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Microsoft emerged as the most under-owned megacap stock among institutional investors, signaling a rebound could be on the horizon, according to Morgan Stanley. Morgan Stanley thinks that stocks tend to experience a technical pull higher when active ownership is much lower than their weightings in the S & P 500, and vice versa. The gap between Microsoft's S & P 500 weighting and institutional ownership stood at 2.08% by the end of the third quarter, making it the most under-owned Big Tech name, Morgan Stanley said. After Microsoft, Apple is the second-most under-owned megacap tech stock coming out of the third quarter. On the flip side, the most over-owned tech stock at the end of September is software company Intuit , which could see a technical downward pull soon, according to Morgan Stanley.
Persons: Morgan Stanley, Donald Trump Organizations: Microsoft, Big Tech, Apple, Intuit, Adobe
AdvertisementLawyers for Donald Trump on Wednesday demanded the immediate dismissal of his hush-money case. Trump can't be sentenced while either president-elect or president, they argued. Donald Trump's legal team filed for immediate dismissal of his New York hush-money case on Wednesday, arguing that he cannot be sentenced while either president-elect or president. "On November 5, 2024, the Nation's People issued a mandate that supersedes the political motivations of DANY's 'People,'" the defense filing concludes, using the acronym for the District Attorney of New York. One prosecutor should not have "practical power to interfere with the ability of a popularly elected president to carry out his constitutional functions," the defense filing says.
Persons: Donald Trump, Trump, Donald Trump's, Trump's, DANY's, Todd Blanche, Emil Bove, Attorney Alvin Bragg, Bragg, Juan Merchan, Stormy Daniels Organizations: Wednesday, District, Manhattan, Attorney, Democrat, New York City Locations: Manhattan, York, New York, New
Gold gains on softer dollar, widening Russia-Ukraine tensions
  + stars: | 2024-11-20 | by ( ) www.cnbc.com   time to read: +2 min
Close up stack of gold bars, financial wealth concepts and businessGold prices rose for a third consecutive session to a one-week high on Wednesday, driven by a softer dollar and escalating Russia-Ukraine tensions that raised the demand for safe-haven assets. Spot gold added 0.32% to $2,640.19 per ounce by 0323 GMT, its highest since Nov. 11. The U.S. dollar rally paused after hitting a one-year high last week, making bullion more appealing to buyers holding other currencies. The market is adjusting its expectations for the Fed's cuts next year as inflation is becoming a bigger concern, which could be negative for gold, Spivak added. Spot silver was steady at 31.22 per ounce, platinum added 0.1% to $975.10 at $973.90 and palladium flat at $1,035.43.
Persons: Vladimir Putin, Washington, Ilya Spivak, Donald Trump's, Spivak, Jeffrey Schmid Organizations: U.S ., Federal Reserve, U.S Locations: Russia, Ukraine, , Kansas
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs CEO: The market is signaling belief that new government will pare back regulationDavid Solomon, Goldman Sachs chairman and CEO, sits down with CNBC's Leslie Picker to discuss whether deregulation promises made by president-elect Donald Trump will come to fruition, expectations for markets in the new administration, and more.
Persons: Goldman Sachs, pare, David Solomon, CNBC's Leslie Picker, Donald Trump
A changing ChinaIt was a different world in the late 2000s and early 2010s, when Chinese students first began surging overseas. In 2020, the US revoked visas for more than 1,000 Chinese students and researchers deemed security risks. In January this year, Chinese foreign ministry spokesperson Wang Wenbin said in a briefing that “dozens of Chinese nationals, including international students, have been forcibly deported by the US each month.” He decried it as “discriminatory,” urging the US to protect the rights of Chinese students abroad. The Covid yearsThe number of Chinese students in the US plunged during the pandemic and hasn’t rebounded since. “Since the economic sanctions and tech restrictions started in 2018, many (Chinese) students have been sent back home,” one user wrote on Weibo.
