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☆ US home prices stay near record high, even as sales drop in June
▼ + stars: | 2023-07-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Even after falling, June’s median price hit the second-highest monthly median price on record going back to 1999, according to a National Association of Realtors report released Thursday. The median existing home price was $410,200 last month, just 0.9% less than the all-time high from one year ago of $413,800. It marked the fifth month of year-over-year drops in median home sale prices. “Relatively high mortgage rates near 7% and historically low inventory of existing homes on market is hindering sales activity,” said Yun. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”Home prices remain highOne of the reasons home prices remain high is because It’s summer.

Persons: ”, Lawrence Yun, —, Yun, “, “ It’s Organizations: DC CNN, National Association of Realtors, NAR, “, downer Locations: Washington

☆ TikTok allows Europe to access research software, with eye on EU online content rules
▼ + stars: | 2023-07-20 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 20 (Reuters) - Short-video app TikTok on Thursday opened up its research software to researchers in Europe ahead of new EU rules requiring Big Tech to do more to police online content. "TikTok is proactively rolling-out its Research API ahead of further technical guidance and launching a commercial content library ahead of the DSA compliance deadline," the social media app said in a statement. "All researchers will need to have their own TikTok for Developers account and be located in the United States or Europe to access our Research API." The company released an initial version of its Research API to academic researchers in the United States earlier this year. TikTok on Thursday also allowed researchers access to its commercial content API.

Persons: TikTok, Foo Yun Chee, Alex Richardson Organizations: Big Tech, Digital Services, European Commission, Thomson Locations: BRUSSELS, Europe, United States

☆ June home sales drop to the slowest pace in 14 years as short supply chokes the market
▼ + stars: | 2023-07-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales are unlikely to recover any time soon, as mortgage rates weigh heavy on affordability. Mortgage rates hung in the mid 6% range during that time and then shot up over 7% at the very end of May. The higher end of the market, however, appears to be recovering. While sales were down across all price points, they were down least at the higher end. Sales are unlikely to rebound soon in the existing home market, but sales of newly built homes are reaping the benefits.

Persons: Lawrence Yun, Yun, DR Horton, Donald Horton Organizations: National Association of Realtors, Realtors

The planned recipient of the colorful batik top was Chinese foreign minister Qin Gang, who has not been seen in nearly a month and is set to miss at least one other important meeting, in South Africa, next week. It is not clear whether even then Borrell would meet Qin as initially planned, the official said. The former aide to President Xi Jinping was appointed foreign minister in December after serving less than two years as ambassador to the United States. Qin's absence has also been widely discussed in the diplomatic community, with some saying it is another example of China's lack of transparency. Some diplomats have even started to speculate on who may replace Qin, with three telling Reuters the ranking vice foreign minister, Ma Zhaoxu could be a candidate.

Persons: Qin Gang, Qin, Yun Sun, Mao Ning, Wang Yi, Josep Borrell, Wen, Xi Jinping, Antony Blinken, Ma Zhaoxu, Ma, Wang, Xie Feng, Xie, Laurie Chen, Martin Quin Pollard, Yew, Tian, Kate Lamb, Gabriela Baczynska, Andrew MacAskill, John Geddie, Robert Birsel Organizations: China Program, Stimson, Reuters, EU, Australian National University, Qin, Baidu, London School of Economics, United, Aspen Security Conference, Thomson Locations: BEIJING, JAKARTA, China, Indonesia, Jakarta, South Africa, Washington, Johannesburg, Britain, United States, Beijing, Sri Lankan, United Nations, Brussels, London

☆ Stocks making the biggest moves premarket: Netflix, Tesla, United Airlines and more
▼ + stars: | 2023-07-20 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Netflix posted earnings of $3.29 a share on $8.19 billion in revenue. However, IBM reported earnings that topped analysts' estimates as the company expanded its gross margin. United Airlines — Shares rose 3% after United Airlines reported record quarterly earnings and said it expects a strong third quarter as travel demand surges. During the period, the company reported a rebound in customer deposits. The company reported earnings of 92 cents a share on $2.35 billion in revenue.

