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☆ Archegos’ Bill Hwang sentenced to 18 years in prison for massive U.S. fraud
▼ + stars: | 2024-11-21 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +4 min

Former billionaire investor Sung Kook “Bill” Hwang was sentenced to 18 years in prison on Wednesday over the collapse of Archegos Capital Management, which cost Wall Street banks more than $10 billion. Hwang was sentenced by U.S. District Judge Alvin Hellerstein in Manhattan, where a jury convicted Hwang in July on 10 criminal charges including wire fraud, securities fraud and market manipulation. Before sentencing Hwang, Hellerstein asked the defendant’s lawyer, Dani James, how she thought Hwang compared to Sam Bankman-Fried, who was sentenced in March to 25 years in prison for stealing $8 billion from users of the now-bankrupt FTX exchange. While Archegos eventually managed $36 billion, Hwang’s borrowing helped him amass $160 billion of exposure to stocks. Hwang’s co-defendant, former Archegos Chief Financial Officer Patrick Halligan, was convicted at the same trial on three criminal charges.

Persons: Sung Kook, Bill ” Hwang, Hwang, Alvin Hellerstein, ” Hellerstein, Archegos ’, Hwang —, Andrew Thomas, Hellerstein, Dani James, Sam Bankman, Mr, Fried, ” James, “, ” Hwang, James, it’s, Julian Robertson, Archegos, Grace, ”, Hwang’s, Patrick Halligan Organizations: Archegos Capital Management, U.S, AS FAMILY, Tiger Asia Management, Paramount, Credit Suisse, Nomura Holdings, UBS, Mercy Foundation Locations: Manhattan, U.S, New York

☆ Live updates: Ukraine military accuses Russia of launching ICBM, Kyiv fires Storm Shadow missiles and ATACMS into Russian territory
▼ + stars: | 2024-11-21 | by ( Christian Edwards | Catherine Nicholls | Cnn S Nick Paton Walsh | ) edition.cnn.com time to read: +2 min

Russia’s possible use of an intercontinental ballistic missile (ICBM) is a message to the West that it is has greater capabilities than previously displayed after a week of significant military operations and policy changes in both Ukraine and Russia. The West has for some time been concerned at a reciprocal Russian escalation in the war. This week, both US and British-French-made missiles have been fired into Russia by Ukraine, after US President Joe Biden gave Kyiv permission to use longer-range American missiles. In turn, President Vladimir Putin updated Russia’s nuclear doctrine — in a nuanced way, but still refined their policy to lower the threshold for use. Such an event would have elicited a very different reaction in Kyiv and the West.

Persons: Joe Biden, Vladimir Putin Locations: Ukraine, Russia, Kyiv, Ukrainian, Dnipro

☆ Austin says it’s ‘unfortunate’ that Chinese defense chief declined meeting
▼ + stars: | 2024-11-21 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +1 min

WASHINGTON — China’s defense minister declined a meeting with Defense Secretary Lloyd Austin during a meeting of defense leaders in Laos, a move the Pentagon chief said Wednesday was unfortunate. Multilateral gatherings of national security officials in Asia have been used in the past for meetings between U.S. and Chinese defense leaders, but China declined a meeting request by Austin during this week’s Southeast Asian Nations-Plus defense ministers meeting. It affects the region because the region really wants to see us, you know, two significant players in the region, two significant powers, talk to each other,” Austin told reporters. “I don’t think that it has any sort of implications for the future. Chinese President Xi Jinping vowed on Saturday to work with the incoming U.S. administration of Donald Trump as he held his final talks with departing President Joe Biden on conflicts from cybercrime to trade, Taiwan, the South China Sea and Russia.