Persons: , , Mallie Prytherch, , , Donald Trump’s, ” Prytherch, Trump, Prytherch, Joe Biden, Wang Wenbin, Li Jing, hasn’t, Mirka Martel, Steven Hon, didn’t, Hon, Marianne Craven, they’ve Organizations: Hong Kong CNN, Education consultancies, State Department, of International Education, University of Hong Kong’s, Contemporary, Beijing, World Trade Organization, Games, America, Fulbright, Trump, Tsinghua University, CNN, Institute of International Education, Education, , Ivy League Locations: Hong Kong, United States, China, India, America, Contemporary China, , Beijing, cybersecurity, Macau, Weibo, Canada, Australia, American
So why shouldn’t federal employees who are paid with taxpayer dollars be required to be in office?” the source said. Ending remote work across government is being considered a potential “early candidate” for executive orders that members of DOGE will recommend to Trump, the source said. “I can’t abandon this career,” one Library of Congress worker who lives in the Midwest told CNN. Another federal employee who works remotely told CNN that they would have to commute two to three hours to the nearest office. Other targets beyond remote workRemote work isn’t the only cost-cutting measure that is likely to be addressed through executive orders.
Persons: Donald Trump’s, Elon, Vivek Ramaswamy, Ramaswamy, , , “ It’s, ” Everett Kelley, AFGE, Charlie Kirk –, , DOGE, Kirk, doesn’t, aren’t, Musk Organizations: CNN, of Government, Republican, Trump, telework, Personnel Management, American Federation of Government Employees, Midwest, of Congress, Congress, General Services Administration Locations: Washington, DC, Washington ,
His Cabinet picks, including the Treasury secretary, traditionally have to be confirmed by the Senate. “The Treasury secretary has historically played a significant role in advancing the administration’s tax policy priorities,” Akabas said. Next year, Trump’s Treasury secretary will act as the quarterback, executing his economic gameplan. It will also fall to Trump’s Treasury secretary to put out fires in financial markets or in the real economy like the regional bank failures that rocked Wall Street and Washington early last year. Trump’s Treasury pick will also help manage the complicated relationship between the president and Federal Reserve Chairman Jerome Powell.
Persons: Donald Trump’s, Trump, , , Ed Mills, Raymond James, Janet Yellen, Shai Akabas, Steven Mnuchin, ” Akabas, Isaac Boltansky, Jerome Powell, Powell, Mills Organizations: CNN, Quarterbacking, Treasury Department, Department, Treasury, Trump, Senate, Republicans, Capitol, Wall, Washington, Committee, Federal, Fed, Trump White House Locations: Washington, filers
AdvertisementCher is dating Alexander Edwards, a music executive and producer. Cher rose to fame alongside her first husband Sonny Bono, who was 11 years her senior. AdvertisementEdwards is a music-industry executive who has worked with Def Jam RecordsTyga and Alexander Edwards at the 2024 Victoria's Secret Fashion Show. AdvertisementAs for his future plans, Edwards told Stoned Fox that he's also interested in acting. "Slash Electric Alexander Edwards.. the world is urs now," he wrote in the caption, per People.
Persons: Alexander Edwards, Edwards, Slash, who's, Cher, Alexander, AE, Sonny Bono, Warren Beatty, Kevin Mazur, Stoned Fox, Coco Jones, Muni Long, Justin Bieber, LL, Rihanna, YK Osiris, Osiris, Riggs Morales, Kylie Jenner, He's, Tupac, Usher, Pharrell, Tyga, he's, Amber Rose Alexander Edwards, Amber Rose, Roger Kisby, Def Jam Rose, Donald Trump, Ye, Wiz Khalifa, Sebastian, Rose, urs, Rose accused Edwards, doesn't, Sonny, hadn't, Slash Electric Alexander Edwards, Elisabeth Egan Organizations: Def Jam, Sony Music, New York Times, Def Jam Records, Sony Music Publishing, Last Kings, Last Kings Records, Republican National Convention, TMZ, CBS, Slash Electric Locations: Los Angeles, England
ET, the yield on the 10-year Treasury was up by over four basis points to 4.4178%. The 2-year Treasury yield was last trading at 4.2932% after rising by more than two basis points. U.S. Treasury yields were higher on Wednesday as investors considered the geopolitical situation and assessed the latest economic data. Elsewhere, investors weighed the latest economic data, with new housing starts falling short of expectations in October, and building permits slipping month over month, according to data published Tuesday. Later in the week, investors will be watching out for October's flash purchasing managers' index reports from S&P Global for the services and manufacturing sector.
