DIRS.INFO The most relevant business & tech news

☆ Premarket stocks: Revolution or market bubble? Investors weigh the AI boom
▼ + stars: | 2024-02-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —What’s the difference between a revolution and a market bubble? Thanks to strong performances in stocks and bonds in 2023, coupled with steady savings rates and employer-provided matching contributions, 401(k) investors ended 2023 very much in the black, reports my colleague Jeanne Sahadi. That’s according to new fourth-quarter data from Fidelity Investments, one of the largest providers of workplace retirement plans that cover 23 million 401(k) participants. The troubled plant-based meat company, which has partnerships with McDonald’s and KFC owner Yum! On a Tuesday call with Beyond Meat’s investors, Brown outlined a set of initiatives intended to rightsize the struggling company.

Persons: New York CNN —, ’, Jamie Dimon, Dimon, ”, Torsten Slok, Yung, Yu Ma, “, Jeanne Sahadi, Gen Xers, Fidelity, Samantha Delouya, Ethan Brown, Brown Organizations: CNN Business, Bell, New York CNN, Nvidia, AMD, Taiwan Semiconductor Manufacturing, Apple, Microsoft, Amazon, Google, JPMorgan, CNBC, Apollo Global Management, Federal Reserve, BMO Wealth Management, Big, Norges Bank Investment Management, Legal, General, AFL, US Securities and Exchange Commission, Lawyers, SEC, Fidelity, Fidelity Investments, McDonald’s, KFC, Brands Locations: New York, California, “

☆ Premarket stocks: This rally is nearly unprecedented. Can it last?
▼ + stars: | 2024-02-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Just last week the S&P 500 hit a new all-time high and notched its best showing in a year. But this nearly unprecedented surge in the markets is sparking some concern over what’s driving the rally and whether it can continue. The S&P 500 and Dow last week each reached record levels after blockbuster earnings from the chipmaker set off a broad market rally. The S&P 500 is up more than 6% for the year, but when you equally weigh all of the stocks in the index, it’s up just 2.5%. Last year, the S&P 500 rose by 24.2%, but the equally-weighted index was up by just 11.6%.

Persons: Sam Stovall, Tesla, Jamie Dimon, ” Dimon, CNBC’s Leslie Picker, That’s, ”, What’s, Warren Buffett, Berkshire Hathaway, Eva Rothenberg, Buffett, Gary Pilnick’s, WK Kellogg, Pilnick, Bran, ” Pilnick, hasn’t, Carl Quintanilla Organizations: CNN Business, Bell, New York CNN —, Nvidia, Dow, Nasdaq, Health, Tech, Deutsche Bank, Microsoft, Apple, Amazon, Google, JPMorgan, Federal Reserve, Traders, PCE, Berkshire, CNBC Locations: New York, Berkshire, Omaha , Nebraska, Omaha, United States

☆ Premarket stocks: Why you can feel good about your job prospects for a while longer
▼ + stars: | 2024-02-26 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

A cyclical slowdown has to come unless you’re in the camp that thinks structural growth of the economy has risen dramatically. We don’t think that’s the case. Do you think that’s the case? The jobs market is a byproduct of GDP growth. I think that this should make people feel a little bit better about the prospects for the year.

Persons: Bell, Satyam Panday, It’s, we’ve, that’s, Warren Buffett, Charlie Munger, Warren Buffett’s, Buffett, Munger, ”, Charlie, Berkshire Hathaway, Brian Fung Organizations: CNN Business, Bell, New York CNN, Satyam, Federal Reserve, Berkshire Hathaway, Investors, Oracle, “, Berkshire, US, Facebook, YouTube Locations: New York, Real, Berkshire, Omaha, “ Berkshire, The Omaha , Nebraska, Texas, Florida

☆ Warren Buffett honors Charlie Munger in annual note, Berkshire reports record cash pile
▼ + stars: | 2024-02-24 | by ( Nicole Goodkind | Eva Rothenberg | ) edition.cnn.com time to read: +11 min

Courtesy of Susie Buffett Buffett teaches a class at the University of Nebraska-Omaha. Courtesy of Susie Buffett Buffett married his first wife, Susan, in 1952. Courtesy of Susie Buffett Buffett and his wife pose at the beach with their three children. Courtesy of Susie Buffett Buffett poses for a photo in 1980. Nati Harnik/AP Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.

