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Yet crypto's Fairshake PAC also got into the race and spent $2 million to air an ad critical of Bowman. But it's not just money that the crypto industry plans to deploy this fall. Jordan Vonderhaar | Bloomberg | Getty ImagesThe effort is also meant to showcase a matured crypto industry. Meanwhile, Democratic incumbent Sen. Jon Tester told "Meet the Press" in 2022 that crypto did not "pass the smell test." Tester told reporters that he is keeping an open mind about several crypto bills before the Senate.
Persons: Jakub Porzycki, Jamaal Bowman, George Latimer, Israel, crypto's, Bowman, Fairshake, glided, John Curtis, Jamal Bowman, Evelyn Hockstein, Andreesen Horowitz, Coinbase, it's, Crypto, Brad Garlinghouse, Garlinghouse, Jordan Vonderhaar, Sam Bankman, Faryar Shirzad, Goldman Sachs, Sherrod Brown, Republican Bernie Moreno, Tim Sheehy, Sen, Jon Tester, Tester, Brett Kavanaugh, Kavanaugh, Mike Segar Organizations: Nurphoto, Getty Images WASHINGTON, Fairshake PAC, Westchester, Republicans, Democrats, Republican, United States Capitol, Reuters, CNBC, Bloomberg, Getty, White, Senate, Democratic, SEC, U.S Locations: Westchester County, Bowman's, Washington, Fairshake, Austin , Texas, Ohio, Montana
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
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
There may not be much upside left this year in the S & P 500, at least according to the paid seers on Wall Street. The S & P 500 is up 15% so far in 2024, while the Nasdaq has added 18%. .SPX YTD mountain S & P 500 In fact, the S & P 500 is anticipated to stall even with a flurry of strategists recently upping their targets. Similarly, Evercore ISI's Julian Emanuel anticipates the S & P 500 could end the year at 6,000 , the highest forecast in CNBC's survey. By year end, Lakos-Bujas anticipates the S & P 500 will fall to 4,200, or a more than 20% plunge.
Persons: Goldman Sachs, David J, Kostin, Evercore ISI's Julian Emanuel, buybacks, Russell, Piper Sandler, Dubravko Lakos, Bujas Organizations: Nasdaq, CNBC PRO, Deutsche Bank, Tech, Microsoft, Dow Jones, Nvidia
Even though the S&P 500 has risen under Trump and Biden, the candidates' policy differences will likely have a significant impact on which stocks outperform, according to Goldman Sachs. 34 US-focused stocks to ownTrump's so-called "America First" agenda appears to be a tailwind for companies that generate most or all of their sales in the US, according to Goldman Sachs. Kostin and his colleagues recently highlighted their domestic sales basket, which comprises 50 stocks in the S&P 500 with that description. Within that group, there are 34 companies that Goldman Sachs said generated 0% of their revenue from outside the US in the last year. Below are 34 stocks that are set to outperform if Trump wins and implements tariffs, along with each stock's ticker, market capitalization, sector, and revenue from the previous 12 months.
Persons: , Joe Biden, Donald Trump, Goldman Sachs, David Kostin, Trump, Kostin, it's Organizations: Service, Republicans, Democratic, Business, White, Biden, Trump, Goldman Locations: China
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Dow up, Nvidia sinksThe Dow Jones Industrial Average rose 260 points as investors rotated out of technology and into banking and energy stocks, such as Goldman Sachs and Chevron. He expressed concerns about potential criticism from former President Donald Trump if rate cuts occur before the election. "I suspect the market is probably more right than wrong when it says the rate cuts are likely to come after the election," he said. James Butterfill, head of research at CoinShares, attributes the sell-off to concerns over the number of rate cuts.
Persons: Dow, Goldman Sachs, David Rubenstein, Rubenstein, CNBC's Andrew Ross Sorkin, Donald Trump, Bitcoin, James Butterfill, Shein Organizations: CNBC, Nvidia, Dow Jones, Chevron, Nasdaq, Treasury, The Carlyle, Federal Reserve, Novo Nordisk Locations: Israel, Lebanon, Novo, North Carolina, Danish, London, U.S, Beijing, Singapore, China
Hedge funds are rotating out of tech stocks, especially winning chipmakers, after strong gains in the first half, according to data from Goldman Sachs' prime brokerage . The Wall Street investment bank said chip stocks now make up 4.3% of overall net exposure on its prime book, down from a five-year high of 5.8% at the start of June. The sale of tech stocks by hedge funds coincided with a retreat in the sector, led by Nvidia , the biggest beneficiary from the artificial intelligence boom so far. The stock fell about 6.7% Monday, adding to its 4% decline last week that snapped an eight-week winning streak. While hedge funds dumped tech names, they were rotating into financial stocks for a second straight week and at the fastest pace since December, Goldman said.
