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It's not all sunshine and rainbows when looking under the hood of this latest leg of the stock market rally. Krinsky also noted that the advance-decline line at the New York Stock Exchange, a breadth measure that calculates the difference between advancing and declining stocks, fell all five trading days last week. The former saw a few more days of rally before a -10% drawdown, while the latter saw a quick -5% drawdown before a marginal new high that ended that cyclical bull market," wrote the firm's chief market technician. .SPX YTD mountain SPX year to date To be sure, a sample size of two instances hardly makes a historical trend. The bank also hiked its price target on the stock to $200 from $70, implying upside of nearly 23%.
Persons: It's, BTIG's Jonathan Krinsky, Krinsky, Morgan Stanley, Brian Nowak Organizations: New York Stock Exchange
Citigroup sets 6,500 target for S&P 500 in 2025
  + stars: | 2024-12-09 | by ( Brian Evans | ) www.cnbc.com   time to read: +2 min
The bank set a 6,500 target for the S & P 500 for 2025 as its base case. .SPX YTD mountain The S & P 500 is on pace to add more than 20% for the second-straight year. Citi's bull case has the S & P 500 scaling to 6,900, while its bear case calls for a pullback to 5,100. Chronert also forecast earnings growth of more than 13% for S & P 500 companies in 2025. Previous work showed that tariffs are likely to create a drag to earnings," Chronert said.
Persons: Donald, Scott Chronert, Chronert, Trump's Organizations: Citi, White, Nasdaq, Dow Jones
Real estate agent and investor Dana Bull says don't count on rates dropping in 2025. Instead, she offers two tips for securing a lower mortgage rate in any environment. AdvertisementIf you're looking to buy a home or invest in real estate in 2025, don't wait for rates to drop before making a move. AdvertisementAs of December 2024, the average 30-year mortgage rate fell to 6.30% from around 6.56% in November. "If somebody comes in with a significantly lower rate and everything else is the same essentially, it does make sense to go with that lower rate, so long as that lender is going to be able to close the deal."
Persons: Dana Bull, Bull, It's, doesn't Locations: Massachusetts
Nomura's 'grey swans' for 2025 should give investors pause
  + stars: | 2024-12-09 | by ( Alex Harring | ) www.cnbc.com   time to read: +1 min
Nomura has some potential surprises investors should at least consider heading into 2025, and one of them involves bull market leader Nvidia , which is weighing on the broader market Monday . As part of its 2025 outlook, the firm listed its so-called grey swan events. "We prefer a grey swan — a low probability, high impact event that few expect," the firm told clients, while including some ways to position for these surprises. However, the firm noted that low index volumes mean hedges should stay cheap for investors. Here are the other five "grey swan" events the bank laid out for clients, along with its tips on how to best position:
Persons: Nomura, Blackwell Organizations: Nvidia Locations: China
Without realizing it, Brown had fallen victim to a real estate con that has grown more common as communication for business transactions increasingly move online. The FBI calls this sophisticated scam “business email compromise,” or BEC. Homebuyers and sellers should look for red flags among the large influx of emails and other correspondence around a home’s closing. I’ve worked two jobs just to afford this house.”Advances in technology have increased the risk of real estate fraud, according to CertifID. Joan Rogers, a real estate agent in Portland, Oregon, has been taking extra precautions with buyers and sellers.
Persons: Cullen Brown, Brown, He’d, ” Brown, , Michael Chapple, , it’s, hadn’t, ” Tirthani, I’ve, Tyler Adams, Tirthani, CertifID, don’t, Joan Rogers, didn’t, Rogers doesn’t, Adams, Rogers, ” Rogers, Cliff Steinhauer, ” Steinhauer, “ Don’t Organizations: CNN, FBI, University of Notre Dame, CertifID, Getty, National Cybersecurity Alliance Locations: Chicago, Nashville, scammers, Portland , Oregon
Investors should take a selective approach toward utility stocks in 2025 as the incoming Trump administration could create a more challenging environment for the sector, according to KeyBanc. AI has translated into tangible electricity load and earnings growth revisions for the sector, Karp said. If inflation stagnates at above-average levels and then accelerates, the Federal Reserve could respond with higher interest rates that would hit the sector, the analyst told clients. At the same time, electricity demand from AI and manufacturing returning to the U.S. could help offset these inflationary headwinds for the sector, according to Karp. KeyBanc maintains the equivalent of a buy rating on the regulated utilities Xcel Energy , WEC Energy Group , CMS Energy Corp. , FirstEnergy Corp. and Portland General Electric .
