DIRS.INFO The most relevant business & tech news

☆ Bank of America sees strong jobs report Friday reigniting stock rally
▼ + stars: | 2024-09-30 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Another pivotal U.S. jobs report this week will determine the market's direction, and Bank of America strategists think it is likely to push stocks to more record highs. The September jobs report is due Friday, with the economy expected to have added 144,000 jobs, up from 142,000 jobs in August, according to a Dow Jones estimate. It projects payrolls grew by 150,000 in September, with the unemployment rate at 4.2%. For options traders, Bank of America is recommending buying calls on cyclical equities, which currently offer the best value across asset classes. It said options on SPDR S & P Regional Banking ETF (KRE) are the most attractive right now to play the jobs data.

Persons: Dow Jones, payrolls Organizations: Bank of America, Federal Reserve, Regional Banking

☆ After a week of records, there's one main market event that could change everything
▼ + stars: | 2024-09-29 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

The Fed's target inflation rate is 2%, so we're getting closer. In the week ahead, we get quarterly results from Club name Constellation Brands and the government's September employment report. Jobs, Jobs, Jobs This coming Friday's big update on the state of the labor market is the main market event and could have big implications for Wall Street and the path for Fed rate cuts. However, the market took the news in stride because recent weakness in the stock was already reflecting the sluggish sales environment. ET: September ADP Report Before the bell: Conagra (CAG) After the bell: Levi Strauss (LEVI) Thursday, Oct. 3 8:30 a.m.

Persons: Thursday's, Jerome Powell, we'll, We're, Levi Strauss, LEVI, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Dow Jones, Nasdaq, Treasury, Core PCE, GE Healthcare, Costco, Constellation Brands, Wall, ADP, Pacifico, McCormick &, PMI, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: Covid, Corona, New York City

☆ Wall Street braces for a turbulent October with jobs report on deck next week
▼ + stars: | 2024-09-27 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Both the Dow Jones Industrial Average and S & P 500 have broken out to new highs this month. BTIG chief market technician Jonathan Krinsky asked this week, referring to the S & P 500. The S & P 500 had risen more than 5%, while the tech-heavy Nasdaq Composite was higher by more than 1%. For the S & P 500, those levels represent declines of about 6% to 9%, as of Thursday's close. Initial Claims (09/28) 9:45 a.m. PMI Composite final (September) 9:45 a.m. S & P PMI Services SA final (September) 10 a.m.

Persons: Jonathan Krinsky, Dow, Adam Turnquist, LPL Financial's Turnquist, Jeff Hirsch, he's bullish, Hirsch wouldn't, Lamb Weston, Nonfarm Payrolls, —, Nick Wells Organizations: Federal, Dow Jones Industrial, Dow, CNBC, Nasdaq, LPL, Chicago PMI, Dallas Fed, PMI, Manufacturing, Nike, McCormick, ADP, PMI Services SA, Services PMI, Constellation Locations: Europe, U.S, Chicago

☆ How stocks can roar by 10% into year-end, Citi US equity-trading head says
▼ + stars: | 2024-09-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The stock market could jump as much as 10% by the year-end, Citi's stock-trading strategy head said. He said the economy only needs to avoid a recession, which will ultimately depend on the labor market. And that is now a plausible scenario," the firm's head of US equity-trading strategy told Bloomberg TV on Tuesday. If this is achieved, stocks can surge another 5% to 10% by the end of this year, Kaiser said. But though the Fed emphasized that it was not forecasting a looming downturn during its latest policy meeting, it all hinges on incoming labor market data, he noted.

Persons: Stuart Kaiser, —, Citi's Stuart Kaiser, Kaiser, Morgan Stanley Organizations: Bloomberg, Service, Federal Reserve

☆ Morgan Stanley outlines the best-case scenario for stocks in the 4th quarter
▼ + stars: | 2024-09-24 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Morgan Stanley is now looking ahead at the perfect mixture of conditions for a strong fourth quarter. The firm is squarely focused on an improvement in the labor market driving the best possible returns. AdvertisementThe Federal Reserve nailed the rate-cut scenario that Morgan Stanley called its best-case result leading into the decision. Heading into last week's announcement, Morgan Stanley was looking for a 50-basis-point cut that didn't also stoke worries about unnecessary growth. To be sure, job conditions are not the only thing Morgan Stanley is watching.