Persons: Refinitiv, it's, Johnson, Horton —, Horton, Blackstone, Blackstone — Blackstone, Morgan Stanley, Bud Light, —, Macheel, Alex Harring, Jesse Pound, Yun Li Organizations: Netflix, IBM, Vegas Sands, Refinitiv, Taiwan Semiconductor, Taiwan Semi, Revenue, Discover, Discover Financial, United Airlines, Bancorp, American Airlines —, Airlines, Blackstone —, Anheuser, Busch Locations: Los Angeles , California, Vegas, Taiwan

Johnson & Johnson Covid-19 vaccines are seen on a table on May 7, 2021 in Los Angeles, California. Johnson & Johnson —The stock jumped 6%, lifting the 30-stock Dow Jones Industrial Average, after the the health care posted second-quarter revenue and adjusted earnings that topped Wall Street's expectations. Johnson & Johnson also lifted its full-year guidance as sales from the company's medtech business jumped. Discover Financial Services — Shares tumbled 14% after the company's second-quarter results missed analysts' estimates on both top and bottom lines. MarketAxess — The electronic trading platform rallied 5.6% after releasing its second-quarter results.

Persons: Johnson, Johnson Covid, Tesla, Abbott, Zions, Estee Lauder, StreetAccount, —, Yun Li, Jesse Pound, Samantha Subin, Michelle Fox Organizations: Netflix, Refinitiv, American Airlines –, American Airlines, IBM, Johnson, Dow Jones, Abbott, Discover Financial, Federal Deposit Insurance, Barclays Locations: Los Angeles , California, China, Freeport

☆ US existing home sales fall; annual house price decline slows
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 20 (Reuters) - U.S. existing home sales dropped to a five month-low in June, depressed by a chronic shortage of houses on the market that slowed the pace of decline in annual house prices. Existing home sales fell 3.3% in June to a seasonally adjusted annual rate of 4.16 million units, the lowest level since January, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home sales would drop to a rate of 4.20 million units. The median existing house price fell 0.9% from a year earlier to $410,200, the second-highest price ever. The median house price rose 3.5% from May.

Persons: Freddie Mac, Lawrence Yun, Lucia Mutikani, Paul Simao Organizations: National Association of Realtors, Reuters, Federal, Thomson Locations: Midwest, West

☆ Analysis: French backlash scuppers appointment of US economist for EU Big Tech regulation
▼ + stars: | 2023-07-19 | by ( Foo Yun Chee | ) www.reuters.com time to read: +4 min

Vestager said she accepted Scott Morton's decision to quit with regret but economists warned that the debacle will leave the bloc's competition commissioner weakened. Vestager should have been more transparent on possible conflicts of interest, said EU lawmaker Paul Tang from the Netherlands. That didn't help the candidature of Scott Morton," he said. Vestager's defence of her choice at a hearing on Tuesday was disappointing, said EU lawmaker and French lawyer Stephanie Yon-Courtin, who opposed Scott Morton's appointment. The issue with this nomination was neither American nor French, it is a matter of European interest," she said.

Persons: Margrethe Vestager, Fiona Scott Morton, Scott Morton, Emmanuel Macron, Vestager, Scott Morton's, Paul Tang, Stephanie Yon, Alexandre De Streel, Jean Tirole, Jacques Cremer, Foo Yun Chee, Elaine Hardcastle Organizations: Union, Apple, Microsoft, Commission, EU, U.S . Department of Justice, Big Tech, European Union, Amazon, Namur University, Toulouse School of Economics, Thomson Locations: BRUSSELS, U.S, France, Yale, Netherlands, American

☆ EU regulators extend Amazon, iRobot decision deadline to Dec. 13
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, July 19 (Reuters) - EU antitrust regulators have extended their deadline for a decision on Amazon's (AMZN.O) $1.7 billion acquisition of robot vacuum cleaner maker iRobot (IRBT.O) to Dec. 13 after the companies requested more time. "The deadline for the (European) Commission to take a decision has been extended by additional 20 working days in agreement with the notifying party," the EU competition enforcer said in a statement. Companies can ask for an extension of up to 20 working days. The EU watchdog earlier this month warned that the deal may reduce competition in robot vacuum cleaners and also reinforce Amazon's position as an online marketplace provider. Reporting by Foo Yun Chee Editing by Peter GraffOur Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun, Peter Graff Organizations: Commission, EU, Thomson Locations: BRUSSELS

