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The stock market's leaders are overvalued and could suffer a big correction, RBA's Richard Bernstein said. The RBA chief investment officer pointed to a discrepancy between the debt and equity markets, which could hint at a soon-to-come market correction. But, only a narrow group of stocks are dominating the equity market, which implies profits aren't expanding for most companies. While large-cap stocks tanked during the lost decade of the 2000s, small-cap, energy, and emerging market stocks did exceedingly well. In a previous note, he said the stock market's shifting leadership from the most-hyped names to underloved equities presents once-in-a-generation opportunity for investors.
Persons: RBA's Richard Bernstein, , Richard Bernstein, Bernstein, Goldman Sachs, Goldman Sachs Research Bernstein, Russell Organizations: Service, Wall Street, Apollo, Bloomberg, Goldman Sachs Research, Nasdaq
An offshore oil platform is seen at sunset on February 9, 2024 near Huntington Beach, California. Oil prices rose on Tuesday, extending the previous day's rally on hopes of higher seasonal fuel demand and potential U.S. crude purchases for its petroleum reserve, though gains were capped by a firmer dollar. Brent crude futures climbed 28 cents, or 0.3%, to $81.91 per barrel by 0038 GMT and U.S. West Texas Intermediate crude futures rose 31 cents, or 0.4%, to $78.05. "Since WTI is near its 200-day average, we expect oil prices to remain close to current levels for a while," he said. U.S. crude oil stockpiles were expected to have fallen while product inventories likely rose last week, a preliminary Reuters poll showed on Monday.
Persons: WTI, Hiroyuki Kikukawa, Jennifer Granholm, Goldman Sachs, Brent Organizations: Brent, . West Texas, . Federal Reserve, NS, Nissan Securities, Strategic Petroleum Reserve, Energy, Reuters, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, U.S . Energy Information Administration, International Energy Agency Locations: Huntington Beach , California, U.S, .
Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."
Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. election 'almost certainly will' be a big market event, says Goldman Sachs' Jonny FineJonny Fine, Goldman Sachs global head of investment grade debt, joins 'Squawk on the Street' to discuss the concern around rising yields in Europe, if the economic policy could change in Europe, and if the U.S. election will be a market mover.
Persons: Goldman Sachs, Jonny Fine Jonny Fine Locations: Europe, U.S
Wall Street was definitely impressed by Apple's WWDC event on Monday. Analysts predict AI features will drive significant upgrade cycles for the iPhone 16 and iPhone 17. Here's what Wall Street is saying about Apple's WWDC event. Citi: 'Best WWDC ever'"We believe Apple's WWDC was the best WWDC conference in a long time as it introduced 'AI for the rest of the people," analysts at Citi said. Chatterjee echoed Citi's thoughts that the AI features should drive a massive upgrade cycle for the iPhone over the next two years.
Persons: Apple's, Siri, , Goldman Sachs, We're, Michael Ng, WWDC, Atif Malik, Samik Chatterjee, Chatterjee, Dan Ives, Ives Organizations: Service, Apple, Citi, Goldman, JPMorgan, Apple Intelligence, Cook
CNBC Daily Open: Musk threatens Apple ban
  + stars: | 2024-06-11 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Technology stocks Nvidia, Meta and Microsoft boosted the indexes. Apple ban threatElon Musk threatened to ban Apple devices from his companies after Apple announced a partnership with OpenAI. Ailman suggested Musk should focus on one of his ventures and let professional managers handle Tesla's daily operations. The Taiwan Weighted index hit a record high, before paring back gains, as technology and utility stocks rose.
Persons: Elon Musk, Tesla, Goldman Sachs, Musk, Elon Musk's, Chris Ailman, CNBC's, Ailman, CalSTRS, Elliott, paring, Seng, Kospi, Morgan Stanley Organizations: New York Times DealBook, CNBC, Nasdaq, Technology, Nvidia, Meta, Microsoft, Dow Jones, Apple, OpenAI, California State Teachers, Elliott, Southwest, Elliott Management, Southwest Airlines, Boeing, CSI, Nikkei Locations: New York City, U.S, Asia, Taiwan, Pacific
Apple stock soared 7% to a record high as investors cheered developments unveiled at its WWDC event. Apple gained as much as $198 billion in market value on Tuesday. The iPhone maker is now just $29 billion in market value away from eclipsing Microsoft as the world's largest company. The stock initially sold off, with Apple shares falling 2% on Monday following the WWDC event. Tuesday's gain for Apple has re-cemented the iPhone maker as the second largest company in the world, reclaiming the spot from Nvidia.
Persons: , Goldman Sachs, Siri, We're Organizations: Apple, Microsoft, Service, Wall, Citi, JPMorgan, Nvidia
Platform Eureka, an offshore oil and gas platform operated by Beta Operating Company LLC, off the coast of Long Beach, California, US, on Thursday, Nov. 2, 2023. Crude oil futures rose slightly on Monday as analysts see summer fuel demand pushing the market into a supply deficit in the coming weeks. Goldman Sachs analysts said Brent should rise to $86 in the third quarter as summer transportation and cooling demand pushes the market into a "sizeable" deficit of 1.3 million barrels per day. Here are today's energy prices:Oil prices posted a loss last week after OPEC+ agreed to increase production starting in October through September 2025. OPEC+ can delay, pause or reverse its decision to raise production if needed to stabilize the oil market, Goldman analyst Daan Struyven told clients in a Sunday note.
Persons: Goldman Sachs, Brent, Daan Struyven Organizations: Beta Operating, Goldman Locations: Eureka, Long Beach , California, OPEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' Luke Barrs on Nvidia: In the short term, we remain very optimisticLuke Barrs, Goldman Sachs global head of client portfolio management, joins 'Money Movers' to discuss how other central banks will influence the Federal Reserve, whether the commentary from the week's Federal Reserve meeting will be important, and how Barrs advises clients.
Persons: Goldman Sachs, Luke Barrs, Barrs Organizations: Nvidia, Federal Reserve, Reserve
For investors hoping Nvidia 's stock split could translate into a sustainable rally, Goldman Sachs cautioned that the benefits from such an event are usually minimal. Last month, Nvidia announced a 10-for-1 forward stock split in its fiscal first-quarter earnings report. A stock split doesn't change a company's underlying fundamentals or the intrinsic value of its shares. Goldman said companies saw only a 0.2 percentage point increase in retail share of trading activity following stock splits on average. Notably, Nvidia's 2021 stock split led to a 7 percentage point increase in the average share of retail trading.
Persons: Goldman Sachs, Goldman, David Kostin Organizations: Nvidia, Russell, Amazon
In a report last week about China's consumer market potential, Bank of America Securities analysts chose hotel operator H World as one of its top picks. "We believe H World is best positioned to capture long-term growth in the China hotel industry given best-in-class execution," the analysts said. BofA rates H World a buy, and expects its U.S.-listed shares can reach $47. That's 30% above where H World shares closed Thursday. In China, H World also owns master franchisee rights for Mercure, Ibis and Ibis Styles, and co-development rights for Grand Mercure and Novotel.
Persons: Wang Xing, Meituan, Styles, Grand, Goldman Sachs, Morgan Stanley, Wang, Neil Shen, Shen, BTG's, BTG, Trip.com, — CNBC's Michael Bloom Organizations: HSBC, Hong, Bank of America Securities, Mercure, Grand Mercure, Novotel, Travelers, BTG Hotels, Shanghai, Jefferies Locations: Hong Kong, China, U.S, Asia, Macau, Taiwan, , Mainland China
Insider Today: Asia's superpower clash
  + stars: | 2024-06-09 | by ( Matt Turner | ) www.businessinsider.com   time to read: +5 min
The latest to get in on the act: Tesla, which is selling a $450 bottle of mezcal on its website. The election result was a blow to Modi, who has governed India for a decade with an increasingly firm grip. India watchers expect the country's new government to move slower on some issues following the surprise election result. NvidiaGoing up against Nvidia is generally considered a pretty bad idea for startups in Silicon Valley. But Silicon Valley often thrives when true technologists keep hacking away at something they believe in, even if everyone else thinks it's dumb.