Persons: Trump, Sophie Karp, Karp, Xcel Organizations: Utilities, Federal, KeyBanc, Xcel Energy, WEC Energy, CMS Energy Corp, FirstEnergy Corp, Portland General Electric, WEC, Constellation Energy Locations: U.S, Ohio
The Miss America Organization is in a legal battle just weeks before the 2025 competition. In a letter to Miss America board members, Straub wrote that Fleming was using the organization's scholarship fund to pay her legal fees, which was "putting Miss America in financial and legal jeopardy." Miss Colorado Madison Marsh has been crowned Miss America 2024. Courtesy of Robin FlemingFleming said she bought Miss America's assets on behalf of Miss America Competition, LLC and Miss America IP, Inc., using three documents created by Straub's attorney, Craig Galle, who she used at Straub's suggestion. Straub sent a letter to Miss America directors and licensees in late December 2022 stating that he had "purchased all the assets of the former Miss America Organization."
Persons: Robin Fleming, Glenn F, Straub, Fleming, Robin Fleming's, Gene Rossi, Madison Marsh, Glenn Straub, Miss Universe Organization Straub, Anne Jakrajutatip, Fleming texted Straub, Robin Fleming Fleming, Craig Galle, Shantel Krebs, Krebs, Miss America, Wayne Parry Fleming's, Miss America's, Israel, Hitler, Noam Galai, Kathleen A Organizations: Miss America Organization, Miss America, Business, Miss America Corporation, LLC, Miss, Madison, Houston, Palm, Palm Beach Polo Country Club, Miss Universe Organization, Miss America Competition, Inc, Small Business, AP, BI, Southern District of Locations: America, Palm Beach, Florida, Miss America, Galle, Palm Beach , Florida, Hamas, Southern District, Southern District of Florida
Louise Delmotte/AP The choir, clergy and congregation stand to sing during the grand reopening ceremony of Notre Dame cathedral in Paris on Saturday. Ludovic Marin/Pool/Reuters Spectators gather outside Notre Dame as it is lit with the words for "Thank you" in multiple languages. Bernat Armangue/AP People walk along the banks of the Seine opposite Notre Dame cathedral on December 7 hours before its formal reopening. Stephane de Sakutin/Reuters Pedestrians stop and look at Notre Dame cathedral on November 28 ahead of the reopening. By the time some 600 firefighters had doused the fire’s final flames, much of Notre Dame, a jewel of Gothic architecture, lay in ruins.
Persons: Donald Trump, Jill Biden, Elon Musk, Britain’s Prince William, Emmanuel Macron, Volodymyr Zelensky, Macron, Pope Francis, Sarah Meyssonnier, SARAH MEYSSONNIERMARTIN, Martin, ” Macron, , Dimitar Dilkoff, Thibault Camus, Christophe Petit Tesson, Louise Delmotte, Ludovic Marin, Alessandra Tarantino, Paris Mayor Anne Hidalgo, Brigitte Macron, Paris Laurent Ulrich, Bernat, Stephane de Sakutin, Viollet, Louis XIII, Marie Parant, Guillaume Bardet, , Saint Louis, Sylvain Dubuisson, Laurent Ulrich, Anne Hidalgo, King Louis the IX, It’s, Thomas Hubert, SIPA, Joel Saget, Geoffroy Van der, Ian Langsdon, Geoffroy Van Der, Nicolas Liponne, Victor Hugo’s, Quasimodo, crozier, Thomas Samson, Kiran Ridley, Paris ”, , Notre, Philippe LOPEZ, STEPHANE DE, PHILIPPE LOPEZSTEPHANE DE, Philippe Lopez, Stephane De Sakutin Organizations: Paris CNN —, Notre Dame de Paris, Global, Trump, UNESCO, Dame, Paris, Notre, Martin, Getty, Notre Dame, Getty Images, Firefighters, Paris Mayor, Shutterstock Workers, Dame Cathedral Locations: Paris, Notre, AFP, Seine, French, France, Geoffroy Van der Hasselt, Geoffroy Van Der Hasselt
The Harris campaign has $1.8 million cash after spending over $1 billion in the 2024 race. Throughout her campaign, Harris raised more than $1 billion, a stunning figure that mirrored the quick rise of her campaign. New federal filings show that the Harris campaign had $1.8 million remaining in the bank after spending over $1 billion against Trump in the presidential race. The Trump campaign raked in nearly $87 million during that same period and spent $113 million, the president-elect's campaign filings indicated. AdvertisementBusiness Insider reached out to the Harris campaign for comment.