☆ Dutch urge stricter digital coins, videogame loot boxes EU rules
▼ + stars: | 2023-07-19 | by ( Foo Yun Chee | ) www.reuters.com time to read: +1 min

BRUSSELS, July 19 (Reuters) - The European Commission should better protect children with stricter consumer rules for digital coins and videogame loot boxes, the Dutch government said, according to a discussion paper seen by Reuters on Wednesday. The EU executive late last year sought feedback on whether to overhaul the existing EU consumer law for the digital world. The Dutch said an area of concern was increasing digital coins usage for paying in an app or in videogames, with children as the most vulnerable to this practice. "This is exacerbated by the fact that software developers can change the value of digital coins and can offer different digital items in one app." "Loot boxes have a high potential to distort the economic behaviour of consumers.

Persons: they're, Foo Yun Chee, Josie Kao Organizations: European Commission, Reuters, EU, Thomson Locations: BRUSSELS

A slew of stocks in the S & P 500 are on the verge of breaking out on the back of the market rally, according to the so-called golden cross pattern. CNBC Pro used FactSet data to screen the S & P 500 for stocks that are about to form the bullish chart pattern in which their 50-day moving average breaks above the 200-day trend line. 50DMA has not been on the other side of the 200DMA in the past month. The retailer has gained more than 4% this week alone amid the broader market rally. Synchrony Financial has rebounded 10% in the past month, pushing its year-to-date gains to 10%.

Persons: 50DMA Organizations: CNBC, BlackRock, Synchrony, Paycom Software

☆ Stocks making the biggest moves midday: Carvana, Goldman Sachs, AT&T and more
▼ + stars: | 2023-07-19 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Goldman Sachs — The banking titan advanced 1.6% despite missing expectations of analysts polled by Refinitiv for earnings and revenue. The company beat expectations for earnings expectations by one cent at $1.81 per share. Elevance Health — The stock rose 6% after Elevance Health beat analysts' expectations on the top and bottom lines in its second-quarter results. J.B. Hunt Transport Services — The transportation and logistics stock rose 1.5% despite a disappointing quarterly report. Qualcomm — Shares rose 2.8% after JPMorgan added the stock to its focus list and said it's one of the firm's best growth idea.

Persons: Goldman Sachs, Refinitiv, Goldman, Elevance, J.B, Hunt, Charles Schwab —, ServiceNow, —, Samantha Subin, Hakyung Kim, Sarah Min, Jesse Pound, Michelle Fox, Yun Li Organizations: Joby, JPMorgan, FactSet, Elevance Health, Revenue, Trust, Refintiv, Hunt Transport Services, Refinitiv, Western, Street Journal, U.S . AT, Argus, Qualcomm, Cisco —, Cisco, Bank of America Locations: FactSet, Tahoe

☆ The last, best hope for homebuyers
▼ + stars: | 2023-07-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

But there may be one last hope for salvation for these hard-pressed homebuyers: brand-spanking new houses. Many builders are even dangling perks like cheaper loans or other discounts to ease the pain of higher mortgage rates. Homebuilding is typically a cyclical industry, following the ups and downs of the broader housing market. Of course, people will always move for reasons that have nothing to do with mortgage rates. Even if buyers get some relief from new housing construction, builders are still a long way off from bridging the housing shortfall.

Persons: Richard de Chazal, William Blair, de Chazal, Realtor.com, bottoming, John Burns, Black Knight, Mike Simonsen, Simonsen, bode, it's, Sheryl Palmer, Taylor Morrison, Palmer, Cristian deRitis, Jay Parsons, Matthew Walsh, Walsh, Freddie Mac, Lawrence Yun, They're, production's, James Rodriguez Organizations: Federal Reserve, National Association of Realtors, John Burns Research, Consulting, Altos Research, National Association of Homebuilders, Builders, Moody's

BRUSSELS, July 18 (Reuters) - French President Emmanuel Macron on Tuesday criticised EU antitrust chief Margrethe Vestager's decision to hire a U.S. economist over a European to help oversee Big Tech, adding her previous work could lead to conflicts of interest. Macron added he was "attached to reciprocity", and noted that the U.S. and China would not have appointed an overseas national in such a role. Scott Morton will advise the European Commission on its investigations into Big Tech and its enforcement of a series of landmark rules to rein in tech giants. Macron pointed to her previous work for "many companies" as something that could also result in conflicts of interest. She said previous chief economists at the Commission had also done consulting work without posing any issues.

