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☆ Tim Walz discloses a six-figure salary, modest retirement savings and a pension
▼ + stars: | 2024-09-06 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +3 min

Many recent candidates for high office, by contrast, report millions in income and assets from multiple sources on their forms. Walz reported a $210,287 income from his job as governor of Minnesota from January 2023 through August of this year and a bank account with between $15,000 and $50,000 in cash. But Walz does have a few retirement savings accounts. In addition, Walz will be eligible for Social Security benefits and a pension as a former member of the US House of Representatives. “They did (a) story that said he’s actually richer than his statement says, because he has — and I quote, like this is an evil thing — ‘a defined benefit pension plan.’ That is my wish for every American to have a defined benefit pension plan,” he said.

Persons: Tim, Walz, — Walz, ”, “, he’s, – CNN’s Aaron Pellish Organizations: CNN, Democratic, Federal, National Guard, of Minnesota, Association, Social Security, FEC, Labor Locations: Minnesota, Milwaukee

Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors’ finances. In separate papers released this month, academics have found that households in states where gambling was legalized saw significantly reduced savings, as well as lower investments in assets like stocks that are generally considered more financially sound. Meanwhile, states that legalized sports betting saw their residents’ aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling.

Persons: ”, Scott Baker, Charles Schwab, Baker, “ It’s, ” Baker, “ Rather, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee, ” Candee Organizations: Northwestern University’s Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA’s Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S

☆ Sports gambling takes a toll on Americans’ checkbooks, research shows
▼ + stars: | 2024-08-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Researchers have begun measuring the impact of legalized sports gambling on American households, and the initial results paint a worrisome picture about how its expansion has affected bettors' finances. Meanwhile, states that legalized sports betting saw their residents' aggregate credit scores decrease, while bankruptcies increased. North Carolina became the most recent state to offer online sports betting earlier this year. Earlier this year, the major sports betting platforms formed the Responsible Online Gaming Association to address problem gambling. Yet there is likely a limit to how much the platforms will seek to restrict their own activities.

Persons: Scott Baker, Charles Schwab, Baker, It's, Brett Hollenbeck, Nicholas Scutari, Adam Candee, Candee Organizations: Northwestern University's Kellogg School of Management, of Columbia, Trade, Vanguard, Fidelity, UCLA's Anderson School of Management, Auto, New York, Gaming Commission, Addiction Services, Legal, Online, Association Locations: New York, New Jersey, Puerto Rico, North Carolina, California, Texas, U.S

☆ Why the S&P 500 could drop by 10% by the end of 2024 — and 4 trades to cash in on the turbulence
▼ + stars: | 2024-08-23 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDon't expect the stock market's seemingly unstoppable rally to continue through the end of the year, says Stifel's Barry Bannister. "If Russia makes a countermove in Kursk, it would probably be between the election and January," Bannister said. 4 trades to make amid market turbulenceWith the market poised for a turbulent period ahead, Bannister said he prefers defensive value stocks, particularly the healthcare, utilities, consumer staples, and real estate sectors. "Seventy percent of all the outperformance of defensive or value occurs before a recession is actually declared," Bannister said.

Persons: —, Stifel's Barry Bannister, Bannister, — Bannister, there's, Kamala Harris, Donald Trump, Trump, we're Organizations: Service, Business, Federal Reserve, Utilities, Consumer, UCITS Locations: Russia, Kursk, Iran, China

☆ US stocks are overvalued because of unrealistic expectations for AI-powered economic growth, Vanguard says
▼ + stars: | 2024-08-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Investors are too optimistic about the near-term prospects of AI, Vanguard said. "This is double the annualized rate of the 1920s, when electricity lit up the nation," Vanguard wrote. AdvertisementBut Vanguard global chief economist Joe Davis thinks expectations are too high, and says that stocks are overvalued even if the AI boom plays out as anticipated. For context, the S&P 500's trailing one-year earnings growth rate through the second quarter of 2024 was 10.9%, according to FactSet data. That's probably not going to happen, which means we're unlikely to experience an AI-driven economic boom in 2025," he said.

Persons: —, Joe Davis, It's, Davis, BlackRock Organizations: Vanguard, Service

☆ There's still time to max out 401(k) contributions for 2024 — but some investors shouldn't, experts say
▼ + stars: | 2024-08-23 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

There's still time to boost 401(k) contributions and max out your plan account for 2024, but not everyone should, according to financial advisors. For 2024, employees can defer up to $23,000 into 401(k) plans, up from $22,500 in 2023, with an extra $7,500 for workers age 50 and older. Some 14% of investors maxed out their 401(k) employee deferrals in 2023, according to a 2024 report from Vanguard. Meanwhile, the average 401(k) savings rate in 2023 — including employee deferrals and company contributions — was an estimated 11.7%, which matched a record high from 2022, the same Vanguard report found. If you can afford to go further and max out your 401(k) for 2024, here are three things to consider first, experts say.