Persons: Vladimir Putin, Donald Trump's Organizations: Treasury, U.S, Investors, Global, Federal Reserve Locations: Russia, Ukraine, U.S, Ukraine's, Kyiv
Trump earlier this month had urged Senate Republicans not to allow any judicial confirmations in the final weeks of the Biden administration while the upper chamber was under Democratic control. Since then, other judicial nominees have been able to clear pivotal votes because not enough Republicans were present to block them. Two of the missing Republicans, Sens. Several of the missing Republicans – which also included Sen. Marco Rubio, Trump’s pick for secretary of state – were back in the chamber Wednesday. Even if no other Biden-appointed judge is confirmed, Trump will start his second term with a number of openings that is fewer than half of that previous number.
Persons: Joe Biden’s, Donald Trump’s, Trump, JD Vance, Embry Kidd, Sen, Joe Manchin, Vance, Bill Hagerty of, , Democratic Sen, John Fetterman, Biden, Carrie Severino –, ” Vance, Grace Chong, Steve Bannon’s, Christopher Wray, Fetterman, Sarah Russell, Kamala Harris, Hagerty, Ted Cruz, Hagerty’s, Republicans –, Marco Rubio, Trump’s, Mike Braun, Cruz, Rebecca Pennell, Amir Ali, doesn’t, Ali, Kyrsten Sinema, Montana GOP Sen, Steve Daines, Embry, Aileen Cannon, Jack Smith’s, Barack Obama’s, Alyana Treene, Kristen Holmes, Betsy Klein, Devan Cole Organizations: CNN, GOP, Conservative, Republicans, Ohio Republican, Circuit, Mar, Democratic, Trump, Crisis Network, FBI, House, Republican, Sens, SpaceX, Indiana, US, Court, of, Montana GOP, Senate Locations: Ohio, Trump’s Florida, Bill Hagerty of Tennessee, Hawaii, Ted Cruz of Texas, Texas, Eastern, of Washington, Montana
We're selling 165 shares of Best Buy at roughly $86 each. Following Wednesday's trade, Jim Cramer's Charitable Trust will own 600 shares of BBY, decreasing its weighting to about 1.5% from 1.9%. BBY YTD mountain Best Buy YTD On Wednesday, however, we're selling some Best Buy shares for another reason: discipline. But we have to acknowledge that Best Buy competes with the big three on electronics. 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, Donald Trump, There's, Jim Cramer, Jim Organizations: Federal Reserve, Walmart, Amazon, Costco —, TJX Companies, CNBC Locations: BBY, Williams, Sonoma
CNN —The reaction from Democrats to Donald Trump’s 2024 victory is, to put it mildly, very much unlike their reaction to his 2016 win. When asked whether Trump’s win was legitimate, about 94% of voters said it was. This includes 64% who agreed that Trump’s win was legitimate and supported his presidency and another 30% who accepted Trump’s victory but indicated that they would oppose his presidency. A third of Clinton supporters in a mid-November 2016 ABC News/Washington Post poll said that Trump’s win was not legitimate. Democrats may have accepted Trump’s win, but he’s likely to upset them greatly during his presidency.
Persons: Donald Trump’s, Biden’s, Trump, Biden, Kamala Harris, – it’s, Hillary Clinton, Barack Obama, Donald Trump, Trump's, Spencer Platt, Clinton, Trump’s, didn’t, George W, Obama’s, delegitimize Obama’s, Obama Organizations: CNN, Reuters, Quinnipiac University, Republicans, Trump, Electoral, GOP, Biden, Getty, ABC, Washington Post, Gallup, CBS Locations: New York
Riley’s family cried and multiple gasps and sobs were heard in the courtroom when the first guilty decision was announced. The defense questioned the quality of that DNA evidence and its analysis. In addition, a blood-like stain on a navy blue jacket found in a dumpster contained the DNA of Riley and Ibarra, Hinkle testified. He slammed current immigration policy, saying Ibarra should have not been allowed to enter the United States. “Open border policies failed Laken Riley, and today’s verdict is a reminder that the safety of our communities must remain our number one priority.