Persons: Harris, Donald Trump, Joe Biden, Kamala Harris, Trump, Biden Organizations: Democratic, Trump, FEC, New York Times, Republican National Committee Locations: Georgia, Pennsylvania
The Consumer Financial Protection Bureau on Friday charged Comerica Bank with abusing and neglecting vulnerable customers who receive federal benefits. Direct Express card users are primarily elderly and disabled Social Security beneficiaries who otherwise lack access to traditional forms of banking. As a result, Direct Express cardholders were not able to dispute charges and bookkeeping errors. Through the vendors, Comerica forced Direct Express cardholders to pay ATM fees to access their government benefits in situations where the cardholders were entitled to free withdrawals. “Today, the CFPB doubled down by filing a countersuit against Comerica Bank,” a Comerica spokesperson said Friday.
Persons: , Rohit Chopra, who’d, cardholders, Comerica, CFPB, , Donald Trump, Elon Musk, Jesse Van Tol Organizations: Consumer Financial, Comerica Bank, Social Security, Comerica, U.S . Department of Treasury, Direct, “ Comerica, Comerica ”, , U.S . Treasury Department, National Community Reinvestment Coalition, NBC News, Federal Reserve Locations: Texas, U.S
CNN —Property tycoon Truong My Lan was one of Vietnam’s richest businesswomen. On Tuesday, the 68-year-old lost her appeal against the death sentence for masterminding one of the biggest frauds in global history, in which billions vanished from Vietnam’s financial system. But prosecutors accuse her of indirectly owning 91.5% of the bank, according to state media reports of the trial. Among the total losses, $12 billion was ruled to have been embezzled, for which Lan was sentenced to death. “Vietnamese regulators were absolutely shocked at the extent and investigators were flabbergasted by the extent of the corruption,” Abuza said.
Persons: Truong, Lan, , Donald Trump, Lan –, Humble, Ho, Minh, Eric Chu, Van Thinh Phat, Chu, Nguyen Khac Giang, Yusof, Lan’s, Maika Elan, ” Giang, Prosecutors, Sam Bankman, Giang, Nguyen Phu Trong, Minh Hoang, , ” Lan, Doi Moi, Zachary Abuza, ” Abuza, Abuza, Organizations: CNN —, Saigon Joint Commercial Bank, Vietnam, Institute, CNN, Saigon Commercial Bank, Bloomberg, Getty, VnExpress, Communist Party, National War College, Locations: Chi Minh City, China, Hong Kong, Ho Chi Minh City, Saigon, Vietnam, priding, Washington
The best credit cards for travel include airline credit cards, hotel credit cards, and travel rewards credit cards. You can also get credit cards for small business use, or consider starter credit cards and student credit cards if you're new to credit. Pairing with travel rewards cards — Several major issuers, including Chase, American Express, Wells Fargo, and Citi, let cardholders combine rewards between cash-back credit cards and travel rewards credit cards. Pros and cons of cash back credit cardsCash-back credit cards have their pros and cons, as we've already seen thus far. Cash-back credit cards often offer fewer perks, smaller welcome bonuses, and limited redemption opportunities compared to travel rewards credit cards.
