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To gauge your retirement preparedness, you may compare your 401(k) balance with other savers' progress. But you might find that people in your field are a better comparison point than those in your age group. Recent data from Fidelity finds that 401(k) plan investors on the firm's platform had a $125,900 average 401(k) balance in the first quarter. Fidelity put industry data together so the companies on its 401(k) platform could better understand their employees' savings behavior, according to Mike Shamrell, vice president of thought leadership for workplace investing at Fidelity. "They want to make sure that what they're doing is aligned with the companies that they're competing with for talent," Shamrell said.
Persons: Z, Mike Shamrell, Shamrell Organizations: Fidelity, Finance, Biden
Elon Musk drops suit against OpenAI and Sam Altman
  + stars: | 2024-06-11 | by ( Hayden Field | ) www.cnbc.com   time to read: +3 min
In this photo illustration, the logo of 'OpenAI' is displayed on a mobile phone screen in front of a computer screen displaying the photographs of Elon Musk and Sam Altman in Ankara, Turkiye on March 14, 2024. Elon Musk on Tuesday withdrew his lawsuit against OpenAI and two of the company's co-founders, Sam Altman and Greg Brockman, in California state court. Musk's decision to file to dismiss the suit came just one day after he publicly criticized OpenAI and its new partnership with Apple. In February, Musk had filed a lawsuit against OpenAI, Altman and Brockman — the current CEO and president of OpenAI, respectively — for breach of contract and fiduciary duty. Last year, Musk debuted his own AI startup and OpenAI competitor, xAI, which last month announced a $6 billion Series B funding round.
Persons: Elon Musk, Sam Altman, OpenAI, Greg Brockman, Musk, Altman, Brockman, It's, Kevin O'Brien, Ford O'Brien Landy, I'm, Andreessen Horowitz, X.AI, — CNBC's Lora Kolodny Organizations: Tuesday, Apple, CNBC, OpenAI, Microsoft, Elon, Sequoia Capital, Fidelity Management & Research Company, Musk Locations: Ankara, Turkiye, California, San Francisco
Read previewLast month, China conducted large-scale military exercises around Taiwan with the intent to send a message. He added that the May exercise showed that China's fleet "is very well suited" for a blockade or quarantine of Taiwan. After the most recent Chinese military drills, US Indo-Pacific Commander Adm. Samuel Paparo said the US observed the exercises closely, learning from them and assessing that they "looked like a rehearsal" for a military action against Taiwan. AdvertisementThe Taiwan M109 speed boats maneuver on the sea during a military drill on January 31, 2024, in Kaohsiung, Taiwan. An outdoor screen shows a news coverage of China's military drills around Taiwan, in Beijing on May 23, 2024.
Persons: , Tom Shugart, Adm, Samuel Paparo, Annabelle Chih, Nancy Pelosi, Mick Ryan, Ryan, JADE GAO, John Aquilino, Shugart, Gui Organizations: Service, Business, US Navy, Center, New, New American Security, of Defense, PLA, Pacific, Taiwan, Getty, South Korean, Theater Command, China Military, Anadolu, American Enterprise Institute, Institute for Locations: China, Taiwan, New American, Kaohsiung, Australian, Beijing, Gui Xinhua, Pacific
In this photo illustration, the Spotify music app is seen on a phone on June 04, 2024 in New York City. Spotify made an announcement that it will be raising the price of its Spotify Premium Individual plan by $1, from $10.99 to $11.99 per month and the Premium Family plan by $3, from $16.99 to $19.99 per month. Spotify will introduce a new expensive plan for its most ardent users later this year, Bloomberg News reported on Tuesday, citing a person familiar with the plan. In 2021, Spotify announced the HiFi audio feature to let premium subscribers in select markets upgrade their sound quality, but according to the report its rollout was delayed. Spotify's premium subscribers rose by 14% to 239 million in the first quarter ended March 31 from a year earlier.
Organizations: Spotify, Bloomberg Locations: New York City, Swedish, United States
Research has found a great wealth transfer is underway, with research and consulting firm Cerulli Associates estimating an $84 trillion to shift from older to younger generations through 2045. Yet other experts say a retirement savings crisis may be brewing for some who have not set aside enough for their elder years. "That wealth transfer is going to take place on a less-than-widespread basis," Horton said. Those costs — combined with low retirement balances — have prompted some to say there is a retirement savings crisis underway. A majority of Americans — 79% — said there is a retirement crisis, up from 67% in 2020, a recent survey from the National Institute on Retirement Security found.