Persons: Warren Buffett’s, Charlie Munger, Buffett, Munger, ”, Charlie, Berkshire Hathaway, “ Charlie, Munger’s, Greg Abel, Abel, Berkshire’s, Greg, ” Buffett, “ Greg, Berkshire Berkshire Hathaway, Warren Buffett, Nati, Laila, Howard Buffett, Howard, Susie Buffett, Ernest, Susie Buffett Laila Buffett, Warren, Doris, Susie Buffett Warren Buffett, Susie Buffett Buffett, Susan, Peter, Lee Balterman, Salomon, Marcy Nighswander, AP Buffett, Buffett's, Mark Peterson, Curt Hudson, Arnold Schwarzenegger, Kathy Willens, Chris Machian, Dave Weaver, Michael Israel, John Sleezer, Bill Gates, Mario Tama, Barack Obama, Obama, doggedly, isn't, Jim Watson, Daniel Acker, Harry Benson, Getty Images Buffett, Astrid, David Cameron, Brendan Hoffman, Kristoffer Tripplaar, Alamy Buffett, Scott Eells, Chris, Franklin, Ndamukong Suh, Scott Olson, Huang Jihui, Jason Miller, Adam Jeffery, Hillary Clinton, Kempin, Forbes, Andy Kropa, Scott Morgan, Reuters Buffett, Andrew Harrer, Apple Berkshire Hathaway Organizations: New, New York CNN, Berkshire Hathaway, Investors, Oracle, “, Berkshire, Berkshire Berkshire, University of Nebraska -, Getty, Federal Reserve, AP, Omaha for Berkshire, Bloomberg, California Gov, Wall Street, Schwarzenegger's, Kansas City Royals, Kansas City Star, Girl Scouts, Buffett, Microsoft, Getty Images, White, British, Woodrow Wilson High, Washington, Forbes, Harlem Globetrotters, Cleveland Cavaliers, Moon, NBA, CNBC, Reuters, Apple Berkshire, Apple, Securities and Exchange Commission, HP, Paramount Locations: New York, Omaha, “ Berkshire, Berkshire, The Omaha , Nebraska, Omaha , Nebraska, University of Nebraska - Omaha, Omaha for, Woodstock, Trenton , New Jersey, AFP, Washington , DC, Illinois, Sun Valley , Idaho

☆ Tech stocks surge as Nvidia bolsters optimism on Wall Street
▼ + stars: | 2024-02-22 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —US stocks soared higher on Thursday morning after a strong earnings report from tech giant Nvidia bolstered investor optimism on Wall Street. The S&P 500 hit a record high during morning trading on the pop in big tech and the Nasdaq is tracking towards a new all-time high as well. Nvidia (NVDA), one of the largest companies on Wall Street, led gains after reporting extraordinary earnings growth, fueled by the artificial intelligence boom. Profits of the chipmaker grew to nearly $12.3 billion in the three months ended January 28 — up from $1.4 billion in the year-ago quarter, a gain of 769% year-over-year and even stronger growth than Wall Street analysts had expected. Shares of the stock were 15.3% higher in morning trading, a reversal from earlier in the week when the company logged its worst day since October.

