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CNN —The deep landslides beneath the multimillion-dollar homes in Rancho Palos Verdes moved at an almost glacial pace, until they didn’t. This affluent coastal city in Southern California, around 30 miles south of Los Angeles, has long enticed people with its Pacific Ocean views and lush greenery. This February, an atmospheric river dumped record amounts of rain across southern California, triggering hundreds of mudslides and leaving at least nine people dead. In July, a landslide triggered by heavy monsoon rains in India’s southern state of Kerala killed at least 150 people. In Southern California, “people wanted to pretend they lived in the tropics,” he said, “and planted a lot of landscaping that required lots of watering.”Deforestation is another factor.
Persons: Gavin Newsom, Jason Armond, Alexander Handwerger, , Gary Griggs, Dave Petley, Dana Point perilously, Ted Soqui, Handwerger, “ We’ve, Griggs, Thomas, Marcio Jose Sanchez, Cyclone Gabriel, Ugur Öztürk, University of Hull’s Petley Organizations: CNN, Rancho Palos Verdes, Bend Community, Rancho Palos, Los Angeles Times, Jet Propulsion Laboratory, Palos, University of California, University of Hull, AP, Cyclone, University of Potsdam, German Research Centre, Geosciences, University of Hull’s Locations: Rancho, Southern California, Los Angeles, Rancho Palos Verdes, Palos Verdes, University of California Santa Cruz, England, California, Dana Point, Dana Point , California, Montecito, Montecito , California, New Zealand, Kerala
GM declined to discuss details of the spending, including how much of that amount is specifically tied to NFL advertising, but reiterated it remains significantly lower than historic levels. Last NFL season, automakers were the most-seen brand industry, with more than 10% of TV ad impressions, according to ad data company iSpot. Guideline reports viewership of NFL broadcasts grew about 7% over the past season, whereas ad spend in NFL programming doubled that pace at 14%. Automotive ad spend increased 17% over the past two seasons and is expected to increase again this year, according to Leyes. New ad campaignsToyota, as the "Official Automotive Partner of the NFL," launched a new ad campaign for the NFL season this week called "Roll Deep."
Persons: Ryan Briganti, Alberto Leyes, we've, Leyes, Andrew Messina, Messina, Mark Marshall, Jenny Wall Organizations: NFL, National Football League, Toyota Motor Corporation, Hyundai Motor Company, Detroit, Toyota, CBS Sports, CBS, Paramount, General Motors, GM, Nielsen, Disney, ESPN, Disney Advertising, Hyundai, Mercedes, Benz, Nissan Motor, Chrysler, Brands, NBC, Automotive, Baltimore Ravens, Kansas City Chiefs Locations: Messina, U.S
Charles Coristine used to revel in working at Morgan Stanley. At a barbeque, Coristine met an owner of snack company LesserEvil, who talked about wanting to sell his "flatlining" business. A 'scrappy' reinventionWhen he bought LesserEvil, Coristine was working at TD Bank and pursuing an MBA at Cornell University Graduate School. It brought in roughly $2 million that year, accounting for a third of LesserEvil's annual revenue, the company says. A year later, the company got its first outside funding — about $3 million, the company says — from sustainable food and agriculture investment firm InvestEco.
Persons: Charles Coristine, revel, Morgan Stanley, Coristine, that's, Andrew Strife, welders, LesserEvil, Homer, Henry David Thoreau, Organizations: CNBC, U.S, TD Bank, Cornell University Graduate School, packers, Kroger, LesserEvil, Growth Locations: Tokyo, London, Danbury , Connecticut, Wilton , Connecticut, Danbury, New Milford
Exchange-traded fund inflows have already topped monthly records in 2024, and managers think inflows could see an impact from the money market fund boom before year-end. "Whether it be flows into REIT ETFs or just the broader ETF market, that's going to be a real potential catalyst here to watch." Total assets in money market funds set a new high of $6.24 trillion this past week, according to the Investment Company Institute. "If that yield comes down, the return on money market funds should come down as well," said State Street Global Advisors' Matt Bartolini in the same interview. "Assuming stocks don't experience a massive pullback, I think investors will continue to allocate here, and ETF inflows can break that record," he said.
