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For the 27th straight year, some of the brightest minds from across the business world descended on Beverly Hills in early May to attend the Milken Institute Global Conference. But while speculation stole headlines, Milken speakers spent much of their time fixated on the state of the US economy. But despite continued concerns about stagflation, Milken speakers overwhelmingly expressed confidence about economic growth at a May 6 session called "Global Markets at Inflection." "The economy is still extremely strong, consumers are still doing really well, businesses are still doing really well," Scharf said. Though far from perfect, the US is still the best place to investDespite the $34.7 trillion anvil hanging over the economy, Milken speakers widely agreed that the US is still the best place to invest and operate a company.
Persons: Elon Musk, he's, Milken, Wells, Franklin Templeton, Gerard Baker, Andre Esteves, Jenny Johnson, Charlie Scharf, Scharf, we've, it's, you've, hasn't, Sam, Joshua Friedman, Anne Walsh, Friedman, Esteves, they've, Johnson, " Scharf, Wells Fargo Organizations: Milken Institute Global, SpaceX, Business, Milken, The, Consumers, Starbucks, Canyon Partners, Investors, Guggenheim Investments, Milken Institute Global Conference, US Locations: Beverly Hills, Wells Fargo, Brazil, McDonald's, Washington
Home affordability has also been crippled by a combination of limited home supply and resilient demand due to solid wage growth, Zelman noted. Rent growth fell again on a year-over-year basis in April, according to a new report from real-estate site Zumper. And Zelman found that wage growth will outpace that of rent this year. AdvertisementOwning a home costs an average of 9% more on a square-foot basis than renting, according to Zelman & Associates. Along with each is the per-square-foot cost premium of owning compared to renting, according to Zelman & Associates.
Persons: , Ivy Zelman, I've, Zelman, Zelman isn't Organizations: Service, Zelman, Associates, Business, Wall, Toll Locations: Houston, Tampa
The precious metal has hit successive record highs this year, including another on Thursday when spot gold broke above $2,300 before easing slightly. Juerg Kiener, chief investment officer at Swiss Asia Capital, told CNBC's "Street Signs Asia" on Wednesday that his forward curve analysis for gold "looks fantastic." "If you look at your forward curve for a year it's about 26 [$2,600]. He added that an inventory collapse in the gold market is putting "a lot of derivative structures at risk." Kiener also cited geopolitics, a shift to a "multipolar world," and changing international trade structures as reasons for his bullishness on the gold price.
Persons: Kiener, CNBC's, , We've Organizations: Swiss Asia Capital, U.S . Federal Locations: Gaza, Ukraine, Asia
What to expect from the March jobs report
  + stars: | 2024-04-04 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +8 min
ET, when the Bureau of Labor Statistics releases its March jobs report. February brought the unemployment rate within spitting distance of 4%, rising to 3.9% from 3.7% in January. What could come from Friday’s jobs reportFebruary’s jobs report came as yet another surprise to economists. For instance, last month January’s job gains were revised down to 229,000 from the blowout 353,000 that kicked off 2024. The unemployment rate went up by half a percentage point from the post-pandemic low of 3.4% last April.
Persons: lockdowns, it’s, Michael Strain, , February’s, Andy Challenger, , Allison Joyce, Aaron Sojourner, they’ve, Sojourner, Luke Sharrett Organizations: New, New York CNN, Bureau of Labor Statistics, American Enterprise Institute, BLS, Federal, US, Challenger, , Department of Labor, Bloomberg, . Upjohn Institute, Employment Research, CNN, Federal Reserve, Getty Locations: New York, outplacement
Recent Wall Street upgrades of Estee Lauder don't change our lingering concerns over the company's underperforming stock and its business in China. Bank of America last Thursday upgraded Estee Lauder to a buy while increasing its price target to $170 from $160. Estee Lauder is expected to report its fiscal 2024 third-quarter results on May 1. EL 5Y mountain Estee Lauder 5 years Jim Cramer said Tuesday Estee Lauder "was a bad pick" for the portfolio. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.
Persons: Estee Lauder, Fabrizio Freda's, Freda, Jim Cramer, they've, Jim, Jim Cramer's Organizations: Citi, Tuesday, Bank of America, Lauder, CNBC, daimaru, Getty Locations: China, Hainan, Hawaii of China, South Korea, Nanjing, Shanghai
Pat and Marisa Lawlor were the victims of real estate wire fraud in 2022. The realizationThe real email came exactly one week after the scammers made off with Lawlor's money, he said. The methodIt turns out that the scammers hacked into the escrow office's email server through a process called business email compromise. With real estate wire fraud, they target mom-and-pop independent brokers, escrow, or title companies like the one we used. We've started a GoFundMe fundraiser to get that money back and raise awareness about real estate wire fraud.