Persons: Goldman Sachs, Goldman, Jensen Huang Organizations: Technology, Goldman . Semiconductor, Nvidia, Microsoft Locations: U.S
Disney picked up an endorsement from a top Wall Street firm — but Jim Cramer said the analysts' reasons to buy are not enough to drive the stock higher. Goldman Sachs initiated coverage of Disney with a buy rating and $125-per-share price target, implying more than 22% upside from where the stock closed Monday. In addition to recommending Disney, analysts started coverage of Fox and Comcast , the parent company of CNBC, with buy ratings. The firm sees Disney as the best-positioned rival to streaming leader Netflix and predicted steady progress on profitability ahead. A sign welcomes visitors near an entrance to Walt Disney World on February 01, 2024, in Orlando, Florida.
Persons: Jim Cramer, Goldman Sachs, Jim, Goldman, Nelson Peltz's, we're, Bob Iger's, We're, hasn't, Jim Cramer's, Joe Raedle Organizations: Disney, ESPN, , Fox, Comcast, CNBC, Hulu, Sports, Entertainment, Netflix, Walt Disney World, Getty Locations: Orlando , Florida
AdvertisementThe best days and weeks of the year for the stock market are around the corner. If history is a guide, that suggests the S&P 500 could surge 4% next month to record highs, according to Goldman Sachs. Goldman SachsWhat's more, recent market trends show that July as a whole has been incredibly bullish for the stock market. If similar seasonal trends play out this year, a near-4% gain would catapult the S&P 500 to a new record at 5,665 based on current levels. As to what could drive more bullish returns over the coming weeks, Rubner highlighted that a record cash pile of more than $7 trillion sitting in money market funds could soon flood the market.
Persons: Goldman Sachs, , Scott Rubner, Rubner, NDX Organizations: Nasdaq, Service
Goldman Sachs initiated coverage of Disney with a buy rating and a price target that implies more than 20% upside. Elsewhere, Piper Sandler raised its price target on Uber, calling for nearly 25% upside. Analyst Jonna Kim simultaneously raised her price target to $30 from $28, citing a likelihood in earnings upside. As a catalyst, Kim cited "potential upside to FY24 Street estimates given solid topline momentum combined with margin expansion on continued inventory & expense management." — Lisa Kailai Han 5:41 a.m.: Goldman Sachs initiates Disney with a buy rating Disney has room for upside growth ahead, according to Goldman Sachs.
Persons: Goldman Sachs, Raymond James, Piper Sandler, TD Cowen, Jonna Kim, Kim, Lisa Kailai Han, Jeff Chung, Chung, — Lisa Kailai Han, Ranjan Sharma, Sharma, Uber, Thomas Champion's, AMZN, Michael Ng, Ng, Raymond James downgrades, RJ Milligan, Milligan, PENN, Fred Imbert Organizations: CNBC, Disney, Penn Entertainment, Navy, Citi, IHS, Volkswagen, JPMorgan, Google, Yahoo, Uber, ESPN, Netflix, Disneyland, Raymond James downgrades Penn Entertainment, NFL, Penn Locations: 2024E, 2025E, Singapore, TikTok, Indonesia, Philippines, Malaysia, Monday's
Here are Oppenheimer's top stock picks heading into July
  + stars: | 2024-06-25 | by ( Sean Conlon | ) www.cnbc.com   time to read: +3 min
Oppenheimer unveiled its top stock ideas heading into a new trading month, all of which are seen outperforming over the next 12 months in the market's current conditions. While Oppenheimer has a price target at $75 for the stock, implying about 8.9% upside from Monday's close, JPMorgan is even more bullish. With a $116 price target, Oppenheimer sees similar gains still ahead. Oppenheimer has its price target set at $2,000, which implies a 25.6% increase from Monday's close. On Monday, it hiked Broadcom's price target to $2,150 and said the buy-rated stock is a top pick.