Persons: Nate Geraci, CNBC's, Matt Bartolini, Bartolini, They've, Geraci Organizations: Investment Company Institute, Assets, Federal, Global Advisors, SPDR, SPDR Americas Research Locations: SPDR Americas
That figure is more than the amount of territory Russia has seized in Ukraine so far this year. AdvertisementThat's a rate of more than 1,100 casualties a day, and there are indications Russian forces are continuing to take heavy losses. A pair of Ukrainian soldiers walk in the Ukrainian-controlled city of Sudzha in Russia's Kursk region. But he said there's also a danger that Ukraine's forces could get overextended and "get too widely spaced that the Russians can take advantage of it." Furthermore, this unexpected invasion of Russian territory has allowed Ukraine to regain the initiative after months in a grueling defensive position.
Persons: , Volodymyr Zelenskyy, Fabien Nachi, Matthew Savill, David Cohen, Michael Bohnert, Savill, Ed Ram, Mark Cancian, there's, Cancian, Vladimir Putin Organizations: Service, Business, NBC, Getty, Royal United Services Institute, UK Ministry of Defence, Russia, Ukraine, CIA, RAND Corporation, Washington, Marine, Center for Strategic, International Studies Locations: Russia's Kursk, Russia, Ukraine, Kursk, Sudzha, Ukrainian
Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. The growth in supply is due to the fact that homes are sitting on the market longer. “The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines.”That can be seen in weekly mortgage data. Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast. Part of that is due to the mix of homes on the market, as more smaller homes are being listed.
Persons: , Danielle Hale, , Ralph McLaughlin Organizations: Nationwide, Mortgage, Association, Midwest, Realtor.com Locations: Tampa, San Diego, Miami, Seattle, Denver, West
Federal Reserve Governor Christopher Waller on Friday backed an interest rate cut at the upcoming central bank policy meeting in less than two weeks, and indicated he’d be open to a substantial reduction if necessary. Other policymakers recently have advocated easing policy soon, but this is one of the clearest indications it will happen at the Sept. 17-18 Federal Open Market Committee meeting. “Determining the pace of rate cuts and ultimately the total reduction in the policy rate are decisions that lie in the future,” Waller added. With inflation and employment near our longer-run goals and the labor market moderating, it is likely that a series of reductions will be appropriate,” he said. Futures market pricing following the jobs report tilted toward a greater likelihood of a quarter percentage point rate reduction this month.
Persons: Christopher Waller, ” Waller, Waller, verbiage, Jerome Powell, , nonfarm, Dow Jones, Organizations: Federal, Council, Foreign Relations, Labor Department, Dow Locations: New York
The data is a crucial input as the Fed decides how much to cut interest rates later this month. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUnemployment slid, as expected, to 4.2% in August after a surprise increase to 4.3% in July. The unemployment figure solidifies outlooks for an economic soft landing and is unlikely to derail expectations for a Federal Reserve interest-rate cut later this month.
Persons: , payrolls Organizations: Service, Federal, Investors, Business
Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. "The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines." Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast. More supply and longer selling times are finally translating into lower prices. Part of that is due to the mix of homes on the market, as more smaller homes are being listed.
Persons: Patrick T, Fallon, PATRICK T, FALLON, Danielle Hale, Ralph McLaughlin Organizations: National Association of Realtors, Getty, Nationwide, Mortgage, Association, Midwest Locations: Los Angeles , California, United States, AFP, Tampa, San Diego, Miami, Seattle, Denver, West
Economists were expecting a net gain of 160,000 jobs and for the unemployment rate to fall to 4.2%, according to FactSet consensus estimates. With inflation pretty much tamed and moderating as expected, the Federal Reserve has turned its focus to the labor market (the other part of its dual mandate). Job growth has been slowing, but there were indications that the labor market was weakening under the weight of 23-year-high interest rates. A ‘place of stability’July’s shockingly weak jobs report stoked fears that the jobs market was collapsing, potentially taking the economy into a downturn. And while a rate cut is coming, the jury is still out on the exact size of that move.