Persons: There's, Donald LaGrange, Murphy, Walz's, LaGrange, deferrals, — Organizations: Sylvest Wealth Management, Finance, Social Security, Vanguard Locations: Dallas

☆ 3 reasons why Truist's CIO says it's time to plow money into the tech sector again despite its worst one-month underperformance in 20 years
▼ + stars: | 2024-08-14 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

The secular megatrend of AI remains strong as Big Tech companies continue to invest billions into developing the technology. Forward earnings estimates for the tech sector are rising to all-time highs, indicating continued optimism. Investor expectations have now become recalibrated after the correction, providing tech stocks with more room to grow, in Lerner's opinion. AdvertisementTruistA cooling macroeconomic environment will also provide a boost to tech stocks as investors flock back to Big Tech, according to Lerner. With the Fed likely to begin cutting rates in September, many of the Big Tech companies are poised to benefit.

Persons: —, Keith Lerner, Lerner, that's, shouldn't, Truist, outperformance, He's Organizations: Service, Business, Semiconductor, Big Tech, Tech, Vanguard Information Technology, VanEck Semiconductor

Since the arrival in late June of a foreign police force known as the Multinational Security Support (MSS) mission, criminal attacks here have slowed. But in “red zones” across the city and beyond, a new war is just beginning, as gangs test the still-forming MSS. In other words, the MSS mission has no time to lose. CNNThis mission is designed to break the mold; unlike previous peacekeeping missions in Haiti, the MSS is independent of the United Nations. To dismantle Chen Mechan,’” he said listing the nicknames of notorious Port-au-Prince gang bosses.

Persons: Prince, Toussaint Louverture, Bob Marley’s, ”, Evelio Contreras, Garry Conille –, ” –, Conille, Garry Conille, ” Conille, Prince’s Toussaint, Godfrey Otunge, he’s, Haitian National Police Rameau Normil, ” Otunge, it’s, Al, “, Lamercie, ” Estinfort, –, Mawozo, “ I’m, Lanmo, Chen Mechan, ’ ”, Biden, Haiti Dennis Hankins, CNN he’s, Hankins, ” Hankins, we’re Organizations: Prince CNN —, Haitian National Police, Multinational Security, CNN CNN, CNN, United Nations ’, UNICEF, Regional, CARICOM, State University of Haiti Hospital, “, ” Police, Planet Airways, Kenyans, Kenyan, United Nations, UN, Troops, hasn’t, Normil, Institut, MSS, US, Haitian, Haitian Justice Department, Prisons, IBESR Locations: Washington, Port, Kenya, Kenyan, Haiti, Caribbean, Florida, downtown Port, Prince, Haitian, Jamaica, Benin, Chad, Bahamas, Bangladesh, Barbados, Belize, United States, France, Canada, South Korea, Italy, India, Al Shabaab, US, city’s, Ganthier, Barbeque

I'm a financial planner with several easy steps you can take now that will set you up for financial success. These funds should be placed in an easily accessible FDIC-insured high-yield savings account. Park your cash in a high-yield savings accountA common financial mistake people in their 20s make is letting their savings sit in a low-yield checking or savings account. Keep in mind that online banks offer most high-yield savings accounts, so you won't have access to a physical branch. Many online high-yield savings accounts, like Discover, allow you to manage multiple savings accounts under one login, making this strategy even more convenient.

Persons: —, Benjamin Graham, Schwab, doesn't Organizations: Service, Fidelity, Vanguard

☆ Police release images of suspects in killing of 'General Hospital' actor Johnny Wactor
▼ + stars: | 2024-08-05 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Mirna-Alsharif-Byline-Jm.Jpg | Mirna Alsharif | ) www.nbcnews.com time to read: +2 min

Police have released video stills that show three alleged suspects in the killing of "General Hospital" actor Johnny Wactor. Wactor, 37, was fatally shot in May after he interrupted a catalytic converter theft on his car in downtown Los Angeles. The suspects cannot be clearly seen, but police said the suspect who shot Wactor "has a tattoo above the left eye and on the right cheek." The Los Angeles Police Department is asking for the public's help with identifying the three suspects. Wactor, who hailed from Charleston, South Carolina, always wanted to be an actor, his mother previously told NBC News.