Persons: Laken Riley, Jose Ibarra, H, Patrick Haggard, Ibarra, Riley’s, Riley, sobs, , Allyson Phillips, Phillips, ” Riley’s, Connolly Huth, Judge Haggard, ” Huth, , Arvin Temkar, Kaitlyn Beck, Ashley Hinkle, Joshua Epps, Hinkle, Investigators, Sheila Ross, Hyosub, Donald Trump, Brian Kemp, ” Kemp Organizations: CNN, Augusta, University of Georgia, Atlanta, AP, Ibarra, Prosecutors, of Investigation, UGA, Adidas, Georgia Gov Locations: Venezuela, Athens, Clarke, Augusta University’s Athens, Georgia, Ibarra . Georgia, United States
CNN —President-elect Donald Trump has chosen Matthew Whitaker, who served as acting attorney general during Trump’s first term, as his pick to be US ambassador to NATO. During the campaign, Trump also indicated he would only adhere to NATO’s mutual defense commitment for countries who are contributing enough of their annual budgets to defense. He served as the former acting attorney general in Trump’s first term and temporarily led the Justice Department after Trump fired Jeff Sessions. During brief tenure at the top of DOJ, Whitaker quickly took charge of Mueller from Deputy Attorney General Rod Rosenstein. Before becoming the acting attorney general, Whitaker was the US attorney for the Southern District of Iowa and chief of staff to Sessions.
Persons: Donald Trump, Matthew Whitaker, Trump’s, Matt, ” Trump, “ Matt, Whitaker, , Trump, JD Vance, , , Mark Rutte, Jeff Sessions, Robert Mueller’s, Mueller, Rod Rosenstein Organizations: CNN, NATO, Patriot, NATO Allies, AMERICA, Russia, Ukraine, Trump, Justice Department, Sessions, DOJ, Democratic, Southern, Southern District of Locations: States, Ukraine, Kyiv, Russia, Paris, Europe, North America, Trump’s, Southern District, Southern District of Iowa
AdvertisementUS home prices and rents have soared in part because of a shortage of housing. These are the cost of land, a shortage of construction workers, regulations, and NIMBYism. The US is suffering from a deep shortage of homes, and it's driving sky-high home prices and rents. Advertisement"We just hear more and more that it's harder to find affordable pieces of land to develop for housing," Tobin said. Fewer construction workers means less — and slower — residential construction and higher wages for workers, which in turn leads to higher home prices.
Persons: Jim Tobin, Tobin, , ANDREW CABALLERO, REYNOLDS, NIMBY, Donald Trump Organizations: National Association of Home Builders, Trump Locations: Los Angeles, Seattle, Chicago, Brambleton , Virginia
Stocks are primed for another big stock market gain in 2025 given U.S. economic strength and likely deregulation under President-elect Donald Trump, according to Wells Fargo. The Wall Street bank expects the S & P 500 will advance to 6,600 by the end of 2025. .SPX YTD mountain S & P 500 Wells Fargo is the latest big firm to release its 2025 S & P 500 year-end target, with virtually all shops thus far anticipating a roughly 10% gain or more for the broad market index. Goldman Sachs' David Kostin this week said he expects the S & P 500 to end next year at 6,500. The S & P 500 surged 24% in 2023, and is up more than 23% this year.
Persons: Donald Trump, Darrell Cronk, Goldman Sachs, David Kostin, Morgan Stanley's Mike Wilson, Brian Belski, Cronk Organizations: Wells, Investment Institute, BMO, UBS, CNBC, & $ Locations: Wells Fargo, Tuesday's
AdvertisementUkraine has long been restricted from using Western missiles to strike inside Russia. Kyiv has since used both ATACMS and Storm Shadow missiles to hit targets on Russian soil. Ukraine is finally using its powerful, longer-range Western missiles to strike targets inside Russia after waiting over a year for permission. AdvertisementUkraine fired a volley of at least 10 Storm Shadow missiles into Russia, The Wall Street Journal reported, citing Ukrainian and Western officials. Ukraine long pressed its Western partners to allow it to fire Storm Shadow missiles across the border into Russia.
