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Markets: The post-election rally on Wall Street continued into afternoon trading, with the Dow Jones Industrial Average jumping 3.4%, or roughly 1,450 points, and the S & P 500 advancing 2.4%. It's worth noting, the stock market was reacting like Jim Cramer said it would in his Sunday column . The one thing markets hate is uncertainty, and Wednesday's rally can be attributed, in part, to relief that Wall Street professionals and individual investors alike know where they stand and what to expect from the country's next president. Bond yields move inversely to prices, and a basis point is equal to 0.01%. "You have to be very careful to respect the bond market if you do any buying today," Jim said.
Persons: Jim Cramer, Donald Trump, Kamala Harris, Morgan Stanley, Jim, It's, Yun Li, Trump, Harris, Jerome Powell's, we'll, Jim Cramer's Organizations: CNBC, ., Wall, Dow Jones, Trump, Republican, NBC, Senate, NBC News, Wells, BlackRock, Energy, Coterra Energy, Honeywell, Federal, White, Arm Holdings, Qualcomm, Bros, Moderna, Barrick Gold, Halliburton, Hershey, Air Products, Chemicals, Warner Bros ., Jim Cramer's Charitable
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with Solus’ Dan Greenhaus, Hightower’s Stephanie Link and Wells Fargo’s Chris HarveySolus’ Dan Greenhaus, Hightower’s Stephanie Link and Wells Fargo’s Chris Harvey, join 'Closing Bell' to discuss the market under a Trump second term and stocks rallying on the news.
Persons: Solus ’ Dan Greenhaus, Hightower’s Stephanie Link, Wells, Chris Harvey Solus ’ Dan Greenhaus, Chris Harvey Organizations: Trump
Trump's plan would reduce average after-tax incomes by almost 3%, according to the tax think tank. "If we get tariffs, we will pass those tariff costs back to the consumer," Daniele said in September. A back-of-the-envelope calculation suggests a 10% across-the-board tariff would be roughly equivalent to a $320 billion tax on consumers, Cross said. "The administration could take tariff revenue and redistribute to households via tax cuts in some form or another," explained Pugliese of Wells Fargo. However, the typical U.S. household would still lose $2,600 a year from Trump's tariff plan, even after accounting for an extension of the 2017 tax cuts, according to an analysis by the Peterson Institute for International Economics.
Persons: Donald Trump, Scott Olson, Biden, Trump, There's, Mark Zandi, didn't, Mike Pugliese, Moody's, Philip Daniele, Daniele, Olivia Cross, Cross Organizations: Getty, NBC, Trump, CNBC, Tax, National Retail Federation, Wells, Wells Fargo Economics, U.S, AutoZone, Capital Economics, U.S ., Peterson Institute for International Economics Locations: Grand Rapids , Michigan, Mexico, Wells Fargo, U.S, North America
JPMorgan CEO Jamie Dimon congratulated Donald Trump on winning the White House. In a memo to staff, Dimon and other top JPM executives called for "bringing our nation together." On Wednesday, JPMorgan CEO Jamie Dimon weighed in to say the time has come to band together as a nation. In a memo to staff, members of the bank's operating committee, including Dimon, congratulated Trump before recalling Dimon's comments from Election Day about national unity. AdvertisementRead the full contents of the Wednesday memo from JPMorgan's Operating Committee about Trump's victory below.
Persons: Jamie Dimon, Donald Trump, Dimon, , Donald Trump's, Kamala Harris, Trump, Jamie, Diana Frost, Kraft Heinz, Judith Kent, Harris, Walz, Kent, Goldman Sachs, David Solomon, JD Vance, Ashley Bacon, Jeremy Barnum, Lori Beer, Tim Berry, Mary Erdoes, Wealth Management Stacey Friedman, Teresa Heitsenrether, Marianne Lake, Consumer & Community Banking Robin Leopold ,, Doug Petno, Global Banking Jenn Piepszak, & Investment Bank Daniel Pinto, JPMorgan Chase Troy Rohrbaugh, & Investment Bank Sanoke Viswanathan, Reed Alexander Organizations: White, Service, Wednesday, JPMorgan, Dimon, Wells, Wall Street, Wealth Management, Consumer & Community Banking, Human, Global Banking, & Investment Bank, International Consumer Locations: Wall, United States, Washington ,, Wells Fargo, Michigan
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Club stock Nvidia rose about 3% Wednesday to an all-time high above $144 per share. Trump will want to champion Nvidia, Jim said, stressing it's an American success story and it makes too much money. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .
Persons: Jim Cramer, Donald Trump, Dow, Morgan Stanley, We're, Trump, Jim, Trump's, Jim Cramer's Organizations: CNBC, Club, Wells, BlackRock, Nvidia, Taiwan Semiconductor Manufacturing Company, Trump, Jim Cramer's Charitable Locations: , BlackRock, financials, China
Shortly after the opening bell, we will be selling 150 shares of Morgan Stanley at roughly $128.81 and 240 shares of Wells Fargo at roughly $71.02. There's strength across the board in premarket trading, with Wells Fargo ripping 10% higher, Morgan Stanley up more than 8%, and fellow Club holding BlackRock jumping more than 4%. Wells Fargo is one of the biggest winners in the group because there are greater odds its Federal Reserve-imposed asset cap will be removed. That's very positive for the future earnings of investment banks like Morgan Stanley and Goldman Sachs . As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Persons: Morgan Stanley, Jim Cramer's, Donald Trump, Wells, Trump, Wells Fargo, Goldman Sachs, There's, , Trump's, Jim Cramer, Jim Organizations: WFC, Republican, NBC, Trump, Club, BlackRock, White House, Federal, CNBC Locations: Wells Fargo, Wells
Shares of major banks climbed in overnight trading as investors expected Donald Trump's victory in the presidential election. Citigroup jumped about 5% in special late trading on the Robinhood brokerage for well-known stocks. Former President Donald Trump is currently leading by NBC News' count, though several key states have yet to be called. Bank stocks are expected to benefit under GOP control given the party's posture toward deregulation. "Donald Trump is the candidate where you ignore what he says and focus on what you expect him to do," Seiberg wrote in a note to clients recently.
Persons: Donald Trump's, Goldman Sachs, Donald Trump, Cowen, Jaret Seiberg, Seiberg Organizations: Citigroup, Bank of America, White House, NBC News, NBC, Trump, North Carolina . Bank, GOP, Consumer Financial, financials Locations: Wells, North Carolina
Goldman Sachs CEO David Solomon on Wednesday commented on Donald Trump's election victoryIn a memo to staff, he said that the bank looks forward to working with Trump on "sound policies." AdvertisementGoldman Sachs CEO David Solomon spoke out Wednesday on the election of Donald Trump as the 47th president of the United States. In a memo to the firm's workforce, Solomon congratulated Trump, who defeated Vice President Kamala Harris in a decisive victory. He said the firm was looking "forward to working with the new administration in support of sound policies that enhance economic growth and financial stability." Related Video How Twitter panic took down Silicon Valley BankMayo also expects a Trump administration to boost dealmaking, including M&A and IPOs — potentially to record levels.
Persons: Goldman Sachs, David Solomon, Donald Trump's, Trump, , Donald Trump, Solomon, Kamala Harris, Mike Mayo, Mayo, Read, , David, Emmalyse Brownstein, Reed Alexander Organizations: Trump, Service, Valley Bank Mayo, Global Banking, Markets, Asset, Wealth Management Locations: United States, Wells Fargo, Valley
Crypto stocks – Shares of Coinbase surged 12% as investors cheered the prospect of a more supportive regulatory environment for cryptocurrency businesses under a second Donald Trump presidency. Bank stocks — Shares of banking stocks soared in premarket trading after Donald Trump's victory spurred investor optimism that the sector could see less regulation . CVS Health — Shares rose 7.5% after CVS posted mixed third-quarter results , citing higher medical costs that weighed on net income. Clean energy stocks — Shares of renewable energy and solar companies slid on worries that Trump's second term could imperil the Inflation Reduction Act and measures to fight climate change. Dollar Tree , Five Below — Shares of Dollar Tree slipped 1.6%, while Five Below moved down 9%.
Persons: Donald Trump, Donald Trump's, Goldman Sachs, Wells Fargo, SunRun, FirstSolar, Wegovy, Trump, CoreCivic, Dan Ives, Tesla, — CNBC's Michelle Fox Theobald, Tanaya Macheel, Brian Evans Organizations: MicroStrategy, Bank, , Citigroup, Bank of America, Trump Media & Technology, Republican, CVS, Enphase Energy, Novo Nordisk —, GEO Group, Elon, Trump, Wedbush Securities, Tilray, Aurora Cannabis, National Retail Federation Locations: FactSet, Novo Nordisk — U.S, Danish, U.S, Florida, Canada, China
Donald Trump's return to the White House sparked a big move higher in small-cap stocks. Small-cap stocks were seen as potential winners under a second Trump presidency, as investors expect it would ease regulations on businesses — which tend to weigh more heavily on smaller businesses. Wednesday's gains in small caps were led by private prison stocks Geo Group and CoreCivic , which were up roughly 20% each. Small-cap stocks have trailed their large-cap counterparts this year. Notably, small caps outperformed in the 3mos after both the Trump 2016 and Biden 2020 wins."