Persons: Johnny Wactor, Brando Corbin, Wactor, Anita Joy, Joy, ” Organizations: Infiniti, Los Angeles Police Department, NBC News, Lifetime’s, “ Locations: Los Angeles, Charleston , South Carolina

☆ Want to invest $50,000? Here are 5 ETFs to buy and hold, according to a wealth manager
▼ + stars: | 2024-08-05 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

ETFs hold a collection of securities , like stocks or bonds, and so offer more diversification than a single asset. CNBC Pro asked Dennison for his top ETF picks that someone looking to invest $50,000 can buy and hold long-term. Avantis International Small Cap Value ETF Dennison says he's "very happy" with the Avantis International Small Cap Value ETF (AVDV-US). DFA Dimensional U.S. Small Cap Value ETF Another small-cap-focused ETF on Dennison's radar is the Dimensional US Small Cap Value ETF (DFSV-US), which owns companies that are "in corners of the market that are harder to reach." The Dimensional US Small Cap Value ETF is currently around 6% higher over the year to date.

Persons: Tariq Dennison, Dennison, he's, Spencer, Weizhen Tan, Ganesh Rao Organizations: Fidelity, GFM Asset Management, CNBC Pro, Value, U.S, Abercrombie, Fitch, Cadence Bank, Commercial Metals, JPM Global Equity, Global Equity, Arista Networks, Walmart, Deutsche Telekom, ASM International, Novo Nordisk, Vanguard Locations: U.S, Swiss, Dennison

☆ Thousands of users have reported online brokerage outages as stocks tumbled.
▼ + stars: | 2024-08-05 | by ( Danielle Kaye | More About Danielle Kaye | ) www.nytimes.com time to read: +1 min

Online stock trading platforms, including Fidelity Investments and Charles Schwab, said users had trouble logging into their accounts on Monday morning, preventing some investors from making trades amid a panic sell-off that reverberated around the world. Account holders at the popular trading platforms E-Trade and Robinhood also reported issues. Some Schwab clients had trouble logging onto its platforms because of an unspecified technical issue, the trading platform confirmed in a post on X. By noon, there were fewer than 500 complaints from Schwab users, Downdetector reported, based on its own data and user reports on social media. In response to complaints from customers on X, Fidelity posted around 11 a.m. that the issue had been resolved.

Persons: Charles Schwab, Schwab, Robinhood, Downdetector Organizations: Fidelity Investments, Fidelity, Vanguard, midmorning

☆ Investors are fleeing Big Tech. Bank of America says to take advantage of these 2 stock trades instead.
▼ + stars: | 2024-08-05 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Read previewBuying and holding Big Tech stocks has led to great performance in recent years, but this might not be the case going forward. As a result, buy-and-hold investors are probably seeing more red than they'd like in their portfolios right now. AdvertisementBig Tech overexposureIf you hold a lot of Big Tech stocks in your portfolio, you're not alone. Related storiesThere's definitely reason to be bullish on tech overall, especially as AI spurs growth, but overexposure to Big Tech isn't without its drawbacks. According to Subramanian, there's more room for Big Tech to fall, especially if investors don't see AI monetization cases soon.

Persons: —, Savita Subramanian, overexposure, Subramanian, That's, there's, They're Organizations: Service, Big Tech, Nasdaq, Down, Dow, Business, Bank of America, Microsoft, Meta, Google, Fund, Vanguard, Energy

☆ Some top brokerages reportedly go down as the market tanks
▼ + stars: | 2024-08-05 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

Top brokerages had some outages on Monday morning, according to Downdetector. Fidelity told Business Insider that the issues had been resolved. Go to newsletter preferences Thanks for signing up! AdvertisementSome top brokerage firms were hit by online outages Monday as the global market continued its melt down, according to user reports. This story is available exclusively to Business Insider subscribers.

Persons: —, Charles Schwab Organizations: Fidelity, Business, Service, Vanguard, Interactive

☆ 3 election-proof trades to boost your portfolio regardless of a Harris or Trump win
▼ + stars: | 2024-08-04 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Amid the backdrop of the US' polarized political environment, it might seem like the differences between Harris and Trump are night and day. DWS Group identified the following three areas of the market that'll perform well under a Trump or Harris presidency. Big Tech and AI aren't going anywhere this November, according to DWS Americas Chief Investment Officer David Bianco. If Trump wins, tax cuts will provide a boost to corporate America and increase consumer spending. If Harris wins, the dollar will strengthen for different reasons.