Persons: Chayce Horton, Horton, There's, that's, Organizations: Cerulli, Fidelity, National Institute on Retirement Security Locations: U.S
Nvidia 's stock still has plenty of upside ahead of it even after the chip giant's market cap crossed $3 trillion , according to a highly rated portfolio manager. Adam Benjamin, a research analyst and portfolio manager at Fidelity Investments, told CNBC on Thursday that the artificial intelligence boom still has plenty of room to grow and that Nvidia remains in a strong position. Nvidia was the top holding in the Fidelity Select Technology Portfolio (FSPTX) as of April 30. "I know people like to talk about this as a chip company … but this is really a full infrastructure and compute and services company," Benjamin said. Other top holdings in Benjamin's Fidelity fund as of April 30 include Microsoft and Apple .
Persons: Adam Benjamin, Benjamin, Berkshire Hathaway's Warren Buffett, Morningstar Organizations: Nvidia, Fidelity Investments, CNBC, Wall, Berkshire, Fidelity, Technology, Morningstar, Microsoft, Apple
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFidelity's Adam Benjamin: Apple's annual Worldwide Developers Conference should be 'interesting'Adam Benjamin, portfolio manager at Fidelity Investments, joins CNBC's 'Squawk on the Street' to discuss tech stocks, Nvidia, AI, and more.
Persons: Adam Benjamin Organizations: Developers, Fidelity Investments, Nvidia
A decade ago, Millennium Management managed $21.1 billion and had 18 senior people — all a part of the executive committee — listed on its website. Now the $64 billion multistrategy manager has 47 names on its leadership page split among divisions like the relatively new Office of the CIO. Executive teams are often just a firm's founder and a few trusted lieutenants. Many departures from the firm's top level have been executives launching their own funds or joining Millennium colleagues starting their own funds. Michael Gelband and Hyung Lee, who once ran fixed income and equities, respectively, brought the business-development pro Peter Hornick and the risk executive Dev Joneja with them when they launched ExodusPoint.
Persons: , Izzy Englander, hasn't, Englander, Bobby Jain, Ajay Nagpal, Michael Chung, Peter Santoro, Izzy, Jain, Stephen Haratunian, Michael Gelband, Hyung Lee, Peter Hornick, Dev Joneja, Kurt Baker, Jonathan Xiong Organizations: Millennium Management, Business, Fidelity, Bloomberg, Citadel, Millennium Locations: BlackRock, New York, Asia
Universum shared a new set of rankings about what US students said would be their ideal employers. 1 among business students. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe dream employers of US business students vary a lot based on new results from employer branding specialist Universum. Universum surveyed over 40,000 US students from September 2023 to April 2024 and put together rankings based on what students in different fields of study, such as business, chose as their ideal employers.
Persons: Universum, Organizations: JPMorgan Chase, Fidelity Investments, BlackRock, Service, Business Locations: Universum
Some investors might be trying too hard to understand bitcoin and missing an investing opportunity in the process, according to an executive from Fidelity Digital Assets. Matt Horne, head of digital asset strategies at the firm's custody and trading arm for institutional investors, said investors and advisors are busy sharpening their cryptocurrency thesis when a small portfolio allocation is likely appropriate for them regardless of their thesis. "Most investors are saving money, investing money with an advisor, to meet some longer-term goal [such as] retirement," Horne added. "A non-zero position in something like bitcoin could make sense for a lot of clients given a long-term horizon [and] position sizing that's appropriate for their risk." Advisors who needed regulated funds like bitcoin ETFs to direct their wealthy clients to invest in bitcoin represented a big case for the funds.
Persons: Matt Horne, Horne, bitcoin, Organizations: Fidelity Digital Assets, Digital Assets, Financial Professionals, Fidelity Locations: Austin , Texas
However, there's a common mistake he sees couples make when it comes to managing their money. "Often one partner has taken on the role of the 'money person,'" he tells CNBC Make It. What to do if you're the 'money person' in your relationshipIf you're the "money person" in your relationship, you might want to make a change, Sethi says. "The person who's the 'money person' has to take on the responsibility of gently recalibrating the relationship." Additionally, if you're the "money person," don't overuse financial terms like "compound interest" or "tax-advantaged accounts" that your partner may not understand.
Persons: combatting overspending, Ramit Sethi, Rich, Sethi, It's, doesn't, You've Organizations: CNBC, Fidelity Investments
The right retirement savings rate depends on your age, expected retirement date, cash flow, projected Social Security income, pensions and retirement plans, among other factors. However, "if you can't reach that 15%, at least try to contribute [enough] to get your full company match," Shamrell said. If you can't reach that 15%, at least try to contribute [enough] to get your full company match. 401(k) savings rates are increasingOver the years, both the individual savings rate and company contributions have continued to climb, said Shamrell with Fidelity. Automatic 401(k) contribution increases have also boosted savings rates, according to Shamrell.