Persons: Morgan Stanley's, Morgan Stanley, —, didn't, Mike Wilson, Wilson Organizations: Federal, Service, Reserve, stoke, Bank of America, Conference Board

☆ The job market is about to rebound as widespread spending boosts the economy, Apollo chief economist says
▼ + stars: | 2024-09-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

In a note to clients, Slok issued a more positive outlook on the US job market, even as hiring has slowed this year. "It is inconsistent to say that the incoming economic data is strong but the labor market is weakening," Slok wrote. AdvertisementHowever, consumption and business spending data have been strong in recent months. If the 30-year fixed rate slumps to around 5%, that could that could spark a rebound in home sales, providing a boost to the economy and job market, Slok said. AdvertisementThe outlook for the job market, though, remains mixed, with some commentators warning that hiring could continue to slow due to the lagged impact of the Fed's rate hikes.

Persons: —, Torsten Slok, Slok, Freddie Mac, David Rosenberg, who's Organizations: Service, Apollo Global Management, Business, Bureau of Labor Statistics, Challenger, IRA, Atlanta Fed Locations: Atlanta

☆ JPMorgan economist who nailed half-point call sees another big Fed rate cut in November
▼ + stars: | 2024-09-19 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

At its much-anticipated meeting Wednesday, the Fed approved a half percentage point, or 50 basis point, cut to its benchmark funds rate that ran counter to the 25 basis point move that many Wall Street economists and strategists had been expecting. The benchmark fed funds rate now stands at 4.75% to 5.00% after Wednesday's move. Futures market pricing Thursday suggested a 25 basis point move in November followed by a 50 basis point cut in December, according to the CME Group's FedWatch. A basis point equals 0.01%. "Ultimately what we found most important in what Powell said was also among the least surprising things he said: future decisions are going to depend on the data," Feroli wrote.

Persons: Michael Feroli, Feroli, Jerome Powell, Powell Organizations: Federal Reserve, JPMorgan, Fed, Street Locations: U.S

☆ 5 warning signs the economy is spiraling toward recession — and why there's 'major disconnect' between stocks and the job market
▼ + stars: | 2024-09-14 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

And yet, the unemployment rate continues to inch up, job openings continue to fall, and payroll data continue to underwhelm. But how long that enthusiasm can continue to outweigh declining labor market indicators remains to be seen. AdvertisementThe first is declining job openings, which are down to 7.6 million from 2022 highs above 12 million. BullAndBearProfits.comAnother sign Wolfenbarger shared showing the labor market is turning sour is the Kansas City Fed's Labor Market Conditions Index, which is a composite of 24 job market indicators. BullAndBearProfits.comFinally, in a September 2 note, Wolfenbarger shared a chart from Bank of America showing the decline in private job growth as a share of all job growth.

Persons: —, Jon Wolfenbarger, Merrill Lynch, Wolfenbarger, there's, BullAndBearProfits.com, John, Hussman, Stocks Organizations: Service, JPMorgan, Business, Kansas City Fed's Labor, BullAndBearProfits.com, Bank of America Locations: Kansas

☆ The Fed needs to 'start getting out of the way' and deliver a big rate cut next week, famed economist Claudia Sahm says
▼ + stars: | 2024-09-13 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Economist Claudia Sahm urged the Federal Reserve to cut interest rates by 50 basis points next week. Sahm cites solid inflation progress and a slowing labor market as reasons for the big rate cut. AdvertisementThe Federal Reserve "absolutely" needs to deliver a 50 basis point interest rate cut next week, according to famed economist Claudia Sahm. We need to kind of clean it up, do a 50 basis point cut, and then be ready to do more," Sahm said. AdvertisementInvestors are undecided as to what the Fed will do at its FOMC meeting next week, with the CME FedWatch Tool showing a near 50/50 split probability between a 25 basis point or 50 basis point cut as of Friday morning.

Persons: Claudia Sahm, Sahm, —, Powell, it's Organizations: Federal Reserve, Service, CNBC, Fed, Atlanta

☆ Why Elon Musk Is Really Taking Twitter Out of San Francisco
▼ + stars: | 2024-09-12 | by ( Adam Rogers | ) www.businessinsider.com time to read: +13 min

From the front door of X, which is closing up shop in San Francisco on Friday, Market Street runs straight through downtown to the bay. Now, as X leaves its spot, Market Street is still suffering from all the same problems it had before Twitter. After handing over millions of dollars in tax breaks to one of the world's wealthiest corporations, San Francisco has nothing to show for it. AdvertisementI keep remembering a work trip I took to San Francisco in 1999, a few years before I moved here. "Our focus remains on working with and supporting the many businesses that call San Francisco home," the statement reads.

