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☆ A stock market correction is coming as rates, inflation, and valuations darken the outlook for investors, strategist says
▼ + stars: | 2024-06-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

AdvertisementThe stock market is in for a correction, as a trio of unfavorable factors will weigh on equity prices, according to Sam Stovall, chief investment strategist of CFRA Research. Tech stocks, which have dominated the market in recent years, are trading at a 68% premium. Stocks could see their first "crack in the ice" in the tech sector, he added, pointing to lofty valuations among mega-cap tech stocks. AdvertisementOther forecasters have warned of limited upside to the market as stocks — particularly tech stocks — continue to climb higher. According to one valuation metric, the stock market looks to be the most overvalued since 1929, which could pave the way to a steep correction, elite investor John Hussman warned.

Persons: Sam Stovall, —, Stovall, Stocks, John Hussman Organizations: Service, CFRA Research, Wall, Treasury, Tech, CNBC

☆ SEB: Nvidia's impact on Asia stock market is 'evident'
▼ + stars: | 2024-06-19 | 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 EmailSEB: Nvidia's impact on Asia stock market is 'evident'Eugenia Victorino, head of Asia strategy at SEB, discusses the latest updates on Nvidia surpassing Microsoft and Apple as the world's most valuable company.

Persons: Eugenia Victorino, SEB Organizations: Microsoft, Apple Locations: Asia

On Today’s Episode:Netanyahu Criticizes the U.S. For Holding Up Some Weapons Deliveries, by The New York TimesU.S. Pier for Gaza Aid Is Failing, and Could Be Dismantled Early, by Helene Cooper and Eric SchmittNvidia Becomes Most Valuable Public Company, Topping Microsoft, by Tripp Mickle and Joe RennisonCalifornia Joins Growing National Effort to Ban Smartphone Use in Schools, by Shawn Hubler

Persons: Netanyahu, Helene Cooper, Eric Schmitt Nvidia, Topping, Tripp Mickle, Joe Rennison, Shawn Hubler Organizations: The New York Times U.S, Public Company, Topping Microsoft Locations: Pier, Gaza, Joe Rennison California

☆ Nvidia and these other megacap stocks are extremely overbought and could be due for a near-term pullback
▼ + stars: | 2024-06-19 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Now that megacap stocks have lifted the S & P 500 and Nasdaq Composite indexes to all-time highs, some stocks in the group have risen so high, so fast they may actually be due for a pullback. Pharmaceutical developer Eli Lilly , maker of Mounjaro for Type 2 diabetes and Zepbound for obesity, is higher by 53% this year. By contrast, the S & P 500 is up 15% this year, through Tuesday's close. Eli Lilly is also now extremely overbought, Bespoke said, after benefiting from increased demand for its weight loss and diabetes drugs. Other stocks considered extremely overbought are Nvidia, Apple and Microsoft, which have traded more than 33%, 17% and 7%, respectively, above their 50-day moving averages.

Persons: Eli Lilly, Lilly Organizations: Nasdaq, Nvidia, Broadcom, Pharmaceutical, Investment, Microsoft, Apple Locations: Tuesday's, Indiana

☆ S&P 500 futures are little changed as Wall Street looks for Nvidia to keep leading market
▼ + stars: | 2024-06-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Nvidia stock has climbed 174% in 2024, as the AI boom continues to boost equities. The stock market was closed Wednesday for the Juneteenth holiday. S&P 500 futures were little changed on Wednesday as investors look for the benchmark to add to its latest record high. Nvidia already surpassed Apple by market cap earlier in June, and has cemented its place as the de facto market leader at the helm of the roaring AI theme on Wall Street. "Is it any surprise that we continue to argue that Wall Street (i.e., SP 500) is beating to a different drum than is Main Street (underlying US economy)?"

Persons: Scott Chronert, Thomas Fitzpatrick, O'Brien Organizations: Nvidia, Microsoft, Nasdaq, Apple, Investors, Broadcom, Citi, Associates

☆ Inside Europe's tech hubs: Does London have what it takes to remain No. 1?
▼ + stars: | 2024-06-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +32 min

But it will remain a big, big trend. How has if at all, Brexit, affected the U.K. tech scene? Arjun KharpalAre there other challenges at the moment, as you see them to the U.K. tech landscape? I'm gonna go with the amount of VC funding in U.K. tech startups for 2025. Sanjot MalhiI would say that is the amount of funding in U.K. AI startups.

Persons: Tom Chitty, Arjun, we'll, Arjun Kharpal, I've, Sanjot, He's, It's, Tom Chitty I've, we've, it's, Arjun Kharpal Sanjot, fintech, we're, you've, let's, Tom Chitty We're, Franklin Templeton, they're, Masa, Softbank, that's, Arjun Kharpal Sanjay, Emmanuel, Macron, hasn't, who's, Emmanuel Macron, I'm, Sanjot Malhi, Arjun Kharpal That's, Kharpal, Tom Chitty Sanjot Organizations: HSBC Innovation Banking, CNBC, Northzone, Hague Cricket Club, European Union, Competition, Markets Authority, London Stock Exchange, London, Masa, Viva Tech, Mistral, Nvidia Locations: Europe, Dealroom, France, China, London, beyondthevalley@cnbc.com, Netherlands, India, The Hague, Germany, Sweden, North America, Asia, San Francisco, Beijing, Tel Aviv, Bangalore, U.S, British, doesn't, Ukraine, IPOs

☆ Nvidia surpasses Microsoft to become the largest public company in the US
▼ + stars: | 2024-06-18 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Nvidia, Wall Street’s artificial intelligence poster child, is now the most valuable company in the United States. Apple is the third most valuable company in the US with a $3.27 trillion market cap. Nvidia earlier this month joined the tech giants in becoming the only US companies to cross a $3 trillion market cap. Nvidia’s chips are unmatched in producing processors that power artificial intelligence systems, including for generative AI, the technology backing OpenAI’s ChatGPT that can create text, images and other media. The Jensen Huang-led company’s dethroning of Microsoft comes as Wall Street’s most prominent tech companies battle for the coveted top spot.

Persons: OpenAI’s, Jensen Huang, company’s Organizations: New, New York CNN, Nvidia, Microsoft, Apple, Developers Locations: New York, United States

☆ Stock market today: Indexes rise as traders assess weak May retail sales data
▼ + stars: | 2024-06-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Weak retail sales data on Tuesday sent bond yields lowersMonth-to-month sales rose 0.1%, below estimates. Stocks rose as investors assessed the data's impact on rate cut forecasts. AdvertisementUS stocks edged up on Tuesday after retail sales data for May came in weaker than expected, sending Treasury yields lower. US consumers appeared to cut back last month, with month-over-month sales rising 0.1% in May, below estimates. AdvertisementHere's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:Here's what else happened today:AdvertisementIn commodities, bonds, and crypto:

Persons: Stocks, —, Quincy Krosby, Powell Organizations: Service, Nasdaq, Federal, LPL, Fed, Here's

☆ Stock market's 'powerful AI trend' will work until it doesn't work, says Corvex's Keith Meister
▼ + stars: | 2024-06-18 | 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 EmailStock market's 'powerful AI trend' will work until it doesn't work, says Corvex's Keith MeisterKeith Meister, Corvex founder, joins 'Closing Bell' to discuss markets, Fed policy, the state of the consumer and the impact of mega caps on the overall market.

Persons: Corvex's Keith Meister Keith Meister

☆ 10 things to watch in the stock market Tuesday including Nvidia price-target hikes
▼ + stars: | 2024-06-18 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

JPMorgan boosted its price target on shares of Apple to $245 each from $225 after the firm raised iPhone volume expectations in 2025 and 2026 due to artificial intelligence upgrades. More price-target hikes for Nvidia : Wells Fargo went to $155 a share from $125 at Wells Fargo while Rosenblatt Securities went to $200 from $140. Piper Sandler called the sell-off in Celsius Holdings overdone and reiterated its $90 price target and buy-equivalent rating. Meanwhile, Stifel increased its price target on the memory chipmaker's stock to $165 a share from $145 ahead of earnings June 26. Netflix 's price target raised to $750 a share from $700 by analysts at Loop Capital.