Persons: Mike Shamrell, Shamrell, deferrals, Andrew Herzog Organizations: Fidelity Locations: Plano , Texas
With that in mind, we've gathered the best deals for you to shop this weekend, below. The best Amazon deals include a rare PS5 deal, bringing the Digital Edition Slim down to only $399. Keep scrolling to find the best Amazon deals we've found, most of which will still arrive in time for Father's Day in case you're gift shopping. 10 Best Amazon deals available nowSony PS5 Slim (Digital Edition) $399.00 $449.00 Save 11% The PS5 Slim Digital Edition is for downloadable games only and costs $50 less than the standard PS5 with a disc drive. Shop at AmazonCheck out more of Amazon's best deals here.
Persons: we've Organizations: Business, Father's, Sony, Amazon Belkin, Apple, Apple Watch, Dolby Vision, Sport Wireless, Go, Sports Locations: Thermacell
Still, when you're saving for something that's decades away, such as retirement, it's easy to feel like you're not doing enough or that you're falling behind without some context. Even if you're not doing as well as you'd like, you may be doing better than most. "Automating savings ensures consistency and discipline, making it easier to stick to your retirement savings goals." It's "essentially free money that can significantly boost your retirement savings," says Basso. "Don't treat your retirement savings like Vegas and go all in on something.
Persons: you've, Ashton Lawrence, Alyson Basso, Basso, couldn't, Andrew Herzog Organizations: Fidelity, Mariner Wealth Advisors, Hayden Wealth Management, CNBC Locations: Greenville , South Carolina, Middleton , Massachusetts, Plano , Texas, Vegas
However, the average millennial reported roughly $63,000 in retirement savings so far. While millennials will need more money to retire comfortably, many are far away from the savings milestone experts suggest. What's more, the future of the US Social Security system is uncertain, and longer expected lifespans — while a positive development — will require more retirement savings. How to figure out how much retirement savings you needTiffany Bell, a 36-year-old business management professional based in Houston, didn't always take retirement savings seriously. How millennials can get their retirement savings back on trackWhile some millennials are struggling financially, it's not all doom and gloom when it comes to their retirement prospects.
Persons: Nathaniel Hudson, Hartman, millennials, Tiffany Bell, didn't, Bell, she's, they're, Chris Chen, Chen, Judi Leahy, it's, Leahy, NerdWallet, Bell —, , X, What's, Nilay Gandhi, Roth, Rita Assaf, Assaf, Gandhi Organizations: Business, Northwestern Mutual, Pew, US Social Security, Fidelity, Financial, Citi, Wealth Management, Vanguard, Big, CFP, Roth IRA, Fidelity Investments, Savings, Hudson Locations: Portland, Houston, New York, Montana
Roth individual retirement account conversions are up in 2024 — but there are key things to know before converting funds, experts say. There was a 44% year-over-year increase in the number of Roth conversions during the first quarter of 2024, according to data from Fidelity Investments. Roth conversions transfer pretax or nondeductible individual retirement account funds to a Roth IRA, which provides future tax-free growth. However, "it isn't a slam dunk for everyone" because it takes time for tax-free growth to exceed your upfront tax bill, said Marianela Collado, a certified financial planner and CEO of Tobias Financial Advisors in Plantation, Florida. Here’s how much you can saveInvestors need "sufficient assets" outside of retirement accounts to cover the upfront tax bill, warned Collado, who is also a certified public accountant.
Persons: Roth, Marianela Collado, Collado, You'll Organizations: Fidelity Investments, Roth IRA, Financial, Finance, Medicare Locations: Plantation , Florida
Investor darling Nvidia continued its artificial intelligence-fueled boom, with its earnings beating expectations last week. But some analysts are worried about a potential slowdown in growth from the previous quarter, or an "air pocket" in sales toward year-end. But investors who are worried about being overexposed to Nvidia or who want to make their portfolios more balanced could consider replacing their Nvidia allocation or complementing it with other growth stocks with a low correlation to the chipmaker. Using FactSet, CNBC Pro screened four exchange-traded funds for stocks that have negative or low correlation to Nvidia in the past month. The ETFs are Vanguard S & P 500 Growth ETF, Schwab U.S. Large-Cap Growth ETF, Vanguard Russell 1000 Growth ETF and Fidelity Enhanced Large Cap Growth ETF.
