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☆ US stocks close lower after Republicans and the White House hit an impasse in debt-ceiling talks
▼ + stars: | 2023-05-19 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US stocks fell Friday after talks in Washington over raising the debt ceiling were paused. "We've got to get movement by the White House and we don't have any movement yet," House Speaker Kevin McCarthy said. Stocks earlier this week hit a nine-month high on hopes a debt-limit deal was in reach soon. Republican House Speaker Kevin McCarthy said talks with the Biden administration had reached a standstill. "We've got to get movement by the White House and we don't have any movement yet," McCarthy said at the Capitol, according to the Associated Press.

☆ US stocks climb as Wall Street hopes debt ceiling deal is in sight
▼ + stars: | 2023-05-19 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US stocks advanced Friday as investors see the potential for a deal that raises the $31 trillion debt ceiling. Stocks were on course for a weekly win with the S&P 500 hitting a nine-month high. Gains on Friday would add to this week's advance that lifted the S&P 500 and the Nasdaq Composite to nine-month highs. Elsewhere in Washington, negotiators representing President Biden and House Speaker Kevin McCarthy were set to continue talks this weekend over lifting the $31 trillion debt ceiling that's needed to avoid a debt default. Bank of America warned on mega-cap tech stocks, saying a "big asset bubble" in growth shares is building.

☆ Auschwitz drama 'Zone of Interest' marks director Glazer's first Cannes foray
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

[1/5] The 76th Cannes Film Festival - Screening of the film "The Zone of Interest" in competition - Red Carpet Arrivals - Cannes, France, May 19, 2023. Director Jonathan Glazer, cast members Sandra... Read moreCANNES, May 19 (Reuters) - British director Jonathan Glazer will compete for the Cannes Film Festival's top prize for the first time this year with his Auschwitz drama "The Zone of Interest," whose premiere on Friday evening drew celebrities including Cate Blanchett and Carla Bruni. Sandra Hueller, star of Germany's 2017 Oscar nominee for best foreign-language feature "Toni Erdmann," plays Hoess' wife, Hedwig. "The Zone of Interest," which will be distributed by A24, is Glazer's first feature since 2013's "Under the Skin" starring Scarlett Johansson and was shot entirely in Auschwitz. Reporting by Miranda Murray; Editing by Rosalba O'BrienOur Standards: The Thomson Reuters Trust Principles.

☆ There's one simple reason why US housing inventory is set to remain low for the foreseeable future
▼ + stars: | 2023-05-18 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The share of outstanding mortgages financed at less than 3% jumped during the pandemic, said Pantheon Macroeconomics. New home listings in April were down more than 20% from a year ago, according to Realtor.com, with steepening mortgage rates a factor. It also found that about 97% of outstanding mortgages are fixed for 15 years or for 30 years, and 60% are just one to four years old. "In other words, most existing homeowners are not going to move unless they absolutely have to, due to death, divorce, or an—irresistible—job offer," said Clancy. The 30-year fixed mortgage rate is averaging 6.55%, according to data from the Mortgage Bankers Association on Thursday.

☆ There are 2 things needed to sustain this year's blistering rally in tech stocks
▼ + stars: | 2023-05-18 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

It said a further rally needs continued profitability at tech companies and rate cuts by the Federal Reserve. The Nasdaq Composite on Wednesday closed at a year-to-date high, at 12,500.57, and it's up more than 19% since the start of the year. While Federal Reserve anticipates a "mild recession" starting later this year, policymakers have indicated they won't begin cutting interest rates until 2024. High interest rates can hurt the potential value of future profit at growth companies. DataTrek said the Fed battling hot inflation "was not a factor during the winning years," it had outlined for the Nasdaq Composite.

☆ Western Alliance soars 12% to lead rally in regional bank stocks after the lender says deposits increased by more than $2 billion
▼ + stars: | 2023-05-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Western Alliance shares surged Wednesday after telling investors that deposits continue to stabilize. Deposit growth exceeded $2 billion on a quarter-to-date basis as of May 12, the lender said. Regional bank stocks followed Western Alliance's lead higher. Western Alliance shares zoomed up 12% to $35.45, the highest since May 2 when they traded above $36 each. Western Alliance shares have suffered a loss of more than 40% during 2023.

