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Market correction has more room to run, says Goldman Sachs
  + stars: | 2024-08-06 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +1 min
Tuesday's market rebound doesn't mean the market is yet in the clear — instead, investors should brace for more market volatility following Monday's global sell-off, according to Goldman Sachs chief global equity strategist Peter Oppenheimer. The S & P 500 rose 1.04% on Tuesday in a broad relief rally that lifted all 11 of its sectors. Nonetheless, the correction hasn't yet fully run its course, Oppenheimer told CNBC's " Squawk on the Street " on Tuesday. However, Oppenheimer doesn't necessarily think the correction is bad for the market. According to Strategas strategist Todd Sohn, Monday's spike in the volatility index could be a positive omen for equities in the medium term.
Persons: Goldman Sachs, Peter Oppenheimer, Oppenheimer, CNBC's, We're, He's, Todd Sohn, Sohn Organizations: Nasdaq, Dow
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe tech slide follows a dramatic sell-off in Asia, with Japan's main stock market index, the Nikkei 225, ending 12.4% lower and other AI heavyweights such as SoftBank slid hard. By the end of the year, the company expects to spend up to $40 billion on AI research and product development. That's because AI's been touted as a technology as revolutionary as the internet and smartphones by tech luminaries like Bill Gates. If others really start to believe that's the case, it could mark the beginning of the end for the AI rally.
Persons: , Jensen, Warren Buffett's Berkshire Hathaway, SoftBank, Sundar Pichai, Susan Li, AI's, Bill Gates, Goldman Sachs, Jim Covello, Daron Acemoglu, it's, Blackwell, Elliott, Dan Ives Organizations: Service, Tech, Business, Nvidia, Apple, Microsoft, Nikkei, Google, Big, Investors, Meta, Elliott Management, Financial Times Locations: Asia
Read previewThe US Navy is sending another aircraft carrier to the Middle East. AdvertisementThe aircraft carrier USS Abraham Lincoln, right, follows the guided missile cruiser USS Cape St. George as the ships transit the Strait of Hormuz in May 2012. A carrier strike group consists of a carrier, its air wing, and other warships like destroyers and cruisers. The US also deployed the Dwight D. Eisenhower Carrier Strike Group to the Eastern Mediterranean as regional tensions flared. It then pivoted to the Middle East to defend merchant shipping lanes in the Red Sea and Gulf of Aden from Houthi attacks.
Persons: , Abraham Lincoln, Israel, It's, Lincoln, George, Alex R, Forst, Gerald R, Dwight D, Eisenhower, Theodore Roosevelt Carrier, Roosevelt Organizations: Service, US Navy, Pentagon, Saturday, Abraham Lincoln Carrier Strike, Business, Hamas, Ford Carrier Strike Group, Israel, US, Eisenhower Carrier Strike Group, Ford, Eisenhower, AP, Theodore Roosevelt Carrier Strike, Lincoln, USNI, Fleet, Department of Defense, US Central Command, Command Locations: Israel, Iran, Tehran, Cape St, Hormuz, Gaza, Yemen, Lebanon, Iraq, Syria, Gulf, Aden, Persian, United States
In a most epic final, certainly, among the deepest in Olympic history, Lyles won in a photo finish. His time of 9.784 seconds in the men’s 100-meter dash was his personal best and gave the United States its first gold in 20 years. Phase 1 of Lyles’ grand plan to win Olympic gold in the 100 and 200 is complete. He’s the best in the world at it and has been for this entire Olympic cycle. Lyles finished seventh in the 100-meter final at the 2021 U.S. Olympic trials, failing to qualify for the Tokyo Games in the discipline.
