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☆ Wall Street banks see investment banking improvement, with some caution
▼ + stars: | 2024-07-12 | by ( ) www.reuters.com time to read: +3 min

The results by three major U.S. banks kicked off the second-quarter earnings season. Maximize Item 1 of 2 Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. REUTERS/File Photo [1/2] Signs of JP Morgan Chase Bank, Citibank and Wells Fargo & Co. bank are seen in this combination photo from Reuters files. Wells Fargo CFO Mike Santomassimo said on a call that the bank has seen good activity across the investment grade desk, capital markets and the leverage finance business. Goldman's earnings are expected to more than double versus the second quarter of 2023, when they dropped to a three-year low.

Persons: Wells, Goldman Sachs, Morgan Stanley, Mark Mason, Mason, JP Morgan, Jeremy Barnum, Mike Santomassimo, Moody's, Goldman, Noor Zainab Hussain, Manya Saini, Niket, Nupur Anand, Tatiana Bautzer, Saeed Azhar, Megan Davies, Matthew Lewis Organizations: Citigroup, JPMorgan, Citi, Equity, JP Morgan Chase Bank, Citibank, Wells Fargo & Co, Chevron Chevron, Morgan, Thomson Locations: Chevron Chevron The U.S, U.S, Bengaluru, New York

☆ Pressure is building on Wall Street’s most powerful woman to pull Citi out of the gutter
▼ + stars: | 2024-07-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Since September, when Fraser laid out her vision for a more streamlined Citigroup, the bank’s stock has shot up more than 50%. For the first time in nearly two decades, Wall Street appears to be feeling something almost like optimism about America’s third-largest bank. But speaking of Fraser’s tenure, Mayo sounded unusually sanguine about her progress in simplifying Citi’s notoriously labyrinthine corporate structure. Still, Mayo said the bank offers the “worst-in-class efficiency, returns and stock market valuation.”“I think she will pull it off. Of course, Fraser, who took over in March 2021, is still being haunted by the sins of Citi’s past.

Persons: CNN Business ’, Jane Fraser, —, Fraser, Revlon —, Jane Fraser’s, ”, Mike Mayo, “, ” Mayo, Mayo, “ It’s, I’m Organizations: CNN Business, New York CNN, Citigroup, Citi, Revlon, JPMorgan Chase, Bank of America, Wells Locations: New York, Wells Fargo

☆ Welcome back to Wall Street earnings season
▼ + stars: | 2024-07-11 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +6 min

But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings. The big storyEarnings to watchMomo Takahashi/BIJust like that, it's Wall Street earnings season once again. Wall Street banks have been waiting for M&A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. In May, the CEO shocked Wall Street by saying he plans to step down in the next five years . Will banks start charging for everyday consumer products like checking accounts?

Persons: —, Joe Biden's, Sen, Peter Welch, Biden, Momo Takahashi, Wells, Goldman Sachs, Morgan Stanley, Kaja Whitehouse, Jamie Dimon's, Kaja, Jefferies, Jamie Dimon, Wall, Marianne Lake, We're, Larry Fink, Jenny Chang, Rodriguez, Neil Dutta, Tesla's, Elon Musk, Jeff Bezos, Rich Guy, Alyssa Powell, Andrei Cojocaru, David Zaslav, isn't, Joe, Zaslav, Jordan Parker Erb, Lisa Ryan, Joe Ciolli, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democrat, Democratic, Hollywood, NATO, Business, showtime, JPMorgan, Citigroup, BlackRock, Bank of America, Getty, Warner Bros, Discovery, Air Lines, PepsiCo, Bureau of Labor Statistics Locations: New York, Chicago, London

☆ Looking for dividend stocks? Here are Morgan Stanley's top Asia picks for the quarter
▼ + stars: | 2024-07-11 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

The uncertainty has led Morgan Stanley to reiterate its recommendation to buy dividend stocks. The investment bank noted that the MSCI Asia Pacific ex-Japan High Dividend Index has slightly underperformed the MSCI Asia Pacific ex-Japan index in the second quarter of the year, albeit by only 0.34 percentage points. "We still prefer Dividend stocks given cautious risk sentiment in Asia/EM and see support in valuations for quality dividend stocks due to their defensiveness. Investor appetite on corporate reform and shareholder return theme in Asia/EM also remain high, which are likely to benefit dividend stocks." The company provides distillery services and Morgan Stanley sees it benefitting from "improving demand for high-end products and mid-market brands."