Persons: Lucas Keh, Nancy Tengler, CNBC's, Vanguard Russell Organizations: Nvidia, Investments, CNBC Pro, Schwab U.S, Growth, Vanguard, Fidelity
America has a new favorite brand: Nvidia, the computer chip company that's helping power an artificial intelligence revolution. The result is a measurement "of the reputations of companies most on the minds of Americans," Axios wrote on Wednesday. Both Nvidia and second-place 3M — a multi-industry conglomerate based in Maplewood, Minnesota — were the only two companies on the list to score an "excellent" reputation. Other consumer brands from last year's top five — Costco, Trader Joe's and Chick-fil-A — rank 11th, 13th and 21st, respectively. 3 on last year's list, didn't qualify as one of the country's most-visible companies this year.
Persons: Axios Harris, Axios, Harris, Jensen Huang, Huang, Joe's, John Deere Organizations: Nvidia, Fidelity, Sony Adidas, Honda Motor Company Patagonia Apple Samsung, Google, Forbes, Maplewood , Minnesota —, Costco, Trump Organization, Spirit Airlines, Meta, Fox Corporation Locations: America, Maplewood , Minnesota, Patagonia
New York CNN —They are still a very small minority in the 401(k) universe, but there were a record number of 401(k) participants with balances over $1 million at the end of the first quarter this year, Fidelity Investments said Thursday. Fidelity is one of the largest providers of workplace retirement plans, and its 401(k) data is based on more than 23 million plan participants. The average balance for the so-called 401(k) “millionaires” came to $1,580,000, up from $1,551,300 in the fourth quarter, a Fidelity spokesperson said. Other 401(k) participants also saw increases in their balances in the first quarter. The average savings rate hit a record 14.2%, including employer matches, and is very close to the recommended 15% savings rate from Fidelity and retirement savings experts.
Persons: , ” Fidelity, , Gen Xers Organizations: New, New York CNN, Fidelity Investments, Fidelity, Bloomberg, , Boomers, Pensions, Federal Locations: New York, United States
The SEC has approved a rule change Thursday that would pave the way for ETFs that buy and hold ether , one of the world's largest cryptocurrencies. The decision comes less than six months after the Securities and Exchange Commission approved bitcoin ETFs. Many of the companies that sponsor bitcoin ETFs — including BlackRock, Bitwise and Galaxy Digital — have also started the process of the launching an ether fund. Specifically, the SEC's order approves applications from various exchanges to list eight different ether funds. Ether ETFs are expected to be smaller, at least initially, than their bitcoin counterparts.
Persons: FactSet, Richard Kerr, Kerr, Ethereum, Steven Lubka, Swan, Lubka Organizations: SEC, Securities and Exchange Commission, Galaxy, Swan Locations: BlackRock, Bitwise, U.S
Coinbase is poised to benefit from U.S. spot ether exchange-traded funds, if they are approved, according to JMP Securities. The turnaround sent ether soaring more than 20% to start the week. ETH.CM= 5D mountain Ether 5-day chart JMP's Devin Ryan said in a note Wednesday that Coinbase could see benefits to its transaction, custody and staking businesses as a result of the introduction of ether ETFs. He also said an ether ETF approval does not necessarily signal a blessing by the SEC of the broader crypto asset class, or even comfort around all ETH use cases, such as staking. JMP has an outperform rating on Coinbase and a price target of $320, implying nearly 42% upside from Tuesday's close.
Persons: Coinbase, Devin Ryan, Ryan, JMP Organizations: JMP Securities, U.S . Securities, Exchange Commission, SEC, Fidelity, Management Locations: Base, BlackRock
Cryptocurrencies rose Tuesday amid a late surge in optimism around the U.S. Securities and Exchange Commission's decisions on spot ether exchange-traded funds applications, the first of which is due this week. Ether led the rally, rising 9% to $3,680.98, according to Coin Metrics. Investors are reconsidering the probability that the SEC greenlights spot ether ETF applications amid reports that the SEC has requested document updates from potential ETF issuers and exchanges. Final decisions on applications by VanEck and Ark Invest are due this Thursday and Friday, respectively. BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.
Persons: Cryptocurrencies, Ether, bitcoin, Robinhood, Bartosz Lipiński Organizations: U.S . Securities, Exchange, Metrics, Marathon, Energy, SEC, Cube Exchange, Fidelity, Management Locations: BlackRock
Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager. Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allow bitcoin ETFs. "The crypto asset class is at an important inflection point and this is the right moment for a smooth transition. In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.
Persons: Michael Sonnenshein, Peter Mintzberg, Goldman Sachs, Edward McGee, Sonnenshein, Arturo Holmes Organizations: Investments, BlackRock, U.S . Securities, Exchange Commission, SEC, Fidelity, Forbes, