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☆ The S&P 500 will soar 175% to 15,000 by the end of the decade, Fundstrat's Tom Lee says
▼ + stars: | 2024-06-24 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Fundstrat's Tom Lee said the stock market could nearly triple by 2030 to reach 15,000. "The two previous instances of global labor shortage resulted in a parabolic move in technology stocks," Lee said. AdvertisementThe stock market could nearly triple by the end of the decade, according to Fundstrat's Tom Lee. And the two previous instances of global labor shortage resulted in a parabolic move in technology stocks," Lee said. Lee's global labor shortage projection is based on global demographics, with prime-age workers not replacing older generations at a fast enough clip.

Persons: Fundstrat's Tom Lee, Lee, —, Tom Lee, we've, he's Organizations: Service

☆ Fundstrat's Tom Lee is about to raise his year-end forecast for the S&P 500
▼ + stars: | 2024-06-24 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Fundstrat's Tom Lee, who's been correctly nailing the stock market for the past few years, hinted that he was about to hike his year-end S & P 500 target even with the benchmark at record highs. Lee's 5,800 call would represent another 6% gain for the S & P 500 from current levels. Lee believes a strong force that could help lift the market is the $6 trillion in cash that's in money market funds. Lee would join a host of others on Wall Street who have recently raised their S & P 500 targets. On June 14, Goldman Sachs increased its price target on the S & P to 5,600.

Persons: Fundstrat's Tom Lee, who's, Fundstrat, Lee, Goldman Sachs, Bloomberg Organizations: Bloomberg, Wall, ISI, CNBC Market, Citigroup

☆ Anthropic CEO says we need to think bigger than a universal basic income if we want to solve the AI inequality problem
▼ + stars: | 2024-06-23 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +1 min

Rapid advances in AI may concentrate power and wealth among a small elite. Anthropic CEO Dario Amodei says a universal basic income may not sufficiently address the shift. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe rapid advances in AI could consolidate power and wealth in the hands of a small few , which is why many in the tech industry have called for a universal basic income.

Persons: Dario Amodei, — Organizations: Service

☆ Bitcoin's recent weakness signals an imminent S&P 500 correction, according to Stifel
▼ + stars: | 2024-06-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin's recent weakness could be signaling an upcoming correction in stocks, according to Stifel's chief equity analyst Barry Bannister. On Thursday, the S & P 500 briefly touched 5,500 for the first time after notching its most recent record close earlier in the week. "Weakening bitcoin … signals an imminent S & P 500 summer correction and consolidation phase," he said. "With the S & P 500 now at the very high end (2 sigma) of bitcoin post-peak cycle overlays since 2011, we have yet another strong signal that an imminent S & P 500 correction is possible." "Past bubbles since the 19th century indicate the S & P 500 could well rise to ~6,000 at year-end 2024 and then round trip to near where 2024 began five quarters later, by ~1Q26 (S & P 500 ~4,800)."

Persons: Barry Bannister, Bitcoin, Bannister, CNBC's, it's, Stifel Organizations: Nvidia, Nasdaq

☆ Surging government red ink spurs economists' worries over a prolonged recession and market trouble
▼ + stars: | 2024-06-21 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

Burgeoning debt and deficits are threatening to make the next recession deeper while tying the hands of policymakers, according to two leading economists. The Congressional Budget Office this week revised its estimates to paint an even bleaker version of the U.S. financial picture. Teetering on trouble In fact, Rosenberg thinks the economy already is nearing or in the early stages of recession. "With budget deficits historically high relative to an economy operating at full employment, the government could be facing double-digit budget deficits when the next downturn hits." While equity markets have largely shrugged off worries over the fiscal situation, LaVorgna and Rosenberg both insist that bond investors should pay attention.

