs, Frank Quattrone, Eager, dealmakers, he's, Wall, Goldman, I've Organizations: Service, Wall Street, Princeton, Business, Ivy League, Citi, Qatalyst Partners, Middlesex, Princeton's, Middlebury College, ACG Partners, Deutsche Bank, Investment Locations: Canada, Antigonish, Nova Scotia, Massachusetts, Vermont, Boston, San Francisco, tooting

☆ 5 money management tips to ensure your funds keep growing
▼ + stars: | 2024-06-28 | by ( Sponsor Post | Sponsored Apple Card | ) www.businessinsider.com time to read: +7 min

Opening a high-yield savings account can be a game-changerWhile 68% of Americans have a standard savings account, according to Forbes, fewer take advantage of high-yield accounts that offer better returns. Although you can choose to receive a physical titanium Apple Card, it's also automatically built into Apple Wallet on iPhone. 3 To access Savings, Apple Card Owners and Co-Owners must open a Savings account. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.

Persons: it's, Cash, Goldman Sachs Organizations: Economic, Forbes, Apple, Apple Pay, Insider Studios, Apple Card, Savings, Goldman Sachs Bank, Branch, Member FDIC, Daily, Apple Cash Card, Minor Outlying, Merchant, Nike Locations: Salt Lake, American Samoa, Guam, Northern Mariana Islands, United States, U.S

☆ Step into the daily lives of Canyon Coffee's cofounders. Here's how they balance business, family, and finances.
▼ + stars: | 2024-06-28 | by ( Sponsor Post | Sponsored Apple Card | ) www.businessinsider.com time to read: +10 min

4 You can choose to direct Daily Cash to a Savings account or to an Apple Cash card. By opening a Savings account, Apple Card Owners and Co-Owners are affirmatively electing to have all future Daily Cash automatically deposited into their respective Savings account. Daily Cash may not be divided between Apple Cash Card and Savings accounts. To access and use all Apple Card features and products available only to Apple Card users, you must add Apple Card to Wallet on an iPhone or iPad that supports and has the latest version of iOS or iPadOS. If you reside in the U.S. territories, please call Goldman Sachs at 877-255-5923 with questions about Apple Card.

Persons: Wojtalewicz, Ally Walsh, Casey, Ally, Casey Wojtalewicz, she'll, they're, Daily Cash, Cash, Goldman Sachs Organizations: Apple, Apple Card, Coffee, Savings, Daily, Insider Studios, Goldman Sachs Bank, Salt Lake City Branch, FDIC, Green Dot Bank, Branch, Member FDIC, Apple Cash Card, Minor Outlying Locations: Los Angeles, Echo Park, LA, Salt Lake City, Daily, Salt Lake, American Samoa, Guam, Northern Mariana Islands, United States, U.S

☆ We are bullish on Alphabet, says Goldman Sachs' Eric Sheridan
▼ + stars: | 2024-06-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are bullish on Alphabet, says Goldman Sachs' Eric SheridanEric Sheridan, Goldman Sachs tech analyst, joins 'Money Movers' to discuss the effects of generative artificial intelligence on the markets and more.

Persons: Goldman Sachs, Eric Sheridan Eric Sheridan

☆ Markets unfazed as Donald Trump has much better debate night than Joe Biden
▼ + stars: | 2024-06-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

London CNN —President Joe Biden had a shaky performance in last night’s presidential debate, triggering panic in the Democrat camp. Former President Donald Trump, meanwhile, repeated multiple falsehoods while doubling down on his record of cutting taxes and hiking tariffs during his first presidential term. If repeated in a second Trump term, many economists fear that kind of agenda could stoke inflation at a critical moment and add to America’s rapidly growing debt mountain. That could pull the typical year-end election relief rally forward, said Ed Clissold, chief US strategist at Ned Davis Research. The US dollar has also been reactive — it edged higher as initial CNN polling found that Trump was viewed as the winner of the debate.