Persons: WASHINGTON, Lloyd Austin, Wednesday, “, ” Austin, ” Austin added.Austin, Dong Jun, Xi Jinping, Donald Trump, Joe Biden Organizations: Pentagon, Austin, Nations Locations: Laos, Asia, China, Singapore, Taiwan, cybercrime, South, Sea, Russia

The University of Mobile is mourning the sudden death of freshman basketball player Kaiden Francis this week. Francis, of Fort Lauderdale, Florida, collapsed on campus Tuesday morning and died, university President Charles Smith said in a letter to students and faculty. "Yesterday morning Kaiden Francis, freshman point guard from Fort Lauderdale unexpectedly passed away after doing what he loved to do, working on his craft in the gym," Archey wrote. Classes at the university of almost 2,000 students were canceled Wednesday, and a vigil was held on campus Wednesday morning. "He was profoundly gifted and clearly loved by his teammates," Smith wrote.

Persons: Kaiden Francis, Francis, Charles Smith, Kaiden, Smith, Darnell Archey, Archey Organizations: University of Mobile, Facebook Locations: Fort Lauderdale , Florida, Fort Lauderdale

Trump’s pick for defense secretary, Pete Hegseth, was accused of sexual assault. Trump himself has faced various sexual misconduct allegations, which he has denied, though he was found liable last year for sexual abuse in a civil trial over an alleged incident in the 1990s that he also denies. Now, after having won the presidency again, he’s spending early political capital to confirm appointees who have faced sexual misconduct allegations of their own. The allegations against Trump’s picksGaetz’s years of controversies have been thrust back into the spotlight now that he’s up for a Cabinet post. “It’s a very scary time for young men in America when you can be guilty of something that you may not be guilty of,” Trump told reporters.

Persons: Donald Trump’s, Matt Gaetz, Pete Hegseth, Robert F, Kennedy Jr, Gaetz, Hegseth, Kennedy, “, Trump, ”, Marc Short, Mike Pence’s, we’ve, Trump’s, hasn’t, Tim Parlatore, Bill Clinton’s, George H.W, Barack Obama’s, haven’t, Andy Puzder, Puzder, Patrick Shanahan, Shanahan, Ronny Jackson, Jackson, Brett Kavanaugh, Kavanaugh, ” Trump, reconsidering, JD Vance, Karoline Leavitt, Vance, MAGA, ” Leavitt Organizations: NBC News, NBC, “, Justice Department, Trump, Committee, Washington Post, Republican, You’re, Politico, Pentagon, White House, Department of Veterans Affairs, Supreme, Capitol, White Locations: groping, Florida, America, Hegseth, Washington

The woman who accused Hegseth of assault broke into tears when asked about the matter by CNN reporters last week and declined to comment. The report, which identifies the accuser as “Jane Doe,” summarizes police interviews with Doe, Hegseth, conference attendees and a hotel employee, and includes descriptions of video footage from the hotel viewed by police. There, a conference attendee told police that Hegseth had touched her knee and invited her to come to his hotel room. Doe told police that her next memory after the argument was being in a hotel room with Hegseth. He said that he was “buzzed” that night after drinking beer and remembered going back to his hotel room with Doe.

Persons: Pete Hegseth, “, Hegseth, Donald Trump, I’ve, ” Timothy Parlatore, Jane Doe, ”, Doe, Facebook Doe, Hegseth “, Hegseth ejaculating, didn’t, Doe “, “ ‘, ‘, CNN’s Yahya Abou, Ghazala Organizations: CNN, Trump Cabinet, Fox News, California Federation of Republican Women, Hyatt Regency Monterey, Trump, Republican, Hyatt Regency Monterrey, Hegseth, ” Police Locations: California, Monterey , California, Hyatt Regency Monterey Hotel, Spa, Monterey, Monterey County, Doe

☆ Wisconsin kayaker accused of faking his own drowning is alive in Europe, officials say. Investigators are begging him to return home
▼ + stars: | 2024-11-21 | by ( Elizabeth Wolfe | ) edition.cnn.com time to read: +6 min

CNN —Ryan Borgwardt, a Wisconsin kayaker accused of faking his own drowning and fleeing the country, is alive somewhere in Eastern Europe and has been talking to investigators, officials said. “Great news: we know that he’s alive and well,” Green Lake County Sheriff’s Office Chief Deputy Matthew L. Vande Kolk said Thursday. Borgwardt told investigators that he thought they would stop searching for him after about two weeks, officials said. He chose Green Lake, in part, because it is the deepest natural lake in Wisconsin. The FBI, Department of Homeland Security and the Wisconsin Department of Criminal Investigations are assisting investigators, Vande Kolk said.