Persons: David Rosenberg, Rosenberg, Teetering, Janet Yellen, Joseph LaVorgna, Donald Trump, LaVorgna Organizations: Congressional, Rosenberg Research, Federal, CBO, CNBC, White House, Nikko Securities, National Economic Council Locations: U.S

☆ AI stock frenzy resembles dot-com bubble and may explode disastrously, experts warn
▼ + stars: | 2024-06-20 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Experts say the AI mania has shades of the dot-com and housing bubbles and could end painfully. AdvertisementExperts say the frenzy around AI stocks resembles the last two major market bubbles — and could end in disaster if investors get spooked. "This is the goofiest and likely most dangerous concentration of overvaluation I've seen in 34 years investing and throughout financial history," Bloomstran said. Some experts have compared Nvidia to Cisco, the network hardware company whose stock ballooned during the dot-com bubble before ultimately crashing. No one can predict if the AI craze will end with a devastating crash like the dot-com and housing bubbles, or usher in a new market regime led by Nvidia and its kin.

Persons: —, Nathan Burks, Adetokunbo Fadahunsi, Ann Marie Hibbert, Burks, Hibbert, Chris Bloomstran, Semper Augustus, I've, Bloomstran, John Chambers, Robert Galbraith, it's Organizations: Service, George Mason University, Big Tech, Nvidia, Microsoft, Cisco, REUTERS, Wall Street Journal Locations: West Virginia

☆ Justices uphold Trump tax on overseas investments in win for Biden
▼ + stars: | 2024-06-20 | by ( John Fritze | Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —The Supreme Court on Thursday upheld a Trump-era tax on overseas investments, rejecting an argument from a Washington state couple in a case that could have jeopardized existing tax provisions and torpedoed Democratic talk of a wealth tax. Justice Brett Kavanaugh wrote the majority opinion and Justice Clarence Thomas wrote a dissent. In reading his opinion from the bench, Kavanaugh repeatedly stressed that the opinion was “narrow” and did not implicate the raging debate over a wealth tax. “Those are potential issues for another day, and we do not address or resolve any of those issues here,” Kavanaugh wrote in Thursday’s opinion. Elizabeth Warren of Massachusetts and Ron Wyden of Oregon and Independent Sen. Bernie Sanders of Vermont have also unveiled tax proposals that would hit the wealthiest Americans.

Persons: Brett Kavanaugh, Clarence Thomas, Kavanaugh, Charles, Kathleen Moore, Moores, Donald Trump, Joe Biden, ” Kavanaugh, “, ” Biden, Biden, Democratic Sens, Elizabeth Warren of, Ron Wyden, Independent Sen, Bernie Sanders, Paul Ryan, Moore, Samuel Alito, Alito, Charles Moore Organizations: CNN, Trump, Democratic, Government, Oregon, Independent, Capitol, Moores Locations: Washington, India, trillions, Elizabeth Warren of Massachusetts, Vermont

☆ Trump tax breaks are set to expire after 2025. Here's what advisors are telling their clients
▼ + stars: | 2024-06-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

With trillions of dollars in tax breaks scheduled to expire after 2025, financial advisors are working with clients to prepare for the looming tax cliff. Enacted by former President Donald Trump, the Tax Cuts and Jobs Act of 2017, or TCJA, included lower federal income tax brackets, bigger standard deductions and higher gift and estate tax exemptions, among other provisions. If Congress doesn't take action, those tax breaks will sunset after 2025. And if the TCJA provisions expire, more than 60% of tax filers could face increased taxes, according to the Tax Foundation. Here are some tax strategies advisors are discussing with their clients.