Persons: —, Harris, Trump, David Bianco, Bianco, Amanda Rebello, DWS, Frank Kelly, Biden, Kelly, Russell Organizations: Service, Trump, Big Pharma, DWS, Business, Big Tech, Republicans, Vanguard Utilities, International Stock ETF Locations: America

While most of TIAA’s clients are current or retired workers at nonprofit organizations, TIAA also offers individual retirement accounts to investors online. They didn’t own enough in-house TIAA products, according to the complaint and a recording of Parkin’s presentation. But in two asset classes, the tool’s recommendations are limited to TIAA products, according to the complaint and internal documents. Morningstar selects asset classes and investments for the TIAA tool from those chosen by a retirement plan fiduciary, it said. Paras Griffin / Getty Images fileThe recent push to increase client usage of TIAA’s advice tool appears to be succeeding.

Persons: Ted Fitzpatrick, Fitzpatrick, TIAA, “, ” Fitzpatrick, ’, Chris Tobe, Craig Parkin, Rajotte, ”, Yale, Craig Warga, TIAA hasn’t, Ted Siedle, “ TIAA, ” Siedle, TIAA’s Parkin, Parkin, Thasunda Brown Duckett, “ Thasunda, ” Parkin, ” TIAA, Adriana Macias, Morningstar, Duckett, Rowe Price, TIAA’s, Paras Griffin, it’s, Steers, ‘ Organizations: SEC, New, Cornell University, University of North Carolina System, TIAA, Vanguard, Fidelity, Systems, Yale, Yale University, Bloomberg, Getty, Brown University and Harvard, NBC News, NBC, Morningstar Investment Management, of, Morningstar, “ Morningstar Investment Management, Bank of New York Mellon, Equitable Holdings, Cohen, Steers, & $ Locations: Milwaukee, TIAA, New York, New Haven, Conn, Chicago, Atlanta

☆ Biotech and more: Hold these growth stocks for the next 10 years, the pros say
▼ + stars: | 2024-08-02 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Growth stocks have been volatile, with tech names going through wild swings in recent weeks. On the whole, growth stocks are up this year, although they recently fell slightly. What are some of such stocks that investors can buy and hold for the next 10 years? CNBC Pro asked fund managers and other investors who focus on growth stocks for some ideas. There are two segments in this business: original equipment and aftermarket, according to him.

Persons: Russell, TransDigm, Casey's, Janjigian Organizations: Nasdaq, . Federal Reserve, CNBC Pro, Waste Management, Republic Services Group, Carnegie Investment, Greenwich Wealth Management, U.S . Food, Drug Administration

☆ Time to dump CDs? 6 experts share 6 investing moves to make as the Fed prepares to cut rates in September.
▼ + stars: | 2024-07-31 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Certain areas of the stock market that benefit from lower rates could see a boost. AdvertisementInstead, plug some money into longer-duration bonds to lock in higher returns while they're still around, Milan said. In addition to tying down solid returns, longer-duration bonds could also appreciate when rates fall, he said. AdvertisementLook at rate-sensitive areas of the stock marketCertain areas of the stock market should also benefit from Fed rate cuts. But investors should keep their eye on the labor market the more the Fed cuts rates, Young Thomas said.

Persons: —, Daniel Milan, they're, Ed Mahaffy, Mahaffy, Robert Phipps, Bernstein, Liz Young Thomas, Shmuel Shayowitz, Kristy Kim, Young Thomas Organizations: Service, Federal Reserve, Business, Cornerstone Financial Services, Treasury, ClientFirst Wealth Management, Corporate, Per Stirling Capital Management, Bloomberg, Bond, Index, Fed, Vanguard, ®, Schwab, Fidelity Locations: Michigan, Milan, TreasuryDirect, TomoCredit

☆ 4 areas of the market set to surge if Trump wins the election — and 3 poised to benefit from a Harris victory
▼ + stars: | 2024-07-31 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

When it comes to investing in sectors such as financials and energy under Trump, Bianco believes that size matters. A Harris presidency would benefit the renewable energy industry, according to Amanda Rebello, head of Xtrackers ETF sales at DWS. That's primarily because a Harris presidency would result in more stringent fiscal policy than a Trump one. The national debt is also likely to rise faster under a Trump presidency compared to a Harris one. AdvertisementInvestors can prepare for a Harris presidency by adding fixed income assets such as US 10-year Treasury notes to their portfolios.