Persons: Morgan Stanley, Morgan, Wuliangye, — CNBC's Michael Bloom Organizations: Asia, UST, U.S . Treasury, Wuliangye Yibin Company, China's Shenzhen Stock Exchange, FTSE, G, Won, Korea Exchange, American Locations: Japan, Asia, Pacific, China, FTSE China, Korean, U.S

☆ Citi names undervalued global AI stocks poised for rerating — two were given 50% upside
▼ + stars: | 2024-07-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Citi has identified several undervalued global stocks exposed to artificial intelligence that present substantial investment opportunities. AI has driven approximately half the 11% return in the MSCI All Country World Index so far, according to Citi. The picture resembles the S & P 500 , where mega-cap stocks focused on AI have driven much of the rally. While many AI stocks have benefited from both expanding multiples and upward earnings revisions, Citi has identified a subset of 19 stocks that buck this trend. This dual tailwind of improving valuations and fundamentals has not been present in stocks with medium or low AI exposure — such as those in the table above.

Persons: Drew Pettit, Beata Manthey, — CNBC's Michael Bloom Organizations: Citi, Digital Realty Trust, Apple, Toyota Motor, Visa, ServiceNow, Samsung Electronics

☆ Jury Finds Archegos Founder Bill Hwang Guilty on 10 Charges
▼ + stars: | 2024-07-10 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

A jury in federal court in Manhattan on Wednesday found the investor Bill Hwang guilty on charges arising from the collapse of Archegos Capital Management, which led to roughly $10 billion in losses for a handful of big Wall Street banks. Two key witnesses were former employees of Archegos, which Mr. Hwang had set up in 2013 as a giant family office that traded like a hedge fund but without much regulatory oversight. In all, Mr. Hwang, 60, was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation. The jury found him guilty on 10 of those charges and found him not guilty on one of the seven counts of market manipulation. Mr. Hwang, who was seated and wearing a dark suit when the foreperson read the verdict, could spend the rest of his life in a federal prison.

Persons: Bill Hwang, Hwang, . Hwang Organizations: Archegos Capital Management Locations: Manhattan

☆ Stocks making the biggest moves premarket: Chemours, Intel, BP and more
▼ + stars: | 2024-07-09 | by ( Pia Singh | ) www.cnbc.com time to read: +1 min

Nvidia — Shares rose more than 1% after KeyBanc hiked its price target on the chipmaker to $180, implying upside of more than 40% from Monday's close. "Despite the impending launch of Blackwell in 2H24, we are not seeing any signs of a demand pause as demand for H100 remains robust," KeyBanc said. BP — The oil and gas giant's U.S.-listed shares fell more than 4% after the company warned it expects to report an impairment of up to $2 billion. Tempus AI — Shares popped nearly 4% after several Wall Street banks initiated coverage of the health-care diagnostics company with buy or overweight ratings. Helen of Troy — Shares of the Hydro Flask and Oxo parent fell more than 25% after a big earnings miss.

Persons: KeyBanc, Helen of Troy —, FactSet, —, Fred Imbert, Michelle Fox Theobald Organizations: UBS, Nvidia, Blackwell, BP, Nasdaq, Intel, Hydro Locations: Monday's, 2H24, U.S

☆ I quit Merrill Lynch to start my own business. Leaving a 7-figure income and cushy corporate perks was hard, but I don't regret it.
▼ + stars: | 2024-07-09 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. It was not easy to leave the comfort of my corner office, corporate perks, and awards and recognition at a big Wall Street bank. I felt like I needed to take a bigger leap and start my own thing, but I had no idea how to start a business. I don't go to the office much anymore, though most of my team chooses to go into the office. Had I stayed at a big Wall Street bank, I never would've been able to start my other businesses.