Persons: Oppenheimer, Jefferies, Rick Schafer, Goldman Sachs Organizations: United Therapeutics, Walmart, JPMorgan, Broadcom, Bank of America, Dick's Sporting Goods Locations: Centene, United
Six exchange-traded funds have outperformed the S & P 500 index every year for the past five years, according to analysis by CNBC Pro. In 2022, when the S & P 500 fell by nearly 20%, the six ETFs each had a smaller loss. The Taiwanese dollar-denominated Sinopac TAIEX ETF also outperformed the S & P 500 over the same period in local currency terms. First Trust RBA American Industrial Renaissance Of the six ETFs, the First Trust RBA American Industrial Renaissance ETF (ticker: AIRR) has performed best over the period. It logged a cumulative total return of 178% over the past five years, compared to the S & P 500's 112%.
Persons: Goldman Sachs Organizations: CNBC Pro, Four, JPMorgan, Goldman Sachs ActiveBeta, Equity, Trust, Industrial Renaissance, JPMorgan U.S, Research Locations: Four U.S, Taiwan, U.S, United States, United Kingdom, Italy, Germany, Switzerland
A cohort known as the "dogs" of the Dow Jones Industrial Average is a changing list of stocks with the highest dividend yield at the end of each year. For those who subscribed to the dogs theory, there's largely been upside — with 7 of the 9 stocks beating the Dow. These stats are current as of Monday afternoon: Verizon runs the dog house with the highest current dividend yield at 6.6%. The stock also has a current dividend yield of 3.4%. While Goldman Sachs has seen the best year-to-date performance, the bank has the lowest current dividend yield on the list at just 2.4%.
Persons: It's, Michael O'Higgins, Dow, — Goldman Sachs —, FactSet, Bank of America's Tal Liani, Goldman Sachs Organizations: Dow Jones, Nvidia, Dow, CNBC Pro, Verizon, Cisco, Bank of America's, Walgreens Locations: FactSet
Here are Tuesday's biggest calls on Wall Street: Bank of America reiterates Nvidia as buy The firm named Nvidia to its best-of-breed list. Goldman Sachs reiterates Microsoft as buy Goldman said it's sticking with its buy rating on the stock. "We reiterate our Buy rating ($515 Price Target) on Microsoft as we see the company yielding strong returns on its Gen-AI investments." "We are initiating on Carpenter Technology (CRS) with a Buy rating and $144 target price (47% upside potential)." "We are initiating coverage on Rivian Automotive, Inc. (RIVN) with a BUY rating and $18 PT."
Persons: BoB, Goldman Sachs, Goldman, it's, TD Cowen, Zeta, Raymond James downgrades Penn, Raymond James, Wells, Tapestry's, Tesla, Piper Sandler, Uber, Piper, AMZN, Morgan Stanley, Ford, Evercore, Truist, Guggenheim, Rivian, Robinson, CHRW, Maxim, MicroStrategy Organizations: Bank of America, Nvidia, Disney, Microsoft, Technology, RBC, Zeta Global, PENN, UBS, Exxon, Deutsche Bank, Carpenter Technology, Tesla, Ford, TAP, Ball Corp, Rivian Automotive, Inc, Apple Locations: Capri, HNST
Here are the stocks making headlines before Wall Street's opening bell on Tuesday. SolarEdge Technologies — The green energy stock fell more than 17% after announcing a new debt offering. SolarEdge said it will offer $300 million worth of convertible notes, due 2029. Pool Corp — Shares sank 12.4% after the wholesale pool supplies distributor revised full-year earnings guidance postmarket Monday. Enerpac Tool Group — The industrial supplies stock fell more than 9% after reporting sales declined year over year in the fiscal third quarter.
Persons: Wall, SolarEdge, Raymond James, Walt Disney — Goldman Sachs, , Alex Harring, Michelle Fox Theobald, Sarah Min Organizations: SolarEdge Technologies, Leslie's Inc, JPMorgan, Penn Entertainment, Disney, Microsoft, Xbox, Airbus — Locations: Singapore, France
In the 1960s, there were six people of working age for every retired person, according to the World Economic Forum. “What you’re seeing is increased spending on programs like Medicare and Social Security as the baby boomers are aging into those programs. And then of course, fewer workers relative to the number of people who are receiving Social Security and Medicare benefits,” said Dahl. Social Security payments still provide about 90% of income for more than a quarter of older adults in the United States, according to Social Security Agency surveys. But without intervention, the Social Security trust fund will be depleted by the mid-2030s, meaning that only a portion of retirees’ expected benefits will be paid out.