Persons: Donald Trump, Jim Guarino, Baker Newman Noyes, Mary, Guarino Organizations: Tax, Finance Locations: Woburn , Massachusetts

☆ U.S. Debt on Pace to Top $56 Trillion Over Next 10 Years
▼ + stars: | 2024-06-18 | by ( Alan Rappeport | ) www.nytimes.com time to read: +1 min

The United States is on a pace to add trillions of dollars to its national debt over the next decade, borrowing money more quickly than previously expected, at a time when big legislative fights loom over taxes and spending. The Congressional Budget Office said on Tuesday that the U.S. national debt is poised to top $56 trillion by 2034, as rising spending and interest expenses outpace tax revenues. The budget deficit in 2024 is projected to be $1.9 trillion, up from a forecast earlier this year of $1.6 trillion. The United States will also again have to deal with a statutory cap on how much it can borrow. Congress agreed last year to suspend the debt limit and allow the federal government to keep borrowing until next January.

Organizations: Congressional, U.S, Social Security, America Locations: States, United States

☆ The US military is 'alarmingly slow' at delivering new weapons, making it tougher to keep its edge against top threats, watchdog finds
▼ + stars: | 2024-06-18 | by ( Ella Sherman | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewThe Department of Defense continues to struggle to quickly deliver new technologies, a watchdog agency argued in a new report published Monday. Additionally, the Department of Defense's acquisition programs have had difficulties hiring and retaining a sufficient workforce, especially in software-focused fields. And "Russia is increasing its military capability and seeks to expand control over portions of the former Soviet empire." Advertisement"DOD concurred with the software workforce recommendations and partially concurred with the remaining recommendation," the agency said.

Persons: — Organizations: Service, of Defense, DOD, Office, Business, Pentagon, GAO, US Navy, Department of Defense, Department of Locations: China, Russia, Soviet

☆ Gen X stands to gain the most wealth from the $84 trillion wealth transfer
▼ + stars: | 2024-06-18 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Generation X may be the biggest beneficiaries from the $84 trillion Great Wealth Transfer in the next 10 years, according to a new study. The findings cast a spotlight on the large wealth potential for Generation X, which has been largely overlooked in the discussion of young inheritors. The Wealth-X report suggests that wealth management firms, luxury companies and real estate firms targeting the next-generation of wealthy clients should also start considering Generation X. In the next 10 years, 1.2 million individuals worth $5 million or more will pass down a total of over $31 trillion in wealth, according to the report. Billionaires will pass down about $5 trillion, according to the report.

Persons: Gen, millennials, Gen Xers, Robert Frank, Inheritors Organizations: Wealth, Alliant Credit Union, The Locations: North America

☆ The Dow Jones will eclipse 100,000 on a 'turbo booster' combo of earnings growth and Fed rate cuts, Wall Street CIO says
▼ + stars: | 2024-06-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Interest rate cuts and continued earnings growth will power the Dow Jones to above 100,000 within the next decade. AdvertisementA powerful cocktail of earnings growth and interest rate cuts will serve as a "turbo booster" for stock prices and power the Dow Jones Industrial Average to over 100,000. And if the Fed doesn't cut interest rates this year, that won't derail Demmert's bullish forecast because earnings growth remains strong and resilient. "Yes, the AI tech stocks trade at much higher multiples than most stocks - but deservedly so given their premium growth rates," Demmert said. For the Dow Jones to hit 100,000, it would need to grow at a compounded annual growth rate of 11.2% over the next nine years.

Persons: Dow Jones, James Demmert, Demmert, — Organizations: Research, Service, Dow Jones, Street Research, Federal

☆ A gut health dietitian eats fermented foods every day. Here's 3 ways she gets more bang for her buck.
▼ + stars: | 2024-06-15 | by ( Kim Schewitz | ) www.businessinsider.com time to read: +1 min

Fermented foods are rich in probiotics and can increase gut microbiome diversity. Mass-produced, processed, fermented foods may not be as beneficial. AdvertisementStudies have shown that fermented foods, like sauerkraut and kimchi, are good for gut health. Made when live bacteria or yeast are added to ingredients like tea, milk, or vegetables, fermented foods contain probiotics, which are the "good" bacteria in our guts. Fermented food can increase the diversity of the gut microbiome, the trillions of microbes that live in the colon lining.