Persons: CNN — Ryan Borgwardt, it’s, “, Matthew L, Vande Kolk, Ryan, Borgwardt, ” Borgwardt, Green Lake Sheriff Mark Podoll, Vande, ”, ” Vande Kolk, Kolk, Borgwardt’s, Podoll, Keith Cormican, Bruce’s, ” Cormican, …, Amanda Musa Organizations: CNN, Sheriff’s, Canada, Green Lake Sheriff, FBI, Department of Homeland Security, Wisconsin Department of Criminal Investigations Locations: Wisconsin, Eastern Europe, Lake, Green, Watertown , Wisconsin, Europe, Madison, Detroit, Uzbekistan, Canada

☆ NHL great Wayne Gretzky says Alex Ovechkin has been 'exceptional' for hockey as he nears goals record
▼ + stars: | 2024-11-21 | by ( Jessica Golden | ) www.cnbc.com time to read: +3 min

"Alex has been exceptional for our game," Gretzky said on CNBC's " Squawk Box " on Thursday. As Washington Capitals star Alex Ovechkin closes in on Wayne Gretzky's all-time goals record, the Great One told CNBC he has nothing but admiration for the player who could soon dethrone him. Thirty-five years later, Ovechkin is closing in on breaking Gretzky's record of 894 goals, with 26 more to go. Gretzky told CNBC that at the time he broke Howe's all-time scoring record, he felt embarrassed to end his idol's milestone. Gretzky played 20 seasons in the National Hockey League for four different teams.

Persons: Gretzky, Alex, Alex Ovechkin, Wayne Gretzky's, dethrone, Ovechkin, Sidney Crosby, Gordie Howe's, Howe's, Gretzky's, Bettman Organizations: CNBC, NHL, Washington Capitals, One, Capitals, National Hockey League, Stanley, YardRink Locations: Wayne, Massachusetts

☆ Goldman's hedge fund stock list is up 30% this year. Here's what's in it
▼ + stars: | 2024-11-21 | by ( Alex Harring | ) www.cnbc.com time to read: +3 min

Goldman Sachs' list of top-performing longs in hedge funds has seen outsized gains in 2024, a sign that moves made by these firms have paid off this year. The bank's so-called very important positions, or "VIP," list has climbed about 30% year to date. Goldman strategist Ben Snider noted that hedge funds shifted somewhat to cyclical industrials from defensives in the third quarter, allowing them to benefit from the postelection rally. Goldman has a running list of its very important stock picks within hedge fund long holdings. However, most analysts surveyed by LSEG rate the stock a buy or strong buy, consensus price targets suggests shares may drop more than 23%.

Persons: Goldman Sachs, Goldman, Ben Snider, Snider, Mike Tyson, Jake Paul, AppLovin, Piper Sandler, James Callahan, Eli Lilly, Donald Trump, Robert F, Kennedy, Jr Organizations: China ADR, Netflix, Department of Health, Human Services, LSEG Locations: defensives, China

☆ South Korea says K-pop stars aren't classed as workers and don't get labor rights
▼ + stars: | 2024-11-21 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +3 min

It said that member Hanni was not legally classified as a worker under her contract. South Korea's government on Wednesday dismissed a workplace harassment case involving K-pop star Hanni, saying the singer was not legally classified as a worker. The push and pull between what counts as work in South Korea's entertainment industry has stretched on for years. The Ministry's ruling on South Korea's musician rights is similar to the situation in the US. Representatives for HYBE and the South Korean Labor Ministry did not immediately respond to a request for comment from BI.