☆ Americans think gold beats stocks as a long-term investment. Advisors disagree: 'It's more like a speculation'
▼ + stars: | 2023-05-17 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Twenty-six percent of Americans ranked gold as the best long-term investment in 2023, almost double the 15% who thought so in 2022, according to a recent Gallup poll. The share surpassed that of stocks: 18% of Americans ranked stocks as the top long-term holding, down from 24% last year, according to the survey. It was the first time since 2013 that their perception of stocks was below that of gold. "As a long-term investment, [gold] is a very poor solution," said Charlie Fitzgerald, a certified financial planner and principal of Moisand Fitzgerald Tamayo in Orlando, Florida. Stocks beat gold over the long term

☆ Billionaire Marc Lasry, who sold his stake in the Milwaukee Bucks, sees pickleball offering a better return than investment in the NBA
▼ + stars: | 2023-05-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Marc Lasry said his investments in pickleball and other upstart sports leagues could offer a higher return than those in NBA teams. The co-founder of Avenue Capital Group bought a pickleball team with tennis star James Blake for $100,000 in 2021. He told Bloomberg TV that the team is now worth $10 million. The co-founder of Avenue Capital Group told Bloomberg Television he believes his investments in pickleball and other upstart sports leagues could offer a higher return than those in NBA teams. This year, the 63-year-old investor agreed to sell his 25% stake in the Milwaukee Bucks basketball team.

☆ Investors have pulled $8 billion from this pocket of the stock market in just 2 months on recessions worries and debt ceiling fears
▼ + stars: | 2023-05-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

Small-cap stocks have been hurt by $8 billion in outflows from ETFs focused on that segment, says Jefferies. That started in March when Silicon Valley Bank and Signature Bank were seized, spooking investors. "Banks are a big part of small caps and are headwinds for the size segment," Jefferies strategist Steven DeSanctis wrote in a Wednesday research note. Meanwhile, small-cap stocks, which make up just over 4% of the equity market, tend to perform worse than large-caps when the economy is veering into a recession. Meanwhile, the current stalemate between Republicans and Democrats on the debt ceiling doesn't bode well for small-cap stocks, which slid by 25% during 2011 debt standoff.

☆ Mohamed El-Erian says regional banks are in a 'hospital' phase of turmoil, but a Fed policy mistake will drive them 'back into the ICU'
▼ + stars: | 2023-05-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The regional banking crisis has shifted out a severe stage, economist Mohamed El-Erian told Bloomberg on Tuesday. But another Fed policy mistake could drive small to mid-sized lenders "back into the ICU." If there's another [Fed] policy mistake, the patient goes back into the ICU," said the chief economic adviser at Allianz. Depositors have yanked hundreds of billions of dollars out of regional lenders collectively this year, including PacWest and First Republic Bank. What would another policy mistake look like to El-Erian?

☆ Falling lumber prices and lower spending by DIY customers drags on Home Depot sales and stock price
▼ + stars: | 2023-05-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Sliding lumber prices and softer consumer demand hit sales at Home Depot in the first quarter. Framing lumber prices dropped 64% in a year, while sales for patio furniture and grills softened. Shares of Home Depot fell as much as 3.9% to an intraday low of $277.10, the weakest price since late October. Lumber prices have also dramatically come off highs hit during the COVID-19 pandemic. Comparable sales fell by 4.5% in the quarter ended April 30 and declined by 4.6% at US stores.

☆ Russia is exporting the most oil since invading Ukraine as Moscow has little trouble finding willing buyers, IEA says
▼ + stars: | 2023-05-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Russia's oil exports hit their highest since Moscow invaded Ukraine last year, the IEA said. Crude oil exports reached a post-invasion high of 8.3 million barrels a day in April. Russia's revenue from oil exports rose by $1.7 billion last month to $15 billion, according to the IEA. Overall tax receipts from Russia's oil and gas sector declined 64% year over year. China and India now account for about 90% of Russian oil purchases, commodities analytics firm Kpler said recently.