Persons: — Organizations: Service, Business

☆ Biden economic advisor unveils 'key principles' for tax policy plan ahead of expiring Trump tax cuts
▼ + stars: | 2024-06-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on Jan. 11, 2024. President Joe Biden's top economic advisor on Thursday unveiled plans to address trillions of dollars in expiring tax breaks enacted by former President Donald Trump. Some expiring individual provisions include lower federal income tax brackets, a higher standard deduction, a more generous child tax credit and doubled estate and gift tax exemption, among others. Expiring TCJA provisions could affect all Americans, but Brainard reaffirmed Biden's pledge to extend tax breaks only for those making less than $400,000. By comparison, former President Donald Trump has said he plans to extend all expiring TCJA provisions.

Persons: Lael Brainard, Joe Biden's, Donald Trump, Biden, Brainard, Biden's Organizations: National Economic, White, Washington , D.C, Tax, Finance, Fed Locations: Washington ,

☆ Senate Democrats call for higher taxes on Wall Street profits to address federal budget deficit
▼ + stars: | 2024-06-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Senator Chuck Grassley, a Republican from Iowa and ranking member of the Senate Budget Committee, during a hearing in Washington, DC, on Tuesday, March 12, 2024. As Congress wrestles with a looming decision over trillions in expiring tax breaks, lawmakers and experts in a Senate Budget Committee hearing debated several Democratic proposals for higher taxes on corporations and wealthy Americans. Proponents said the plans aim to address income inequality and the federal budget deficit. However, many of these proposals, such as reforms to carried interest, have failed to gain broad support even among Democrats, said Sen. Chuck Grassley, R-Iowa. While carried interest reform was originally included in the Inflation Reduction Act, those changes were removed before the bill passed in the Senate.

Persons: Chuck Grassley, Joseph Stiglitz, Sen, Mitt Romney Organizations: Republican, Finance, Biden, Trump, Columbia University, Senate Locations: Iowa, Washington ,, R, Utah

☆ Neither Biden nor Trump is seriously addressing the safety net crisis
▼ + stars: | 2024-06-13 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

“They’re both promising not to tackle the debt,” Ryan said, coming back to the issue that has animated his political career. Trump wants to extend all of the tax cuts, which could further explode the debt without corresponding spending cuts. When Trump and Republicans enacted the current tax structure, they made individual tax cuts temporary and most of the corporate tax cuts permanent. Biden has proposed additional taxes on those making more than $400,000 to address Medicare’s solvency, among other ideas, but does not have a detailed Social Security plan. The dirty little secret in all of this is, Medicare and Social Security are going insolvent on their own.

Persons: Donald Trump, Paul Ryan, he’ll, Trump, ”, Ryan, Republican –, “, ” Ryan, Sen, Mitt Romney, “ They’re, Joe Biden, Biden, Barack Obama, CNN’s Tami Luhby, What’s, won’t, Alan Greenspan, Obama, Republican Sen, Alan Simpson, Erskine Bowles Organizations: CNN, Trump, Republican, Fox News, Social Security, Democrats, Affordable, Biden, Republicans, Democratic, American, Treasury, Medicare, Fox, Federal, White House, National Commission Locations: Wisconsin, Trump, Luhby

☆ American Power Shift: CEOs, Average Employees Live in Different Cities
▼ + stars: | 2024-06-12 | by ( Ned Resnikoff | ) www.businessinsider.com time to read: +9 min

Given this truism, it's no wonder that the populations of America's so-called superstar cities have stagnated while the Sun Belt's metropolitan areas have boomed. The COVID-era transition to more remote work accelerated this process of "domestic offshoring," a recent study by the workforce-analytics company ADP found. Domestic offshoring regionally segregates middle- and working-class employees from their employers, making it far more difficult for the former group to advance professionally. Domestic offshoring threatens to lock in these effects, potentially costing the country trillions of dollars in forgone wealth creation. But if domestic offshoring persists, fewer of the city's other residents will be middle-class professionals; those people will tend to congregate in domestic-offshoring sites.