Persons: Hanni, Hybe, HANNI, Cho Dae Won, Dae Won, NewJeans, Calvin Klein Organizations: Wednesday, South Korea's National Assembly, Ministry, Employment, Labor, Act, Korea Herald, Nike, Forbes, NME, LA Times, National Labor Relations, Representatives, HYBE, South Korean Labor Ministry Locations: Korea, South, South Korea's, North Korea, Forbes Korea

☆ Elon Musk and Grimes have ended their custody dispute in Texas
▼ + stars: | 2024-11-21 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

AdvertisementThe Travis County clerk's office told BI Elon Musk and Grimes have ended their custody dispute. Musk sued Grimes in the Texas court last year, and Grimes countersued in San Francisco. Elon Musk and Grimes' legal dispute in Texas over their three children has been resolved. Related VideoRepresentatives for Musk and Grimes did not respond to a request for comment. Musk first filed the custody lawsuit against Grimes in September 2023.

Persons: Grimes, Musk, Grimes countersued, Elon Musk, Claire Boucher Organizations: Elon, Musk, San Francisco Superior Locations: Travis, Texas, San Francisco, Travis County

Widespread rainfall of 3 to 5 inches with isolated totals of more than eight inches are possible across the region. Combined with rainfall from Wednesday, a potentially record-breaking 16 inches or more of rainfall is possible through Thursday. This low is expected to “bomb out” or undergo “bombogenesis,” which is the decrease in pressure of 24 millibars in 24 hours. Even without making landfall, bomb cyclones can be deadlyAlthough the first storm never made landfall, historic bomb cyclones can still bring devastating effects. At least two people were killed in Washington state from strong winds that pushed down fallen trees.

Persons: “, we’ve, Mary Lou Pauly, Rob Corcoran’s, ” Corcoran, CNN’s Isaac Yee, Hanna Park, Sara Smart, Andy Rose, Mike Madrigal, Taylor Romine Organizations: CNN, –, Weather, Associated Press, Authorities, Cal Fire, National Weather Service, Energy, Bellevue Fire Department, Puget Sound, Maple Valley , Washington . Puget Sound, Issaquah, Washington, Amtrak Locations: Northern California, Pacific, California, Sierra Nevada, Oregon, Pacific Northwest, Humboldt County, Seattle, Washington, Lynnwood, King, Bellevue, Maple Valley , Washington, Maple Valley, Vancouver, Portland, Hanna

☆ Delhi's 15 times higher than safe toxic smog levels is disrupting lives, says consulting CEO
▼ + stars: | 2024-11-21 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +3 min

AdvertisementNew Delhi reported severe levels of air pollution this week. Titus Koshy, CEO of United Consultancy Services Group, told BI his employees struggle to commute. Air pollution in India's capital, New Delhi, has become so severe that some people are struggling to commute to work. Titus Koshy, CEO of United Consultancy Services Group which has more than 150 employees, told Business Insider that the toxic smog engulfing the city had made it difficult for his staff to come into the office. AdvertisementA 2019 study by the World Bank estimated the global cost of health damages associated with exposure to air pollution to be $8.1 trillion.

Persons: Smog, Titus Koshy, Koshy, JP Morgan, Shubham Gupta Organizations: United Consultancy Services, BBC, World Health Organization, WHO, United, United States Environmental Protection Agency, Delhi's, KPMG, Cisco, Mondelēz, World Bank Locations: Delhi, New Delhi, United States, KPMG India, NCR

Donald J. Trump’s social media company is considering developing a cryptocurrency payment service, according to a trademark application filed this week, the latest sign of the president-elect’s embrace of the crypto industry. Trump Media & Technology Group filed an application on Monday for a service called TruthFi, which it described as a platform for crypto payments, financial custody services and trading in digital assets. But the initiative appears to be a bid by Trump Media to diversify its business beyond Truth Social, a social media platform whose business relies on Mr. Trump to continuously post messages to his most loyal supporters. Any large-scale crypto project would most likely require Trump Media to acquire another firm, given that it has fewer than three dozen employees. This week, shares in the crypto trading platform Bakkt surged after The Financial Times reported that Trump Media was in talks to buy it.