Persons: , Narendra Modi, SAJJAD HUSSAIN, Modi, He'll, Jamie Dimon, Dominic Bugatto, Alyssa Powell, hawking, Goldman Sachs, Goldman, HWA CHENG, Chelsea Jia Organizations: Service, Business, Bharatiya Janata Party's, Bharatiya Janata Party, titans, UN Security Council, Southern, Southern District of, Goldman, BI, HWA, Getty Images, Nvidia Locations: India, New Delhi, China, Southern District, Southern District of Texas, Salt Lake City, Nashville, Atlanta, AFP, Silicon Valley
Stocks like Nvidia and Apple have more room to run this summer, according to Wall Street analysts. They include: Broadcom , Uber, Apple, Datadog and Nvidia. Reitzes called Broadcom a "must-own" AI stock even as competition remains fierce from companies like Nvidia. We see Nvidia as one of the most attractive secular growth stories in large-cap semis." ... .Broadcom is one of the must-own AI stocks due to its leadership as a fabless semiconductor provider across many categories.
Persons: Ben Reitzes, Reitzes, Hock Tan, Tan, Koji Ikeda, Datadog, Ikeda, Oppenheimer, Jason Helfstein, Helfstein, Wells Fargo, Goldman Sachs, DDOG, Uber Organizations: Nvidia, Apple, Wall Street, Nasdaq, CNBC, Broadcom, Uber, Broadcom Melius, VMware, Bank of America, Melius Research, Retail Locations: AVGO
Buying stocks with a rising exposure to artificial intelligence could lead to outperformance later this year, according to Morgan Stanley. But for investors who have missed out on the AI trade, Morgan Stanley says it's not too late. In a recent note, a team of eight Morgan Stanley strategists led by Edward Stanley highlighted a group of stocks where artificial intelligence is beginning to play a bigger role in their business, which they called "the enablers." "We believe this strategy of picking stocks where AI materiality is increasing will continue to work for investors for the remainder of 2024," Morgan Stanley wrote. Earlier this week, both Morgan Stanley and Goldman Sachs reiterated buy ratings on First Solar.
Persons: outperformance, Morgan Stanley, Jensen, it's, Edward Stanley, enablers, Morgan, FactSet, Goldman Sachs, Bernstein, Stacy Rasgon, Melius, Raymond James, Josh Beck, Michael Bloom Organizations: Nvidia, Broadcom, Bernstein Research, JPMorgan, Facebook Locations: Thursday's
Waystar shares slid about 3% in their Nasdaq debut on Friday, after the health-care payment software vendor priced its IPO in the middle of the expected range. The stock opened at $21 per share, below the IPO price of $21.50 late Thursday. The IPO market has been largely dormant since late 2021 when the extended bull market turned and investors began to worry about a weakening economy. But the broader venture-backed tech market may be beginning to thaw. Health tech company Tempus AI has also issued a preliminary prospectus this year.
Persons: Waystar, Matt Hawkins, CNBC's, JPMorgan Chase, Goldman Sachs Organizations: Nasdaq, Rock Health, Health, ZirMed, JPMorgan, Barclays
The solar panels are part of the renewable energy sources that power Apple's European data center in Viborg. "There'll be some gas, but we believe based especially on the data published by the DOE, the predominant energy source for these data centers is going to be renewable energy," Shugar told CNBC in an interview Thursday. Whereas older data centers may have been 100 to 200 megawatts in size, some of the "monster data centers" today may be as big as 1,000 megawatts, Shugar said. Microsoft, for example, recently signed a massive renewable energy deal with Brookfield Asset Management. The companies described the agreement as the largest renewable energy deal signed between two corporate partners to date.
Persons: Christoph Dernbach, Dan Shugar, Lawrence, Shugar, Goldman Sachs, Goldman Organizations: Getty, Big Tech, Wall Street, Lawrence Berkeley National Laboratory, Department of Energy, U.S, DOE, CNBC, Goldman, Microsoft, Brookfield Asset Management Locations: Hanstholm, Denmark, Viborg, Nextracker, California
Final Trades: Amazon, Goldman Sachs, AbbVie and IQVIA Holdings
  + stars: | 2024-06-06 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinal Trades: Amazon, Goldman Sachs, AbbVie and IQVIA HoldingsThe Investment Committee give you their top stocks to watch for the second half.