Persons: —, Chad Willardson, Merrill Lynch, Morgan Stanley, Goldman Sachs, I've, it's, Warren Buffett Organizations: Service, Pacific, Business, UBS, LinkedIn, Entrepreneurship Locations: Orange County , California, Southern California

TD Cowen raised its price target on Netflix, calling for 13% upside for the stock. JPMorgan analyst Rachel Vatnsdal was similarly bullish with her $42 price target, while Morgan Stanley analyst Tejas Savant set a price target of $44. The analyst also raised his price target to $42 from $37, indicating a potential 3% upside from the stock's Monday afternoon close. — Lisa Kailai Han 5:44 a.m.: TD Cowen lifts Netflix price target ahead of second-quarter earnings announcement TD Cowen expects more gains ahead for Netflix . NFLX YTD mountain NFLX year to date — Lisa Kailai Han 5:44 a.m.: KeyBanc hikes Nvidia price target The good times for Nvidia are not over yet, according to KeyBanc.

Persons: TD Cowen, KeyBanc, Morgan Stanley, Bank of America Michael Ryskin, Ryskin, Rachel Vatnsdal, Tejas Savant, Morgan Stanley's Savant, William Blair, Stifel, Lisa Kailai Han, Wells, Donald Fandetti, Fandetti, — Lisa Kailai Han, Grayson, Daniel Lungo, Piper Sandler, Scott Siefers, BAC's NII, Siefers, JPMorgan Chase, Cowen, John Blackledge, Blackledge, John Vinh, Fred Imbert Organizations: CNBC, Netflix, Nvidia, Wall, Tempus, Nasdaq, JPMorgan, Bank of America, Precision Oncology, Needham, American Express, Devon Energy, of America, Citigroup, Blackwell, Wolfe Research, UBS Locations: Devon, Williston, Netflix's, Monday's, 2H24, GB200

☆ Multibillion-Dollar Fraud Trial Against Archegos Founder Nears Its End
▼ + stars: | 2024-07-08 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

During closing arguments, Andrew Thomas, the prosecutor, said that Mr. Hwang had defrauded the banks and other traders in the market by artificially inflating stock prices to pump up the size of Archegos. Barry Berke, a lawyer for Mr. Hwang, said the government was criminalizing his client’s high-risk trading only because it caused losses for the banks that had lent him billions of dollars. Hwang bet on companies he believed in,” Mr. Berke said. “That is not manipulative.”Mr. Hwang, 60, is charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation. If convicted on all counts, he could spend the rest of his life in prison.

Persons: “, Bill Hwang, Andrew Thomas, Mr, Hwang, Barry Berke, ” Mr, Berke Organizations: Archegos Capital Management Locations: Manhattan

☆ Wall Street banks name 10 UK stocks to benefit from Labour landslide win
▼ + stars: | 2024-07-05 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The U.K.'s center-left Labour Party has won a substantial parliamentary majority in the country's general election, unseating the incumbent Conservatives after 14 years. Manthey and her team picked the FTSE 250 index , which can be traded through exchange-traded funds such as iShares FTSE 250 UCITS ETF or Vanguard FTSE 250 UCITS , over the large-cap index FTSE 100 , as their "preferred post-election trade." The strategists, however, cautioned that historical data pointed toward lackluster returns immediately after the election results. More broadly, the investment bank's economist Anna Titareva said U.K. markets remain "heavily discounted" since after Brexit. After the election results were confirmed, they reiterated their stock preferences: Taylor Wimpey and Persimmon .

Persons: Beata Manthey, Manthey, Anna Titareva, Titareva, Anthony Codling, Taylor Wimpey, Gleeson, Bellway, Investec Organizations: Labour Party, Labour, Vanguard, UBS, Companies, FTSE, FTMC, RBC Capital Markets, Jefferies, Genuit Locations: Swiss

☆ Wall Street banks name UK stocks to watch as Brits head to the polls
▼ + stars: | 2024-07-04 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

It would mark the second-highest pre-election performance since 1992, trailing only the 12.6% surge seen before the 1997 election, according to RBC's Fielding. "Overall, should a similar pattern to the 1997 election emerge in the future, the forward 1, 3, and 6-month periods could be notably strong." Genuit , Howden , and Travis Perkins were highlighted in the Building Materials sector, while Taylor Wimpey and Vistry were flagged in the homebuilders category. The bank specifically highlighted Barratt , Persimmon , and Taylor Wimpey as companies likely to benefit from these reforms. "Barratt and Taylor Wimpey remain our preferred Buy-rated names given the opportunities arising from potential planning reforms and relatively undemanding valuations."