Persons: Pat, Marisa Lawlor, They've, , Pat Lawlor, Marisa, We'd, San Fernando Valley, Lawlor, That's, it's, It's, we've, We've Organizations: Service, California Association of Realtors, Riverside, States Secret Services Locations: Los Angeles, San Fernando, Riverside County
TOKYO (AP) — Japan’s central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, “have fulfilled their roles,” Bank of Japan Gov. But it had remained cautious about “normalizing” monetary policy, or ending negative borrowing rates, even after data showed inflation at about that rate in recent months. Ueda said there was “a positive cycle” of a gradual rise of wages and prices, while stressing that monetary policy will remain easy for some time. The Japanese central bank's policy is quite different from those of the U.S. Federal Reserve and the European Central Bank.
Persons: , Kazuo Ueda, Ueda, Harumi Taguchi, Haruhiko Kuroda, ___ Yuri Kageyama Organizations: TOKYO, ” Bank of Japan Gov, Bank of, Analysts, P Global Market Intelligence, U.S . Federal Reserve, European Central Bank, Bank of Japan Locations: Japan, Bank of Japan, U.S, China
Read previewTOKYO (AP) — Japan's central bank raised its benchmark interest rate Tuesday for the first time in 17 years, ending a longstanding policy of negative rates meant to boost the economy. The short-term rate was raised to a range of 0 to 0.1% from minus 0.1% at a policy meeting that confirmed expectations of a shift away from ultra-lax monetary policy. The negative interest rate policy, combined with other measures to inject money into the economy and keep borrowing costs low, "have fulfilled their roles," the bank said in a statement. The Japanese central bank's policy is quite different from those of the US Federal Reserve and the European Central Bank. Analysts expect the Bank of Japan to continue to move slowly on further raising interest rates.
Persons: , Kazuo Ueda, Haruhiko Kuroda Organizations: Service, Business, Bank of, Bank of Japan, US Federal Reserve, European Central Bank Locations: Japan, Bank of Japan, U.S, China
Grayscale CEO Michael Sonnenshein said that the crypto fund manager expects to bring fees on its Grayscale Bitcoin Trust ETF down in the coming months, as the nascent crypto ETF market matures. The FTX bankruptcy estate reportedly offloaded the majority of its shares in Grayscale's bitcoin ETF, according to January reporting from Bloomberg and CoinDesk. Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a "mini" version of its flagship product — the Grayscale Bitcoin Mini Trust, announced last week. The new BTC ETF would be effectively spun out of the Grayscale Bitcoin Trust ETF and seeded with an as-yet undisclosed portion of bitcoin underlying GBTC shares. The firm is currently awaiting approval from the U.S. Securities and Exchange Commission for its Bitcoin Mini Trust ETF.
Persons: Michael Sonnenshein, Sonnenshein, GBTC, FTX Organizations: NYSE, LONDON, CNBC, Bloomberg, BlackRock, Fidelity, Vanguard, Trust, BTC, U.S . Securities, Exchange Commission, SEC Locations: Grayscale's bitcoin, solana
And now, Chinese authorities appear to be going after his followers in China. Li Ying spends most of his days in front of the computer running his X account. Li’s warnings sent shock waves through the small but influential Chinese X sphere. On X, Li Ying’s account provided a window into the outpouring of grief and disaffection. “The Chinese authorities are fearful of young people like Teacher Li, seeing him as a threat to its rule,” Wang said.
Persons: Lee, Xi Jinping, , Li, , ” Lee, Li Ying, Li reposts, Elon Musk, Covid lockdowns, ” Li, , Yaqiu Wang, , ’ ”, Li Keqiang, Shen Xiang, ramped, Li Keqiang’s, Xi, it’s, it’ll, ” Wang, Wang Organizations: Hong Kong CNN, Twitter, US, Facebook, Elon, Ministry of Public Security, CNN, YouTube, Future Publishing, Getty, Freedom Locations: China, Hong Kong, Beijing, Italy, Washington, Anhui province,
Homebuilder sentiment rose 3 points in March to 51 on the National Association of Home Builders/Wells Fargo Housing Market Index. Sentiment also moved into positive territory for the first time since July. Fifty is the line between positive and negative sentiment. "But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes." Regionally, on a three-month moving average, sentiment rose most in the Midwest and West.