Persons: Wells Fargo, Piper Sandler, Kroger, Lennar, Netflix's, Jim Cramer's, Jim Cramer, Jim, Nvidia Piper Sandler, Merck Micron Lennar Piper Sandler Organizations: JPMorgan, Apple, Nvidia, Rosenblatt Securities, Holdings, BMO Capital, Kroger, Albertsons, Merck, Food and Drug Administration, Investors, Micron, Bank of, Netflix, Loop, NFL, Jim Cramer's Charitable, CNBC, Holdings BMO Capital, Merck Micron Locations: Wells, Bank of America's, Miami, U.S

☆ Jim Cramer’s guide to investing: How to handle a short-term rally
▼ + stars: | 2024-06-18 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer said investors shouldn't lose their heads when the market starts to rally. "When the stock market's had a big short-term run—short term—don't get carried away by the optimism," he said. Instead, he said, it's wise to sell part of one's position when a rally starts and leave the door open to sell more if the rally continues. It's foolish to buy and hold during the best of times and the worst of times, he added. He said if you hang on to winning stocks for too long, your gains may evaporate and then you've completely missed the rally anyway.

Persons: CNBC's Jim Cramer, shouldn't, Cramer, you've

☆ Stock market today: S&P 500 closes at fresh record high as Nvidia becomes world's biggest company
▼ + stars: | 2024-06-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Nvidia is now the world's most valued company, overtaking Microsoft on Tuesday. 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 S&P 500 hit another fresh record on Tuesday, as a semiconductor rally crowned Nvidia the world's most valued company. May's retail sales data came in below expectations, indicating consumers are pulling back spending.

Persons: —, Jeffrey Roach, Quicy Krosby Organizations: Nvidia, Microsoft, Treasury, Service, Qualcomm, Taiwan Semiconductor, Micron Technology, Financial, Federal, Fed, Here's

A stock trader looks at his monitors in the trading room of the Frankfurt Stock Exchange. Worries about a new coronavirus mutation in southern Africa have dealt a major blow to the German stock market. The Stoxx 600 index was up 0.68% in early deals, with all sectors and major bourses trading in the green. Travel and leisure stocks led gains, up 1.84%, while banks were also 1.28% higher. The index fell more than 6.2% last week.

Organizations: Frankfurt Stock Exchange, CAC Locations: Africa

☆ Hong Kong stock markets will continue trading during typhoons, starting Sept. 23
▼ + stars: | 2024-06-18 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

HONG KONG, CHINA - OCTOBER 13: A taxi crosses an empty intersection in the Central business district during a No. 8 Storm signal raised for Typhoon Kompasu, the 18th typhoon of this year, on October 13, 2021 in Hong Kong, China. Hong Kong's financial markets will continue trading even during typhoons and extreme weather starting from Sept. 23, Chief Executive John Lee announced Tuesday. "Hong Kong is an international financial center and there is no reason for us not to align with international financial standards," Lee said. He noted that in consultations conducted by the Hong Kong Exchange, over 90% of brokerage firms and securities firms supported the proposal.

Persons: Kompasu, John Lee, Lee Organizations: Hong Kong Exchange Locations: HONG KONG, CHINA, Central, Hong Kong, China, Hong

☆ May retail sales rise 0.1%, weaker than expected
▼ + stars: | 2024-06-18 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

A worker assists with check-out at a Costco store in Teterboro, New Jersey, US, on Wednesday, Feb. 28, 2024. Retail spending was weaker than expected in May as consumers continued to wrestle with stubbornly higher levels of inflation. Sales rose just 0.1% on the month, one-tenth of a percentage point below the Dow Jones estimate, according to a Commerce Department report Tuesday that is adjusted for seasonality but not inflation. On a year-over-year basis, sales rose 2.3%. The sales number was worse when excluding autos, with a decline of 0.1% against the estimate for a 0.2% increase.

Persons: Dow Jones, Patrick Harker Organizations: Costco, Commerce Department, Federal Reserve, Fed, Philadelphia Fed Locations: Teterboro , New Jersey, US

☆ Paris loses stock market crown to London as political upheaval looms
▼ + stars: | 2024-06-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —London’s stock market has edged ahead of its rival in Paris as fears grow over the outcome of France’s looming parliamentary elections. The first round of the French elections is scheduled for June 30, followed by a second round on July 7. Hubert de Barochez, a senior market economist at consultancy Capital Economics, said investors might be concerned that a parliament run by the National Rally would penalize banks. In contrast with the political and financial turmoil in France, UK financial markets are “relatively stable,” said Rudolph at IG Group. Credit ratings agencies are already keeping a close eye on France, one of the EU’s three most-indebted countries.