In 2017, with Mr. Connors’ help, Mr. Maichle started his own company, Precision Compliance Consulting. ‘Boss Man’Mr. Connors, Mr. Lewis and Mr. Maichle were all active in college conservative politics in Wisconsin about 15 years ago, when Mr. Connors was the leader of campus Republicans at Marquette University. Of that, about $102,000 went to Campaign Now, the firm started by Mr. Connors, and another $112,000 to companies where Mr. Connors, Mr. Maichle or Mr. Lewis was either the owner or a partner, tax records show. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments. Most of the money — more than $4.4 million — went to fund-raising companies via tens of thousands of small payments.

☆ Markets think falling inflation means rate cuts are around the corner. Here's why that's probably wrong.
▼ + stars: | 2023-05-13 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

Expectations that the Fed will start cutting interest rates in July briefly spiked up to 50% this past week. But the Fed is unlikely to swing from 10 straight rate hikes to cuts within two months, a Truist Advisory economist said. The probability spiked to nearly 50% over the past week after the release of the April inflation report and another sell-off in regional bank stocks like PacWest. That's when policymakers thought they got a handle on high inflation after an initial round of rate hikes. What's likely to jumpstart rate cuts is job losses, which could arrive toward the end of this year, Skordeles said.

☆ Markets think the odds of a Fed rate cut in July are almost 50% after April CPI showed inflation cooling more than expected
▼ + stars: | 2023-05-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Inflation in April increased by less than anticipated, spurring further bets the Federal Reserve will start rate cuts this summer. Odds of a cut in July rose to 45.9% on Wednesday from 29.3% a day earlier. Federal Reserve Chairman Jerome Powell and his colleagues last week ushered in their 10th consecutive rate increase as inflation remains above their 2% target. The Fed funds rate at 5%-5.25% stands at the highest since 2007. Inflation appears unlikely to rev higher again, which means the most likely scenario for monetary policy is the Fed remaining on hold, said Zaccarelli.

☆ US stocks trade mixed as investors assess cooler April inflation data
▼ + stars: | 2023-05-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US stocks end mixed on Wednesday after the release of April inflation data. Inflation cooled to 4.9%, below expectations of a 5% rate. The Nasdaq Composite powered higher while the Dow slumped. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. But the Dow, which carries many bank and consumer-oriented stocks, felt the weight of investors' concerns about the economy moving into a recession.

☆ A stock picker's market is forming for the first time since 2008 as investors ditch ETFs and pile into single shares, Bank of America says
▼ + stars: | 2023-05-10 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Bank of America said it seeing the first sign of a stock picker's market since 2008. So far this year, $25 billion has flowed into single stocks while ETF outflows have reached $9 billion. The figures point to the "first sign of a stock picker's market since 2008," Jill Carey Hall, who leads BofA's small and mid-cap strategy, said in a weekly update capturing activity among its clients. While more money is flowing to stock pickers, their actual performance versus the rest of the market is another matter. Single stock inflows with ETF outflows from 2008 to 2023.

☆ Here are 5 questions that are top of mind for investors as the S&P 500 wavers and the Fed enters its next policy phase
▼ + stars: | 2023-05-09 | by ( Carla Mozée | ) www.businessinsider.com time to read: +6 min

Barclays outlined the top questions investors are asking as the S&P 500 looks stuck in a tight trading range. The S&P 500 is likely to remain rangebound in the short-term, Krishna said. Tail risks aside, markets may be lulled into thinking hurdles - just as the current earnings recession – can be cleared in record time. That scenario tilts the balance of risk toward its base case of a shallow recession base case and an S&P 500 price target of 3,725. The S&P 500 during Tuesday's session was at 4,125.

☆ Stocks are set for more volatility as the 'unlucky 13' months of strong job growth complicates the Fed's mission to cool the economy
▼ + stars: | 2023-05-06 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

A blowout jobs report and could make the Fed's job of tamping down inflation harder. The April US jobs report showed nonfarm payrolls grew by of 253,000 and a fall in the unemployment rate to 3.4%. Wages are key to the Fed's inflation outlook, and April brought a 0.5% rise in average hourly pay – the biggest monthly increase in a year. "This is a market that's really going to struggle. "It's too early to assess the likelihood of an additional Fed rate hike in mid-June, but this latest jobs report will push the excessively data-dependent Fed towards further tightening – a mistake in our view."