Persons: Donald Trump's, Russell, Jason Goepfert, Wolfe, Chris Senyek, IWM, Wells, Chris Harvey, Robert Krankowski Organizations: Trump, DOJ, FTC, Congress, Wolfe Research, Geo, Biden, UBS, Ferrari Locations: Wells Fargo
Following Wednesday's trade, Jim Cramer's Charitable Trust will own 45 shares of BLK, increasing its weighting to 1.3% from 0.86%. We're taking some of the sale proceeds from our morning trims of Wells Fargo and Morgan Stanley to buy more BlackRock shares, which curiously were not participating in Wednesday's broad rally in financial stocks. Wells Fargo and Morgan Stanley shares surged more than 14% and 11%, respectively, after Donald Trump won the presidential election. And yet, BlackRock stock has given back all its gains from earlier in the session. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.
Persons: Jim Cramer's, Morgan Stanley, Wells Fargo, Donald Trump, Financials, Mike Mayo, Jim Cramer, Jim Organizations: BlackRock, BLK, Trump, CNBC Locations: Wells Fargo, Wells, BlackRock
Bolster your portfolio for any Election Day outcome
  + stars: | 2024-11-05 | by ( Michelle Fox | ) www.cnbc.com   time to read: +7 min
With Election Day underway, income investors should soon find out how their portfolio may — or may not — be affected by the outcome. Harris has said she wants to boost the corporate tax rate to 28% and increase the top rate for long-term capital gains to 28% for those making more than $1 million. That means that those who are buying AMT bonds but not paying AMT are getting free income, he said. Lastly, a higher corporate tax rate could also spur banks and insurance companies to return to the muni market. The companies owned a lot of municipal bonds when the tax rate was 35% and many bought more corporate bonds when the tax rate fell to 21%, Brandon said.
Persons: Colleen Cunniffe, Donald Trump, Kamala Harris, Collin Martin, Martin, Trump, Harris, Dan Close, Craig Brandon, Brandon, Andrzej Skiba, Skiba, Schwab's Martin, Cunniffe, Cunniff, Darla Mercado Organizations: Vanguard, Wells Fargo Institute, Schwab Center, Financial Research, US, Treasury, , munis, Morgan Stanley Investment Management, Investors, Trump, RBC Global, Management, Federal Reserve Locations: China, Nuveen, U.S
The U.S. dollar was little changed against other global currencies on Tuesday evening as voting began to wind down in the presidential election. The foreign exchange market could be one of the first areas of the financial system to react as election results roll in. Traders generally expect that a strong night for former President Donald Trump and Republicans in Congress could push the greenback higher. The dollar has generally strengthened in the runup to Election Day. The ICE U.S. Dollar Index rose more than 3% in October, though it has dipped in recent days.
Persons: David Zervos, Donald Trump, Paul Christopher Organizations: U.S, greenback, U.S ., Jefferies, Traders, Republicans, Wells, Investment Institute, ICE Locations: Mexican, U.S
Palantir reported 10 cents earnings per share on $726 million in revenue. On the other hand, NXP's third-quarter earnings beat analysts' expectations by 2 cents per share, while its $3.25 billion revenue was in line with estimates. Hims & Hers Health — The telehealth stock popped 7.2% after third-quarter earnings exceeded expectations of analysts polled by FactSet on both lines. On the other hand, the company's $3.19 billion revenue missed estimates of $3.20 billion. Marqueta's $128 million revenue was just shy of the $128.1 million consensus from FactSet.
Persons: Donald Trump, Palantir, Rick Dreiling, Michael Creedon, FactSet, LSEG, Burger King, machinists, Astera, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim, Yun Li, Sarah Min, Pia Singh Organizations: Trump Media & Technology, Republican, White, LSE, NXP, Wynn Resorts, Lattice Semiconductor, DuPont de Nemours, Restaurant, Burger, LSEG, Revenue, Diamondback Energy, Boeing —, Labs, Deutsche Bank, UBS, Deutsche Locations: Netherlands, Americas, Europe, San Francisco, Cleveland, Wells Fargo
A recent mean reversion trade I shared on Alibaba demonstrated this well when I pointed out that Chinese stocks were due for a pullback. Today, I'm looking at a potential mean reversion trade on JPMorgan (JPM) . I cover many of these setups in my book Mean Reversion Trading . For instance, with JPM trading around $220, I'd set up the trade by purchasing a 225 strike put and simultaneously selling a 220 strike put. -Nishant Pant Founder: https://tradingextremes.com Author: Mean Reversion Trading Youtube, Twitter: @TheMeanTrader DISCLOSURES: (Nishant currently holds a JPM 225-220 put spread expiring on 11/22.)