Persons: Donald J, Trump Organizations: Trump Media & Technology Group, Trump Media, Truth, Financial Times

Rancher Jim Chilton stands at the US-Mexico border, where the wall ends, on his family’s ranch southeast of Arivaca, Arizona. Matt York/APShoes left behind by migrants on the Chiltons' ranch are displayed on their front porch in 2016. And while they want the border wall finished, they still support legal immigration. He feels his time with a vigilante group called Arizona Border Recon is his opportunity to give back to the country that welcomed him. Tim Foley leads a vigilante group called Arizona Border Recon.

Persons: Sue Chilton’s, Obama, they’ve, Donald Trump’s, Jim Chilton, Norma Galeana, Joe Biden, Sue Chilton, ”, Biden, that’s, Matt York, Frederic J . Brown, Jim, ” Jim, Tom Homan, Greg Abbott, “, Elon Musk, ” Sue, Will Lanzoni, Hugo, anybody’s, Tim Foley, CNN Foley, Trump, I’ve, Cochise County Sheriff Mark Dannels, Dannels, “ We’ve, CNN Dannels, Foley, Sheriff Dannels, it’s, Brandon Bell, It’s, Rafael, ” Rafael Organizations: Arizona CNN, Border Patrol, CNN, US Border Patrol, Getty, Trump, Republican National Convention, Texas Gov, Arizona, National Guard, Cochise County Sheriff, gotaways, West Locations: Nogales, Arizona, camo, Mexico, Arivaca , Arizona, United States, Sasabe , Arizona, AFP, Uruguayan, Greenwich , Connecticut, Cochise County, Chilton, Sheriff, It’s, Nogales , Arizona

Matt Gaetz, who faced a torrent of scrutiny over allegations of sex trafficking and drug use, abruptly withdrew his bid to become attorney general on Thursday in the first major political setback for President-elect Donald J. Trump since his election this month. The collapse of Mr. Gaetz’s prospective candidacy just 16 days after the election appeared to be the earliest such failed cabinet pick in modern history and underscored the haphazard way that Mr. Trump has gone about assembling his new administration. He picked Mr. Gaetz almost on a whim last week without extensive vetting, knowing that allegations were out there, but essentially daring Senate Republicans to accept him anyway. Mr. Trump moved quickly to replace Mr. Gaetz with another conservative favorite. By the day’s end, he announced on social media that he planned to nominate Pam Bondi, the former attorney general of Florida and one of his defense lawyers in his first impeachment trial, to be U.S. attorney general.

Persons: Matt Gaetz, Donald J, Trump, Gaetz, Pam Bondi Organizations: Senate, Justice Department Locations: Florida

☆ Intercontinental ballistic missile: Ukraine has accused Russia of launching an intercontinental missile. Here’s what we know
▼ + stars: | 2024-11-21 | by ( Catherine Nicholls | ) edition.cnn.com time to read: +7 min

CNN —Ukraine’s military has accused Russia of firing an intercontinental ballistic missile (ICBM) into its territory for the first time, marking what would be another significant escalation in the 1,000-day-old war. Despite Kyiv’s accusation, two Western officials said that the missile launched by Russia was a ballistic missile, but not an ICBM. Ukraine’s air force accused Russia of launching an intercontinental ballistic missile at Dnipro at around 5 a.m. local time, from the Astrakhan region of southern Russia. Alexander Nemenov/AFP/Getty Images/FileWhat is an intercontinental ballistic missile? An intercontinental ballistic missile (ICBM) is a long-range weapon that is fired into space and then releases a warhead or warheads that reenter the atmosphere to drop on their targets.