Persons: DENIS, France, Noah, , Lyles, Kishane Thompson, Justin Gatlin, Maurice Green, Carl Lewis, Thompson, Fred Kerley, Lewis, Michael Johnson, Wang Zhao, Louie Hinchliffe, Lance Brauman, Marlo, Cameron Spencer Organizations: Seville, United, Getty, Netflix, Tokyo Games Locations: Athens, Paris, Seville, Lyles, United States, American, Atlanta, AFP
Upon winning match point, he roared with delight, dropped to his knees, then tearfully embraced his family and coaching team. Alcaraz plays a backhand in the men's singles gold medal match. Back-to-back errors handed Djokovic three set points before another cute forehand volley completed the marathon first set in an hour and 33 minutes. It’s just incredible joy.”Djokovic had long targeted winning a gold medal at the Olympics. Amber Searls/USA Today Sports/ReutersAt 21, Alcaraz had been aiming to become the youngest man to win an Olympic singles gold medal.
Persons: Roland Garros, Paris CNN —, Novak Djokovic, Djokovic outdueled Spain’s Carlos Alcaraz, Djokovic, Rafael Nadal, Andre Agassi, Steffi Graf, Serena Williams, , ” Djokovic, Clive Brunskill, Alcaraz, Matthew Stockman, , mettle, Djokovic didn’t, It’s, Amber Searls, “ I’m, ” Alcaraz, Novak Organizations: Paris CNN, Alcaraz, Wimbledon, Paris Olympics, USA, Sports, Reuters Locations: Paris, Beijing, Serbia
The police in cities across Britain were bracing on Sunday for the spread of far-right and anti-immigration protests, a day after dozens of people were arrested in another day of unrest after a stabbing in a northern town last week. Protests in cities including Liverpool and Manchester descended into riots on Saturday, prompting a heavy police response across the country. The National Police Chiefs’ Council, which represents law enforcement across Britain, has said that nearly 4,000 additional officers have been deployed to deter the violence. “The police have our full backing,” Yvette Cooper, the British home secretary, said on Saturday. A 17-year-old suspect was later named.
Persons: ” Yvette Cooper, , Taylor Swift Organizations: National Police Chiefs ’ Council Locations: Britain, Liverpool, Manchester, Southport
Here are JPMorgan's top stock picks for August
  + stars: | 2024-08-03 | by ( Sean Conlon | ) www.cnbc.com   time to read: +3 min
Some stocks have been added and others on this month's list. EQT Corp. has been added, while Arista Networks and Coherent Corp. – two names on last month's list – have been removed. Here are some of JPMorgan's top picks for August: EQT was named as part of the bank's value strategy. Of consumer stocks, McDonald's is also viewed as a value play, with shares of the fast-food chain down 7% this year. For growth stocks, Amazon made the cut.
Persons: EQT, McDonald's, Joe Erlinger, Brian Olsavsky, Donald Trump, Olsavsky, Eli Lilly –, Organizations: JPMorgan, Dow Jones, EQT Corp, Arista Networks, Amazon, Paris, Microsoft Locations: EQT, McDonald's U.S
Nvidia shares can double from these levels, according to portfolio manager Dan Niles. That's why he's been buying more of the chipmaker as its stock has been pummeled during the recent sell-off. "We think they're going to have a beat-and-raise quarter." Nvidia shares dropped nearly 7% on Thursday, building on a 5.3% loss in July. Niles believes the AI story for Nvidia has more room to run, noting that shares don't look so expensive when adjusting for its growth rate.
Persons: Dan Niles, he's, CNBC's, Niles, we've Organizations: Niles Investment Management, Nvidia, Cisco Systems
This was a day to forget for the United States men’s soccer team. As seen from the graphic below, Morocco dominated the game in key statistical metrics, ending the United States’ hopes of a medal. Thus concludes the United States men’s two-tournament summer. Tanner Tessmann was at the heart of most of the United States’ positive passages. It won’t inspire many hearts and minds, but the United States did exactly that in the first half against Morocco — save for one ill-advised wag of Harriel’s leg.