Persons: Mark Fielding, RBC's Fielding, Fielding, Genuit, Travis Perkins, Taylor Wimpey, Ami Galla, Galla, —, Labour —, Barratt, Persimmon, " Barratt, AJ Bell Organizations: RBC Capital Markets, Conservative, Labour, RBC, FTSE, FTMC, Materials, AFC Energy, ITM Power, boohoo Locations: Howden, Germany, St, James's, London, Berkeley

☆ Here are Bank of America’s top long picks, and one short, for the third quarter
▼ + stars: | 2024-07-03 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

With the second half kicking off, Bank of America is noting its top long picks along with one short for the third quarter. The Dow Jones Industrial Average underperformed, however, moving 3.8% higher due to a pullback in the second quarter. The bank sees second quarter revenue coming in above Spotify's previous guidance, and other yardsticks such as premium subscribers at least matching company forecasts. Conversely, Bank of America named CarMax , another auto retailer, its short idea for the quarter. The firm's $50 price target implies nearly 30% downside from Monday's close.

Persons: BofA, Jessica Reif Ehrlich, Reif Ehrlich, Goldman Sachs, John Murphy, KMX Organizations: Bank of America, Nvidia, Nasdaq, Dow Jones, Bank of, Spotify, Seaport Research Partners, AutoNation, Union Pacific

☆ A notorious market bear who called the 2000 and 2008 crashes shares 3 charts revealing striking similarities between today's market and the most extreme bubbles — and warns of 50-70% downside for the
▼ + stars: | 2024-06-29 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

"In contrast, current valuation extremes imply potential downside risk for the S&P 500 on the order of 50-70% over the completion of this cycle." JPMorgan's Marko Kolanovic expects the S&P 500 to fall to 4,200, while more extreme forecasts include Jeremy Grantham's estimate in the low 3,000s. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.

Persons: —, Jonathan Golub, Count John Hussman, Hussman, Hussman's, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, JPMorgan's Marko Kolanovic, Jeremy Grantham's Organizations: Service, UBS, Business, Hussman Investment Trust, New York Stock Exchange, Investor Intelligence

Climate control activists are led away by the NYPD after being detained outside the global headquarters of Citigroup in New York City, U.S., June 28, 2024. REUTERS/Kent J. Edwards Purchase Licensing Rights New Tab , opens new tabItem 1 of 6 Climate control activists are led away by the NYPD after being detained outside the global headquarters of Citigroup in New York City, U.S., June 28, 2024. REUTERS/Kent J. EdwardsCompanies Company Citigroup Inc FollowJune 28 (Reuters) - Dozens of climate activists were arrested after protesting at Citigroup's (C.N) New Tab , opens new tab headquarters in New York on Friday as part of what they called a "Summer of Heat" campaign. The activists expected more than 1,000 people to participate in the demonstration, according to a statement ahead of the protest. New Tab , opens new tabSave Share XFacebookLinkedinEmailLink Purchase Licensing Rights

Persons: Kent J, Roishetta Ozane, Burns, summonses, Makailah Gause, Jacqueline Wong, Lananh Nguyen, Leslie Adler Organizations: NYPD, Citigroup, REUTERS, Edwards Companies Company Citigroup, Police, New York City Police Department, Citi, Reuters, Thomson Locations: New York City, U.S, New York, Manhattan, Citi's, New

☆ India's major bond market milestone could prove to be a double-edged sword for investors
▼ + stars: | 2024-06-28 | by ( Ganesh Rao | ) www.cnbc.com time to read: +1 min

(Photo by Ajay Aggarwal/Hindustan Times via Getty Images)Indian government bonds reached a major milestone on Friday with their inclusion in JPMorgan's emerging market government bond index. Take the broad L&G India Government Bond exchange-traded fund, for instance. Anticipating the Wall Street bank's decision, alongside Bloomberg's move to include India in a similar index next year, markets have partly pushed up bond prices in 2024 despite the risks of inflation reigniting. While these moves by big Wall Street institutions might be lucrative for investors today, it's likely to dampen their returns over the longer term. After all, as bond prices rise their yields fall.