Persons: CNN —, Heorhii Tykhyi, “, Volodymyr Zelensky, Vladimir Putin, ” Zelensky, Dmitry Peskov, Peskov, Joe Biden, Putin, Alexander Nemenov, Mykola Synelnykov, Serhiy Lysak Organizations: CNN, Ukraine’s Foreign Ministry, Russia’s Defense Ministry, Russia’s Defense, Victory Day, Getty, Center for Arms Control, Soviet Union, The, Patriot, Missile, Center for Strategic, International Studies, Congressional Research Service, Patriots Locations: Russia, Dnipro, Ukrainian, Ukraine, Astrakhan, Laos, British, Russian, Moscow, AFP, Soviet, States, Germany, Kyiv, Dnipropetrovsk, Donetsk

☆ Box CEO Aaron Levie, who voted for Kamala Harris, explains why more Democrats should embrace Elon Musk
▼ + stars: | 2024-11-21 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

AdvertisementBox CEO Aaron Levie said Democrats should embrace Elon Musk. Levie, who supported Kamala Harris, said he thinks Musk is uniquely qualified to support innovation. In an interview with Business Insider, Levie explained why he thinks Democrats should make an effort to embrace Musk, and how he thinks it would benefit American innovation. Levie supported Vice President Kamala Harris for president, donating to her campaign as well as President Joe Biden's before he dropped out of the race. He said he thinks Musk would be uniquely able to identify things that get in the way of progress in those areas.

Persons: Aaron Levie, Elon Musk, Kamala Harris, Levie, Joe Biden's, didn't, Donald Trump, Musk, Hillary Clinton, Joe Biden, Biden, Tesla, EVs, he'd, Sen, Chris Coons, " Coons, Coons, Pete Buttigieg, Helene, Buttigieg, Vivek Ramaswamy, Ramaswamy, Musk's Organizations: Democratic, Business, Democratic Party, Republicans, SpaceX, Twitter, White, Ford, GM, Tesla, EVs, Republican, Fox, Department of Government Efficiency, Transportation, Elon, Politico, Department of Government, Department of Defense Locations: Delaware

☆ Hiring is already picking up again postelection, recruiters say
▼ + stars: | 2024-11-21 | by ( Jennifer Liu | ) www.cnbc.com time to read: +1 min

As any recent job-seeker can tell you, hiring has been sluggish for the better part of the year. But good news could be on its way: After many organizations seemed to pause their hiring efforts ahead of the U.S. presidential election, recruiters say they're already seeing an upswing of activity that could extend into the new year. "Now that there is a clear president-elect, we saw the hiring market, especially for the executive-level candidates, open up almost immediately," Boggs tells CNBC Make It. In the week after the election, four of her clients signed offers for new jobs. Job-seeking clients are also seeing an uptick in new roles being posted online, recruiter reach-outs and interviewing activity, she adds.

Persons: Debra Boggs, Donald Trump, Kamala Harris, Boggs Organizations: U.S, Management, CNBC

☆ Oil prices firm as geopolitical tensions raise supply concerns
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine. Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw. Adding to supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage. However, a slowdown in Chinese and global demand, coupled with rising output outside the group, have potentially thwarted this plan.

Persons: Norway's Equinor, Johan Sverdrup Organizations: del, del Peru SA Talara, Brent, . West Texas, Storm, ATACMS, Energy Information Administration, Organization of, Petroleum Locations: del Peru, Piura, Peru, Russia, Ukraine, Moscow, Kyiv, OPEC

☆ Stock futures fall slightly with Wall Street on track for a winning week: Live updates
▼ + stars: | 2024-11-21 | by ( Jesse Pound | ) www.cnbc.com time to read: +1 min

Stock futures edged lower on Thursday evening with Wall Street poised to end the week with gains in the three major averages. S&P 500 futures dipped 0.1%, while Nasdaq 100 futures were lower by 0.3%. All three major averages are on track for a positive week, led by the Nasdaq Composite's gain of 1.56%. That's a change from last week, when Wall Street's postelection rally appeared to stall. Shares of Gap jumped 15% after the company beat earnings estimates and hiked its full-year sales guidance.