Persons: Soufiane Rahimi, Ilias Akhomach, Hakimi, Mehdi Maouhoub, United States ’, Jeff Rueter, Greg O’Keeffe, Bryan Reynolds, Ricardo Pepi, Malik Tillman, Gio Reyna, Yunus Musah, Marko Mitrovic, Duncan McGuire, Walker Zimmerman, Miles Robinson, Zimmerman, Alex Gottschalk, McGuire, Griffin Yow, Mitrovic, Djordje Mihailovic, Gianluca Busio, Jack McGlynn didn’t, Maximilian Dietz, Tanner Tessmann, Patrick Schulte, Kevin Paredes, Tim Weah, Nathan Harriel …, Harriel, Paul Ellis, Rahimi, Abdessamad Ezzalzouli, Morocco’s, Morocco —, Marc Atkins, Paredes, Brad Smith, Bilal El Khannous, Greg O’Keeffe Rahimi’s, isn’t, Al, plaudit, Tarik Sektioui’s, John Todd Organizations: United, soccer, Copa America, Olympics, PSV Eindhoven, New, Philadelphia Union, Getty, Real Betis, Guinea, Morocco, Wolfsburg, Paredes ruffled, U.S, Asian Champions League, UAE Locations: United States, Morocco, Parc, States, New Zealand, Guinea, France, Ukraine, U.S, Al Ain, American
Traders work on the floor of the New York Stock Exchange during morning trading on July 31, 2024 in New York City. U.S. stock futures slid on Thursday night as traders considered fresh results from Amazon and Intel. Dow Jones Industrial Average futures lost 143 points, or 0.4%, and Nasdaq 100 futures dropped 0.8%. Even the small-cap Russell 2000 hasn't been spared from the recent tumult, down about 3.3% in the period and on pace for its worst weekly performance since January. On the earnings front, energy giants Chevron and Exxon Mobil will be announcing their quarterly results Friday before the market open.
Persons: July's, Dow, Quincy Krosby, Arnim Holzer, Russell, " Holzer, hasn't, payrolls, Dow Jones Organizations: New York Stock Exchange, Amazon, Intel, Investors, Dow Jones Industrial, Nasdaq, Apple, LPL, EAB Investment, Chevron, Exxon Mobil Locations: New York City . U.S, Thursday's
LONDON — European markets are set to see a mixed start to Tuesday, as earnings continue to dominate stock action and investors brace for U.K. and U.S. central bank decisions. The U.K.'s FTSE 100 index is seen slipping just below the flatline, according to IG data, while France's CAC 40 and Germany's DAX rise just 8 and 21 points, respectively. U.K. bank Standard Chartered announced its biggest-ever share buyback, of $1.5 billion, as it raised its outlook in half-year results. Oil major BP hiked its dividend as it beat second-quarter earnings estimates.
Persons: Germany's DAX Organizations: CAC, Chartered Locations: U.S
Large portions of England and Wales braced for considerable heat on Tuesday, with government officials issuing an alert for vulnerable people and meteorologists warning it would be hottest day of the year so far. The heat in Britain may also stir up sweaty memories of a string of brutally hot days across the country in July 2022, when schools, doctors’ offices and museums shut their doors while the government urged people to work from home. In Britain, few people have air conditioning at home, and much of the country’s housing stock was built to retain heat. Transport delays in very hot or very cold weather are not uncommon. “Much of the U.K. is entering a warm or even hot interlude of weather, with some places in England and Wales likely to meet heat-wave criteria in the coming days,” Frank Saunders, the chief meteorologist at the Met Office, Britain’s national weather service, said in a news release on Tuesday.
Persons: ” Frank Saunders Organizations: Met Office Locations: England, Wales, London, Britain
Jeff Rueter and Steph Yang dissect how the U.S. took the top spot in Group B with one game to go. Swanson crashed the box for the second U.S. goal, catching Smith’s rebounding shot off Germany goalkeeper Ann-Katrin Berger. In the second half, everyone was looking tired, especially with no rotation in the starting XI from the first game. For a second straight game, Williams was brought on late to ice the game as a pressing-minded forward. Ultimately, Sonnet looked the part throughout the second half.