Persons: Jensen Huang Organizations: New, New York CNN, Dow, Nasdaq, Nvidia, Wall, Wall Street, AMD, Microsoft, Fed, Traders Locations: New York

☆ Nvidia CEO climbs billionaire list as company stock price skyrockets
▼ + stars: | 2024-02-22 | by ( Jennifer Korn | ) edition.cnn.com time to read: +3 min

CNN —Nvidia CEO Jensen Huang’s wealth saw a major boost on Thursday as the company he cofounded in 1993 surged in value. Huang, 61, is now worth an estimated $68.1 billion, passing Charles Koch and rapidly gaining on members of the Walton family, who own Walmart, which has a roughly $471 billion market cap. Huang has been at the helm of Nvidia since its beginning, serving as co-founder, CEO, president and board member. Shares of AMD (AMD) were 11% higher on Thursday and Microsoft (MSFT) rose 2%. But the company’s soaring stock price over the past year — shares grew around 230% in 2023 — means Nvidia is now deeply important to the broader market, too.

Persons: Jensen, Huang, Charles Koch, Walton, Elon Musk, Bernard Arnault, Jeff Bezos, Chris Malachowsky, Curtis Priem, Priem, Dan Morgan, Goldman Sachs, ” CNN’s Clare Duffy, Nicole Goodkind Organizations: CNN, Nvidia, Bloomberg, Walmart, Elon, Oregon State University, Stanford University, Devices, Wall Street, AMD, Microsoft, IBM, Synovus Trust Company, Google, Cisco Locations: Malachowsky

☆ Premarket stocks: Is Nvidia too big to fail?
▼ + stars: | 2024-02-21 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors expect Nvidia to report earnings of $4.59 a share and $20.378 billion in revenue, up from just $6.05 billion a year before. Too big to fail: For the time being, Nvidia is the “most sophisticated and deployed” chipmaker in the world, and its output is one of national importance, said Newman. Capital One wants to be the biggest credit card company in America. If approved by regulators and shareholders, Capital One’s (COF) acquisition will create the biggest US credit card company by loan volume. Compared to other major credit card issuers, Capital One has historically catered to customers with credit scores in the 600s range, which is considered subprime.

Persons: “, ”, Daniel Newman, Newman, Jensen Huang, ” What’s, Sam Altman, Pat Gelsinger, Elisabeth Buchwald, Biden, Richard Fairbank, Fairbank, Samantha Delouya, Dow, Dow hasn’t Organizations: CNN Business, Bell, New York CNN, Nvidia, Wall, Microsoft, Apple, Investors, Intel, AMD, Discover Financial Services, Capital, Discover, Mastercard, Consumer Financial, Bureau, Walgreens, Dow Jones, Alliance, Dow Jones Industrial, Dow Jones Indices, Dow, Tesla Locations: New York, California, United States, China, Dubai, America

☆ Premarket stocks: Joe Biden’s top economic adviser isn’t worried about the latest inflation data
▼ + stars: | 2024-02-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

New York CNN —US markets broke a five-week winning streak last Friday after disappointing inflation data reignited economic and interest rate-related fears on Wall Street. Then last week, two key inflation indicators for January — the Consumer Price Index and Producer Price Index — rose above Wall Street expectations. Richmond Fed President Thomas Barkin said the new data showed that the Fed needs more confidence before cutting rates. I think in this case, the market isn’t necessarily telling you much about the economy’s fundamentals, the market is telling you what other market participants think. And I think that those economic fundamentals get you to the part that says, you know, it’s not not the economy.

Persons: Price, Thomas Barkin, Raphael Bostic, isn’t, Bell, Jared Bernstein, Joe Biden, I’m, they’re, It’s, it’s, Joe Weisenthal, Elisabeth Buchwald, Hanna Ziady, Liam Peach, ” Peach Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Richmond Fed, White House Council, Economic Advisers, CPI, Apple, Google, Nvidia, Microsoft, Capital, Discover Financial Services, Discover, Hamas, Gross, Israel’s, Bureau, Statistics, Capital Economics Locations: New York

☆ Warren Buffett’s Berkshire Hathaway sells off some Apple stock
▼ + stars: | 2024-02-15 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

New York CNN —Warren Buffett’s Berkshire Hathaway sold off 10 million shares of Apple stock in the final three months of 2023, representing about 1% of its holdings in the company. Berkshire still owns more than 905 million shares of the company, worth about $174 billion. That represents 6% of all Apple shares and one-fifth of Berkshire’s entire portfolio. Shares of Berkshire Hathaway were 0.7% higher. More to comeFilings also showed that Berkshire sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%.