Persons: Goldman Sachs Organizations: IQVIA Holdings, Investment
Since 2021, Goldman Sachs has been publishing annual data on it diversity, pay, and hiring goals. This year, it disclosed some new data on pay equity by gender. See where it's meeting it's diversity goals for junior hires and where it's falling short. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGoldman Sachs just released its annual People Strategy Report, a yearly record that publicizes some of the firm's progress and goals in its approach to talent management, including diversity statistics, internal development, and employee resources.
Persons: Goldman Sachs, , Bentley de Beyer Organizations: Service, Business
Goldman Sachs reiterates Nvidia as buy Goldman said it's sticking with its buy rating on the stock. JPMorgan upgrades StoneCo to overweight from neutral JPMorgan said in its upgrade of the fintech solutions company that it has "appealing" potential for earnings growth. Morgan Stanley reiterates JPMorgan as overweight Morgan Stanley said it's even more bullish on the stock after a meeting with company management. " JPMorgan reiterates Alphabet as overweight JPMorgan said the company is on the "offensive in Gen AI." JPMorgan reiterates Broadcom as overweight The firm said it's sticking with its overweight rating on shares of Broadcom.
Persons: Morgan Stanley, Tesla, Oppenheimer, DA Davidson, Davidson, Goldman Sachs, Goldman, Bernstein, FANG, Redburn, it's bullish, osteogenesis, it's, Robinson, JPMorgan, Disney, Evercore, Moffett, Carvana Organizations: Walmart, Apple, company's, Conference, Nvidia, Energy, Midland shaleco, Endeavor Energy Resources, Airlines, United, Citi, eBay, JPMorgan, BMO, UBS, Mizuho, SEE, P Containers, Deutsche Bank, Deutsche, Google, Jefferies, DFS, Disney, Netflix, CTV, Broadcom Locations: China, Midland, Rocklin
A record $7.3 trillion in money market funds could soon be reinvested elsewhere, according to Goldman Sachs. AdvertisementA "wall of money" is headed for the stock market this summer and will drive equities to record highs, according to a recent note from Goldman Sachs' trading desk. Goldman Sachs managing director Scott Rubner highlighted in the note that a record $7.3 trillion is sitting in money market funds, and a large chunk of that is poised to flow into stocks. AdvertisementIf the Fed cuts rates, then the cash yield on money market funds should drop from its current level of about 5%. AdvertisementWith stocks already trading at records, the gains Rubner expects would send the stock market to fresh highs.
Persons: Goldman Sachs, seasonals, , Scott Rubner, Rubner, NDX Organizations: Service, Federal Reserve, Nasdaq
Five Below told investors to expect between $830 million and $850 million, while analysts polled by LSEG forecasted $883 million. Sprinklr — The business technology stock dove 21.1% in the wake of weak guidance for the current quarter and full year. StoneCo — The financial technology stock rose 2.6% following an upgrade to overweight from neutral by JPMorgan . Ultragenyx Pharmaceutical — The biopharma stock added nearly 4% following an upgrade to buy from neutral at Goldman Sachs. Shopify — The e-commerce technology stock slipped 1.6% on the back of a MoffettNathanson downgrade to neutral from buy.
Persons: Goldman Sachs, Smartsheet, LSEG, Sprinklr, Mizuho, there's, StoneCo, CH Robinson, Goldman, ISI's, Shopify, Guggenheim, , Jesse Pound, Michelle Fox, Lisa Kailai Han Organizations: Nvidia, LSEG, Revenue, Mizuho, JPMorgan, Ultragenyx Pharmaceutical, Goldman, eBay, Citi, UBS, BMO Capital, BMO, Viridian Therapeutics, ISI, Energy Locations: Americas
CNBC Daily Open: Nvidia pushes past $3 trillion
  + stars: | 2024-06-06 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia passes AppleArtificial intelligence chipmaker Nvidia surpassed the $3 trillion market capitalization mark, pushing past Apple to become the second most valuable company behind Microsoft. Baron backs Musk's pay dealBillionaire investor Ron Baron has publicly defended Elon Musk's controversial $56 billion Tesla pay package. Elliott retakes SoftBank stakeElliott Management, an activist investor, has taken a $2 billion stake in SoftBank and is pushing for a $15 billion share buyback. In 2020, at Elliott's urging, SoftBank launched a $20 billion share buyback and asset disposal program.