Persons: Joe Biden, Lockheed Martin, Volodymyr Zelenskyy, JUSTIN TALLIS, Donald Trump Organizations: Storm, Street Journal, UK, Storm Shadow, North Korean, Defense Express, Euromaidan Press, NATO, Army Tactical Missile Systems, Ukraine's, Artillery, South Korean Defense Ministry, Getty, MBDA, Ukraine, Shadow, US, White Locations: Ukraine, Russia, Kyiv, Russia's, Bryansk, Russia's Kursk Oblast, Kursk, Britain, France, North Korea, Russia's Kursk, Ukrainian
Chris Unger | Ufc | Getty ImagesThere's considerable uncertainty over the contents of a future Republican tax package and the fate of the EV credit, experts said. Repealing all the IRA's green energy tax credits, including the EV credit, would offset that cost by about $921 billion, it said. She was getting ready to buy one thanks to the $7,500 EV credit, which made the vehicles more affordable, she said. To wait and buy in 2025 is "too big of a gamble" given Trump's antipathy toward the EV credit, she said. There's no question there's real risk in the EV credit going away.
Persons: Donald Trump, Jamie Wickett, Hogan Lovells, Wickett, Joe Biden, Trump, Chris Unger, Laura, Hogan, , wouldn't, it's, Ingrid Malmgren, Malmgren Organizations: Digitalvision, Getty, Biden, Republicans, Capitol, IRA, Elon, UFC, Madison, Garden, Ufc, Security, Tax, Chrysler Pacifica, Local, Plug, U.S . Treasury Department, Treasury Locations: New York, Charlotte , North Carolina
Government crucial to Musk’s net worthIt’s worthwhile to ask just how much of his world-leading net worth comes from government help over the last 10 to 15 years. Tesla and SpaceX got started – and survived their early days – with assistance from state and federal policies, government contracts and loans. Tesla buyers received federal tax credits worth an estimated $3.4 billion before the perk disappeared entirely for Tesla buyers at the end of 2019. “Take away the subsidies, it will only help Tesla,” Musk posted on his social media platform X in July. According to USASpending.gov, the government database that tracks federal spending, SpaceX has signed contracts worth nearly $20 billion.
Persons: New York CNN — Elon Musk, Donald Trump, Musk, , Daniel Ives, SpaceX doesn’t, Tesla’s, Noah Berger, Tesla, Trump, ” Musk, Elon Musk, Frederic J . Brown, Ives, Brandon Bell, USASpending.gov, Casey Dreier, ” Dreier, “ Elon, Dreier, CNN’s Jackie Wattles Organizations: New, New York CNN, SpaceX, Trump, Government, Wedbush Securities, Reuters, Department of Energy, Biden, US, Tesla, Getty, NASA, International Space, Planetary Society Locations: New York, Fremont , California, Hawthorne , California, AFP, Brownsville , Texas, Russia
The euro has declined rapidly, meanwhile, briefly dipping below $1.05 on Nov. 14 for the first time since October 2023. Modeling by Barclays' economists shows the euro hitting dollar parity with a 10% tariff on European products and subsequent retaliation. The bank said the prospect of Trump tariffs and fiscal reforms had caused it to revise its view that the dollar would gradually decline through the year, instead seeing the U.S. currency "stronger for longer." Since hitting a low in September 2022, the euro has been comfortably back above parity even if below its long-range average. One of those 2022 factors roared back into focus this week, weighing broadly on European assets: the threat of escalating tensions with Russia.
Persons: Donald Trump, James Reilly, Reilly, George Saravelos, Trump, Saravelos, Goldman Sachs, Goldman Organizations: U.S, Republican, China —, Federal Reserve, Capital Economics, Federal, European Central Bank, FX Research, Deutsche Bank, Trump, Barclays, ECB, Fed Locations: Congress, China, U.S, Europe, Russia, Ukraine
Our brands portfolio is the best in the industry, says Stanley Black & Decker CEO Donald Allan Jr.Stanley Black & Decker President and CEO Donald Allan Jr. joins 'Mad Money' host Jim Cramer to talk its portfolio of brands, its Capital Markets Day, the auto fasteners business and more.