Persons: Carl Harris, Robert Dietz Organizations: National Association of Home Builders, West, Builders, Federal Reserve Locations: Wells Fargo, Wichita , Kansas, Midwest
The obsession with lavish weddings grew to a fever pitch in the years following the start of the Covid-19 pandemic. That’s bad news for wedding vendors who provide services like videography, photo booths and catering. Meanwhile, those vendors are facing a more worrisome existential threat: a looming drop in the overall number of weddings. But she said that so far in 2024, weddings are “cooling a bit.”A recent wedding where Gabrielle Stone served as the planner. In another life, some of those would-be couples who never met in 2020 could have gotten engaged this year.
Persons: , Shane McMurray, What’s, McMurray, Gabrielle Stone, ” Stone, Stone, Kay, Jared, Gina Drosos, , Z, ” McMurray, Toni Burrowes, Burrowes, didn't, Toni Burrowes “, Alyssa Young, We've, Alyssa Young “, it’s, ” Young, It’s Organizations: CNN, Signet Jewelers, Kay Jewelers, Signet, Alpha, University of Virginia, Brigham Young University, Bureau of Labor Statistics Locations: Boston, Zales, Central Florida, San Antonio, Texas
Eight economists, investment chiefs, and strategists that Business Insider recently spoke to credited healthier-than-anticipated consumer balance sheets and spending for the continued expansion. "Either that, or they're going to be maxed out — they can't get any more money. They're not going to have any liquidity to be able to continue to do the things they're going to do." He's also sticking with defensive stocks as consumer spending softens, including those in the consumer staples sector like Clorox (CLX) and Procter & Gamble (PG). Real estate is a "hated asset class" that's negatively correlated with interest rates, Sekera said.
Persons: shouldn't, Kevin Gordon, Charles Schwab, they're, Sue Crotty, Ed Clissold, Ned Davis, Clark Bellin, Bellin, David Rosenberg, They're, Rob Swanke, Swanke, Preston Caldwell, Morningstar's, Dave Sekera, Sekera, Christopher Barto, Gordon, Clissold, He's, Morningstar's Sekera, Crotty, Segal Marco Advisors, She's, Barto, that's Organizations: Business, Consumers, Segal Marco, Ned, Ned Davis Research, Commonwealth Financial Network, Nasdaq, Morningstar, Fort Pitt Capital Group, Procter, Gamble, Federal Reserve, Exxon, APA Corp, Duke Energy, Segal, Energy, Healthcare Locations: Devon, Real, NiSource
Read previewProductivity for many companies is soaring — all thanks to the "Big Stay." AdvertisementThere are a couple of reasons workers have shifted to the Big Stay, Glassdoor Chief Economist Aaron Terrazas told Business Insider. The US economy added 275,000 jobs last month, but the job market recovery from the pandemic is slowing. The Big Stay has benefits, but they may be short-livedTerrazas said lower quit rates are giving way to high productivity across companies. At the same time, job openings have tumbled since post-pandemic highs, forcing a lot of workers to stay in their roles.
Persons: , Aaron Terrazas, Terrazas, It's Organizations: Service, Companies, Bureau of Labor Statistics, Business, Employees, The Conference Board, Labor Statistics, Federal
Crypto stocks — Stocks whose performance is tied to the price of bitcoin rose as the cryptocurrency pushed to another record for the third day in a row. Dollar Tree posted adjusted earnings of $2.55 per share on $8.64 billion of revenue for the fourth quarter. Analysts surveyed by LSEG, formerly known as Refinitiv, had penciled in $2.65 per share on $8.67 billion in revenue. GE HealthCare — Shares dropped 3% after the medtech company announced a secondary offering of 13 million shares. Analysts had expected earnings of 2 cents per share on revenue of $1.62 billion, per LSEG.
Persons: Coinbase, MicroStrategy, CleanSpark, Baird, Goldman Sachs, Wells, Raymond James, , Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Marathon, Iris Energy, Texas, Nvidia, Devices, Micron Technology —, Micron, AMD, LSEG, GE, , GE HealthCare Technologies, General Electric, Royal, Petco, Wellness Locations: Kentucky, Royal Caribbean
New York CNN —Dealmaking is the lifeblood of Wall Street. But analysts say that funding cuts in the plan could end up harming mergers and acquisitions on Wall Street, squashing hopes of a recovery in dealmaking. The bad news: Recent regulations and proposed budget cuts threaten to step on those green shoots before they’re able to flower. Why it matters: Dealmaking isn’t just good for Wall Street. Shares of the stock are down nearly 30% so far this year after its seemingly nonstop streak of bad luck.