Persons: Wells, Cash, Cardholders, you'd, — Cash, Chase, shouldn't, you've Organizations: Business, Citi, Wells, Bank of America, Bank of America loyalists, American Express, American, Amazon.com, Visa, Amazon Locations: Wells, Wells Fargo, Rakuten
Divided between two takeover courtships, UniCredit's Andrea Orcel still has room to sweeten his bid for Italy's Banco BPM, analysts say, while political turmoil stalls a deal with Germany's Commerzbank . Until recently, the latter had been the subject of speculation as a potential merger partner for Germany's largest lender, Deutsche Bank. "There is scope for increasing the [Banco BPM] offer," Johann Scholtz, senior equity analyst and Morningstar, told CNBC. "Remember, that's the second attempt from Orcel to buy [Banco] BPM ... Orcel last month labeled Banco BPM as a "historical target" — stoking the flames of media reports that UniCredit had previously sought a domestic union back in 2022.
Persons: UniCredit's Andrea Orcel, Germany's Commerzbank, Orcel, Olaf Scholz's, — UniCredit, Giancarlo Giorgetti, UniCredit —, Johann Scholtz, Morningstar, Scholtz, Filippo Alloatti, Federated Hermes, UniCredit, Alloatti, Rome, Anima Organizations: Italy's Banco, ABN Amro, Deutsche Bank, Economy, Ansa, Banco, CNBC, Federated, Anima Holding Locations: Commerzbank, Monte dei,
CNN —Democrats emerged from their bruising election losses in November with a decidedly mixed financial picture, new federal filings show. Vice President Kamala Harris’ defunct campaign, meanwhile, had just $1.8 million remaining in its bank accounts after spending more than $1 billion in a failed effort to defeat Republican Donald Trump. The Harris campaign reported no debts. But after record-breaking fundraising, Harris’ campaign reported $1.82 million in cash on hand as of November 25. In the weeks since the election, Democrats have continued to bombard supporters with fundraising appeals, seeking more contributions.
Persons: Kamala Harris ’, Republican Donald Trump, Harris, Harris ’, Chauncey McLean Organizations: CNN —, Democratic National Committee, Republican, Federal, White, Senate, FEC, Democratic, , Trump, DNC
AdvertisementAn ex-Goldman Sachs banker has won a sex discrimination case after being dismissed by the bank. A tribunal heard that one of Reeves' bosses repeatedly told him to "figure it out" when he raised concerns. A former Goldman Sachs banker has won a sex discrimination case after he was dismissed by the investment bank soon after returning from parental leave. AdvertisementReeves also told the tribunal that compared to male employees, Goldman Sachs bosses were "more empathic towards female employees in relation to childcare." A spokesperson from Goldman Sachs told Business Insider: "The firm is deeply committed to supporting working parents, with hundreds of Goldman Sachs fathers having taken up our market leading 26 weeks paid parental leave since it was introduced in 2019.
Persons: Goldman Sachs, Jonathan Reeves, Reeves, Bernie Sanders, Howard Schultz, Omar Beer, Tin Hsien Tan, Beer, COVID Locations: London
In cryptocurrencies, bitcoin took a breather after catapulting above $100,000 for the first time a day earlier, and even sceptics now expect a crypto-friendly Trump administration to feed an extended rally. "So long as the unemployment rate doesn't fall back to 4.0%, markets should be comfortable about leaning towards a rate cut this month." For now, the European Central Bank isn't expected to react to heightened political turmoil in Europe when it meets next week. The euro bloc currency was on track to post a loss this week, the fourth in the last five weeks. But comments from typically dovish policymaker Toyoaki Nakamura that he's not opposed to rate hikes helped push the currency higher on Thursday.