Persons: Morgan Stanley, Alibaba, I've, I'm, I'd, Nishant Pant Organizations: JPMorgan Chase, JPMorgan, CNBC, NBC UNIVERSAL Locations: Wells Fargo, BlackRock
Generally, a Trump win is seen as positive for financials given a higher likelihood of deregulation for companies in the space. Traditional oil and gas names are also likely to benefit under a second Trump presidency. One is made up of stocks that benefit after a Harris win; the other would outperform under a second Trump presidency. However, a Harris win is expected to keep current regulation measures in place, and possibly introduce new ones. Private equity giants KKR and Blackstone would also benefit under a Trump win.
Persons: Kamala Harris, Donald Trump, Paul Gallant, Cowen, Gallant, Harris, Goldman Sachs, Daniel Clifton, Strategas, Andrew Garthwaite, Trump, Garthwaite, TAN, we've, Biden, Wells, Ike Boruchow, Boruchow, , Russell, Joe Biden, Morgan Stanley, Crypto, isn't, Nic Puckrin, bitcoin, Marcelli, Financials, Wolfe, Chris Senyek, Lazard Organizations: Congress, U.S ., Trump, U.S . Trump, GOP, Democratic, CNBC Pro, Wall, Strategas, Enterprise, of America, Ford, UBS, Apple, Enphase Energy, Technologies Enphase, Exxon Mobil, Chevron, Trump Media & Technology, Trump Media, Cadence Bank, Viking Therapeutics, Bureau, CNBC, Wolfe Research, Lazard, Private, KKR, Blackstone, Evercore Locations: Washington, of America Cleveland, Cleveland, China
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Wells Fargo's Chris Harvey and Charles Schwab's Liz Ann SondersChris Harvey, Wells Fargo Securities head of equity strategy, and Liz Ann Sonders, Charles Schwab chief investment strategist, join 'Squawk on the Street' to discuss why the Senate elections may be the most certain of the week, if the historical trend of a higher S&P post-election makes sense, and how the market would react to a contested election.
Persons: Wells Fargo's Chris Harvey, Charles Schwab's Liz Ann Sonders Chris Harvey, Liz Ann Sonders, Charles Schwab Organizations: Wells, Wells Fargo Securities Locations: Wells Fargo
AppLovin has soared 310% in 2024, beating every U.S. tech company with a market cap of at least $5 billion, according to FactSet data. The technology helps put more targeted ads on the mobile gaming apps the company owns, and works for other studios that license the software. They said the company's "real opportunity" is to catch the influx in brand advertising towards mobile gaming from more conventional channels like social media or legacy broadcasting. Because of its position in digital advertising, AppLovin faces potential competition from some of the most well-capitalized companies on the planet. In 2022, AppLovin gave up on efforts to buy gaming software developer Unity Software for $20 billion, after Unity shareholders rejected the bid.
Persons: AppLovin, Wells Fargo, FactSet . Oppenheimer, Stifel Nicolaus, Jefferies, Adam Foroughi, could've, Foroughi, mightily, Unity, LightShed's Brandon Ross Organizations: Nvidia, Revenue, FactSet, Wedbush, Google, Facebook, Apple, Orient, Unity Software, Unity Locations: BTIG, AppLovin, U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFavorable returns come from which party runs the Senate, not White House: Wells Fargo's Chris HarveyChris Harvey, Wells Fargo Securities head of equity strategy, and Liz Ann Sonders, Charles Schwab chief investment strategist, join 'Squawk on the Street' to discuss why the Senate elections may be the most certain of the week, if the historical trend of a higher S&P post-election makes sense, and how the market would react to a contested election.
Persons: Wells, Chris Harvey Chris Harvey, Liz Ann Sonders, Charles Schwab Organizations: Senate, Wells, Wells Fargo Securities Locations: Wells Fargo
The American Bankers Association is urging federal action on online financial fraud. Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams. For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. He also said that the government should create "financial crimes intelligence centers."
Persons: Banks, ABA's, , It's, Rob Nichols, Nichols, Forbes, JP Organizations: American Bankers Association, Service, Federal Trade Commission, Consumer Financial Protection Bureau, JP Morgan, Bank of America, FTC Locations: Wells Fargo, Texas
Dow closes up 563 points as investors shake off jobs report
  + stars: | 2024-11-01 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDow closes up 563 points as investors shake off jobs reportJose Rasco, HSBC Global Private Banking and Wealth Management CIO, and Scott Wren, Wells Fargo Investment Institute senior global market strategist, join 'Closing Bell Overtime' to talk the day's market action.