Persons: Joe Biden, Donald Trump, shrugged, ”, Keith Lerner, Barack Obama, Trump, Lerner, Ed Clissold, Ned Davis, Antonio Ernesto Di Giacomo, “, Goldman Sachs ’ Scott Rubner, Jonas Goltermann, Emmanuel Macron, Katie Nixon, France’s, CDK, Ramishah Maruf, Eva Rothenberg, aren’t, they’ve, Scott Campbell, CNN they’ve, Jordan Valinsky, Tim Wentworth Organizations: London CNN, Democrat, Trump, “, Biden, Ned, Ned Davis Research, Investors, Capital Economics, CNN, Renaissance, Northern Trust Wealth Management, CAC, CDK, Auto, Capital City Buick GMC, Bloomberg, Walgreens Locations: France, “, North America, United States, Canada, Berlin , Vermont, Eastern Europe, America

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Nike, First Solar, Deere, Alphabet, Amazon, ASML & more
▼ + stars: | 2024-06-28 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Wells Fargo reiterates Nvidia as overweight Wells said it's sticking with its overweight rating on the stock. "We initiate coverage of net lease REIT Essential Properties (EPRT) with a Buy rating and $33.00 12-month price target. Citi reiterates Apple as buy Citi moved the tech giant up a spot to its number 2 top pick. Wells Fargo reiterates Amazon as buy Wells raised its price target on Amazon to $239 per share from $234. "We initiate coverage of Intuitive Machines, Inc. (LUNR) with a Buy rating and a 12-month price target of $8 per share."

Persons: Raymond James, Deere, it's, Morgan Stanley downgrades Nike, Morgan Stanley, Wells, Goldman Sachs, Goldman, Oppenheimer, Riley, Piper Sandler, Piper, managements, it's bullish, Rosenblatt, ASML Organizations: Deutsche Bank, Deutsche, Nvidia, Properties Realty Trust, Apple, Citi, Xerox, JPMorgan, Realty Trust, Inc, Travelers, Susquehanna, Nextracker, BMO, SAP Locations: Americas, China

☆ Stocks making the biggest moves midday: Walgreens Boots Alliance, Levi Strauss, International Paper and more
▼ + stars: | 2024-06-27 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: Walgreens Boots Alliance — The stock plummeted more than 24.5% after the retail company reported third-quarter earnings results that missed Wall Street's expectations . Levi Strauss — The denim maker's stock tumbled 17.1% after revenue came in at $1.44 billion for the second fiscal quarter. International Paper — Shares of the paper manufacturing company fell nearly 8% following the news that Suzano is no longer pursuing a potential acquisition of the company. Hunterbrook Capital, a hedge fund Hunterbook is affiliated with, has a short position in the company's shares. Micron Technology — The memory chip stock shed nearly 7% after Micron Technology offered guidance that was roughly in line with expectations.

Persons: Levi Strauss, Suzano, Gary Friedman, AeroVironment, Goldman Sachs, Alex Harring, Samantha Subin, Lisa Kailai Han, Michelle Fox Organizations: Walgreens, Alliance, CVS, LSEG, Hunterbrook Media, Hunterbrook, Micron Technology, Arista Networks, Citi

☆ Stocks making the biggest moves premarket: Walgreens, Levi Strauss, Micron and more
▼ + stars: | 2024-06-27 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Micron — Shares slipped nearly 6% after the semiconductor manufacturer posted revenue guidance of $7.6 billion for its current quarter, coming in line with analyst expectations. Walgreens Boots Alliance — Shares tumbled more than 11% after the retail pharmacy company reported a third-quarter earnings miss and cut its full-year adjusted profit outlook. Goldman Sachs — The U.S. banking stock slipped nearly 2% after the latest round of stress test results . However, the company reported EBITDA guidance for its fiscal year 2025 that was 5% lower than analyst consensus estimates, according to FactSet. U.S. Bancorp — The bank stock slipped more than 1% following a downgrade to neutral from overweight at J.P. Morgan.

Persons: Levi Strauss, Suzano, Walgreens, Goldman Sachs, Morgan, Vivek Juneja, — CNBC's Michelle Fox, Alex Harring, Fred Imbert Organizations: Micron, GSK —, Centers for Disease Control, LSEG, Walgreens, Federal Reserve, . U.S, Bancorp Locations: U.S, .