☆ US officials are looking into possible market manipulation of regional bank stocks
▼ + stars: | 2023-05-05 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US and state officials are assessing whether market manipulation is driving volatility in regional bank stocks, Reuters reported. A banking association is asking the SEC to stop short-bets on bank stocks. The Securities and Exchange Commission calls market manipulation "intentional or willful conduct designed to deceive or defraud investors by controlling or artificially affecting the price of securities." The American Bankers Association is urging the SEC to stop short bets in regional bank stocks. Short sellers pulled in nearly $400 million on Thursday from the sell-off in regional bank stocks, according to data from financial analytics platform Ortex.

☆ Dow leaps 546 points as US stocks surge after Apple earnings and hot April jobs report
▼ + stars: | 2023-05-05 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

US stocks jumped on Friday as tech behemoth Apple and regional bank stocks climbed. The S&P 500 finished higher after four consecutive losses, and the Dow Jones Industrial Average piled on more than 500 points. Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:Equities also found strength from a jump in regional bank shares, including PacWest and Western Alliance after sharp selloffs during the week. Yields ran up as the bond market sold off following the stronger-than-expected US jobs report for April. "The April jobs report is indisputably hawkish and puts the focus back on the Fed – especially if inflation data also beat next week.

☆ Almost 50% of Americans say they worry about their money being safe with a bank as shares of regional lenders plunge amid deposit outflows
▼ + stars: | 2023-05-04 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Nearly half of Americans are worried about the safety of their cash in banks and other financial institutions, Gallup said Thursday. But 20% said they were "not worried at all" about their cash, and 30% considered themselves "not too worried." The study was conducted throughout April after Silicon Valley Bank and Signature Bank imploded in March. But its message didn't soothe those trading regional bank stocks on Thursday. Regional bank stocks plunged, with PacWest Bancorp sliding nearly 50% following a Bloomberg report the Beverly Hills-based lender is weighing strategic options, including a breakup or a sale to a larger rival.

☆ Russia and India reportedly halt talks over using rupees for trade, with Moscow preferring to be paid in Chinese yuan
▼ + stars: | 2023-05-04 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Russia and India have suspended negotiations over using rupees for trade, Reuters reported. Russia wants to be paid in Chinese yuan or other currencies, a second Indian government official involved in the discussions told Reuters. India began exploring a rupee settlement mechanism with Russia soon after Moscow launched war against the former Soviet state. No reported deals have been conducted using rupees, Reuters reported. A currency dispute between Russia and India left deliveries of Russian weapons to India on hold, Bloomberg reported last month.

☆ The cost of insuring against a US default hits an all-time high as debt ceiling deadline looms
▼ + stars: | 2023-05-04 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

The insurance cost against a US default hit a fresh high Thursday as lawmakers wrangle over raising the debt ceiling. One-year US government credit default swaps traded at 152 basis points. One-year US government credit default swaps traded at 152 basis points, surpassing trades above 134 in late April when those derivatives were the costliest since the 2008 global financial crisis. Buyers of credit default swaps, or CDS, seek insurance against a borrower that may not meet its debt-payment obligations. The bill offered to lift the debt ceiling in exchange for government spending cuts of roughly 8% in 2024, among other terms.

☆ Here are 5 things stock market investors should watch for with volatility set to ramp up through year-end
▼ + stars: | 2023-05-04 | by ( Carla Mozée | ) www.businessinsider.com time to read: +5 min

The Fed on Wednesday issued its 10th straight interest rate increase to a near 20-year high of 5%-5.25%. The latest move comes as the US bond market flashes recession warnings as steeper borrowing costs put pressure on the economy. Comerica Wealth Management2. Comerica Wealth Management4. But Comerica Wealth said it sees the signal from corporate bonds as less ominous.

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