Persons: Wall, Saira Malik Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Nvidia, market's, Intuit Locations: New York City

The CNBC Sport videocast brings you interviews with the biggest names in the business. In this week's episode, CNBC's Alex Sherman sits down with professional boxer Amanda Serrano and Most Valuable Promotions co-founder Nakisa Bidarian. They talk about how they knew Serrano's fight against Katie Taylor last week would far surpass Jake Paul's fight with Mike Tyson in terms of quality — and how they can make sure women's boxing stays in the limelight. Watch the full conversation above, and sign up to receive future editions of the CNBC Sport newsletter straight to your inbox.

Persons: CNBC's Alex Sherman, Amanda Serrano, Nakisa Bidarian, Katie Taylor, Jake Paul's, Mike Tyson Organizations: CNBC, videocast

☆ ‘A lot of fear:’ Trump’s deportation proposals are already rattling workers
▼ + stars: | 2024-11-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +12 min

“People are afraid of walking the streets right now; there’s a lot of fear … a lot of fear,” Sanchez said. “Shrinking worker (supply) in a period in which those sectors need more workers and are having a hard time finding workers will clearly generate a slowdown,” Peri said. Although temporary farm visas — known as H-2A — do exist, there is no legal way to have year-round foreign workers. “We know [undocumented immigrants] are working, they’re not sitting at home,” he said. “The slowing in immigration that’s broadly anticipated will probably show up in tighter labor markets for lower-skilled workers,” he said in an interview.

Persons: Donald Trump’s, Sam Sanchez, ”, Sanchez, ” Sanchez, Giovanni Peri, Peri, Ron Estrada, “, ” Estrada, farmworkers, Joe Sohm, Farmworker Justice’s Estrada, Carolinians, they’re, “ They’ve, Biden, Trump, Michael Feroli, Julia Pollak, Scott Olson, it’s, Joe Brusuelas, ” Karoline Leavitt, Vance, Joanne Eriaku, Eriaku, she’s Organizations: CNN, Chicago, Coast Hospitality Group, “, Global Migration, University of California, Davis, UCDavis, Migration Center . Business, Biden, Farmworker, North Carolina Growers Association, Congressional, CBO, JPMorgan, Republican National Convention, RSM, Trump, United Nations, UN, Social Locations: America, Mexico, Little, San Francisco, Chicago, ”, Milwaukee, Chicago’s Little, Springfield , Ohio, New York City, Uganda, Eriaku, Kenya, United States

☆ Nvidia reversal moves whole stock market higher, proving again its unprecedented influence
▼ + stars: | 2024-11-21 | by ( Fred Imbert | ) www.cnbc.com time to read: +2 min

There's no denying how important Nvidia is to the stock market. Stock futures followed Nvidia's lead, riding slight losses at the time. In that time, stock futures recovered their earlier losses and were last up around 0.5%. Many firms lifted their price targets on the chipmaker, including Citi, Wells Fargo and Bernstein . Elsewhere Thursday morning on Wall Street, Wells Fargo initiated GE Vernova as overweight, citing growing power demand from artificial intelligence.

Persons: Nvidia's, Wells Fargo, Bernstein Organizations: Nvidia, Barclays, Bank of America, Citi, GE Vernova Locations: Wells Fargo

The stock market has always pulled back when valuations are stretched as they are now, according to Deutsche Bank macro strategist Henry Allen in a note to clients this week. "[T]urning points can happen quickly, and … when valuations are stretched to start with, there can be limited scope for further gains," Allen noted. "[E]xamples of high returns through history have often been followed by sizeable reversals." The bank cited lofty current readings in the Cyclically Adjusted Price-to-Earnings (CAPE) ratio developed by economist Robert Shiller, arguing that "the CAPE ratio for the S&P 500 has only been higher on two other occasions in the last century" than it is today. "Indeed, on both the occasions the CAPE ratio has got as high as it is today, there was then a significant correction."

Persons: Henry Allen, Allen, Robert Shiller, — Scott Schnipper Organizations: Deutsche Bank

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