Persons: Sophia Smith, Mallory Swanson, Lynn Williams, Jeff Rueter, Steph Yang, Swanson, Smith, ” Swanson, Ann, Katrin Berger, Trinity, Rose Lavelle, you’ve, mpics ar, sy, mpic ho Organizations: U.S, women’s, Sweden, U.S . Locations: Germany, Brazil, U.S, United States
Hyundai Motor reported record quarterly profit and revenue on Thursday on strong sales of high-margin cars and said it would expand hybrid lineups to brace for possible changes in U.S. electric vehicle policies following the election. But Hyundai also warned of an uncertain outlook due to intensifying price competition as inflation and high interest rates squeeze consumers. Hyundai reported a net profit of 4 trillion won ($2.9 billion) for the April-June period, up 23% from a year earlier and easily beating the 3.4 trillion won average of 21 analyst estimates compiled by LSEG SmartEstimate. The net profit was its highest quarterly since the previous record high set in the Q2 2022. Domestic vehicle sales in South Korea, Hyundai's second-biggest market, slumped 10% in the second quarter, extending from a 16% drop in the previous quarter, as consumers continue to grapple with surging inflation and a weak economy.
Persons: LSEG SmartEstimate, Hyundai's Organizations: Hyundai, New York, Hyundai Motor, Ford, Nissan, Tesla, Kia Corp Locations: U.S, South Korea
Index ended the day lower Wednesday as investors braced for Tesla and Alphabet's earnings. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The two firms are the first of the Magnificent Seven tech stocks to release their earnings. The stock market is fresh off a winning rally on Monday, which saw the Nasdaq 100 and S&P 500 rise above 1%. Advertisement"The Fed's preferred measure of inflation is expected to tick lower in the June release, paralleling the month's slower CPI inflation.
Persons: , Tesla, Bill Adams, it's Organizations: Tesla, Service, Nasdaq, UPS, Federal, Comerica, CPI
The tech sector drove US stocks higher on Monday ahead of key economic data releases this week. The Nasdaq 100 and S&P 500 both rose over 1%, reversing some of last week's sharp decline. AdvertisementUS stocks surged on Monday, with technology stocks leading the way as investors brace for a slew of earnings results and economic data. Investors will be focused on two big economic data points this week, as well as a steady flow of second-quarter earnings results. AdvertisementThat will be followed by the Federal Reserve's preferred inflation gauge, the PCE index, at 8:30 a.m. on Friday.
Persons: Organizations: Nasdaq, Service, Federal, Visa, Texas Locations: Fundstrat, Here's
I watched hour upon hour of the Republican National Convention, something I’ve done every four years since I was a young political nerd in 1984. Speaker after speaker repeated the claim that America was safer and the world was more secure when Trump was president. If past performance is any indicator of future results, Americans should brace themselves for more chaos if Trump wins. The theme of the second night of the convention was “Make America Safe Again.” Yet the public mustn’t forget that the murder rate skyrocketed under Trump. According to the Pew Research Center, “The year-over-year increase in the U.S. murder rate in 2020 was the largest since at least 1905 — and possibly ever.”
Persons: Mitt Romney, Donald Trump, Trump, Organizations: Republican National Convention, Republican, America, Trump, Pew Research Center Locations: America, Russia, U.S
‘Twisters’ Takes Off at the Box Office
  + stars: | 2024-07-21 | by ( Brooks Barnes | ) www.nytimes.com   time to read: +1 min
“Twisters” was on pace to collect roughly $80 million in the United States and Canada over the weekend. Box office analysts had predicted “Twisters” would take in about $50 million, citing prerelease surveys that track audience interest. “Twisters” cost an estimated $155 million to make, not including tens of millions in marketing costs. It was released in North America by Universal Pictures, which booked it into 4,151 theaters. You should perhaps brace for “Twisters: Even More Twisters.” Based on strong turnout in North America over the weekend, it is almost guaranteed that Universal will explore another sequel.
Persons: “ Twisters ”, Organizations: Hollywood, Universal Pictures, Universal Locations: Oklahoma, United States, Canada, Hollywood, North America
Timeline: How the CrowdStrike outage unfolded
  + stars: | 2024-07-20 | by ( Eva Rothenberg | ) edition.cnn.com   time to read: +10 min
Washington, DC, public transportation services — including trains and buses — begin experiencing delays, according to the Washington Metropolitan Area Transit Authority. At 5:30 a.m., US cybersecurity firm CrowdStrike tells customers that it was “aware of reports of crashes” of its software on Microsoft Windows operating systems, according to a company advisory viewed by CNN. Australian lenders ANZ and Westpac were also impacted, according to Downdetector, a website that tracks cyber outages. Other states also report impacts to their driving services, including Georgia, North Carolina, Texas and Tennessee. CrowdStrike would take steps “to prevent anything like this from happening again,” according to a statement on the company’s website.