Persons: New York CNN — Dealmaking, Joe Biden, squashing, It’s, Goldman Sachs, , Lucille Jones, Jones, Mitch Berlin, Biden, , ” Berlin, That’s, Hewlett Packard, , TikTok —, Brian Fung, TikTok, Shou Chew, Nadya Okamoto, Okamoto, Teddy Siegel, Siegel, David Goldman, LATAM, it’s, Max Organizations: CNN Business, Bell, New York CNN, Wall, LSEG, Federal Reserve, Federal Trade Commission, Department of Justice, Congressional, Office, CNN, Discover Financial Services, Hewlett, Juniper Networks, Target, Boeing, Alaska Airlines, United Airlines, The National Transportation Safety, Federal Aviation Administration, FAA, NTSB Locations: New York, dealmaking, EY, Berlin, , LSEG, Australia, New Zealand, Newark
"We are initiating coverage of Legend Biotech (LEGN) with an Outperform rating and a price target of $86." Bank of America reiterates Super Micro as buy Bank of America raised its price target on Super Micro to $1,280 per share from $1,040. The firm has an outperform rating on shares of Boeing. We Initiate with a Buy rating and $15 PT." "We initiate coverage of IMVT with a Buy rating and 12-month price target of $50 (60% upside potential)."
Persons: Raymond James, it's, Wells, Tesla, Davidson, Goldman Sachs, Goldman, Baird, Bernstein, TXRH, EBITDA, Jefferies, underperform Jefferies, Baird downgrades Fiserv, Stephanie Ferris, Charles Drucker, helms, Cooper, William Blair, BTIG, Bitdeer, JMP, Morgan Stanley, Idacorp, Rivian Organizations: Biotech, Legend Biotech, Citi, Constellation Brands Citi, Constellation, Watch, Nielsen, DA, " Bank of America, Bank of America, Nvidia, GPU Tech Conference, TAM, Royal Caribbean, Boeing, Apple, Moelis, Company, RBC, Pointe, GM, Microsoft, ROIC, Jefferies, FIS, JPMorgan, Cooper Companies, Bitdeer Technologies, Technology, ICE, of America, Argus Locations: Nice, Texas, Cleveland, Southwest, Kansas, Missouri
Relative to bitcoin , the initial price action following the upgrade is even weaker historically, with ether underperforming 80% of the time in the first 20 days, Saunders added. Saunders warned, however, that the trading environment for crypto is different today than it was during previous Ethereum network upgrades. The scalability problem Dencun follows the "Shapella" upgrade from almost a year ago, which allowed investors to withdraw their staked ether from the network for the first time. This upgrade is focused on the longer-term goal of enhancing Ethereum's ability to handle more activity and transactions as the network grows. "The Dencun upgrade serves as an important step in addressing this congestion, which hurts users and developers alike."
Persons: Alex Saunders, Saunders, Philipp Zentner, bitcoin –, Duncan Ash, Michael Bloom Organizations: BTC, Citi, ETH, Metrics, Securities and Exchange Commission Locations: U.S
If the forecast is close to accurate, it would mark a considerable downshift from January's explosive growth of 353,000, but still representative of a fairly vibrant labor market. "This is kind of a cautious labor market. ZipRecruiter's quarterly job-seeker survey showed expectations for the medium-term outlook hitting a series high, while applicants also indicated stronger levels of confidence in their financial wellbeing and current state of the labor market. A jobs market that remains red-hot could deter the Federal Reserve from cutting interest rates this year as expected. In its most recent survey of economic conditions, the Fed found that the ultra-tight labor market has loosened somewhat, but there are still active pockets.
Persons: Spencer Platt, Dow, Julia Pollak, they're, Pollak, Raphael Bostic, they've, Tom Gimbel, Jerome Powell, Gimbel Organizations: Chelsea Market, Getty, Labor Department, Dow Jones, Employers, Federal Reserve, Atlanta Fed, Challenger, Labor, Survey, LaSalle Network, Big Tech Locations: Manhattan, New York City, U.S, Covid
Washington, DC CNN —The Federal Reserve is in no rush to cut interest rates, according to Fed Chair Jerome Powell’s written testimony submitted to congressional lawmakers, released Wednesday. Recent economic data showed that price pressures persisted in January, leading investors to recalibrate their expectations for rate cuts this year. Still, the timing and pace of rate cuts remains up in the air. Too soon to cut rates? In a recent interview with CNBC, Richmond Fed President Thomas Barkin said “we’ll see” if the Fed cuts rates in 2024.