☆ These are the most expensive S&P 500 stocks heading into the second half
▼ + stars: | 2024-06-27 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

Artificial Intelligence plays Top AI plays were among the list of expensive stocks in the S & P 500, including Broadcom , Lam Research , Intel and Super Micro Computer . Each stock's price-earnings ratio equates to a roughly 60% to 66% premium over the historical average. SMCI YTD mountain Super Micro Computer stock. Super Micro Computer, meanwhile, has continued to ride the AI wave despite some weakness last month after third-quarter revenue missed analyst expectations. The stock's trailing 12-month price-earnings ratio is also more than double its five-year average, at a 63% premium.

Persons: Elon Musk, Daron Acemoglu, Goldman Sachs, Eli Lilly Eli Lilly, Eli Lilly, Biogen's Leqembi Organizations: CNBC Pro, Nvidia, CNBC, Stock, Artificial Intelligence, Broadcom, Lam Research, Intel, Micro, Super Micro Computer, Computer, Wall, Bank of America, Micro Computer, Dell, Massachusetts Institute of Technology, U.S . Food, Drug Administration Locations: U.S

☆ The first US presidential debate will have some noticeable differences
▼ + stars: | 2024-06-27 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at the first — and somewhat unconventional — US presidential debate happening tonight . Evan Vucci/AP images, Manuel Balce Ceneta/AP images, Tyler Le/BIIt didn't come easy, and it won't feel quite the same, but we're getting our first US presidential debate tonight. AdvertisementBut don't be surprised by some noticeable differences from what you've come to expect when two presidential candidates face off. And this marks the first presidential debate the platform navigates under the Elon Musk regime. In other newsAdvertisementWhat's happening todayRFK Jr., who did not qualify for the CNN presidential debate, will answer debate questions via livestream during his campaign's counter-programming.

Persons: —, Evan Vucci, Manuel Balce Ceneta, Tyler Le, Joe Biden, Donald Trump, it's, Insider's Brent D, Griffiths, Biden, Brent, Chris Szagola, Julien de Rosa, Alice Tecotzky, Cros, Sunny Verghese, Goldman Sachs, Goldman, Adam Posen, Posen, Bord, Jenny Chang, Rodriguez, Mustafa Suleyman, Alberto Miranda, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, Trump, Biden, CNN, Fox News, MSNBC, Elon, Getty, Peterson, BI, NFL, RFK Jr Locations: Tesla . Texas, New York, London

☆ Caspar Lee says young people are unlikely to make lots of money on YouTube and should do it for fun
▼ + stars: | 2024-06-27 | by ( Sawdah Bhaimiya | ) www.cnbc.com time to read: +3 min

Caspar Lee advised young people who want to be content creators to do YouTube for fun rather than focusing on making money because the chances of financial success are low. Lee previously told CNBC Make It that YouTubers with millions of subscribers can make millions of dollars, typically by joining YouTube's Partner Program. Nearly half of creators earned an annual income of $15,000 or less in 2023, according to a survey of over 2,000 content creators by influencer marketing agency NeoReach. Lee encourages aspiring YouTubers to find a way to be successful without relying on followers or fame. Since his YouTube days, Lee has co-founded several companies in the creator economy including the influencer marketing company Influencer.com and a venture capital fund called Creator Ventures.

Persons: Caspar Lee, Lee, it's, that's, Goldman Sachs, YouTubers Organizations: CNBC, YouTube's, NeoReach, Ventures Locations: British

☆ Webtoon Entertainment prices U.S. IPO at top of range to raise about $315 million
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: 1 min

Webtoon Entertainment has priced its initial public offering (IPO) at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday. Webtoon Entertainment has priced its initial public offering (IPO) at the top of its indicated range, seeking to raise about $315 million, the online comics platform said on Wednesday. The company, majority-owned by South Korean tech giant Naver , priced its 15 million shares at $21 apiece, and had marketed the range of $18 to $21. Goldman Sachs, Morgan Stanley, J.P. Morgan Securities and Evercore Group are the lead underwriters for the IPO. Webtoon was founded in 2005 as a side project of CEO Junkoo Kim while he was working as a search engineer at Naver.