Persons: New York CNN — Warren, Berkshire Hathaway, ”, Buffett, ” he’s, “, Tim Cook, Charlie Munger Organizations: New, New York CNN, Apple, Oracle, Securities and Exchange Commission, Berkshire, Apple Apple, HP, Paramount Locations: New York, Omaha, Berkshire, China

☆ Wall Street learns an important lesson. Don’t fight the Fed
▼ + stars: | 2024-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

That sudden volatility highlights something that we often write about in Before the Bell: the major mismatch between policymaker and investor expectations for interest rate cuts this year. Federal Reserve officials, including Chair Jerome Powell, have repeatedly said they envision at most three rate cuts in 2024. Wall Street, meanwhile, has ignored those warnings and has opted to practice unflinching optimism instead. It’s not the first time they’ve had to learn an important lesson: Don’t fight the Fed. Bad for the markets, good for the Fed: Markets clearly don’t often take kindly to higher-for-longer interest rates, which can negatively impact earnings and stock prices.

Persons: New York CNN —, Jerome Powell, Dow, It’s, they’ve, Don’t, –, ”, Quincy Krosby, Arnim Holzer, José Torres, Chris Zaccarelli, doesn’t, ” Carl Icahn, Carl Icahn, Icahn, Chris Isidore, JetBlue’s, Samantha Delouya, Lyft, Erin Brewer Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, of Labor Statistics, BLS, Treasury, LPL, Fed, Interactive Brokers, CPI, Independent, Alliance, JetBlue, Spirit Airlines, Analysts Locations: New York, December’s, “, ”

☆ The Fed can still break markets. Here’s how
▼ + stars: | 2024-02-13 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Those gains came even as Federal Reserve officials attempted to reduce investors’ lofty expectations for a plethora of interest rate cuts this year. It is now signaling that interest rates could come this year but not until spring or summer. That means they think the Fed is keeping interest rates too high and could potentially slow down economic growth too much and risk a recession. That makes the NFL and the Super Bowl all the more valuable to advertisers trying to reach a mass market. Li-Lac Chocolates, which calls itself the oldest chocolate shop in Manhattan, told CNN that their raw chocolate prices are up 13% this February compared to a year ago.

Persons: Torsten Slok, Jerome Powell, Raphael Bostic, Olivier Darcy, Sunday’s, CNN’s John Towfighi, ”, Michele Buck Organizations: CNN Business, Bell, New York CNN, Big Tech, Federal Reserve, Investors, Nasdaq, Federal, Apollo Global Management, National Association for Business, Atlanta Fed, CNN, Kansas City Chiefs, San Francisco 49ers, CBS, Chiefs, Philadelphia Eagles, NFL, Allegiant, NFC, Fox, AFC, Super Bowl, Companies, Hershey Co Locations: New York, There’s, Las Vegas, West Africa, North America, Manhattan

☆ Why do people keep uninsured money in banks?
▼ + stars: | 2024-02-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Somehow, the same issue plaguing last year’s failed banks is back in focus at the latest bank in crisis: massive loads of uninsured deposits. To be sure, the risk isn’t anywhere close to that of the banks that failed last year: About 94% of domestic deposits at Silicon Valley Bank were uninsured and 90% of Signature Bank’s deposits were uninsured, according to the Federal Reserve. The money is guaranteed by the Federal Deposit Insurance Corporation, which is funded by fees paid by major US banks. About 40% of all money in the US, or $8 trillion, sitting in banks is uninsured, said Lawrence White, a professor at New York University’s Stern School of Business. “It also risks violating the FDIC’s statutory requirement to resolve failed banks and protect insured depositors in the least expensive way possible.”Sometimes, he said, rescuing those uninsured depositors may be the cheapest way to protect insured depositors at banks.