Persons: Jerome Powell’s, Powell’s, inflation’s, , José Torres, “ Young, there’s, Raphael Bostic, Thomas Barkin, , “ I’m, Austan Goolsbee, we’re, Adriana Kugler Organizations: DC CNN, Federal, Fed, Financial, , Interactive Brokers, CNN, Atlanta Fed, CNBC, Richmond Fed, Congress, Chicago Fed, , Stanford University Locations: Washington
However, veteran investor and trader Adam Reynolds says it's time to look beyond the U.S. and consider 10 lesser-known companies from across Europe, Japan and Australia. "The focus on U.S. tech stocks — and especially the Magnificent Seven — is driving huge amounts of performance to the U.S. stock market. Calling valuations of U.S. stocks "stretched," Reynolds said there are opportunities in moving toward a "more diversified global portfolio," including better valuations — and returns. In terms of allocation, Reynolds suggests that investors put 30% of their equities portfolio in U.S. stocks, 40% in Asia and 30% in Europe. Chip stocks Shares of semiconductor manufacturer Tokyo Electron are up over 140% over the last 12 months.
Persons: Adam Reynolds, Reynolds, we're, Reynold Organizations: Big Tech, Apple, Microsoft, Nvidia, Tesla, Saxo Capital Markets, CNBC Pro, Japan, Tokyo, Novo Nordisk, Nordisk, BYD, Ferrari Locations: Europe, Japan, Australia, Asia, Tokyo, Europe's
A trader works on the floor of the New York Stock Exchange (NYSE) during morning trading on March 4, 2024 in New York City. U.S. stock futures were little changed Monday night after the Nasdaq Composite retreated from its record high. Futures tied to the Dow Jones Industrial Average ticked down 59 points, or 0.1%. S&P 500 futures inched down 0.1%, while Nasdaq-100 futures fell 0.2%. During Monday's main trading session, the S&P 500 dropped 0.12%, and the tech-forward Nasdaq Composite slipped 0.41%.
Persons: Dow, Jason Draho, CNBC's, They're, Draho, there's Organizations: New York Stock Exchange, Nasdaq, Dow Jones, GitLab, Nvidia, Micro Computer, Apple, European Commission, UBS Global Wealth Management, Target, Nordstrom, P Global US Services, Services Locations: New York City . U.S
Austin's housing market is heating up again, despite recent forecasts that it would tank. Nationwide forecasts now predict a rise in home prices, despite still-high interest rates. AdvertisementJust when some people thought the Austin, Texas, housing market was going to crash, it's starting to heat up again. This sudden surge in Austin housing sales is a bit surprising. Despite high prices and interest rates, homebuyers are determinedIn 2022, Nicholas Gerli, the CEO of real estate data analytics firm Reventure Consulting, named Austin the No.
Persons: , Austin isn't, Nicholas Gerli, Austin, Realtor.com, George Rose, Fannie Mae Organizations: Nationwide, Service, Business, Realty Austin, Reventure Consulting, National Association of Realtors, NAR, Federal Reserve Bank Locations: Austin , Texas, Austin
Elena Milashina, a daring Russian reporter beaten unconscious and doused in liquid iodine last year, said she has bid farewell to far too many journalists, activists and opposition figures who died an untimely death. But never, she said in a phone interview from Moscow, had she seen anything like the scene on Friday on the streets of the sleepy Maryino neighborhood on the outskirts of the Russian capital. “This was the most optimistic funeral I can remember,” said Ms. Milashina, 47, citing the large crowds and a palpable sense of unity. There was this surge of inspiration that we are all together, and that there are many of us.”The funeral of the opposition leader Aleksei A. Navalny on Friday may come to be remembered as a seminal moment in Vladimir V. Putin’s Russia. It was a day when the president’s decades-long nemesis was laid to rest, underlining Mr. Putin’s dominance; but it was also a day when an ocean of pent-up dissent re-emerged, if only for a few hours, on Moscow’s streets.
Persons: Elena Milashina, , Milashina, Aleksei A, Vladimir V Locations: Moscow, , Russia, Moscow’s
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale CEO: Pent-up demand for bitcoin ETFs brought tremendous inflows and spiked priceMichael Sonnenshein, Grayscale CEO, joins 'Squawk on the Street' to discuss why Bitcoin has had the run it has, if Grayscale is seeing outflows, and much more.
Persons: Michael Sonnenshein, Bitcoin, outflows
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