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☆ Stock market today: Dow closes above 40,000 for the first time as latest inflation data fuels big weekly gains
▼ + stars: | 2024-05-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

A cool April CPI report buoyed hopes of Fed interest rate cuts later this year. Investors will look to see if the gains can spill over into next week, which is set to be a busy one for AI developments. AdvertisementThe Dow Jones Industrial Average closed above 40,000 for the first time on Friday, closing out a strong week of gains fueled by upbeat inflation data midweek. The S&P 500 rose about 1.5% for the week, buoyed by solid earnings results from consumer giant Walmart and an April CPI report that showed cooling inflation. That CPI report boosted investor hopes that the Federal Reserve will cut interest rates later this year.

Persons: —, Fundstrat's Tom Lee, Lee Organizations: Service, Dow Jones, Walmart, Federal Reserve, Microsoft, Nvidia, Technology Locations: Here's

☆ Gold prices set for second weekly gain on Fed rate-cut optimism
▼ + stars: | 2024-05-17 | by ( ) www.cnbc.com time to read: +2 min

Gold prices appeared set for a second consecutive weekly gain on Friday, after recent U.S. inflation data fueled expectations that the Federal Reserve could cut interest rates this year. The dollar index was down 0.6% for the week so far, against its rivals, making gold less expensive for other currency holders. "The upward bias for gold prices may remain, with the recent run in U.S. economic data offering room for the Fed to consider earlier rate cuts in 2024 while geopolitical tensions rock on. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. "Gold prices may correct lower as markets look to re‑establish the historical relationship between gold and the U.S. dollar.

Persons: Yeap Jun Rong, haven't, Bullion Organizations: Co, Federal, Fed, U.S . Federal Reserve, U.S ., Commonwealth Bank of Australia Locations: Bangkok, Thailand

☆ Stock market today: Indexes slip after Dow crosses 40,000 for the first time
▼ + stars: | 2024-05-16 | by ( Max Adams | ) www.businessinsider.com time to read: +2 min

Stocks turned lower and closed in the red on Thursday after the Dow briefly crossing 40,000 for the first time. The S&P 500 failed to extend its gains after closing at a record high on Wednesday. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Dow failed to close above the key threshold, and the S&P 500 struggled to consolidate gains after hitting a record close on Wednesday. AdvertisementBroadly, the Fed speakers on Thursday painted a picture of a central bank in no hurry to pivot as inflation remains above its 2% target.

Persons: Stocks, —, Dow, Tom Barkin, John Williams, Barkin Organizations: Dow, Service, Dow Jones, Federal Reserve, Richmond Fed, York Fed, Reuters, CNBC Locations: Here's

☆ As bad as you may think the economy is now, it’s nowhere near the 1970s
▼ + stars: | 2024-05-16 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —When new gross domestic product figures last month showed US economic growth slowed from recent gangbuster levels, many people diagnosed the economy as having a really ugly sickness: stagflation. So March’s ugly inflation report, which showed an unexpected jump in the pace of price increases, and the lackluster GDP report, made the diagnosis seem like a no-brainer. Even JPMorgan Chase CEO Jamie Dimon said last month the US economy “looks more like the 1970s than we’ve seen before” and that stagflation is a growing risk. Economic slack, a term I unfortunately cannot take any credit for, broadly describes a situation where the economy isn’t performing as well as it could be. The most widely recognized symptom of economic slack is a rising unemployment rate.

Persons: Jamie Dimon, we’ve, Jerome Powell, ”, Powell, you’ve, it’s, Austan Goolsbee, Diane Swonk, wasn’t, stagflation, millennials Organizations: New, New York CNN, JPMorgan Chase, Fed, Chicago Fed, KPMG Locations: New York, stagflation

☆ These Dow stocks are cheap and have more upside as index reaches key milestone
▼ + stars: | 2024-05-16 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

The Dow Jones Industrial Average reached the 40,000 milestone level , but investors can still find inexpensive growth opportunities in the index. Shares currently have a forward P/E of 12.6, versus the stock's average five-year P/E of 17.8. The consensus price target on the stock indicates 14.2% upside from Wednesday's close. The stock's current forward P/E is at 27.6, slightly lower than its 5-year average of 32.1. Shares are trading at a 25.3 forward P/E ratio, relative to the 28.2 five-year average P/E ratio.