Persons: Ron Baron, Elon, Baron, Elliott retakes SoftBank, Elliott, SoftBank, Son's, Archer, Goldman Sachs Organizations: New York Stock Exchange, CNBC, Nvidia, Nasdaq, Hewlett Packard Enterprises, Dow Jones, Treasury, Apple, Microsoft, Baron Capital, Elliott Management, Electric, FAA, Archer Aviation, Federal Aviation Administration, United Airlines Locations: New York City, U.S, Tesla, Delaware, SoftBank, Elliott's
Trade Tracker: Kevin Simpson trims Goldman Sachs
  + stars: | 2024-06-06 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTrade Tracker: Kevin Simpson trims Goldman SachsKevin Simpson, Capital Wealth Planning founder and CIO, joins CNBC's "Halftime Report" to detail his latest move in Goldman Sachs
Persons: Kevin Simpson, Goldman Sachs Kevin Simpson, Goldman Sachs Organizations: Wealth Planning
Larock's experience comes at a time when, at least on the surface, the jobs market has continued to glide along. But worries are growing that the labor market is beginning to show cracks. Welcome to the good news-bad news labor market, where the collective experience is positive but not as much for individuals in particular groups. "But the bad news is that new entrants to the labor market are faring less well," Peng added. While Peng characterized the jobs market as "strong overall," she said there are "soft soft spots" that are particularly hitting "new entrants to the workforce."
Persons: Samantha McCloud, Victoria Garcia, Jessel Rincon, Irfan Khan, Julianna Larock, Larock, Jacqueline Novogratz, Michael Novogratz, Julianna LaRock, nonfarm, It's, Goldman Sachs, Elsie Peng, Peng, Molly Huang, it's, Huang, David Pakula, Cory Stahle, Joanie Bily, Bily, grads, Ethan Mariano, Mariano Organizations: Temple City High School, Los Angeles Times, Investment Partners, University of Delaware, Fordham, Bureau of Labor Statistics, Goldman, Penn State University, Vanguard, Gettysburg College, American University, State Department Locations: Temple City , CA, Wilmington , Delaware, New York City, New York, Horsham , Pennsylvania, U.S, Washington ,, Hazleton , Pennsylvania
Indian Prime Minister Narendra Modi gestures, at the Bharatiya Janata Party (BJP) headquarters in New Delhi, India, June 4, 2024. Adnan Abidi | ReutersThis report is from this week's CNBC's "Inside India" newsletter which brings you timely, insightful news and market commentary on the emerging powerhouse and the big businesses behind its meteoric rise. Far from rewarding Prime Minister Narendra Modi's party with a supermajority — as polls had predicted — Indians elected 240 BJP lawmakers to India's 543-seat Parliament, which falls short of a simple majority for Modi's party. However, as the largest party, the BJP will form a coalition government thanks to its alliance with smaller parties ahead of the elections. This "radical transformation" is expected to lead to a significantly more efficient economy and help India's currency, according to Sullivan.
Persons: Narendra Modi, Adnan Abidi, Narendra Modi's, Modi, Gavekal, Tom Miller, Udith Sikand, Malcolm Dorson, Aastha Gudwani, who's, India's, Morgan, Ridham Desai, Will, Goldman Sachs, Abhiram Eleswarapu, Eleswarapu, Tanvir Gill, Sri Jegarajah, Sumathi Bala, Seema Mody, Amala Balakrishner, Vinay Dube, could've, James Sullivan, Sullivan Organizations: Indian, Bharatiya Janata Party, BJP, Reuters, CNBC, Global, of America, Gavekal Research, India Active, BNP, CNBC Pro, JPMorgan, U.S . Federal Locations: New Delhi, India, CNBC's
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