Persons: Dow, Jose Rasco, Scott Wren Organizations: HSBC Global Private Banking, Wealth Management, Fargo Investment Institute Locations: Fargo
Amazon's customers are buying cheap products, the retailer's top execs said in its Thursday earnings call. Amazon reported a strong third quarter, beating earnings expectations. While these items "often have a lower average selling price," Olsavsky said that these buying patterns are still a net positive for Amazon. Representatives for Amazon did not respond to a request for comment from Business Insider, sent outside business hours. Its net sales for the quarter hit $158.9 billion, outperforming analyst expectations of $157.3 billion.
Persons: execs, , we're, Andy Jassy, Brian Olsavsky, Olsavsky, Jassy, Wells Fargo Organizations: Service, Amazon's, Amazon, Business Locations: North America
Citi reiterates Amazon as buy Citi said the e-commerce giant has "multiple catalysts for growth" following earnings on Thursday. Gordon Haskett upgrades Uber to buy from hold The firm said investors should buy the dip in Uber following earnings on Thursday. Goldman Sachs initiates Penguin Solutions as buy Goldman called Penguin a "high performance hardware solutions for enterprise AI at an attractive valuation." Wells Fargo downgrades Estee Lauder to equal weight from overweight Wells downgraded the stock following a disappointing earnings report on Thursday. KeyBanc upgrades Atlassian to overweight from sector weight KeyBanc upgraded the software company following earnings.
Persons: Goldman Sachs, Gordon Haskett, Goldman, Wells, Estee Lauder, it'll, Atlassian, Kinder Morgan, Morgan Stanley, Arista, Datadog, it's, CFRA, Berkshire Hathaway, Jefferies Organizations: Apple, Apple Intelligence, Citi, Amazon, Penguin Solutions, Penguin, Suncor Energy, " Bank of America, Nvidia, Artificial, TAM, Bank of America, UBS, Intel, Mizuho, IDA, Energy Locations: Asia
“Since everyone’s obsessed with Swedish candy in New York, let’s go to Bon Bon!” creator Beca Michie said, standing outside the pink awning of Bon Bon Swedish Candy. Welcome to the Swedish gummies craze that has swept the U.S. Bon BonThe platform is alive with videos of people displaying their colorful Swedish candy hauls. “This highly anticipated Swedish candy shop is finally open in the West Village,” creator Becca Schneider said about Lil Sweet Treat. Bon Bon, which opened in 2017, now has four locations that stay open until midnight, as well as a booming website. Courtesy Elly RossAside from TikTok, candy experts said there could be another reason gummies are having a moment -- increased cacao prices.
Persons: let’s, Bon, Beca Michie, Bon Bon, Becca Schneider, Lil Sweet Treat, Leo Schaltz, ” Schaltz, Schaltz, Bon Bon's, Selim Adira, Robert Persson, Bon Bon Schaltz, , TikTok, ” Elly Ross, Elly Ross, they’re, haven’t, , Lil Sweet, Sweet Treat, ” Ross, Issy Victoriano, Ross, I’ve, David Branch, “ It’s Organizations: Brooklyn, Wells, Food Institute, Commodities Locations: Brooklyn , New York, Swedish, United States, New York, Bon, Bon Bon Swedish, West, U.S, Sweden, American, , Germany, Spain
Here are the biggest calls on Wall Street on Thursday: Goldman Sachs reiterates Microsoft as buy Goldman says the stock remains extremely attractive following earnings on Wednesday. Bank of America reiterates as Meta as buy Meta remains a "top AI pick" following earnings on Wednesday. Deutsche Bank downgrades Kraft Heinz to hold from buy Deutsche says it sees "reduced growth" following earnings. BTIG upgrades Wingstop to buy from neutral BTIG said investors should buy the dip following earnings on Wednesday. "We are upgrading shares of Wingstop to Buy from Neutral with a $370 price target following the post-earnings selloff in shares yesterday."
Persons: Goldman Sachs, Goldman, Al, Oppenheimer, Wolfe, Bernstein, it's, JPMorgan downgrades Brinker, Morgan Stanley downgrades Biogen, Morgan Stanley, Deutsche Bank downgrades Kraft Heinz, KBW, Wells, Wells Fargo, L3Harris Organizations: Microsoft, Bank of America, Meta, JPMorgan, Chili's, Corp, Deutsche Bank, Deutsche, Walmart, Technologies, of America Locations: Robinhood, 4Q24, OW
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