Persons: Dow, Piper Sandler, DA Davidson, Johnson, McDonald's, —, Fred Imbert Organizations: Dow Jones, CNBC, Deutsche Bank, Amazon, Dow, Chevron, Exxon, Hess, Visa, Walmart, Management, Verizon, Johnson Locations: headwinds, Guyana

☆ Gold drifts higher as rising Fed rate cut expectations boost appeal
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Gold prices inched up on Thursday following a sharp rise in the last session as the dollar and bond yields weakened on the increasing likelihood of rate cuts by the U.S. Federal Reserve as early as September. Spot gold rose 0.1% at $2,388.10 per ounce, as of 0255 GMT, after gaining more than 1% to its highest since April 19 on Wednesday. "Following the April consumer price index data, the odds for a potential September rate cut have firmed, which suits the gold price from a yield perspective," said Tim Waterer, chief market analyst at KCM Trade. However, a potential bounce in the dollar or treasury yields could be the biggest hurdle for gold price in the remainder of the week." Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

Persons: Tim Waterer, Austan Goolsbee, Jerome Powell's Organizations: U.S . Federal Reserve, Treasury, KCM, Chicago Federal Reserve Bank Locations: .

☆ Inflation slightly cooled off in April as expected
▼ + stars: | 2024-05-15 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

The Consumer Price Index increased 3.4% year over year in April, just below March's rise of 3.5%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementInflation in the US is still above 3%, new Consumer Price Index data released on Wednesday suggested, but cooled off slightly in April. The Consumer Price Index or CPI, an inflation measure, climbed 3.4% from April 2023 to this past April. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Index, Business Locations: Investing.com

☆ Treasury yields fall ahead of fresh consumer inflation figures
▼ + stars: | 2024-05-15 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

The 2-year Treasury yield was last at 4.8061% after falling by over one basis point. U.S. Treasury yields were lower on Wednesday is investors considered the outlook for inflationary pressures and awaited the latest consumer price index data. The producer price index for April, which tracks wholesale prices, came in higher than expected on Tuesday. This comes ahead of the consumer price index for April which is expected to be released Wednesday. On an annual basis, inflation is anticipated to slow slightly to 3.4% from 3.5% in March.

Persons: Dow Jones, Jerome Powell Organizations: Treasury, Investors, Labor Department's Bureau of Labor Statistics, PPI, Core CPI

☆ Gold prices flat as U.S. inflation data takes centre-stage
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

Gold prices traded flat on Wednesday as investors looked forward to a critical U.S. inflation print that could offer clues on the Federal Reserve's interest rate-cut trajectory. Spot gold held its ground at $2,359.99 per ounce, as of 0704 GMT, trading in a narrow $6 range, after gaining 1% on Tuesday. According to a Reuters poll, the data is expected to show that core inflation in April rose 0.3% month-over-month, down from 0.4% the prior month. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold. However, data on Tuesday showed that U.S. producer prices increased more than expected in April.

Persons: Kyle Rodda, Bullion, Jerome Powell Organizations: Fort, BHP Group Locations: Fort Knox Alaska, Kinross, Tetlin , Alaska, ., U.S, American

☆ Fact check: Biden again falsely claims inflation was 9% when he became president
▼ + stars: | 2024-05-14 | by ( Daniel Dale | ) edition.cnn.com time to read: +2 min

Washington CNN —For the second time in less than a week, President Joe Biden falsely claimed Tuesday that the inflation rate was 9% when he began his presidency. The year-over-year inflation rate in January 2021, the month of his inauguration, was about 1.4%. The Biden-era inflation rate did peak at about 9.1% – but that peak occurred in June 2022, after Biden had been president for more than 16 months. The March 2024 inflation rate, the most recent available rate at the time Biden made these comments, was about 3.5%, up from about 3.2% the month prior. Separate Producer Price Index data that was released on Tuesday showed the highest wholesale inflation rate in a year.

Persons: Joe Biden, Biden, Donald Trump, ” Biden, “, it’s, Biden’s, Trump Organizations: Washington CNN —, CNN, Yahoo Finance, Biden, White Locations: Ukraine

☆ Stock market today: Indexes edge up as traders digest wholesale inflation data
▼ + stars: | 2024-05-14 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Major indexes were slightly higher after the data as investors assessed the impact on rate cut outlooks. April's producer price index data beat estimates, gaining 0.5% for the month against 0.3% consensus estimates. The PPI data comes a day before Wednesday's consumer price index and will give investors a broader frame of reference. If CPI data is equally hot, the stuttering stock rally could face even more negative consequences. The 10-year Treasury briefly topped 4.5% after the PPI data before slipping by about one basis point to 4.465.

Persons: Jerome Powell, —, Chris Zaccarelli, Keith Gill Organizations: Service, PPI, Independent, Federal, GameStop, AMC, Treasury, Here's

☆ The market is 'definitely biased towards a rally': Investment firm
▼ + stars: | 2024-05-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe market is 'definitely biased towards a rally': Investment firmOmar Itani, head of investment advisory at Edmond De Rothschild Middle East, discusses the outlook for U.S. consumer price index data.

Persons: Omar Itani, Edmond De Rothschild Locations: East

Thirty-year mortgage interest rates have been holding steady after dipping below 7% earlier this month, according to Zillow data. Once the Fed is able to start cutting rates, mortgage rates should also go down. On the other hand, if April's CPI data shows signs of cooling, mortgage rates could inch down a bit further. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Zillow Locations: Chevron

☆ Fed’s Powell is unfazed by the latest hot inflation reading
▼ + stars: | 2024-05-14 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

Tuesday’s wholesale inflation data, which jumped to its highest rate in a year, certainly wasn’t a source of comfort. “I wouldn’t call it hot, I would call it sort of mixed,” Powell said Tuesday, referring to the new wholesale inflation data. Federal Reserve Chair Jerome Powell (center) spoke Tuesday at an event hosted by the Foreign Bankers' Association alongside European Central Bank Governing Council member Klaas Knot. Another troubling sign for US central bankers is consumers’ belief that inflation will move higher in the year ahead, according to two surveys Fed officials monitor closely. That can lead to higher prices.

Persons: Jerome Powell, Powell, Price, ” Powell, ”, Klaas, Michelle Bowman Organizations: New, New York CNN, Foreign Bankers ’ Association, European Central Bank Governing, Federal, Foreign Bankers, Association alongside European Central Bank Governing, Foreign Bankers Amsterdam, ” Locations: New York

See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.09% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.38% last week, according to Freddie Mac data, which is a nine-basis-point decrease from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac Organizations: Bureau of Labor Statistics, Federal Reserve, Federal Reserve Bank, Zillow, Fed Locations: Chevron

Average 30-year mortgage rates dropped this week and have been hovering in the upper 6% range, according to Zillow data. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should go down. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Down (-0.18%)The average 15-year mortgage rate is 6.11%, 18 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.28%)The average 30-year refinance rate is 6.99%, 28 basis points lower than last week.

Persons: you'll, It's, refinance Organizations: of Labor Statistics, Federal Reserve Bank, Federal Reserve, Investors, Zillow, FHA Locations: Chevron

☆ Less booze, more healthcare: How the spending habits of today's millennials compare to boomers 30 years ago
▼ + stars: | 2024-05-08 | by ( Madison Hoff | ) www.businessinsider.com time to read: +8 min

In the intervening 33 years, how young adults spent their money changed dramatically. Millennials are spending a lot more on healthcare and rented housingHealth insurance spending stands out between the average young adult in 1989 versus in 2022. Based on average data, young adults were spending roughly 60% more on apartments and other rented housing. Before adjusting 1989 data for inflation, young adults in 2022 spent 304% more on fresh fruits than young adults in 1989. Based on our analysis, the average young adult in 2022 was spending more on nonalcoholic beverages and less on alcoholic beverages than the average young adult in 1989.

Persons: —, Harry Met Sally, millennials, Gen Zers, Grace Hill, Gen Organizations: Service, Nintendo Game, Business, Bureau of Labor Statistics, Labor, BLS, Pew Research Center, CPI, Gallup Locations: Millennials

☆ Gold slips as dollar firms, traders brood on rate cut timing
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was down 0.1% at $2,311.07 per ounce as of 0235 GMT. The dollar index rose 0.1%, making greenback-priced gold more expensive for other currency holders. If the upcoming reports show scary inflation, then the Fed can't cut rates and it will pressure gold, he added. Bullion is used as a hedge against inflation, but higher rates reduce the appeal of holding the non-yielding asset. Markets are currently seeing a 65% chance of a U.S. rate cut in September, as per CME's FedWatch Tool.

Persons: Ilya Spivak, Neel Kashkari, Spivak Organizations: University of, Minneapolis Locations: U.S, China's, China

☆ Employment compensation measure increased more than expected in Q1
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEmployment compensation measure increased more than expected in Q1CNBC's Rick Santelli joins 'Squawk Box' to break down the first quarter Employment Cost Index data.

Persons: Rick Santelli

☆ Gold on track for first weekly dip in six; focus on U.S. inflation data
▼ + stars: | 2024-04-26 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold was little changed on Friday ahead of a key U.S. inflation report, but prices were on track for their first weekly drop in six weeks on easing concerns of a major escalation of the Middle East crisis. Focus now turns to March's core Personal Consumption Expenditures, or PCE, index data due later on Friday — the Fed's preferred measure of inflation — for further clues on the U.S. rate outlook. The dollar index was headed for its biggest weekly dip since early March, making the greenback-priced bullion less expensive for other currency holders. Spot silver rose 0.2% to $27.49 per ounce, spot platinum rose 0.8% to $921.45 and palladium gained 1.4% to $988.22.