Persons: Emmanuel Macron, Margrethe Vestager's, Vestager, Fiona Scott Morton, Barack Obama's, Macron, Scott Morton, Jean Tirole, Scott Morton's, Sudip Kar, Bernadette Baum, Sharon Singleton, Jan Harvey Organizations: Big Tech, U.S . Department of Justice, European Union, Commission, Thomson Locations: BRUSSELS, Europe, China

☆ Factbox: A look at Americans held in the past in North Korea
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +5 min

Here are some other Americans held in the past by North Korea. - The last American detained by North Korea was Bruce Byron Lowrance, who was caught after entering from China in October 2018. -Kenneth Bae, a Korean-American missionary, returned to the United States in November 2014 after being imprisoned in North Korea for two years. North Korean media said Park confessed to entering the state illegally and had changed his mind about North Korea after being treated kindly there. - In 1996, Evan Hunziker, then 26, was held for three months in North Korea on spying charges.

Persons: Donald Trump, Tony Kim, Kim Hak, Kim Dong, Jonathan Ernst, Bruce Byron Lowrance, Kim Jong, Otto Warmbier, Joseph Yun, Mike Pompeo, Kim, Kim Sang, Euna Lee, Laura Ling, Bill Clinton, Kenneth Bae, Matthew Todd Miller, Bae, Miller, Robert Park, Aijalon Mahli Gomes, Jimmy Carter, Gomes, Evan Hunziker, Hunziker, Bill Richardson, Thomas Hubbard, Bobby Hall, David Brunnstrom, Matt Spetalnick, Alistair Bell Organizations: Base Andrews, REUTERS, WASHINGTON, North, CIA, U.S . State Department, U.S, Korean, Pyongyang University of Science and Technology, Thomson Locations: North Korea, Base Andrews , Maryland, U.S, North, Washington, China, North Korean, United States, Ohio, Pyongyang, American, Korean, Korea, Boston, South Korea

☆ US economist's Big Tech experience is good for EU, EU's Vestager says
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, July 18 (Reuters) - U.S. economist Fiona Scott Morton's experience from her consulting work for Big Tech, will stand her in good stead in her new job as chief economist at the European Commission, EU antitrust chief Margrethe Vestager told EU lawmakers on Tuesday as she defended her choice. "I think it's a good thing to come with experience, she knows our system inside out," Vestager said, addressing concerns of conflicts of interest due to Scott Morton's consulting work for Big Tech. Reporting by Foo Yun CheeOur Standards: The Thomson Reuters Trust Principles.

Persons: Fiona Scott Morton's, Margrethe Vestager, Vestager, Scott Morton's, Foo Yun Chee Organizations: Big Tech, European Commission, Thomson Locations: BRUSSELS

☆ Fund manager up 45% this year gives his top picks for A.I. long-term trend
▼ + stars: | 2023-07-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Baron Opportunity Fund has soared 45% this year, blowing its tech peers out of the water. The opportunity fund (BIOPX), with $1 billion assets under management, has notched a 10-year total return of about 15% on an annualized basis, according to Morningstar. Lippert said he owns about 40 names in the portfolio, including this year's big AI winner Nvidia . Another megacap name that Lippert owns to capitalize on the AI boom is Microsoft . "Everyone wants to talk about the big names, but we play this in a portfolio way," Lippert said.