Persons: —, David Bianco, Harris, it's, He's, Bianco, Trump, Russell, REITs There's, Amanda Rebello, That's, he's, REITs, iShares Cohen Organizations: Service, Trump, Business, Republican, DWS Group, Republican National Convention, Big Pharma, VanEck Pharmaceutical, Vanguard, Energy, Democratic, Fed, Harris, Real, Investment, Battery Tech, Clean Energy, Schwab, Steers, ETF Locations: Big, Harris ' California

☆ Vanguard President Greg Davis on the rotation out of mega cap and into small cap stocks
▼ + stars: | 2024-07-30 | 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 EmailVanguard President Greg Davis on the rotation out of mega cap and into small cap stocksGreg Davis, president and chief investment officer at Vanguard, discusses his outlook for markets, retirement investment strategy and more.

Persons: Greg Davis Organizations: Vanguard

☆ Small-cap stocks still look cheap after big July rally, Vanguard CIO says
▼ + stars: | 2024-07-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Greg Davis, the firm's president and CIO, told CNBC's Bob Pisani that the small-cap rebound makes sense from a valuation standpoint and could keep going. "Small caps, to us, still look relatively cheap — relative to some of the large-cap alternatives that are out there," Davis said. The small-cap Russell 2000 is up nearly 10% in July, while the S & P 500 is flat and the Nasdaq Composite is down 2%. Small-cap value , in particular, has outperformed, including the Vanguard Russell 2000 Value ETF (VTWV) , which is up 11.9%. The small-cap rally comes after this bull market was mainly led by a handful of Big Tech stocks, including Nvidia and Microsoft .

Persons: Greg Davis, CNBC's Bob Pisani, Davis, Russell, Vanguard Russell, it's, Jack Bogle, Salim Ramji Organizations: Vanguard, Nasdaq, Big Tech, Nvidia, Microsoft, BlackRock

☆ Watch CNBC's full interview with Vanguard CEO Salim Ramji
▼ + stars: | 2024-07-29 | 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 EmailWatch CNBC's full interview with Vanguard CEO Salim RamjiCNBC's Bob Pisani sits down with Vanguard’s new CEO, Salim Ramji, to discuss stepping into the role, becoming the first CEO to not work with Vanguard's founder John Bogle, and more.

Persons: Salim Ramji CNBC's Bob Pisani, Salim Ramji, John Bogle

☆ New Vanguard CEO says improving customer experience is a 'very high' priority and AI could help
▼ + stars: | 2024-07-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The new CEO at Vanguard said Monday that the asset management giant could lean on artificial intelligence as it looks to improve its customer service experience. Vanguard, which built its reputation as a low-cost and investor-friendly brokerage firm, has seen criticism about its customer service in recent years. Difficulty in reaching a Vanguard representative on the phone is one common complaint seen in online forums. CEO Salim Ramji told CNBC's Bob Pisani on Monday that fixing the customer experience is "very high on my list of priorities" and that artificial intelligence looks like a promising avenue for help. Ramji comes to Vanguard from rival BlackRock, making him the first outsider CEO for the roughly $9 trillion asset manager.

Persons: Salim Ramji, CNBC's Bob Pisani, Ramji, Jack Bogle Organizations: Vanguard, BlackRock Locations: Malvern , Pennsylvania

☆ Salim Ramji on becoming Vanguard CEO: 'Absolutely' looking to continue mission of founder John Bogle
▼ + stars: | 2024-07-29 | 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 EmailSalim Ramji on becoming Vanguard CEO: 'Absolutely' looking to continue mission of founder John BogleCNBC's Bob Pisani sits down with Vanguard’s new CEO, Salim Ramji, to discuss stepping into the role, his vision for Vanguard, and more.

Persons: Salim Ramji, John Bogle, Bob Pisani Organizations: Vanguard

☆ Yields on cash are likely to drop. Put money to work here instead, Janus Henderson says
▼ + stars: | 2024-07-29 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Investors who are camped out in cash are nabbing sweet yields, but the clock is ticking on that attractive income. Money market fund assets totaled $6.14 trillion as of the week ended July 24, according to the Investment Company Institute . The largest money market funds are offering an annualized 7-day current yield of 5.12%, per the Crane 100 Money Fund Index. "Investors must also remember that the liquid securities held in money market funds have maturities capped at slightly over a year," he said. While these short-term bonds may be an attractive alternative to hiding out in cash, investors should avoid making them the lion's share of their fixed income holdings.

Persons: Daniel Siluk, Janus Henderson, Matthew Mish, Siluk Organizations: Investment Company Institute, Federal, UBS, SEC, BBB, Treasury Bond ETF

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