Persons: Daniel Burnham, Elon Musk, Twitter, Ted Egan, Bon Marché, Paula Smith Arrigoni, restaurateurs, Dolby, Twitter didn't, Egan, Uber decamped, Musk, San Francisco, Adam Rogers Organizations: Twitter, Central Market, Anadolu, Getty, AQ, Area, Coalition, Apple, New York Times, San, Sony, Microsoft, Ikea, London Breed, Business Locations: San Francisco, Austin, South Park, California, Brisbane, Texas, scuzzy, gentrify, Alta, Oro, Bon, Kaya, Bay, Oakland

☆ Applying to jobs is tough, try doing it 2,200 times
▼ + stars: | 2024-09-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, this guy is ready to give up after applying to nearly 2,200 jobs . The big storyNot hiringKevin Cash Ben BoxerHow tough is the current job market? AdvertisementThe job market is in a weird spot these days. On paper — and maybe in another labor market — Kevin appears to be the perfect candidate. It's a tough reality check for employees who previously held all the power in the job market.

Persons: —, Zer, Kevin Cash Ben Boxer, Kevin Cash, Tim Paradis, Kevin, it's, Forget, Tyler Le, we're, duMond, Chip Somodevilla, Alyssa Powell, Harris, Rebecca Zisser, Elon, Apple, Jensen, Goldman Sachs, David Soloman, Huang, Chelsea Jia Feng, Trump, Brian Niccol, We're, Niccol, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, Business, Mensa, BI Trump, Oppenheimer, Fed, Twitter, Nvidia, Kroger, London Locations: San Francisco, Austin, New York, London

☆ Small caps are outperforming large caps. How to use charts to find buy candidates in the group
▼ + stars: | 2024-09-10 | by ( Todd Gordon | ) www.cnbc.com time to read: +5 min

Then on July 11, things really got started as June CPI came in below expectations and the outlook for the first Fed rate cut became significantly more likely. Let's drill down into the sectors that makeup the Russell 2000 to see who's leading and lagging since that July 5th turning point. Let's find out who is actually profitable and could maintain the rally after the initial shine of a fresh rate cut wears off. Where to look in small caps A big component of the Russell 2000 based on market capitalization representation is health care at 18.7%. Should the Fed strike a dovish tone after the first rate cut I will be shopping for quality names.

Persons: Russell, Piper Sandler, Hamilton Lane, Jefferies, JEF, Todd Gordon, Gordon, ARES Organizations: Nasdaq, Inside Edge, CNBC PRO, Ares Management, Fed, CNBC, NBC UNIVERSAL Locations: financials

☆ 4 positives to focus on as recession fears grip the market, Deutsche Bank says
▼ + stars: | 2024-09-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

But Deutsche Bank is offering four reasons to stay positive even as recession fears flare. AdvertisementIt's an uncomfortable time for equity investors, with the S&P 500 fresh off its biggest weekly decline in 18 months. Although the Federal Reserve is on the brink of long-awaited rate cuts, concerns have crept into the market that the economy is at risk of a sudden unpreventable softening. But with interest rate cuts ahead and recession fears in the air, investors are more likely to reposition. Rate cuts are on the horizonAdvertisementAll of Wall Street appears to be bracing for the Federal Reserve to lower rates at its policy meeting next week.

Persons: —, Deutsche, There's Organizations: Deutsche Bank, Service, Federal, Wall, Deutsche, Federal Reserve, Treasury, Mortgage Bankers Association

☆ The 2 dates that could sink Kamala Harris' campaign — outside of tonight's debate
▼ + stars: | 2024-09-10 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Upcoming jobs reports on October 4 and November 1 could impact the election outcome. A poor payrolls print for September or October could hurt Kamala Harris' campaign. Go to newsletter preferences Thanks for signing up! AdvertisementTonight's presidential debate between Vice President Kamala Harris and former President Donald Trump could prove to be a pivotal moment in the tight race for the White House. Those are the days when the Bureau of Labor Statistics will release the jobs reports for September and October.

Persons: Kamala Harris, —, Donald Trump, Joe Biden Organizations: Labor, Fed, Service, White, Trump, Bureau of Labor Statistics, Business

☆ Jim Cramer says the Fed is likely to make a rate cut next week
▼ + stars: | 2024-09-09 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Monday suggested the Federal Reserve will make a rate cut at its meeting next week, a move that investors have eagerly awaited for some time. We're almost certain to get a rate cut at next week's meeting." The market seemed to recover on Monday following its worst week of 2024 so far, with investors hopeful a rate cut will aid the economy. Cramer reviewed the recent market action, saying Wall Street had not been behaving as it should with rate cuts just on the horizon. "Rather than trying to figure out what's driving these irrational moves, you should focus on buying dips in high-quality stocks," he said.