Persons: it’s, Louis, Simona Paravani, , Elon Musk, Kimberly, Clark, Mark Schneider, he’s, Emmanuel Macron, Donald Trump, Molly Dahl, Dahl, Eric Schmidt, ” Schmidt, Goldman Sachs, Stefano Scarpetta, Li Qiang, Juliana Liu, Joyce Jiang, Li, China’s, Xi Jinping, Biden, Max Prosecutors, haven’t, Max, Read Organizations: London CNN, Organisation for Economic Co, Development, Economic, Federal Reserve Bank of St, BlackRock, Disease Control, Congressional Budget Office, CBO, Social Security, Social, Social Security Agency, Google, Summit, Federal Reserve Bank of Richmond, OECD, ” Companies, West Chinese, CNN, EV, Prosecutors, Boeing, Max, US Justice Department, Alaska Air, Justice Department, Federal Aviation Administration Locations: Chad, Niger, Somalia, Samoa, Tonga, Tajikistan, United States, London, China, Beijing, Dalian, Canada, Beijing’s “
Fundstrat's Tom Lee, who's been correctly nailing the stock market for the past few years, hinted that he was about to hike his year-end S & P 500 target even with the benchmark at record highs. Lee's 5,800 call would represent another 6% gain for the S & P 500 from current levels. Lee believes a strong force that could help lift the market is the $6 trillion in cash that's in money market funds. Lee would join a host of others on Wall Street who have recently raised their S & P 500 targets. On June 14, Goldman Sachs increased its price target on the S & P to 5,600.
Persons: Fundstrat's Tom Lee, who's, Fundstrat, Lee, Goldman Sachs, Bloomberg Organizations: Bloomberg, Wall, ISI, CNBC Market, Citigroup
Affirm 's best-in-class fundamentals give it a leg up above competitors, according to Goldman Sachs. Analyst Will Nance assumed coverage of the buy now, pay later company with a buy rating. However, Nance expects "strong growth rates to support the company's premium valuation in the intermediate term." These platforms continue to take a significant share of retail spending, which could further boost Affirm's share gains, Nance wrote. Such opportunities include is its new Debit+ card, recently announced partnership with Apple Pay and platform partnerships with Shopify and Amazon.
Persons: Goldman Sachs, Will Nance, Nance Organizations: Apple Locations: Friday's, U.S
Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. It’s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic. Late last year, an affiliate of Deutsche Bank and another German lender sold the delinquent mortgage on the Argonaut, a 115-year-old office complex in midtown Manhattan, to the family office of the billionaire investor George Soros, according to court filings. Around the same time, Goldman Sachs sold loans it held on a portfolio of troubled office buildings in New York, San Francisco and Boston. And in May, the Canadian lender CIBC completed a sale of $300 million of mortgages on a collection of office buildings around the country.
Persons: It’s, George Soros, Goldman Sachs Organizations: Deutsche Bank, Argonaut, CIBC Locations: Manhattan, New York, San Francisco, Boston
The S&P 500 alone has generated an average return of 7% during presidential election years since 1952, according to LPL Financial. If you limit that to election years in which the incumbent president is running for reelection, the average jumps to 12.2%. Yes, but: Market volatility in an election year tends to pick up in October and there are many months left in this cycle with potential surprises to come. “An autumn pullback fits well time wise with potential downside earnings revisions, make-or-break decision time for the Fed, and election uncertainty. The first round of the French election will be held on June 30, with a second round on July 7.
Persons: Goldman Sachs —, Ed Clissold, Ned Davis, they’re, It’s, Goldman Sachs ’ Scott Rubner, , , Mark Hackett, Scott Chronert, Goldman Sachs, Joe Biden, Donald Trump, Jim Reid, There’s, Emmanuel Macron, Katie Nixon, Chris Isidore ., they’ve, Samantha Murphy Kelly, ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, Organizations: London CNN — Traders, Investors, White, Ned, Ned Davis Research, Nasdaq, Citigroup, Goldman, Barclays, Deutsche Bank, UBS, Deutsche, Fed, United, Labour Party, Renaissance, Northern Trust Wealth Management, Alaska Airlines, Alaska —, Southwest —, Southwest, Railway Labor, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC Locations: United States, France, , Alaska, China
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. The tech-centric Nasdaq Composite remained flat, while the Dow Jones Industrial Average had its best week since May, rising 1.45%. The yield on the 10-year Treasury ticked higher and U.S. oil prices rose 2.9% for the week. [PRO] Comeback stocksThe S&P 500 has soared to record levels, fueled by the AI boom, but not all stocks are riding the wave.