Persons: NYCB, Brian Snyder, James Lee, David Wessel, Lawrence White, University’s, Banks, Ting Shen, ”, Kori Suzuki, JPMorgan Chase, Michael Ohlrogge, Maxine Waters, Elizabeth Warren, “ Organizations: New, New York CNN, New York Community Bancorp, Investors, Silicon Valley Bank, Federal Reserve, Bank, Xinhua, Federal Deposit Insurance Corporation, FDIC, Reuters, Brookings Institution, International Monetary Fund, University’s Stern School of Business, US Treasury, Bloomberg, Getty, Securities and Exchange Commission, Valley Bank, Signature Bank, JPMorgan, Bank of America, Citigroup, First Republic Bank, New York University’s School of Law, Financial Services, Banking Committee, CBS, Bank Coalition of America Locations: New York, Silicon, United States, New, ”, Washington , DC, San Francisco , California, Sen

☆ S&P 500 closes above key 5,000 level for first time
▼ + stars: | 2024-02-09 | by ( Nicole Goodkind | Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The S&P 500 closed above the 5,000 level on Friday for the first time as bullish sentiment spreads across Wall Street and investors cheered fresh data showing progress on inflation. The S&P 500 briefly topped 5,000 for the first time intraday on Thursday. It took almost 41 years for the S&P 500 to reach its first major milestone of 1,000, which it hit on February 2, 1998, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. When the S&P 500 sets a new high in January, found Sam Stovall at CFRA Research, it reaches new highs in February about 75% of the time. The S&P 500 is up about 5.4% so far this year.

Persons: Howard Silverblatt, Dow, Sam Stovall, ”, Scott Wren Organizations: New, New York CNN, Federal Reserve, Dow Jones, CFRA Research, Fed, Big Tech, Nvidia, Microsoft, Meta, Wells Fargo Investment Institute Locations: New York, Wells Fargo

☆ Premarket stocks: US companies are still worried about an economic shock
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. But America’s publicly traded companies are flashing a key sign of economic uncertainty — they’ve been hoarding cash. And companies with existing and expensive debt in a high-interest rate environment would likely want to use their cash to pay it down. “We interpret this correlation as evidence that cash reserves act like insurance against sudden economic shocks,” wrote the researchers. The missing bolts are apparently not the only problem.

Persons: America’s, ” Vijay Govindarajan, ”, Dartmouth’s Govindarajan, Anup Srivastava, Chandrani Chatterjee, Max, Jennifer Homendy, Homendy, Evan Spiegel, Tuesday’s, Read Organizations: CNN Business, Bell, New York CNN, CNN, Moody’s Investors, Dartmouth’s Tuck School of Business, University of Calgary’s Haskayne School of Business, University of Texas, JPMorgan, NTSB, Boeing, National Transportation Safety, Max, Alaska Airlines, United Airlines, Wall Street, Meta Locations: New York, Ukraine, Arlington, Alaska, Oregon, ”

☆ New York Community Bank stock drops even after lender says deposits increased
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

The bank announced earlier on Wednesday that it had appointed DiNello, formerly the president of Flagstar Bank, to the position effective immediately. The bank holds total deposits of approximately $83 billion, the lender said in a statement Tuesday evening. US banks hold about $2.7 trillion in commercial real estate loans. But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. The increase was driven partly by expected losses on commercial real estate loans, it said.

Persons: ” Alessandro DiNello, DiNello, NYCB, ”, weren’t, Fitch, Thomas Cangemi, ” DiNello, Goldman Sachs, Moody’s, Neel Kashkari, ” Kashkari, he’s, Janet Yellen, “, Yellen, “ I’m, ” Yellen Organizations: New, New York CNN —, New York Community Bancorp, Moody’s Investors Service, Flagstar Bank, Bank, Moody’s, JPMorgan, Signature Bank, Silicon Valley, Regulators, Federal, Community Bancorp, CNBC, Financial Locations: New York, Flagstar, New, Minneapolis