Persons: Goldman Sachs, Morgan Stanley, J.P, Webtoon, Junkoo Kim Organizations: Webtoon, South, Morgan Securities, Evercore, underwriters Locations: South Korean, Angeles , California

☆ Here are Thursday's biggest analyst calls: Nvidia, Apple, Broadcom, Micron, Goldman Sachs, Carvana, Arista & more
▼ + stars: | 2024-06-27 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Micron as buy Goldman said investors should buy the dip in the stock following earnings on Wednesday. Jefferies reiterates Nvidia, Marvell and Broadcom as buy Jefferies said it's sticking with its buy rating on all three companies. " Morgan Stanley initiates Viking Therapeutics as overweight Morgan Stanley said the biotech company has "best-in-class potential." Morgan Stanley adds Goldman Sachs to the financials finest list Morgan Stanley added the investment banking giant to its top financials ideas list. Morgan Stanley reiterates Coca-Cola as overweight Morgan Stanley said it's sticking with its overweight rating on the beverage giant.

Persons: Goldman Sachs, Goldman, Bernstein, Apple, Mizuho, KBW, it's, Jefferies, AVGO, KeyBanc, Texas Consolidator, TD Cowen, Grindr, GRND, Morgan Stanley, JPM, Oppenheimer, Kyndryl, CVNA, Truist Organizations: Micron, Apple, Bank of America, Petrobras, of America, Mizuho, Holdings, Grab Holdings, New York Mellon, Deutsche Bank, Emerson Electric Deutsche Bank, Nvidia, Marvell, Broadcom, Energy, Crescent Energy Co, Citi, Arista Networks, Arista, Viking Therapeutics, Macquarie, TPG, Markets, JPMorgan, Bancorp, UBS, Disney, Cable Locations: MU, Brazil, Texas, North America, CA

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Best Buy : Jim said Best Buy's pullback in recent days has created a buying opportunity in the electronics retailer. Salesforce : The stock has in recent weeks clawed back some of its post-earnings plunge , even before Thursday's 6% surge. Wynn Resorts : Wynn is another stock in the portfolio that, it's become increasingly clear, trades based on its exposure to China. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, Wall, Abbott, Johnson, We're, haven't, it's, Walt Disney, Estee Lauder, levered, Eli Lilly, Lilly, Morgan Stanley, Goldman Sachs, OpenAI, Jensen Huang, Nikesh Arora's, Stanley Black, Decker, TJX, We've, Wells, Charlie Scharf poaches, Wynn, Jim Cramer, Michael M Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Apple, Abbott Laboratories, Prime, Web, Broadcom, VMWare, Costco Wholesale, Costco, Coterra Energy, DuPont, Walt, Disney, Nvidia, Ford Motor, Ford, Blue, Motors, GE Healthcare, GE, Management, Honeywell, Linde, Microsoft, Palo Alto Networks, Procter & Gamble, Constellation Brands, Modelo, Corona, Fed, TJX, JPMorgan, Wynn Resorts, Wynn, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: China, Covid, Dover, Eaton, Palo Alto, U.S, Wells Fargo, Las Vegas

☆ Inside the New Job Stress Test Used From the NFL to the C-Suite
▼ + stars: | 2024-06-27 | by ( Scott Nover | ) www.businessinsider.com time to read: +14 min

In fact, I outperformed nearly all draft prospects in certain categories of this test, floundering on only one. Related storiesFor many years, the standard-bearer for evaluating the brains of NFL athletes was the Wonderlic, a short IQ test with a series of increasingly difficult questions. Stroud, then favored to be the first player selected in the NFL draft, over the Alabama quarterback Bryce Young. But then Stroud, the alleged dolt, went on to have one of the best rookie campaigns of any NFL quarterback, while Young struggled all year. Unfazed by the controversy over Stroud, S2 has begun selling its tests to other sectors.