Persons: bitcoin, Trump, Sean Callow, Emmanuel Macron, Michel Barnier, Donald Trump's, Toyoaki Nakamura, he's, Yoon Suk Yeol Organizations: steadied, U.S ., InTouch, Federal Reserve, European Central Bank, Reuters, ECB, Traders, Bank of Japan's, South Korean, Australian Locations: South Korea, payrolls, France, Europe, Asia
Macquarie has named several Asian companies as its top picks for 2025, with predicted gains ranging from 50% to over 80% in their share prices. The investment bank screened for 25 companies that have strong market positions, clear growth catalysts, solid financial fundamentals and are set to "prosper in the year ahead." SK Hynix Korean memory chip maker SK Hynix is another stock expected to see its shares rise by 50%, driven by increasing demand for AI memory chips. Meituan Chinese technology and food delivery company Meituan is also among Macquarie's top picks for 2025. Any future stimulus measures announced by the Chinese government is also likely to benefit the stock, the bank said.
Persons: Macquarie, YTL, Kia Macquarie, Macquarie's Organizations: Kia, Tokyo, SK Hynix, Nvidia, Hanwha Aerospace Locations: U.S, Macquarie, Asia, Tokyo, China, SK Hynix Korean, Hanwha Aerospace Korean, Europe, East, Southeast Asia, Ukraine, Hong Kong
The Consumer Financial Protection Bureau filed a complaint Friday against Comerica Bank , accusing the regional bank of failing to administer a federal benefits program that uses prepaid debit cards. The lawsuit claims Comerica Bank "intentionally terminated" more than 24 million customer service calls, charged more than 1 million cardholders ATM fees they didn't owe and mishandled fraud complaints while providing federal benefits through the Direct Express prepaid debit card program. The Direct Express program is a prepaid card that beneficiaries of Social Security and other federal programs can use to pay for expenses including groceries and gas. The Office of the Comptroller of the Currency also fined the bank $125 million in a separate order. Representatives from Comerica Bank did not immediately respond to a request for comment.
Persons: Rohit Chopra Organizations: Consumer Financial, Comerica Bank, Direct, Comerica, Social Security, Department of, Treasury, Bank of America, Currency
A view of debris inside Notre-Dame Cathedral, in Paris, France, April 16, 2019. General view inside Notre-Dame of Paris Cathedral before its reopening on December 06, 2024 in Paris, France. General view inside Notre-Dame of Paris Cathedral before its reopening on December 06, 2024 in Paris, France. General view inside Notre-Dame of Paris Cathedral before its reopening on December 06, 2024 in Paris, France. General view inside Notre-Dame of Paris Cathedral before its reopening on December 06, 2024 in Paris, France.
Persons: Ludovic Marin, Philippe Villeneuve, despondently, Smoke, Villeneuve, Emmanuel Macron, " Villeneuve, Christophe Petit Tesson, , Pascal Le Segretain, I'm, Eugène, Cyril Marcilhacy, Thomas Samson, Dame de Paris, Stoyan Vassev Organizations: Dame, Paris, Afp, Getty, Notre Dame, Notre, Associated Press, Dame Cathedral, Paris Cathedral, Bloomberg, AFP, TASS Locations: Paris, Notre, France, Villeneuve, Seine
Watch Robinhood stock as the company embarks on an ambitious growth plan, Goldman Sachs said. HOOD YTD mountain Robinhood stock. Yaro thinks Robinhood can benefit in the near-term from growing its market share of active traders using its platform. Longer term, Yaro sees an opportunity to make good on its ambitions of growing internationally and entering the wealth management sector. Of the 17 who cover it, 10 have a buy or strong buy rating on Robinhood, according to LSEG.
Persons: Goldman Sachs, Robinhood, HOOD, James Yaro, Yaro Organizations: Wall, TAM, Trump, Analysts
“I have decorated entire trees just with things from different dollar stores,” Riker said. For a Christmas tree, look for discounts at craft stores, grocery stores, tree farms or hardware stores. “That is a really, really easy way to change up your decor without spending any money at all,” Riker said. Make a popcorn Christmas tree. Bake Christmas cookies on Christmas Eve or Christmas Day.