Persons: Austin, Chang, Tai Hsieh, Enrico Moretti, Ned Resnikoff Organizations: Sun, Orlando, America, —, Companies, Workers Locations: California, New York, Los Angeles, San Francisco, Jacksonville , Florida, Raleigh , North Carolina, Texas , Arizona, Florida, Austin, Raleigh, Charlotte, North Carolina, America's, Nashville, Bay, Tennessee, New York City, San Francisco and New York

☆ Biden and Trump both want to extend tax cuts for most Americans — but paying for it could be tricky
▼ + stars: | 2024-06-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Presumptive nominees President Joe Biden and former President Donald Trump have both pledged to extend expiring tax breaks for most Americans — but questions remain on how to pay for it. Trillions in tax breaks enacted by Trump via the Tax Cuts and Jobs Act of 2017, or TCJA, will expire after 2025 without action from Congress. Expiring individual provisions include lower federal income brackets, higher standard deductions, a more generous child tax credit and more. But the federal budget deficit will be a "huge sticking point" as the 2025 tax cliff approaches, said Erica York, senior economist and research manager with the Tax Foundation's Center for Federal Tax Policy. The cost of extending major parts of the TCJA has grown about 50% since initial estimates in 2018, according to the Committee for a Responsible Federal Budget.

Persons: Joe Biden, Donald Trump, Erica York Organizations: Trump, Tax, Center, Federal Tax, Finance, Congressional, Budget

☆ Here's an idea: a worldwide universal basic income paid for by a carbon tax. A study found that it could boost the global GDP by 130%.
▼ + stars: | 2024-06-09 | by ( Katie Balevic | ) www.businessinsider.com time to read: +3 min

Read previewSome might say a universal basic income is wishful thinking, but one study suggests it could have staggering impacts on the global economy. Basic income pilots gained popularity after the COVID-19 pandemic, which caused record-high unemployment — nearly 15% — in the United States in early 2020. A universal basic income program, or UBI, would provide regular cash payments to everyone. South Africa is on track to be the first country to adopt a universal basic income. "In theory, it is a beautiful idea to use basic income to help people, sustain nature, and boost the economy.

Persons: —, Rashid Sumaila, Sumaila Organizations: Service, Business, University of British Locations: United States, University of British Columbia, America, Iowa, South Africa

☆ The U.S. added 600,000 new millionaires last year as AI fueled markets
▼ + stars: | 2024-06-07 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

America's millionaire population grew 7.3% in 2023 to 7.5 million people, according to a report from Capgemini . Their combined fortunes grew to $26.1 trillion, up 7% from 2022. Capgemini defines millionaires as those with investible assets of $1 million or more not including primary residence, collectibles or consumer durables. The number of millionaires worldwide grew 5.1% last year, to 22.8 million, according to the report. Their combined fortunes grew to a record $86.8 trillion.

Persons: Robert Frank, Elias Ghanem, Ghanem Organizations: B2m, Capgemini Research Institute, Financial Services, U.S, Nasdaq Locations: Capgemini, North America, Asia, Pacific, Europe, America, Africa, North, U.S

☆ Climate change: Planet endures 12 straight months of unprecedented heat
▼ + stars: | 2024-06-05 | by ( Laura Paddison | ) edition.cnn.com time to read: +6 min

CNN —The planet just marked a “shocking” new milestone, enduring 12 consecutive months of unprecedented heat, according to new data from Copernicus, the European Union’s climate monitoring service. Unless planet-warming fossil fuel pollution is slashed, “this string of hottest months will be remembered as comparatively cold,” he said. “We need an exit ramp off the highway to climate hell.”As temperatures surge, global climate commitments are “hanging by a thread,” he warned. The average global temperature over the past 12 months was 1.63 degrees above these pre-industrial levels. But unprecedented heat has already left a trail of death and destruction across the planet this spring.