Persons: Pong, Jack Marucci, Marucci, we've, Brandon Ally, Scott Wylie, Ally, Wylie, Patrick Mahomes, Lamar Jackson, John Michel, C.J ., Bryce Young, Young, Stroud, Stroud's, Aaron Rodgers, That's, Myers, Briggs, Goldman Sachs, Alberto Miranda, that's, Michel, Scott Nover Organizations: National Football League, SEC, Louisiana State University, NFL, Loyola University Maryland, Ohio State, Alabama, Athletic, Jets, Athletic Intelligence, intuit, Boeing, Meta, BI Locations: Tennessee, Nashville, C.J . Stroud, Stroud, Columbus , Ohio

☆ AI tools for Goldman's workforce set to 'land at scale on desks' as soon as next year: partner
▼ + stars: | 2024-06-27 | by ( Reed Alexander | ) www.businessinsider.com time to read: +8 min

For Goldman Sachs' investment bankers, the answer may just be over the horizon. Top Goldman executives told Business Insider that the investment bank is poised to roll out a series of generative AI tools to its workforce as soon as next year. Lee, a Goldman partner, said it could take years for the consequences of this tech on the bank's workflows to be fully understood. But he is overall optimistic about how generative AI, an advanced type of machine learning, will impact its workforce. Many junior bankers spend time on tasks that can sometimes feel "relatively routine," Lee said.

Persons: —, Goldman Sachs, Goldman, George Lee, cohead, Lee, it's, Jamie Dimon, Alison, Tim Ingrassia, Gene Sykes, dealmakers, David Solomon, Ingrassia, Reed Alexander Organizations: Service, Business, Goldman Sachs Global Institute, JPMorgan, Goldman, New York Times, Deutsche Bank

"The stock price has lagged but we don't see any other catalysts medium term, hence we are moving to the sidelines." Micron shares were down 5% in the premarket. The analyst reiterated a buy rating on Micron stock with a $175 per share price target, implying nearly 23% upside from Wednesday's $142.36 close. He raised his price target to $158 per share price from $138, calling for 11% upside. Arya maintained a buy rating on Micron stock with a $170 per share price target, or about 19% upside moving forward.

Persons: Vivek Juneja, — Brian Evans, TD Cowen, Cowen, John Blackledge, Keefe, David Konrad, Brian Evans, Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Vivek Arya, Arya, Caio Ribeiro, Ribeiro, Fred Imbert Organizations: CNBC, Micron Technology, Bank of America, Petrobras, JPMorgan downgrades U.S, Bancorp, JPMorgan, U.S . Bancorp, New York Mellon, Bank of New, Bank of New York Mellon, BK, Mellon, Micron, MU, Citi Locations: Brazil, U.S, Bank of New York, CY2025

☆ Morgan Stanley says deal-making is returning to Wall Street and gives best stocks to play trend
▼ + stars: | 2024-06-27 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Morgan Stanley sees a comeback in Wall Street deals underway — and expects some financial stocks to reap the benefits. However, Goldman Sachs said sponsor-led mergers and acquisitions do not necessarily need a decrease in interest rates to take off. Stadnik said a capital markets renaissance is one key reason to be overweight money center banks. Of this group, he called Goldman Sachs the "purest play" on this theme. Goldman Sachs shares have climbed more than 15% this year.

Persons: Morgan Stanley, Andrei Stadnik, Stadnik, Morgan Stanley's, Goldman Sachs, Blackstone, Morgan, LSEG Organizations: Wall Street, JPMorgan, LSEG Locations: U.S

☆ Wall Street analysts say this slide in Micron is a buying opportunity for AI play
▼ + stars: | 2024-06-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Investors should consider using the pullback in Micron Technology to snatch up shares, according to several Wall Street analysts. His $175 price target implies upside of more than 22% from Wednesday's close. Goldman Sachs analyst Toshiya Hari also viewed the drop as a buying opportunity, citing expectations for growth in AI compute and high-bandwidth memory market share gains. Hari has a price target of $158, signaling 11% upside over the next 12 months. MU 1D mountain Micron shares fall on in-line guidance Wells Fargo's Aaron Rakers reiterated his overweight rating and $190 price target, implying more than 33% upside.

Persons: Christopher Danely, Goldman Sachs, Toshiya Hari, Hari, Harlan Sur, Bernstein, Mark Li, Timothy Arcuri, Wells Fargo's Aaron Rakers, Vivek Arya Organizations: Micron Technology, MU, Micron, UBS, Bank of Locations: Wednesday's, CY25, ramping HBM

☆ Citi strategist says stocks may be due for pullback because of too-high earnings expectations
▼ + stars: | 2024-06-26 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Stocks could be due for a pullback this summer given high second-quarter earnings growth expectations, according to Citi. In the second quarter, S & P 500 companies are expected to post a year-over-year earnings growth rate of 8.8%, according to a FactSet estimate. That is a forecast Chronert said is "probably a reach," especially for the 493 S & P 500 companies outside of Nvidia and the megacaps. .SPX YTD mountain S & P 500 Last week, Chronert was among several strategists on the Street to hike their S & P 500 year-end target on the strength of a handful of megacap tech stocks that have carried the broader index to all-time highs. According to a CNBC Pro survey , strategists on a median basis anticipate the S & P 500 will rise to just 5,500 by the end of the year.