Persons: , Tawra Kellam, Rich, , Melissa Riker, ” Riker, , Jodie Kammerer, Julie Lancia, you’re, ” Lancia, “ it’s, Kammerer, “ You’ve, doesn’t, Judy Woodward Bates, Lady ”, “ Don’t, ” Woodward Bates, I’m, Christmas, Kellam, Read, LaMotte, Katia Hetter Organizations: CNN, Twins, intuit, Brooklyn Farm Locations: Brooklyn
Is it time to short the dollar? UBS and others think so
  + stars: | 2024-12-05 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +3 min
Investment bank UBS has taken a contrarian stance, warning investors not to chase the dollar's recent gains. "We caution against chasing USD strength; instead, we suggest selling dollar upside potential for yield pickup," said UBS Wealth Management strategists led by Dominic Schnider in a Dec. 2 note to clients. Watling pointed to defensive currencies like the Swiss franc as potentially attractive alternatives that investors can use to either hedge or short against the dollar. The trades UBS suggested selling the downside against the euro falling below $1.05, the British pound dropping below $1.25 and the Australian dollar slipping below $0.63. UBS specifically warned about currencies with high export exposure to the U.S., such as the Canadian dollar and Mexican peso.
Persons: Dominic Schnider, Donald Trump's, Chris Watling, Watling Organizations: U.S, greenback, Investment, UBS, UBS Wealth Management, U.S ., Longview, Longview Economics, Swiss Locations: U.S, London, China
When it comes to the jobs report Friday, investors can't seem to make up their mind what they want. If that below-consensus report is what traders get Friday, he said, the S & P 500 can rally 0.5% to 1%. On the other hand, JPMorgan traders expect that a strong jobs report will be just the fuel to keep the market going higher, and officially forecasts the U.S. to have added 275,000 jobs last month. As it is, stocks are quite possibly priced for perfection heading into the report, raising the stakes for the jobs report to come in just right. Year to date, the Dow Jones Industrial Average is 19% higher, the S & P 500 is up by more than 27%, and the Nasdaq Composite has surged more than 31%.
Persons: Dow Jones, John Flood, Goldman Sachs, Flood Organizations: Federal Reserve, Goldman Sachs Global Banking, Markets, JPMorgan, Dow Jones, Nasdaq Locations: U.S, payrolls
Bitcoin does the thing, gets to $100,000
  + stars: | 2024-12-05 | by ( Fred Imbert | ) www.cnbc.com   time to read: +2 min
Bitcoin , the flagship digital currency, crossed above $100,000 for the first time late Wednesday. The move brought its year-to-date gains to more than 140% — wildly outperforming the S & P 500's 27.6% gain. Standard Chartered analyst Geoff Kendrick said in a Thursday note he sees bitcoin surging to $200,000 by the end of 2025. MicroStrategy is running ahead of its USD 42bn three-year plan, so its purchases in 2025 should match or exceed its 2024 purchases." Several stocks tied to bitcoin rose alongside it, with proxy name MicroStrategy and Robinhood Markets gaining 9.1% and 7.2%, respectively.
Persons: Donald Trump, Biden, Geoff Kendrick, Kendrick, Bernstein, bitcoin, Scott Bessent, Pat Tschosik, Ned Davis, Morgan Stanley Organizations: BTC, Robinhood, Treasury, Ned Davis Research, Hewlett Packard Enterprises, Juniper Networks, Juniper
Several stocks that have underperformed in 2024 may be poised for substantial gains in coming months, according to Goldman Sachs. Yet some stocks that have lagged this year could outperform in the first quarter of 2025, the investment bank said. In other words, those are buy-rated stocks where Goldman analysts are out-of-consensus while most of Wall Street is neutral or has a sell rating. Meanwhile, 60% of the 20 analysts covering the stock rate it neutral, and the other 20% carry a sell. Of the 12 analysts who cover Pool on the Street, half rate it hold and 17% have a sell rating.
Persons: Goldman Sachs, Goldman, Deep Mehta, Mehta, Donald Trump, Robert F, Kennedy Jr, Kennedy, Goldman –, FactSet, Conagra, TripAdvisor, they're Organizations: Nasdaq, Dow Jones, Industrials, Tech, Goldman, Conagra Brands, Department of Health, Human Services, Food and Drug Administration
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