Persons: Stanley Black, Decker, Donald Allan Jr, Jim Cramer Organizations: Decker, Markets
Kyiv, Ukraine CNN —It is a very specific and high-profile warning, so you would expect the information behind it to have been quite precise. The US Embassy in Kyiv has not closed since it relocated during the opening months of Russia’s invasion of Ukraine in 2022. But on Wednesday, it announced a one-day closure, citing “specific information of a potential significant air attack.” Kyiv endures air attacks on an almost nightly basis – but the US step suggested a fear of being potentially targeted. Ukrainian defense officials even derided a fake warning circulated widely on Telegram claiming a massive Russian air attack, as being crude Russian-produced misinformation. Residents in Kyiv struggled to reconcile the specific nature of the US warnings, with the quotidian daily threat they face.
Persons: Volodymyr Zelensky, Mykhailo Podolyak, , Anya, , Tanya Dzafarowa, Donald Trump, Putin Organizations: Ukraine CNN, 1001st, CNN, Residents, US, Kremlin, NATO Locations: Kyiv, Ukraine, Spanish, Moscow, Russia, Krivyh, AFP,
CNN —Two Georgia election workers who won a massive verdict against Rudy Giuliani because he defamed them after the 2020 election are asking a federal judge to hold him in contempt of court. The pair, Ruby Freeman and Shaye Moss, say Trump continues to repeat harmful lies about them on his nightly broadcast, in defiance of court orders. Accordingly, the Court should hold him in contempt and enter civil contempt sanctions,” Freeman and Moss’ lawyers wrote to Judge Beryl Howell in the DC District Court. Howell presided over the trial where a jury found Giuliani defamed Freeman and Moss so severely that he should pay them $150 million. He has already lost his law license because of his work for the Trump campaign in 2020, which included his efforts in Georgia.
Persons: Rudy Giuliani, Donald Trump, Ruby Freeman, Shaye Moss, Trump, , Rudolph W, Giuliani, ” Freeman, Moss, Beryl Howell, , Joseph R, We’re, That’s, ” Cammarata, Howell, Freeman, Anderson Cooper, Jeffrey Toobin, CNN’s Max Rego, Emily Condon Organizations: CNN, DC, Court, Trump, Wednesday, Giuliani, Locations: Georgia, Manhattan, United States, Washington , DC, York, Florida
SpaceX launched the sixth test flight of its Starship rocket on Tuesday, as the company looks to keep up momentum of the mammoth vehicle’s development. Pushing the envelopeSpaceX has flown the full Starship rocket system on six spaceflight tests so far since April 2023, at a steadily increasing cadence. The company said on its website that it made hardware upgrades to the rocket’s booster for improved redundancy and improved structural strength. The Starship system is designed to be fully reusable and aims to become a new method of flying cargo and people beyond Earth. Fully stacked on the Super Heavy booster, Starship stands 397 feet tall and is about 30 feet in diameter.
Persons: Elon Musk’s, Donald Trump, Trump, SpaceX’s, Musk Organizations: SpaceX, Federal Aviation Administration, Super Locations: Brownsville , Texas, Gulf, Mexico, Florida
The long-standing promise of a ban on menthol cigarettes, which has been years in the making, is unlikely to move forward before President-elect Donald Trump takes office in January. The FDA announced it would begin the process of banning menthol tobacco cigarettes in 2021. Since then, it has done all it is legally authorized to do to put the finalized rule to ban menthol in motion. But it’s politics, not public health, that is likely to keep menthol cigarettes on the market as Biden’s term ends. Murthy deferred questions about whether the Biden administration would push the ban through as one of its final acts.
Persons: Biden, Donald Trump, , , Avenel Joseph, Robert Wood Johnson, Trump, Vivek Murthy, ” Murthy, Avenel joseph, robert, johnson, ” Joseph, Murthy Organizations: and Drug Administration, Robert Wood Johnson Foundation, FDA, Public, Biden OKs, Disease Control, White Locations: U.S, United States
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