Persons: CNBC's Jim Cramer, payrolls, Cramer Organizations: Reserve, Fed, Dow Jones, Nasdaq

☆ All the data is pointing to a soft landing in the US economy, top economist says
▼ + stars: | 2024-09-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The US economy is not facing a recession, says Apollo chief economist Torsten Sløk. Sløk cites strong employment data, wage growth, and consumer spending as key indicators. AdvertisementThe US economy is cruising toward a soft landing with no recession on the table, according to Apollo chief economist Torsten Sløk. "Daily data for debit card transactions shows that consumer spending has been accelerating in recent weeks," Sløk said. That's not something you see right before a recession hits the economy, according to Sløk.

Persons: Torsten Sløk, Sløk, — Organizations: Service, Sløk, Atlanta

☆ Yellen says U.S. economy remains solid, on path to 'soft landing' with no meaningful layoffs
▼ + stars: | 2024-09-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

U.S. Secretary of the Treasury Janet Yellen speaks listens to a presentation during a tour at the IRS Processing Facility on September 06, 2024 in Austin, Texas. Treasury Secretary Janet Yellen sought to reassure the public on Saturday that the U.S. economy remains strong, despite a string of weak job reports that have rattled investors and weighed on the stock market. "We're seeing less frenzy in terms of hiring and job openings, but we're not seeing meaningful layoffs," Yellen said at the Texas Tribune Festival in Austin. Yellen said the U.S. is on that path: "It really has been amazing to be able to get inflation down as meaningfully as we have. This is what most people would call the soft landing," she said.

Persons: Janet Yellen, Yellen, Nonfarm, Dow Jones Organizations: IRS, Texas Tribune, of Labor Statistics, Dow, Federal Reserve Locations: Austin , Texas, U.S, Austin

☆ Fed Governor Waller backs interest rate cut at September meeting, open to larger move
▼ + stars: | 2024-09-06 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com time to read: +2 min

Federal Reserve Governor Christopher Waller on Friday backed an interest rate cut at the upcoming central bank policy meeting in less than two weeks, and indicated he’d be open to a substantial reduction if necessary. Other policymakers recently have advocated easing policy soon, but this is one of the clearest indications it will happen at the Sept. 17-18 Federal Open Market Committee meeting. “Determining the pace of rate cuts and ultimately the total reduction in the policy rate are decisions that lie in the future,” Waller added. With inflation and employment near our longer-run goals and the labor market moderating, it is likely that a series of reductions will be appropriate,” he said. Futures market pricing following the jobs report tilted toward a greater likelihood of a quarter percentage point rate reduction this month.

Persons: Christopher Waller, ” Waller, Waller, verbiage, Jerome Powell, —, nonfarm, Dow Jones, ” Organizations: Federal, Council, Foreign Relations, Labor Department, Dow Locations: New York

☆ The unemployment rate slid as expected in August after a surprise increase the prior month
▼ + stars: | 2024-09-06 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

The data is a crucial input as the Fed decides how much to cut interest rates later this month. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUnemployment slid, as expected, to 4.2% in August after a surprise increase to 4.3% in July. The unemployment figure solidifies outlooks for an economic soft landing and is unlikely to derail expectations for a Federal Reserve interest-rate cut later this month.

Persons: —, payrolls Organizations: Service, Federal, Investors, Business

☆ August payrolls grew by a less-than-expected 142,000, but unemployment rate ticked down to 4.2%
▼ + stars: | 2024-09-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

At the same time, the unemployment rate ticked down to 4.2%, as expected. The labor force expanded by 120,000 for the month, helping push the jobless level down by 0.1 percentage point, though the labor force participation rate held at 62.7%. The household survey, which is used to calculate the unemployment rate and is often more volatile than the survey of establishments, showed employment growth of 168,000. Markets showed little initial reaction to the data, with stock futures holding negative and Treasury yields also lower. While the August numbers were close to expectations, the previous two months saw substantial downward revisions.