Persons: ” Eugenio Alemán, Raymond James, August’s, We’re, Rachel Sederberg, , Becky Frankiewicz, , , Kory Kantenga, , ” Kantenga, Michelle Holder, haven’t Organizations: CNN, Employers, Bureau of Labor Statistics, Federal Reserve, Fed, ManpowerGroup, Retail, Americas, LinkedIn, John Jay College, City University of New Locations: ManpowerGroup North America, Michigan, City University of New York
We are buying 200 shares of Nextracker at roughly $34.20 Following the trade, Jim Cramer's Charitable Trust will own 1,150 shares of NXT, increasing its weighting to 1.2% from 1%. A stock that has been hit hard lately is Nextracker, the solar tracking solutions provider for large utility-scale projects. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
Persons: Jim Cramer's, oversold, Kamala Harris, Donald Trump, we've, Nextracker, Jim Cramer, Jim Organizations: NXT, Democratic, Republican, Wall Street, Federal Reserve, CNBC Locations: Nextracker
Ahead of the show's premiere, Gold spoke with Business Insider about her passion for Pioneertown and the challenges of owning part of a town. RevitalizationIn a world with a Starbucks on every corner and a strip mall down the street, towns and cities that retain their small-town charm have become increasingly sought after. Gaining trustGold grew up in a small town outside Toronto and moved to California after a successful modeling career that took her to countries like Japan and Paris. MaintenanceManaging the upkeep of a town can be costly and challenging, particularly in a town with older or underdeveloped infrastructure. Editor's note, September 9, 2024: Based on new information, the story has been updated to clarify that Alanna Gold owns part of Pioneertown, not the whole town.
Persons: , Alanna Gold, Joshua, Roy Rogers, Dick Curtis, Xēba, Mary Bonnet, Amanza Smith, Nicole Young, David Corso, Matt, Mike French, Ben Loescher, Jenny, Gold, she's, David McNew, Adam Gold, Pioneertown, We've, Joshua Tree, San Bernardino Sun, Curt Sautter Organizations: Service, Business, Netflix, Los, Oppenheim, Corso Marketing, Times, San, San Bernardino, Sun Locations: Pioneertown, San Bernardino County, Old, Moroccan, Palm Springs, Los Angeles, Toronto, California, Japan, Paris, San
The unemployment rate also fell slightly, to 4.2% from 4.3% in July. For example, average job growth was 116,000 over the past three months; the three-month average was 211,000 a year ago. The unemployment rate has also steadily risen, from 3.4% as recently as April 2023. In other words, many more Americans entered the job market and looked for work; they're counted as unemployed until they find a job. That said, the job hunt has become more challenging for job seekers than in the recent past, according to Bunker.
Persons: Michael M, Ernie Tedeschi, Biden, hasn't, Julia Pollak, Bunker, " Tedeschi, Tedeschi Organizations: FedEx, Broadway, Santiago, Getty, of Labor Statistics, Yale Budget Lab, White House Council, Economic Advisers, Labor Department, ZipRecruiter, Workers, ., Federal Reserve Locations: New York City, U.S
That continues a trend from 2023, when generative AI companies raised $25.9 billion for the full year, up more than 200% from 2022. The average round for AI companies is 140% bigger this year compared with last, the data shows, while for non-AI companies the increase is only 10%. Most venture investors are bullish on the potential for generative AI to eventually create big returns at the application layer. John-David Lovelock, an analyst at Gartner and a 35-year veteran of the IT industry, sees a big opportunity for generative AI in the enterprise. Yet, in 2024, only 1% of the trillion dollars spent on software will be from businesses spending on generative AI products, he said.