Persons: Ajay Aggarwal, Bloomberg's, that's Organizations: Hindustan Times, Getty Images, G India Government Bond Locations: DELHI, INDIA, New Delhi, India

☆ He dropped out of Princeton and wrestles with imposter syndrome. Inside the unusual rise of a Wall Street tech banker.
▼ + stars: | 2024-06-28 | by ( Emmalyse Brownstein | Bianca Chan | ) www.businessinsider.com time to read: +12 min

Read previewAs a kid, Rob Chisholm was not drawn to the fast-paced, jet-setting life of a Wall Street banker. Well, maybe if I wanted to be an investment banker or something, I would care about that, Chisholm remembers thinking. Chisholm, on the other hand, is very open about his unorthodox path to Wall Street and the resulting feelings of being an outsider. AdvertisementWhen Chisholm was in college, he rejected the "cliche" of going to an Ivy League and getting a job on Wall Street. At the time, Chisholm admitted, Wall Street seemed like the "complete opposite in terms of the culture and the incentives" he thought he wanted.

Persons: —, Rob Chisholm, Chisholm, Goldman Sachs, Frank Quattrone, Eager, dealmakers, he's, Wall, Goldman, I've Organizations: Service, Wall Street, Princeton, Business, Ivy League, Citi, Qatalyst Partners, Middlesex, Princeton's, Middlebury College, ACG Partners, Deutsche Bank, Investment Locations: Canada, Antigonish, Nova Scotia, Massachusetts, Vermont, Boston, San Francisco, tooting

☆ Morgan Stanley wealth advisors are about to get an OpenAI-powered assistant to do their grunt work
▼ + stars: | 2024-06-26 | by ( Hugh Son | ) www.cnbc.com time to read: +4 min

The assistant, called Debrief, keeps detailed logs of advisors' meetings and automatically creates draft emails and summaries of the discussions, bank executives told CNBC. Morgan Stanley's wealth management division hosts about 1 million Zoom calls a year, the bank told CNBC. Zoom In Icon Arrows pointing outwards Morgan Stanley’s new Debrief program, a new AI tool for wealth management advisors based on OpenAI’s GPT-4. In a sense, Morgan Stanley's projects in generative AI amount to a "grand experiment in productivity," said McMillan. Morgan Stanley's wealth management division is one of the world's largest with $5.5 trillion in client assets as of March; the firm wants to reach $10 trillion.

Persons: Bing Guan, Morgan Stanley, Jeff McMillan, Morgan Stanley's, McMillan, Morgan, I'm, Don Whitehead, who's Organizations: Bloomberg, Getty, CNBC Locations: Houston

☆ An ex-Wall Street banker who's visited every country shares 6 places where you can spend less and still travel in luxury
▼ + stars: | 2024-06-25 | by ( Maria Noyen | ) www.businessinsider.com time to read: +1 min

During a past trip to Thailand, Abbamonte stayed in a five-star hotel for less than $50 a night. Abbamonte has stayed in a range of luxury hotels in Bangkok that were relatively inexpensive for the service and amenities. Abbamonte stayed at several stunning hotels along the Chao Phraya River, which flows through the heart of the city. His favorite is Kata Rocks, an oceanfront five-star hotel that is "one of the most beautiful places" Abbamonte has ever been. In July 2024, a one-night stay at Kata Rocks in Phuket costs more than $490 according to its website.