☆ CVS fined in Ohio for understaffing pharmacy, risking staff and patient safety
▼ + stars: | 2024-02-07 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +6 min

The investigation found that the store was seriously short staffed, pharmacy phones were not working properly and the AC unit was broken. A follow-up visit by agents revealed that the pharmacy was over a month behind in filling prescriptions, according to the agency’s report. In addition to the fine, regulators also put the 7292 Fulton Drive CVS store on probation for at least three years during which it will be subject to enhanced monitoring. The issues being investigated range from hundreds of prescriptions allegedly being past due, pharmacy staffing shortages, clutter and unsafe working conditions and concerns about maintaining adequate medications safety inside the pharmacy. These concerns led some pharmacists to walk out of CVS and Walgreens stores pharmacies last fall and ignited a national push to unionize pharmacy workers.

Persons: we’ve, We’re, Amy Thibault, ” Steven W, ”, Nicole Goodkind Organizations: New, New York CNN, CVS, State of Ohio, of Pharmacy, CNN, Ohio, Pharmacy, state’s, Pharmacists, Community Pharmacists Association, Walgreens, Walmart, Institute, National Institutes of Health Locations: New York, Canton , Ohio, State, Canton, Ohio, United States

☆ Premarket stocks: Wall Street is worried about another regional banking crisis
▼ + stars: | 2024-02-06 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But while the last crisis was all about interest rate risk, this one revolves around the $20 trillion commercial real estate market. What’s happening: After decades of growth bolstered by low interest rates and easy credit, commercial real estate has hit a wall. The increase was driven partly by expected losses on commercial real estate loans, it said. “As losses from a [commercial real estate] loan portfolio accumulate, they can spill over into the broader financial system,” they wrote. “There’s some smaller and regional banks that have concentrated exposures in these areas that are challenged and we’re working with them,” he said.

Persons: It’s, Goldman Sachs, Anna Cooban, Janet Yellen, Jerome Powell, Gary Gensler, ”, Chip Somodevilla, She’s, Powell, “, ” McDonald’s, McDonald’s, Jordan Valinsky, Samantha Murphy Kelly, “ We’ve Organizations: CNN Business, Bell, New York CNN, New York Community Bancorp, US Regional Bank, Japan’s Aozora Bank, Deutsche Bank, Canadian Public Pension Investment Board, Boston Properties, US Securities and Exchange, Financial, Biden, Senate, CBS, Verizon, Old Telephone Service, landlines, UK, Consumers, CNN, California Public Utilities Commission Locations: New York, Manhattan, Boston, Washington ,, East, United States, California, France, California ”

☆ Premarket stocks: Main Street is still investing like it’s 2023
▼ + stars: | 2024-02-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Before the Bell spoke to Joe Mazola, director of Schwab Trader Education, about the growing importance of retail investors in markets, where Main Street is investing and why people are still enamored with Elon Musk. Why is it so important to single out retail investors and track where they’re putting their money? Is there a big difference between what retail investors and institutional investors are doing right now? That means the Fed is due to cut rates in 2024, which officials themselves projected in December. We just want some more confidence before we take that very important step of beginning to cut interest rates,” he told “60 Minutes” correspondent Scott Pelley.

Persons: Elon Musk’s, Tesla, Charles Schwab, Schwab, Bell, Joe Mazola, Elon Musk, Joe Mazzola, it’s, they’re, there’s, They’ve, Powell, Jerome Powell, “ We’ve, ” Powell, ”, Price, “, Scott Pelley, Read, 23andMe, Anne Wojcicki, ” Wojcicki, they’ve, Wojcicki Organizations: CNN Business, Bell, New York CNN, Tesla, Big Tech, Nvidia, Amazon, Microsoft, Devices, Schwab Trader Education, Elon, Treasury, Federal Reserve, Investors, CBS, Fed, Nasdaq, CNN Locations: New York, Street, Silicon Valley

☆ Fed Chair Powell: The ‘time is coming’ for a rate cut
▼ + stars: | 2024-02-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Federal Reserve Chair Jerome Powell said the time is coming for interest rate cuts, but asked Americans for a bit more patience in the central bank’s fight against inflation. That means the Fed is due to cut rates in 2024, which officials themselves projected in December. But the central bank’s January policy statement pushed back on expectations of the first rate cut coming at their next meeting in March. Still, financial markets see a 20% chance the Fed will cut rates in March and a 71.3% chance they cut in May, according to the CME FedWatch Tool. But that hasn’t stopped Congress from pressuring Powell to cut rates.