Persons: Opportunity, Michael Lippert, we're, Lippert, Morningstar Organizations: Nvidia, Microsoft, AMD, Marvell Locations: ChatGPT

☆ Here are top stock ideas from UBS to play this earnings season
▼ + stars: | 2023-07-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

The second-quarter earnings season has kicked into high gear, and a slew of stocks have the potential to enjoy a boost when they surprise Wall Street, according to UBS analysts. Then UBS considers an "earnings alpha factor score," which views "value" as the most significant factor and sees "growth," "quality" and "momentum" as factors with enhanced returns. McDonald's could see a pop when it reports quarterly earnings next week, according to UBS' screen. Truist on Tuesday reiterated McDonald's as buy as the Wall Street firm expects same-store sales momentum due to the Grimace birthday meal. Other consumer names Campbell , Kellogg and Kraft Heinz could also outperform in this earnings season, according to UBS.

Persons: McDonald's, Campbell, Kellogg, Kraft Heinz, — CNBC's Michael Bloom Organizations: UBS, Hasbro

☆ Schwab CEO says bullishness among retail traders is rising, with buy orders 20% higher than sells
▼ + stars: | 2023-07-18 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Walter "Walt" Bettinger, president and chief executive officer of Charles Schwab Corp., speaks during the 2015 Fortune Global Forum in San Francisco, California, on Tuesday, Nov. 3, 2015. Charles Schwab CEO Walt Bettinger said Tuesday that retail investors using his brokerage platform are showing signs of bullishness on the stock market. Bettinger revealed that Schwab clients have been adding equity exposure in the past few months. The volume of buy orders on Schwab's platform is 20% higher than sell orders, showing investor optimism about the market, he added. And we saw in the aggregate for the second quarter, buys were about 20% higher than sells.

Persons: Walter, Walt, Bettinger, Charles Schwab, Walt Bettinger, Schwab, Jesse Pound Organizations: Charles Schwab Corp, Global Locations: San Francisco , California

☆ Stocks making the biggest moves midday: Morgan Stanley, Bank of America, Charles Schwab and more
▼ + stars: | 2023-07-18 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Morgan Stanley — Shares of the James Gorman-led bank jumped more than 6% after the firm posted second-quarter earnings and revenue that topped analysts' expectations. Bank of America – Bank of America shares rose nearly 4% after the company reported second-quarter financial results. Bank of New York Mellon — Shares rose more than 4% after Bank of New York Mellon reported second-quarter revenue and profit that beat Wall Street's expectations. PNC Financial — Shares gained 2.6% after PNC Financial reported second-quarter earnings that topped Wall Street's earnings expectations but came in slightly short on revenue. The Swiss pharmaceutical firm reported second-quarter earnings that topped estimates, according to StreetAccount.

Persons: Charles Schwab, Morgan Stanley —, James Gorman, Morgan Stanley's, Refinitiv, PacWest, Bernstein, UnitedHealth, Pinterest, intraday, Masimo preannounced, Stifel, Lockheed Martin, Macheel, Sarah Min, Yun Li, Alex Harring, Michelle Fox Organizations: Bank of America – Bank of America, Regional Banking, Western Alliance, FB Financial, Verizon, AT, Bank of New York Mellon, PNC, PNC Financial, Novartis — U.S, Novartis, Sandoz, Masimo, Lockheed Locations: San Francisco , California, Swiss, FactSet

☆ The mortgage market isn't sending the signal homebuyers need on affordability
▼ + stars: | 2023-07-17 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

Usually around 1.75 percentage points, and as low as 1.3 in 2021, the so-called mortgage spread is hovering at more than 3 percentage points now. And that is propping up mortgage rates, keeping home owners from selling their homes and buying nicer ones, and hurting first-time buyers, Yun said. Why mortgage spreads should move lowerLogically, mortgage spreads should move down sharply from here, thanks to the recent spate of good economic news, and bring relief to home buyers who have seen affordability deteriorate sharply since 2020. But as the Fed began raising interest rates in March 2022, mortgage rates rose even faster than bond yields. Mortgage rates also dropped, to 6.89% last Friday from a recent peak of 7.22%, according to Mortgage News Daily.