Persons: Copernicus, Carlo Buontempo, General António Guterres, Guterres, ”, Richard Allan, Ben Clarke, Raj K Raj, Diego Vara, ” Gutteres, ” Guterres, El Niño, Buontempo Organizations: CNN, United Nations, University of Reading, United Arab, Imperial College London’s Grantham Institute, Hindustan Times, Reuters, El, World Meteorological Organization, WMO Locations: New York, Russian, Paris, India, Asia, Mexico, United States, Brazil, Kenya, United Arab Emirates, New Delhi, Cavalhada, Porto Alegre

☆ Opinion | Trump’s ‘Dystopian Deportation Scheme’
▼ + stars: | 2024-05-28 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “Trump’s Taste for Tyranny Finds a Target,” by Jamelle Bouie (column, May 26):Thank you, Mr. Bouie, for warning us about Donald Trump’s dystopian deportation scheme. On top of the massive social chaos and moral strife this would cause can be added the economic cost. The impact to the deficit, the economy and inflation would be catastrophic. Voters concerned about today’s prices who are considering voting for Mr. Trump will look back and yearn for the current economy and inflation — as will we all. According to the Center for Migration Studies, about 45 percent of U.S. agricultural workers are undocumented immigrants.

Persons: Jamelle Bouie, Bouie, Donald Trump’s, Trump, Daniel Samakow Venice Organizations: Voters, Mr, Center for Migration Studies Locations: Calif, U.S

☆ London Moves to Revive Its Reputation as a Financial Hub
▼ + stars: | 2024-05-28 | by ( Eshe Nelson | Michael J. De La Merced | ) www.nytimes.com time to read: +1 min

Shein, the online retail giant founded in China, had grand ambitions to go public in New York. The company is now focusing more on the London Stock Exchange for its initial public offering, according to two people with knowledge of the matter. That may not have been the company’s initial choice — but it would be a big win for Britain, which has been wary of its capital city losing its status as a global financial hub. A spokeswoman for Shein declined to comment; the British Treasury also declined to comment. like Shein’s could be seen as a prize that bolsters the local financial market and sets the stage for other companies to follow.

Persons: Jeremy Hunt, Shein Organizations: London Stock Exchange, Britain, British Treasury Locations: China, New York, Washington, Beijing, London, Hong Kong, Dubai, Singapore

☆ Don't feel bad for Gen Z and millennials — they'll work less and live longer, says Jamie Dimon
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

"I don't feel so bad for Gen Z and millennials," Dimon said, noting his grandparents were Greek immigrants who arrived in the US with nothing but "a shirt on their back." "They're going to be working probably 3.5 days a week. They're going to live to 100. They're going to be in pretty good shape, provided the world doesn't destroy it all with nuclear weapons, which is the biggest risk in the world." Related storiesDimon also emphasized that in the decades ahead, younger generations will inherit trillions of dollars and benefit from mammoth investments in healthcare, education, and other areas.

Persons: —, they've, Jamie Dimon, Dimon, They're, Gen Z, X Organizations: Service, Business, AlphaSense Locations: America

☆ Don't feel bad for Gen Z and millennials — they'll work less and live longer, Jamie Dimon says
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

"I don't feel so bad for Gen Z and millennials," Dimon said, adding that his grandparents were Greek immigrants who arrived in the US with nothing but "a shirt on their back." "They're going to be working probably 3.5 days a week. They're going to live to 100. They're going to be in pretty good shape, provided the world doesn't destroy it all with nuclear weapons, which is the biggest risk in the world." Related storiesDimon added that in the decades ahead, younger generations would inherit trillions of dollars and benefit from mammoth investments in healthcare, education, and other areas.

Persons: —, they've, Jamie Dimon, Dimon, They're, Gen, Xers — Organizations: Service, Business, AlphaSense Locations: America

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