Persons: Jerome Powell, “ We’ve, ” Powell, ”, Price, Powell, “, Scott Pelley, can’t, hasn’t, Democratic Sen, Sherrod Brown, ” Brown, Brown, Elizabeth Warren, we’re Organizations: New, New York CNN — Federal, CBS, Fed, Federal Reserve, Governors, Democratic, Banking, New York Community Bancorp, New York Community Locations: New York, Street, Ukraine, Asia, ”

☆ Restroom management will be a science at this year’s Super Bowl
▼ + stars: | 2024-02-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +9 min

Between the hot dogs, the beers and probably during Usher’s greatest hits, the Super Bowl spectators will likely visit one of Allegiant’s 297 restrooms. The high cost of long linesLong lines for the restroom are what architects call a “friction point,” and, potentially, a costly one. The average price for a Super Bowl ticket is currently hovering around $9,800. So what’s the new science of stadium restrooms? Many theaters, airports and public buildings are famous for long lines around women’s restrooms but none by the men’s.

Persons: Taylor Swift, Scott Taetsch, Jonathan Emmett, ”, Emmett, “, they’re, Scott W . Grau, it’s, you’re, Taylor, Kathryn Anthony, that’s, Anthony, “ There’s, Mark Mulligan, Cintas, Jo Schneider, Schneider “ It’s, Schneider, Julie Amacker Organizations: New, New York CNN, Super, Architects, Lincoln Financial, Getty, Premier League That’s, Philadelphia Eagles, Major League Baseball, Comerica, Arena, University of Illinois, American, Association, University of Houston Downtown, Houston Chronicle, Toilet College, Organization, Baltimore / Washington International Airport, Maryland Aviation Administration, Washington, Marshall, Thurgood Marshall Airport, Kansas Chiefs, San Francisco 49ers, CAA Locations: New York, Las Vegas, Nevada, Philadelphia , Pennsylvania, Detroit , Michigan, University of Illinois Urbana, Champaign, Baltimore

The latest jobs data shows that America's job market remains shockingly robust in the face of the highest interest rates in 23 years. And the January report could have finally quelled Wall Street's belief that the Federal Reserve could start to cut interest rates as soon as March, according to futures. About a month ago, the odds of a March cut were north of 75%, but as of Friday morning, they were at 19.5%. The Fed's March 19-20 meeting is still several weeks away and many economic reports are due by then, but investors finally seem to be coming to grip with what Fed officials have been communicating all along. The January jobs report shows that demand is expected to remain solid, with Americans employed and enjoying strong wage growth.

Persons: Jerome Powell, “ Organizations: Federal Reserve, Fed

☆ 23andMe is low on cash and its stock is worth pennies. The CEO wants another chance
▼ + stars: | 2024-02-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

New York CNN —Just three years ago, DNA testing company 23andMe was the golden child of Wall Street and Silicon Valley. In 2018, 23andMe agreed to a five-year exclusive drug development partnership with GSK (formerly GlaxoSmithKline). Genetic testing company 23andMe, once valued at $6 billion, is facing the possibility of delisting from NASDAQ. Justin Sullivan/Getty ImagesSo far, the partnership between GSK and 23andMe has produced more than 50 new drug targets. But drug discovery is a very long process and it can be anywhere from 10 to 15 years on average from target discovery to an FDA-approved drug.