Persons: Lawrence Yun, Yun, Logan Mohtashami, Fannie Mae, Freddie Mac, Rob Haworth, Banks, refinance, Haworth, Neel Kashkari Organizations: National Association of Realtors, Federal Reserve, Fed, Bank, Atlanta Federal Reserve, Mortgage News, HousingWire, Treasury, U.S . Bank, Minneapolis Federal Reserve Bank Locations: Stockton , California, treasuries, Silicon, U.S, Irvine , Calif, Seattle

☆ EU antitrust regulators scrap Global Blue antitrust investigation
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: 1 min

BRUSSELS, July 17 (Reuters) - Payments company Global Blue (GB.N) is no longer in the EU antitrust crosshairs after a two-year long investigation, the company said on Monday. "Global Blue has fully co-operated with the European Commission during the two years of the preliminary investigation and reports that no remediation actions or fines were imposed on Global Blue following the closure of the case by the European Commission," the company said in a statement. Reporting by Foo Yun Chee and Sudip Kar-Gupta;Our Standards: The Thomson Reuters Trust Principles.

Persons: Foo Yun Chee, Sudip Kar Organizations: European Commission, Thomson Locations: BRUSSELS

☆ BlackRock names Saudi Aramco CEO Amin Nasser to board
▼ + stars: | 2023-07-17 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

Amin H. Nasser, president and CEO of Saudi Aramco, speaks during a news conference at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. BlackRock said Monday that Amin Nasser, the CEO of Saudi Aramco, the world's largest oil company, is joining the asset manager's board of directors. The world's largest asset manager said the move reflects the firm's emphasis on the Middle East as part of its long-term strategy. In August 2022, Texas Comptroller Glenn Hegar targeted BlackRock, putting the asset manager on a list of financial companies that "boycott energy companies." "It's got nothing to do with maximizing returns and is the opposite of what an asset manager is paid to do."

Persons: Amin H, Nasser, Amin Nasser, Amin's, Larry Fink, Fink, Glenn Hegar, Jimmy Patronis, It's Organizations: Plaza Conference, BlackRock, Saudi Aramco, Aramco, BlackRock Board, Republicans Locations: Saudi Aramco, Dhahran, Saudi Arabia, Saudi, East, BlackRock, Texas, Florida

☆ Warren Buffett's Berkshire Hathaway cuts Activision stake as Microsoft deal inches closer
▼ + stars: | 2023-07-17 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Warren Buffett, chairman and CEO of Berkshire Hathaway, smiles as he plays bridge following the annual Berkshire Hathaway shareholders meeting in Omaha, Nebraska, May 5, 2019. Warren Buffett's Berkshire Hathaway dumped a significant portion of its stake in Activision Blizzard as Microsoft's deal to buy the video game company edged closer to the finishing line. The Omaha, Nebraska-based conglomerate disclosed a 1.9% stake in Activision with 14,658,121 shares, a new 13G filing released Monday evening showed. That compared with a 6.3% stake at the end of March and a 6.7% stake at the end of 2022. The 92-year-old investing legend has since added to the holding in a merger arbitrage play, betting that Microsoft's proposed acquisition of the video game company would close.

Persons: Warren Buffett, Berkshire Hathaway, Warren Buffett's Berkshire Hathaway, Ted Weschler, Todd Combs, Buffett, Charlie Munger Organizations: Berkshire, Berkshire Hathaway, Activision Blizzard, Activision, Federal Trade Commission, Microsoft, Oracle Locations: Omaha , Nebraska, The Omaha , Nebraska, Omaha

☆ Ed Yardeni sees S&P 500 rising to a record as high as 5,400 within the next 18 months
▼ + stars: | 2023-07-17 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Market veteran Ed Yardeni believes we are already in a new bull market and the S & P 500 could potentially climb nearly 20% in the next 18 months in the cycle. His target range represents a gain of between 6.5% and 19.9% from the S & P 500's Friday close of 4,505.42. "I've been thinking for quite some time that we're in a recession, but I argued that it's a rolling recession, not an economy-wide recession. .SPX 1Y mountain S & P 500 Yardeni praised the U.S. central bank for bringing down inflation effectively. The S & P 500 has jumped more than 17% this year after scoring its best first half since 2019.

Persons: Ed Yardeni, Yardeni, meltdowns Organizations: Yardeni Research, Federal Reserve, Street, Deutsche Bank, Wall Street, CNBC Locations: U.S

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