Persons: Scott Chronert, Chronert, CNBC's, Goldman Sachs Organizations: Citi, Nvidia, ISI, CNBC

☆ Here are Wednesday's biggest analyst calls: Nvidia, Amazon, Alphabet, FedEx, Tesla, Caterpillar, Shopify, Disney & more
▼ + stars: | 2024-06-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Here are the biggest calls on Wall Street on Wednesday: Stifel initiates Tesla at buy Stifel said it's bullish on Tesla for the long term. JPMorgan upgrades FedEx to overweight from neutral JPMorgan upgraded the shipping giant following earnings on Tuesday. Jefferies reiterates Alphabet as buy Jefferies said its survey checks show Alphabet is top of mind for consumers when it comes to AI. Citi reiterates Nvidia as buy Citi raised its price target on Nvidia to $150 per share from $126. Morgan Stanley downgrades Accenture to equal weight from overweight Morgan Stanley said shares of the IT company are "no longer" attractive.

Persons: Tesla, Stifel, it's, Piper Sandler, Piper, Goldman Sachs, Goldman, Mark Clouse, Carrie Anderson, Rebecca Gardy, Wolfe, HOOD, Warnick, Shopify, Rosenblatt, Nike's, Morgan Stanley, Jefferies, GOOGL, Stephens, Wells, BTIG, Northrop, Rivian, Piper Sandler downgrades Aptiv Organizations: JPMorgan, FedEx, Campbell, Barclays, Nu Holdings, BMO, Steel, Nippon, US Steel, X, Digital Realty, Citi, U.S, Caterpillar, Apple, Apple Intelligence, Android, UBS, Nike, Nvidia, Davidson, Home, Bank of America, " Bank of America, shipper, UPS, Cruises, Northrop Grumman, VW, JV, Accenture Locations: 1Q24, Mexico, Brazil, China, Houston, U.S, Rivian

☆ CNBC Daily Open: Nvidia rallies after sell-off, lifts S&P 500 and Nasdaq
▼ + stars: | 2024-06-26 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia sparks rallyThe S&P 500 and the Nasdaq Composite snapped a three-day slide as Nvidia rebounded from a sell-off. Trump inflation warningSixteen Nobel Prize-winning economists signed a joint letter Tuesday warning of what they see as economic risks if former President Donald Trump were to serve a second term, including 'reignite' inflation. "There is rightly a worry that Donald Trump will reignite this inflation, with his fiscally irresponsible budgets," they said.

Persons: Goldman Sachs, Rivian, Donald Trump, Joe, Donald Trump's, Michelle Bowman Organizations: New York Stock Exchange, CNBC, Nvidia, Nasdaq, Dow Jones, Boeing, Home, Treasury, Volkswagen, VW, Ford, Detroit automaker, Trump, Federal, European, Microsoft, Salesforce, Dow Locations: New York City, EU

☆ Federal Reserve says all 31 banks in annual stress test withstood a severe hypothetical downturn
▼ + stars: | 2024-06-26 | by ( Hugh Son | ) www.cnbc.com time to read: +3 min

The Federal Reserve said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations. The stress test assumed that unemployment surges to 10%, commercial real estate values plunge 40%, and housing prices fall 36%. "This is good news and underscores the usefulness of the extra capital that banks have built in recent years." The Fed's stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends. "While banks are well positioned to withstand the specific hypothetical recession we tested them against, the stress test also confirmed that there are some areas to watch," Barr said.

Persons: Michael Barr, JPMorgan Chase, Goldman Sachs, Barr, Banks Organizations: Financial, Valley Bank, Signature Bank, Capitol, Washington , D.C, Federal Reserve, JPMorgan, American Express Locations: Washington ,, U.S

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