Persons: Nonfarm, Dow Jones, Dan North Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, BLS, North America, Allianz Trade, Manufacturing Locations: U.S, Dow

☆ Coinbase has worst week of the year as crypto stocks plummet
▼ + stars: | 2024-09-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

(Photo Illustration by Justin Sullivan/Getty Images) Justin Sullivan | Getty ImagesCryptocurrency exchange Coinbase just wrapped up its worst week of the year. According to CoinGlass, September is historically a difficult trading month for crypto assets, with bitcoin notching an average loss of 4.8%. The Crypto Fear & Greed Index, a gauge of crypto market sentiment, is firmly in the "Extreme Fear" zone, indicating that investors are worried about price moves. On Friday, the Bureau of Labor Statistics reported a cooldown in the labor market with August payrolls falling short of expectations. Crypto equities hit hardestWhile it was a rough week for risky assets of all sorts, investors over-indexed in crypto stocks had it particularly bad.

Persons: Justin Sullivan, Schwab, CoinGlass, Bitcoin, payrolls, Leena ElDeeb, MicroStrategy, Michael Saylor, CleanSpark, Jerome Powell, Donald Trump, Trump, Gary Gensler Organizations: Securities, Exchange, Securities and Exchange Commission, Marathon, Nasdaq, bitcoin, Labor, of Labor Statistics, SEC, JPMorgan Chase, Federal Reserve, August's, U.S, Republican Locations: CALIFORNIA, San Anselmo , California, Bitcoin, U.S, MicroStrategy, Coinbase, Nashville

☆ Bears are eager to front-run a recession that has not materialized
▼ + stars: | 2024-09-06 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

Let's front-run the September-October weakness Another chunk of investors is equally pessimistic, but for a different reason. 2) Corporate buybacks, which have been exceptionally strong this year — likely a record for the S & P 500 — will likely slow soon because corporations will be entering blackout periods for several weeks heading into earnings. The S & P 500 is less than 3% from its historic high. The last time the S & P 500 had a 10% correction was July 31 to Oct. 27, 2023 (10.3% drop). That's what happens with high valuations and a slower economy.

Persons: payrolls, It's, Goldman Sachs, nonfarm payrolls Organizations: Traders, Citi, Nvidia Locations: factoids

☆ August private payrolls rose by 99,000, smallest gain since 2021 and far below estimates, ADP says
▼ + stars: | 2024-09-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Private sector payrolls grew at the weakest pace in more than 3½ years in August, providing yet another sign of a deteriorating labor market, according to ADP. August was the weakest month for job growth since January 2021, according to data from the payrolls processing firm. Still, the ADP data showed that while hiring has slowed considerably, only a few sectors reported actual job losses. Annual pay increased 4.8% for those who stayed in their jobs, about the same level as July, according to ADP. The ADP count now tees up the more closely watched nonfarm payrolls report, which the Bureau of Labor Statistics will release Friday.

Persons: payrolls, Nela Richardson Organizations: ADP . Companies, Dow, Labor Department, ADP, of Labor Statistics, BLS, Federal

☆ Friday's jobs report for August is going to be huge. Here's what to expect
▼ + stars: | 2024-09-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

The Wall Street consensus is for nonfarm payrolls growth of 161,000 for August and a slight decline in the unemployment rate to 4.2%, according to Dow Jones. In turn, markets are certain the Fed will start lowering interest rates in a couple weeks, with the possibility of a jumbo cut depending on what Friday's report shows. "What the Fed is going to do in response, how are they going to adjust rates, that's why we are having this conversation." While job growth has been tailing off through much of 2024, the deceleration hit home for the market with a July report that showed payroll growth of just 114,000. The latest bad news came Thursday when payrolls processing firm ADP put August private job growth at just 99,000, the smallest gain since January 2021.

Persons: Dow Jones, Giacomo Santangelo Organizations: Labor Department, Federal Reserve, Fed

☆ Layoffs jump in August while hiring in 2024 is at a historic low, Challenger report shows
▼ + stars: | 2024-09-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Layoffs soared in August, hitting their highest total for the month in 15 years, while year-to-date hiring reached a historic low, outplacement firm Challenger, Gray & Christmas reported Thursday. Announced job cuts totaled 75,891 for the month, lurching 193% higher than July. "August's surge in job cuts reflects growing economic uncertainty and shifting market dynamics," said Andrew Challenger, the firm's senior vice president. To be sure, the Challenger layoffs data is somewhat out of sync with government reports, which show that initial claims for unemployment benefits have been slightly elevated in recent weeks but not reflective of a major escalation. Companies announcing job cuts most often cited cost-cutting and economic conditions as the reasons, though artificial intelligence also was listed for the first time since April.

Persons: Andrew Challenger Organizations: Challenger, Companies Locations: U.S

Search resuls for: "Payrolls"

25 mentions found