Persons: Abbamonte Organizations: Getty Locations: Thailand, Bangkok, Southeast Asia, Phuket, Kata, Caribbean

☆ Fearing Losses, Banks Are Quietly Dumping Real Estate Loans
▼ + stars: | 2024-06-24 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Some Wall Street banks, worried that landlords of vacant and struggling office buildings won’t be able to pay off their mortgages, have begun offloading their portfolios of commercial real estate loans hoping to cut their losses. It’s an early but telling sign of the broader distress brewing in the commercial real estate market, which is hurting from the twin punches of high interest rates, which make it harder to refinance loans, and low occupancy rates for office buildings — an outcome of the pandemic. Late last year, an affiliate of Deutsche Bank and another German lender sold the delinquent mortgage on the Argonaut, a 115-year-old office complex in midtown Manhattan, to the family office of the billionaire investor George Soros, according to court filings. Around the same time, Goldman Sachs sold loans it held on a portfolio of troubled office buildings in New York, San Francisco and Boston. And in May, the Canadian lender CIBC completed a sale of $300 million of mortgages on a collection of office buildings around the country.

Persons: It’s, George Soros, Goldman Sachs Organizations: Deutsche Bank, Argonaut, CIBC Locations: Manhattan, New York, San Francisco, Boston

☆ Morgan Stanley picks global stocks to play a $50 billion AI boom. Analysts give two over 20% upside
▼ + stars: | 2024-06-21 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

The Wall Street bank estimates that another 1 gigawatts in potential power has been "underwritten as these data centers ramp up." "With $50 billion in committed AI/DC [data center] investments, we see upside to power gencos and grid operators in the region," Morgan Stanley's analysts wrote in a June 2 research note. Below are three stocks from Morgan Stanley's list that stand out for having significant upside potential, according to FactSet's consensus price targets. Analysts polled by FactSet give the stock a price target of 14.62 Malaysian ringgits, giving it around 6% potential upside. Keppel has an ADR in the U.S. and Singapore Telecommunications trades over the counter .

Persons: Morgan Stanley, Morgan, Morgan Stanley's, FactSet, Keppel, — CNBC's Michael Bloom Organizations: Morgan, Google, U.S, Global X FTSE, Asia, Malaysian, Singapore Telecommunications, Singapore Exchange Locations: Tenaga Nasional, Malaysia, Bursa Malaysia, Singapore, Keppel, U.S

☆ 'Robust growth opportunity': Citi loves this global stock as it pivots to AI data centers
▼ + stars: | 2024-06-18 | by ( Ganesh Rao | ) www.cnbc.com time to read: +2 min

Industrial property firm Goodman Group is converting its traditional warehouses into data centers to meet the surging demand for artificial intelligence infrastructure. Citi believes this trend will likely drive "double-digit medium-term earnings growth" and has added the Australian stock to its "Pan-Asia Focus list." Data centers are large buildings that house critical computing infrastructure and equipment. "As it progresses opportunities in data centers, it is likely to deliver a large range of products from powered sites and turnkey projects." Electricity has been a key bottleneck preventing many data centers from further expansion.

Persons: Howard Penny, Goodman Organizations: Goodman Group, Citi, GMG Locations: Asia, Sydney, United States, Australia, Japan, Hong Kong, Singapore

☆ CNBC Daily Open: Far-right makes gains in EU elections
▼ + stars: | 2024-06-10 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Populist, far-right parties also won record support in this year's European Parliament elections, exit polls indicated late on Sunday. No way, MuskNorway's $1.7 trillion sovereign wealth fund, Tesla's eighth-largest shareholder, will vote against Elon Musk's $56 billion pay package. Despite a recent 2% drop in Aramco's stock and pressures on global oil prices, the offering attracted strong international demand.

Persons: Emmanuel Macron, Pen, CNBC's Karen Gilchrist, Dow, Stocks, Musk, Kitty's, Keith Gill, Gill, Prince Mohammed bin, Aramco's, Morgan Stanley, there's Organizations: CNBC, Populist, Nasdaq, Dow Jones, Treasury, Elon Musk's, GameStop, Saudi, Nvidia Locations: Europe, freefall, Saudi Arabia, Aramco, Saudi

☆ 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

☆ CNBC's Inside India newsletter: Modi's loss could be India's gain
▼ + stars: | 2024-06-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +7 min

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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