Persons: Ted Wheeler, they’re, We’re, Charlotte, Biden, Joe Biden, George Kurtz, , Brigham, Dana, Blood, Andrea Cefarelli, Jenny Ficenec, , Kurtz, CrowdStrike Organizations: New, New York CNN, Federal Aviation Administration, American Airlines, FAA, Allegiant Airlines, Spirit Airlines, Washington Metropolitan Area Transit Authority, Metropolitan Transportation Authority, Microsoft, CNN, CrowdStrike’s, Fortune, White, National Security, Global, Australia’s Commonwealth Bank, Bank of Israel, ANZ, Westpac, ASB Bank . Portland, Emergency, Dispatch, United Airlines, Air Lines, Hartsfield Jackson International, Charlotte Douglas International Airport, , Miami International Airport, Customs, Border, Alaska State Troopers, Phoenix Police Department, Computer, Police, Rescue, Federal Communications Commission, US Department of Homeland Security, CrowdStrike, Social, US Department of Justice, UPS, FedEx, Massachusetts Department of Transportation, Vehicle, Mass, Penn Medicine, Northwell, Emory Healthcare, Farber Cancer Institute, Memorial Sloan Kettering Cancer Center, Provincial Health Services Authority, New York Blood Center, Northeast, Centers of America, Assurance Locations: New York, Alaska, Arizona, Delta, United, Washington, DC, New York City, North, Georgia, North Carolina , Texas, Tennessee, Massachusetts, Pennsylvania, Atlanta, Boston, British Columbia, New, Northeast United States, North Carolina, Virginia
But some experts wonder why you'd even prescribe this drug, which has been shown in study after study to be lackluster, at best. There is maybe one thing Paxlovid can sort of doThe one thing Paxlovid seems to do is prevent a few hospitalizations in very high-risk patients. Related storiesPfizer's big trial of more than 1200 patients, out in April, suggested that maybe taking Paxlovid can prevent a few hospital admissions among the frailest, most vulnerable patients, but it's tough to say. In the control group (not taking Paxlovid) that number was 10. But other research from the UK, out in May, showed absolutely no difference in mortality when comparing hospitalized patients taking Paxlovid to those who weren't on the drug.
Persons: , Biden, Karine Jean, Pierre, Pfizer that's, Jeremy Faust, Paxlovid, it's, Faust, COVID Organizations: Service, for Disease Control, Business, White House Press, Pfizer, Paxlovid Locations: California , New Mexico, Nevada, China
The best Prime Day deals are the ones that let you fill a need in your life while saving a few bucks. Read on for our editor's personal picks from this year's sale, and catch the remaining sales in our main Prime Day deals hub. Amazon Prime Day deals our experts bought themselvesI'm moving from a huge home in Kansas to a tiny apartment in New York City. I used Prime Day as an opportunity to downsize to a smaller model that was recommended by our air fryer expert. Check out our roundup of all of the best Prime Day deals, or browse Amazon's website for more.
Persons: you've, Read, fryer, — Lauren Savoie, I've, It's, Samantha Crozier, Gabrielle Chase, Sam, Sally Kaplan, TCL, Brendan Griffiths, Anker, — James Brains, — Sally Kaplan, Dot, — Christopher Meinck, They're, it's, — Jaclyn Turner, Lauren Savoie, I'm, I'd, — John Lynch, They've, Mandolines, NoCry, Les Shu Organizations: Business, Amazon Prime, Sony, Microsoft, Taco Bell, Lenovo, Echo, Commerce, JW, JW PEI, Love Locations: Kansas, New York City, Taco, Crystal City, Hawaii, Brooklyn, Europe
Follow live coverage as Barbora Krejcikova and Jasmine Paolini face off in the women’s final at Wimbledon todayWIMBLEDON — Novak Djokovic and Carlos Alcaraz are at opposite ends of their careers. Alcaraz beat Djokovic in last year’s final in five sets (Charlotte Wilson/Offside via Getty Images)Alcaraz won the French Open five weeks ago. On June 5, 25 days before the start of the tournament, Djokovic had surgery on a torn medial meniscus in his right knee. He beat Francisco Cerundolo, a clay court standout going through the same transition, then lost handily to Jack Draper of Britain. (A few days of celebrating his maiden French Open title in Ibiza might have had something to do with it.)