Persons: Emmanuel Macron, Axel Rudolph, you’ve, ”, OpinionWay, Macron, Hubert de Barochez, Rudolph, Richard Hunter, Mohit Kumar Organizations: London CNN, Bloomberg, CAC, FTSE, European Union, “, CNN, National, BNP, Credit, Capital Economics, IG Group, Labour Party, Interactive Investor, National Rally, Jefferies Locations: Paris, France, United Kingdom, Europe’s, Britain

☆ CNBC Daily Open: Boeing's 'moment of reckoning'
▼ + stars: | 2024-06-18 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Immigrants, jobs and inflationImmigration has helped the U.S. job market sustain a strong run in recent months without reigniting inflation, economists and analysts say. This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants. The conglomerate sold 1.3 million shares for $39.8 million, reducing its holding to 6.9%. [PRO] S&P 500 to hit 6,000Evercore ISI predicts the stock market will soar to unprecedented heights, setting a new year-end target for the S&P 500 at a record 6,000.

Persons: Neel Kashkari, CNBC's Rebecca Picciotto, Ryan Cohen, Keith Gill, Matthew Bartolini, Berkshire Hathaway, Charlie Munger, Tesla Organizations: CNBC, Microsoft, Apple, Nasdaq, Dow Jones, Minneapolis Federal, GameStop, Fund, Nvidia, SPDR Locations: U.S, SPDR Americas, Berkshire, BYD

Move over, Microsoft and Apple. On Tuesday, Nvidia leapfrogged two of tech’s most storied names to become the world’s most valuable public company, according to data from S&P Global. Just two years ago, the company’s market valuation was over $400 million. Now, in the span of a year, it has gone from $1 trillion to more than $3 trillion. Microsoft and Apple both fell, ending the day trailing the Silicon Valley chip maker.

Persons: Jensen Huang Organizations: Microsoft, Apple, Nvidia, P

☆ Jim Cramer’s guide to investing: Be wary of the IPO cycle
▼ + stars: | 2024-06-17 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer said to be cautious when the market is flooded with initial public offerings because the influx of new stocks will inevitably drag the market down. "The IPO cycle tends to start out strong and generate a lot of euphoria, but then it burns out and all the new stock supply can really weigh on the market." These stocks eventually ended up getting crushed, Cramer said, with him pointing out that many plunged "more than 90% from peak to trough." According to Cramer, all of these new stocks overwhelmed Wall Street — there was too much supply and not enough demand. "I've said it a million times: the stock market is like any other market, it's all about supply and demand," he said.

Persons: CNBC's Jim Cramer, — you've, Cramer, I've Organizations: Federal Reserve

☆ Stock market today: Indexes dip as traders take a breather after record-setting week
▼ + stars: | 2024-06-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

AdvertisementUS stocks edged lower Monday morning as traders took a moment to catch their breath after stocks set a series of records last week. The S&P 500 and the Nasdaq set four straight record highs last week and closed higher for the seventh week of the last eight. Goldman Sachs strategist David Kostin boosted his year-end S&P 500 price target to 5,600, representing potential upside of about 3% from current levels. Kostin had previously had a 5,200 year-end price target for the S&P 500. AdvertisementMeawnwhile, Evercore ISI boosted its S&P 500 year-end price target to a street-high 6,000.

Persons: Neel Kashkari nodded, —, Goldman Sachs, David Kostin, Kostin, Neel Kashkari, Kashkari Organizations: Traders, Wall Street, Service, Nasdaq, Wall, ISI, Federal, CBS

☆ 10 things to watch in the stock market Monday on a holiday-shortened week
▼ + stars: | 2024-06-17 | by ( Jeff Marks | ) www.cnbc.com time to read: +4 min

For the week: The tech-heavy Nasdaq gained 3.2%, while the S & P 500 rose 1.6% and the Dow fell 0.5%. The analysts raised their price target to $106 per share from $85. There were several price target bumps on Micron ahead of earnings next week on June 26. Nike price target was lowered to $114 per share from $116 at Morgan Stanley. Citigroup price target was increased to $66 per share from $63 by RBC Capital.