Persons: New York CNN —, 23andMe, Anne Wojcicki, ” Wojcicki, “, Susan Wojcicki, Sergey Brin, Kyle Grillot, Wojcicki, they’ve, ”, we’re, “ We’ve, Steven Mah, TD Cowen, Mah, they’re, Justin Sullivan Organizations: New, New York CNN, Nasdaq, CNN, Stanford, Palo Alto High School, YouTube, Google, 23andMe Inc, Bloomberg, Time Magazine, P Biotech ETF, GSK, GlaxoSmithKline, NASDAQ, Big Pharma, it’s Locations: New York, Silicon Valley, Los Angeles , California, U.S, London, Sunnyvale , California, United States

In a Sunday letter to Fed Chair Powell, shared first with CNN, Warren expressed alarm at how “astronomical” mortgage rates have made a bad situation worse and urged Fed officials to start cutting borrowing costs. “We urge you to consider the effects of your interest rate decisions on the housing market and to reverse the troubling rate hikes that have put affordable housing out of reach for too many,” Warren and fellow Democratic Sens. John Hickenlooper, Jacky Rosen and Sheldon Whitehouse wrote. “Come on, Fed! Turn it around and drop those interest rates,” Warren told CNN’s Kate Bolduan on Monday.

Persons: Sen, Sherrod Brown, Powell, ” Brown, Brown, Elizabeth Warren, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, “, CNN’s Kate Bolduan, Read Organizations: Banking, Fed, CNN, Democratic

☆ Premarket stocks: The Fed isn’t vexing markets. Here’s what might
▼ + stars: | 2024-01-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But with practically all of Wall Street in agreement that no changes will be made, investors are focused on Fed Chair Jerome Powell’s afternoon press conference where he’ll answer questions about his outlook for monetary policy. Conflict in the Middle East and the Red Sea in particular “poses a risk to global trade,” said EY Senior Economist Lydia Boussour on Tuesday. That’s a huge blow to trade: As much as 15% of global trade and 25%-30% of global container shipments transit through the waterway. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” said Boussour. The company reported earnings per share of $2.93, beating Wall Street expectations of $2.79.

Persons: Jerome Powell’s, Powell isn’t, we’ve, ” Johns, Laurence Ball, Kevin Gordon, Charles Schwab, Gordon, ”, There’s, Jay Powell, CNN’s Arlette Saenz, Joe Biden, “, Brent, EY, Lydia Boussour, “ We’ve, Satya Nadella Organizations: CNN Business, Bell, New York CNN, Federal Reserve, ” Johns Hopkins, “, Commerce Department, West Texas Intermediate, International Monetary, Microsoft, Revenue Locations: New York, East, Europe, China, Jordan, Gaza, Suez, Iran

☆ Premarket stocks: Blue chips are crumbling. Here’s why
▼ + stars: | 2024-01-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Blue chip stocks have long been synonymous with stability and reliability. Named for the most valuable poker chips, these stocks supposedly represent the crème de la crème of the corporate world, companies like Disney, General Motors and Verizon. Known for their strong financial foundations, longevity, and a healthy flow of dividends, blue chip stocks have long been the go-to for investors seeking steady returns. Their values have surged so high that they’ve been buoying the broader market even as many blue chips have struggled. The problem is that despite being included in blue chip ETF indexes, companies like Nvidia and Tesla aren’t truly blue chip stocks, George Pearkes, an analyst at Bespoke, told CNN.

Persons: Tesla, ”, Henry Allen, George Pearkes, Mark Zuckerberg, Zuckerberg, Linda Yaccarino, Evan Spiegel, Jason Citron, Read, Brian Fung, Joe Biden, Frank Pallone Organizations: CNN Business, Bell, New York CNN, Disney, General Motors, Verizon, Nvidia, Apple, Microsoft, Meta, Investment, Nasdaq, Big Tech, Deutsche Bank, Tesla, Target, Pfizer, Nike, Charter Communications, CNN, Tech, —, House Democrats, New, New Hampshire voters, YouMail, House Energy, Commerce Locations: New York, DC, —, New Hampshire

Search resuls for: "Nicole Goodkind"

25 mentions found