Persons: Krejcikova, Jasmine Paolini, WIMBLEDON — Novak Djokovic, Carlos Alcaraz, Alcaraz, Daniil Medvedev, Lorenzo Musetti, Djokovic, Charlotte Wilson, , Roland Garros, Rod Laver, Bjorn Borg, Rafael Nadal, Roger Federer, Margaret Court, Evonne Goolagong, Billie Jean King, Chris Evert, Martina Navratilova, Serena Williams, Steffi Graf, Emmanuel Dunand, I’m, Medvedev, , shouldn’t, , Ben Stansall, ” Medvedev, ” Dominic Thiem, Federer, Nadal, Francisco Cerundolo, Jack Draper of, Andrej Isakovic, Tommy Paul, ” Paul, ” Djokovic, “ He’s, didn’t, Tara, Musetti, Julian Finney, Alex de Minaur Organizations: Wimbledon, WIMBLEDON, Court, Getty, Djokovic, Games, Athletic, Queen’s Club, All England, Serbian, All England Club Locations: Wimbledon, AFP, London, Ibiza, Queen’s, Spain
The reelection campaign of President Joe Biden started the day Friday facing the very real prospect that even more Democrats will call on him to quit the race against former President Donald Trump and allow a new nominee to top the ticket. "No one's saying that," said Biden, who was set to give a campaign speech in Detroit later Friday. Biden made it through the hour-long press conference and answered reporters' questions, prompting his campaign to declare victory over his naysayers. But his halting speech and his misstatements — such as referring to Vice President Kamala Harris as "Vice President Trump" — did little to win over members of his party. "I think I'm the most qualified person to run for president," said Biden.
Persons: Joe Biden, Donald Trump, Biden, Kamala Harris, Trump, " Organizations: Democrats, Democratic, Trump Locations: Detroit
Sure enough, the S&P 500 rallied another 7.2%, ending 2023 up 24.2%. BMO Capital MarketsInvestors would love a similar outcome after a 14.5% first-half gain, which ranks in the 82nd percentile historically, according to BMO. History is on stocks' side in the second halfIn the last seven-and-a-half decades, the S&P 500 has risen 10% to 15% a dozen other times. Chances are, the relatively tame 5.5% slide the S&P 500 experienced in March and April won't be the biggest pullback of the year. Advertisement"Extended valuation remains a hot topic, but a closer inspection reveals that levels may not be as severe as are being advertised," Belski wrote.
Persons: , Goldman Sachs, Brian Belski, Belski, Stocks, Oppenheimer Organizations: Service, BMO Capital Markets, Business, BMO Capital, BMO, UBS, Markets, Tech, Trade Locations: The Montreal, New York, US
Gold climbs as traders brace for U.S. inflation data
  + stars: | 2024-07-11 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices firmed for a third consecutive session on Thursday, with investors awaiting U.S. inflation data due later in the day for more insights on the Federal Reserve's interest rate path. Gold prices firmed for a third consecutive session on Thursday, with investors awaiting U.S. inflation data due later in the day for more insights on the Federal Reserve's interest rate path. Any downside surprise in the CPI report could weaken the dollar and push up gold prices to the $2,400 level, said Marex analyst Edward Meir. Fed Chair Jerome Powell said on Wednesday that the U.S. central bank would make interest rate decisions "when and as" they were needed. Spot silver climbed 0.7% to $31.04 per ounce, platinum firmed 0.4% to $993.25 and palladium gained 0.7% to $992.90.
Persons: Edward Meir ., Lisa Cook, Meir, Jerome Powell, Wang Tao Organizations: Index, Traders Locations: U.S
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