Persons: Gold, Yeap Jun Rong, Jun Rong Organizations: Co, Federal Locations: Bangkok, Thailand, U.S

☆ Fears about stagflation are mounting in the US. It’s every central banker’s worst nightmare
▼ + stars: | 2024-04-25 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

And economists are forecasting new inflation data due Friday will paint a similar picture. The GDP report gave another preview of what could come. Slowing economic growth combined with rising inflation is known as stagflation. To be fair, one GDP report isn’t necessarily indicative of a trend. He repeated that message in a Wall Street Journal interview published Thursday before the GDP report was released.

Persons: there’s, JPMorgan Chase, Jamie Dimon, we’ve, ”, —, ” Dimon, Mike Reynolds Organizations: New, New York CNN, Federal Reserve, JPMorgan, Economic, of New Locations: New York, Germany, Israel, of New York

☆ Slowing growth plus stubborn inflation add up to a headache for Fed officials
▼ + stars: | 2024-04-25 | by ( Jeff Cox | ) www.cnbc.com time to read: +4 min

The slowing growth and stubborn inflation picture emerging in the U.S. economy may not be quite a nightmare scenario for the Federal Reserve, but it at least could make for some restless sleep. Markets had been looking for the string of good readings dating back to mid-2022 to continue, with economists estimating real GDP growth of 2.4% and inflation readings around 3%. What it got was essentially what some on Wall Street called the worst of both worlds, with weakening growth and stubborn price pressures. The Fed will get a more granular look at PCE data on Friday when the Commerce Department releases the monthly figures for March. "We still think Fed cuts are coming this summer, before inflation has sustainably slowed."

Persons: Matthew Ryan, —, Ryan, Steven Blitz, Veronica Clark Organizations: Federal Reserve, Commerce, Treasury, Commerce Department, TS Lombard, Citigroup, Citi Locations: U.S

☆ Cramer points to signs the economy is slowing that could bring rate cuts from the Fed
▼ + stars: | 2024-04-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer admitted it's been hard to "parse this economy," but on Tuesday he pointed to signs that it is slowing down, looking at several recent weak earnings reports and new U.S. manufacturing and services data. While some companies are posting positive financial reports, Cramer said earnings have become "spotty." He also said home furnishing retailer RH 's business was hurt by high rates and a lack of new home sales. "Real bad news for the economy," Cramer said. "But remember, we need bad news for the economy because that's what cools off inflation — something that's also noted in this PMI report."

Persons: CNBC's Jim Cramer, it's, Cramer, CarMax, that's, RH Organizations: PMI, Global

☆ Do Tanks Have a Place in 21st-Century Warfare?
▼ + stars: | 2024-04-20 | by ( Lara Jakes | ) www.nytimes.com time to read: +1 min

The drone combat in Ukraine that is transforming modern warfare has begun taking a deadly toll on one of the most powerful symbols of American military might — the tank — and threatening to rewrite how it will be used in future conflicts. Over the last two months, Russian forces have taken out five of the 31 American-made M1 Abrams tanks that the Pentagon sent to Ukraine last fall, a senior U.S. official said. A vast majority of those are Soviet-era, Russian or Ukrainian-made tanks; only about 140 of those taken out in battle were given to Ukraine by NATO states. And Russia has so far lost more than 2,900 tanks, the Oryx data show, although Ukraine claims that the number exceeds 7,000. German Leopard tanks have also been targeted in Ukraine, with at least 30 having been destroyed, Oryx says.

Persons: Markus Reisner, Abrams, ” Organizations: Abrams, Pentagon, NATO, Leopard, Hudson Institute Locations: Ukraine, U.S, Austrian, Russia, Washington

☆ It's not just you: Reddit is taking over Google
▼ + stars: | 2024-04-17 | by ( Hugh Langley | ) www.businessinsider.com time to read: +11 min

In February, Google and Reddit announced a blockbuster deal that would let Google train its AI models on Reddit content. Google said the deal, reportedly worth $60 million, would "facilitate more content-forward displays of Reddit information," leading to some speculation that Google promised Reddit better visibility in exchange for the valuable training data. Per Sistrix data, Reddit is now as visible in top Google Search results as Instagram. Google CEO Sundar Pichai on stage at Google IO 2023 JOSH EDELSON/GETTYGoogle's Reddit deal and its endorsement of Reddit content in Search show how much it sees Reddit as a crucial part of the future of search. AdvertisementYouTube already has heaps of videos offering advice on hijacking Reddit to rise to the top of Google Search.

Persons: —, Semrush, Reddit, It's, Steve Paine, Paine, we've, Danny Sullivan, Prabhakar Raghavan, Sundar Pichai, JOSH EDELSON, Aleyda Solis, Orainti, Glen Allsopp, Solis, Lily Ray, Ray, Perplexity, Steve Huffman Greg Doherty, Sistrix's Paine, Natalie Slater Organizations: Service, Google, Business, Sistrix, YouTube, Amazon, LinkedIn, Getty Locations: SEOs, Reddit, TikTok

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