Persons: JPMorgan Chase, Goldman Sachs, Tesla, Elon Musk, Musk, Tim Lugo, William Blair's Organizations: CNBC, Nvidia, Microsoft, Apple, Nasdaq, Dow Jones, Citigroup, JPMorgan, Bank of America, Apple Intelligence, Union, Therapeutics, FDA, Organization for Rare Disorders, Nike, Starbucks Locations: U.S
Oil demand will rise for another 10 years, though producers are pulling back on new investment. The bank estimated oil demand would peak around 110 million barrels a day in 2034. AdvertisementThe global oil market could run into a supply shortage as peak demand is still a decade away, according to Goldman Sachs analysts. That's due to rising oil demand in Asia and increasing demand for petroleum products, the analysts said. "While peak oil demand is still a decade away, capital is slowing for the production of crude oil and oil products, contributing to constrained supply in the medium term," they later added.
Persons: Goldman Sachs, , Nikhil Bhandari, Amber Cai, Brent Organizations: Service, ExxonMobil, Chevron, Oil & Gas Journal, Goldman, US Energy Information Agency Locations: Asia, OPEC, Saudi Arabia
Traders work on the floor during morning trading at the New York Stock Exchange (NYSE) on March 6, 2024 in New York City. 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. The tech-centric Nasdaq Composite remained flat, while the Dow Jones Industrial Average had its best week since May, rising 1.45%. Most Asia markets fallMost Asia-Pacific markets were trading lower as investors awaited inflation data from Australia and Japan later this week.
Persons: JPMorgan Chase, Goldman Sachs, Tesla, Elon Musk, Musk, Australia's, Kospi, Seng, Morgan Stanley's Andrew Slimmon Organizations: New York Stock Exchange, CNBC, Nvidia, Microsoft, Apple, Nasdaq, Dow Jones, Citigroup, JPMorgan, Bank of America, Apple Intelligence, Union, Nikkei, Bank of, CSI Locations: New York City, Asia, Pacific, Australia, Japan, Bank of Japan
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. IBM : Shares rose 3% after Goldman Sachs initiated coverage of the stock with a buy rating. "We were surprised last quarter ... how much they're helping companies adjust to the new world" around artificial intelligence, Jim Cramer said. Target : Shares rose 2.5% after the retailer said companies that use Shopify's commerce platform can apply to join its third-party marketplace known as Target Plus. Affirm Holdings : Goldman Sachs assumed coverage of the buy now, pay later company with a buy rating.
Persons: Jim Cramer's, Goldman Sachs, Jim Cramer, Cramer, chipmaker Organizations: CNBC, Club, IBM, Carrier Global, Citigroup, Target, Costco, TJX Companies, Micron, Baird, Nvidia, Apple
Citi analyst Andrew Kaplowitz upgraded his rating for the heating and ventilation company to buy from neutral. The analyst accompanied the move by upping his price target to $74 from $65, implying that shares of Carrier Global could rally 17% going forward. The financial institution raised its price target for Nvidia to $150 from $135. Analyst Erin Wright stood by her overweight rating on the health insurance stock, reiterating her $595 price target. Wright set a price target of $374, which is 23% higher than the insurance company's Friday closing price of $355.48.
Persons: Goldman Sachs, Andrew Kaplowitz, CARR, Kaplowitz, — Lisa Kailai Han, Jefferies, Blayne Curtis, kingmaker, Curtis, Lisa Kailai Han, Morgan Stanley, UnitedHealth, Morgan Stanley's, Erin Wright, Wright, Bernstein, Stephen Reitman, Ferrari, Reitman, Ferrari's, Sanjeet Aujla, Aujla, BUD, Christopher Danely, Danely, James Schneider, Schneider, Fred Imbert Organizations: CNBC, Monday, Citi, Micron Technology, IBM, Carrier Global, Carrier, Nvidia, Humana, Ferrari, UBS, Anheuser, Busch InBev It's, Busch InBev, Micron, Citi Citi, Dow Jones Industrial, Dow Locations: China, UnitedHealth, U.S, Friday's
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