Persons: Wedbush's Ives, Toll, Goldman Sachs, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim Organizations: Nasdaq, Dow, Fed, Citi, UBS, Microsoft PT, Microsoft, Apple, Union Pacific, Loop, Autodesk, Wall Street, Micron, Bank of America, PT, Nike, Citigroup, RBC Capital, Jim Cramer's Charitable, CNBC, Dow Nasdaq, Microsoft Apple, Union Pacific Activist Investor, Micron Nike Citigroup

☆ Goldman gives its four scenarios for year-end, from a megacap super rally to a recession-driven decline
▼ + stars: | 2024-06-17 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The S & P 500 is higher by 14% already this year, having topped 5,400 for the first time, already blowing past the year-end forecasts of many strategists. In its revised forecast, Goldman Sachs anticipates the S & P 500 still has further to climb. It would mean a 13% fall for the S & P 500, back down to 4,700. Megacap exceptionalism If AI stocks continue to outperform, defying expectations, stocks could see a huge megacap tech rally between now and year's end. In this scenario, investors can expect the S & P 500 to close out the year at 6,300, a gain of about 16%.

Persons: Goldman Sachs, David J, Kostin, Goldman, Nvidia — Organizations: Meta, Microsoft, Nvidia, Federal Reserve

☆ Hardware is Wall Street's new favorite bet
▼ + stars: | 2024-06-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at the Apple-Google partnership that shows why hardware has become Wall Street's new favorite bet . The big storyHardware is hotGetty Images; Chelsea Jia Feng/BISoftware may still eat the world, but only with the help of some serious hardware. But generative AI has put a considerable spotlight on a less sexy part of tech: hardware. That's playing out in the stock market, where hardware tech stocks have outperformed software tech stocks by 30 percentage points this year , writes BI's Matthew Fox.

Persons: —, Chelsea Jia Feng, Marc Andreessen's, Hugh Langley, That's, BI's Matthew Fox, it's, Steve Schwarzman, Jon Gray, Brian Ach, Tyler Le, Andy Sieg, Merrill Wealth, Dan Sundheim, Chris Tuite, Trump, Elon Musk, hasn't, Jimmy Simpson, they're, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, Elon, Apple, Business, Apple Intelligence, OpenAI, Google, Microsoft, Amazon, Oracle, Street, Nvidia, Broadcom, Blackstone, Merrill, D1 Capital, YouTube, Netflix, BI, Cannes Lions, advertising's Locations: That's, New York, London

☆ What’s next for the stock market? Here’s one thing you could do if shares start sinking
▼ + stars: | 2024-06-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +8 min

The market has been on a tear in 2024, driven higher by robust corporate earnings and the artificial intelligence boom. Traders expect the Fed to begin easing rates in September at the earliest, according to the CME FedWatch Tool. If inflation is cooling down but the Fed is still expected to keep its key lending rate higher for longer, what does that mean for the stock market? The data will tell us that, but I think the big takeaway for us is [inflation] going in the right direction. Do you expect some of the cash that’s on the sidelines to enter the stock market?

Persons: Price, Wall, Bell, Jack Janasiewicz, Jerome, Powell, we’re, it’s, wouldn’t, you’re, Hilary Whiteman, Read, Sam Altman, Steve Wozniak, OpenAI, Altman, Samantha Murphy Kelly, Tim Cook, ”, Ben Wood, “ Apple, Siri Organizations: CNN Business, Bell, New York CNN, Federal, Nasdaq, Fed, Traders, Solutions, You’re, Apple, Insight, CNN, Apple Intelligence Locations: New York, United States, West Coast, Hawaii, California, San Jose , Los Angeles, San Francisco, San Diego, Honolulu, Australia, Sydney, Melbourne, Victoria, Adelaide, South Australia

☆ Evercore ISI upgrades its S&P 500 outlook to the highest on Wall Street as it says the AI revolution is just getting started
▼ + stars: | 2024-06-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The firm raised its year-end S&P 500 target to 6,000 and said the index could hit 7,000 by 2025. Evercore strategist and managing director Julian Emanuel increased his year-end S&P 500 price target to a new high on Wall Street at 6,000 in a note on Sunday. Emanuel forecasts S&P 500 EPS growth of 8% and 5% in 2024 and 2025, respectively. The S&P 500 trading at 6,000 would imply a 25x trailing 12-month price-to-earnings multiple based on Emanuel's EPS estimate of $238 per share. AdvertisementIf the high valuation multiples persist, the S&P 500 could rise 31% to 7,000 by the end of 2025.

Persons: —, Julian Emanuel, Emanuel, it's, Tom Lee Organizations: ISI, Service

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