Persons: Adam Selipsky, Anthropic, Dario Amodei, Noah Berger, aren't, They're, Melissa Incera, Chip Hazard, PitchBook, that's, Cerebras, hasn't, Jeremiah Owyang, Owyang, That's, , Cohere, Tobias Lutke, Inovia, JPMorgan Chase, Elon Musk's, what's, NASA's, Joe Raedle, Michael Harris, David Lovelock, Lovelock Organizations: Amazon Web, Getty, Microsoft, Nvidia, Tech, P Global Market Intelligence, CNBC, U.S, Forge, Flybridge Capital Partners, Federal Reserve, Meta, Nasdaq, Benchmark, Foundation Capital, SEC, Blitzscaling Ventures, Menlo Ventures, Inovia, Menlo, SPV, AMD, Oracle, Representatives, JPMorgan, Morgan Private Ventures, Elon Musk's SpaceX, SpaceX, Polaris, NASA's Kennedy Space Center, New York Stock Exchange, NYSE, Astera Labs, Tempus, Google, Facebook, Gartner Locations: Vegas, Las Vegas, PitchBook, Anthropic, Montreal, xAI, Cape Canaveral , Florida
Michael Feroli, chief U.S. economist of JPMorgan Securities, listens during a Bloomberg Television interview in New York on March 6, 2018. The Federal Reserve should cut interest rates by 50 basis points at its September meeting, according to JPMorgan's Michael Feroli. "We think there's a good case for hurrying up in their pace of rate cuts." "While inflation is still a little above target, unemployment is probably getting a little above what they think is consistent with full employment. This follows the unemployment rate inching higher to 4.3% in July, triggering a recession indicator known as the Sahm Rule.
Persons: Michael Feroli, JPMorgan's Michael Feroli, CNBC's, you've, Feroli Organizations: JPMorgan Securities, Bloomberg Television, Federal Locations: New York
New York CNN —Wall Street is eyeing what could be the most consequential economic data report in months due out Friday. At the same time, Wall Street is looking for signs that the job market is cooling steadily, rather than plummeting into conditions for a recession. That uncertainty has been palpable in recent days as Wall Street parsed several economic reports before Friday’s main event. Big Tech shares gained Thursday, but suffered steep losses earlier this week. Tesla, the only Magnificent Seven tech stock up for the week, has jumped 7.5%.
Persons: That’s, Jerome Powell, , , Christopher Larkin, Morgan, Stocks, Dow, BeiChen Lin, Tesla Organizations: New, New York CNN, Federal Reserve, Nasdaq, Institute for Supply Management, , Russell Investments, Big Tech, Apple, Meta, Microsoft, Organization of, Petroleum Locations: New York, China
Private sector payrolls grew at the weakest pace in more than 3½ years in August, providing yet another sign of a deteriorating labor market, according to ADP. August was the weakest month for job growth since January 2021, according to data from the payrolls processing firm. Still, the ADP data showed that while hiring has slowed considerably, only a few sectors reported actual job losses. Annual pay increased 4.8% for those who stayed in their jobs, about the same level as July, according to ADP. The ADP count now tees up the more closely watched nonfarm payrolls report, which the Bureau of Labor Statistics will release Friday.
Persons: payrolls, Nela Richardson Organizations: ADP . Companies, Dow, Labor Department, ADP, of Labor Statistics, BLS, Federal
The next campaign finance disclosure deadline for Harris' campaign is Sept. 20. NBC News has asked the Harris campaign for comment. After the convention, Harris campaign officials said they had raised more than $540 million since Harris took the reins of the campaign. The whopping fundraising numbers for Harris come just after the Trump campaign reported it and related entities raised $130 million in the month of August, with nearly $300 million cash on hand. Trump's campaign reported that 98% of the month's donations came in at less than $200.
Persons: Kamala Harris, Donald Trump's, Harris, Joe Biden's, Tim Walz, Trump, Trump's, Biden, Brian Hughes Organizations: NBC News, Democratic, Minnesota Locations: Savannah GA, United States, New York, Atlanta, Los Angeles, San Francisco, Chicago, Trump's America
Every jobs number moves markets now In the meantime, every data point on jobs is a potentially market moving event. Nvidia's multiple is falling, not its earnings Meanwhile, there was much gnashing and wailing around Nvidia 's big 9% drop yesterday. Nvidia lost $279 billion in market value Tuesday. The forward multiple for Nvidia's next fiscal year (February 2025-February 2026) is 28.8, well below the 36 multiple in June. While Nvidia is certainly not a value stock, it is much more reasonably priced than it was two months ago.
Persons: Goldman Sachs, you've, they've, Tom Lee, Fundstrat, Joe Zicherman, Big, CNBC's Robert Hum Organizations: Citigroup, Bulls, CNBC, Nvidia, Meta Locations: China
Business travel management programs, like IHG's Business Edge, make booking travel easier and more efficient. According to the US Travel Association, total business travel spending is expected to reach $280.8 billion by 2026. Projected US business travel spending by yearYear Projected US Business Travel Spending 2023 $247.8 2024 $265.5 2025 $276.3 2026 $280.8 2027 $282.7Below are a few ways a travel management program like IHG Business Edge can help small- and medium-sized businesses manage employee travel more effectively — no matter where they're going. Small business travelers front and centerIHG Business Edge has worked hard to understand the needs of small businesses. Travel for work — and funIn addition to business travel, employees can use their IHG Business Edge membership for personal vacation.
Persons: they're, that's Organizations: Business, US Travel Association, Resorts, Travelers, IHG, Dell Technologies, Getty Images, Edge, Best, Insider Studios Locations: , IHG.com
In 2021, the National Football League signed an 11-year, $111 billion media rights deal. In July, the National Basketball Association signed an 11-year, $77 billion deal of its own. Welcome to the sports media rights doldrums. It will also be a significant driver of future NFL team valuations. The average NFL team is now worth $6.49 billion, according to CNBC's Official 2024 NFL Team Valuations.
Persons: What's, Daniel Cohen Organizations: ESPN, Jacksonville Jaguars, Cincinnati Bengals, EverBank, National Football League, National Basketball Association, U.S, NFL, Octagon, Sunday, Fox, Paramount, CBS, Apple, YouTube Locations: Jacksonville, Fl
Atlanta Federal Reserve President Raphael Bostic signaled Wednesday that he is ready to start lowering interest rates even though inflation is still running above the central bank's target. The Fed's preferred measure showed inflation running at a 2.5% rate in July, and just a slightly higher 2.6% core rate when excluding food and energy. His comments also come two days before what is expected to be a pivotal nonfarm payrolls report as most economists see the labor market losing momentum. However, the data and our grassroots feedback describe an economy and labor market losing momentum," he said. Indeed, he cited multiple factors indicating that inflation is progressing convincingly back to the Fed's target as the labor market moderates.
Persons: Raphael Bostic, Bostic Organizations: Atlanta Federal Reserve, Atlanta Fed's Locations: Atlanta
ETFs on pace for record inflows
  + stars: | 2024-08-30 | 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 EmailETFs on pace for record inflowsTodd Sohn, technical strategist at Strategas Securities, joins CNBC's Bob Pisani on the 'Halftime Report' to discuss how ETF investors are setting up for 2025 and the inflows into megacap and small-cap stocks.
Persons: Todd Sohn, Bob Pisani Organizations: Strategas Securities Locations: megacap
An Ulta Beauty store in New York, US, on Monday, Aug. 19, 2024. Ulta Beauty shares sank 7% in extended trading Thursday as the company fell short of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period. The company now forecasts full-year same-store sales in a range of flat to 2% down, compared with prior guidance of 2% to 3% growth. Earlier this month, Warren Buffet's Berkshire Hathaway disclosed a $266 million stake in the beauty retailer, sending Ulta shares surging. Clarification: This story has been updated to clarify that Ulta Beauty forecast full-year earnings per share of $22.60 to $23.50, down from a previous forecast of $25.20 to $26.
Persons: Dave Kimbell, Kimbell, Paula Oyibo, Ulta, Warren Buffet's Berkshire Hathaway Organizations: LSEG Locations: New York
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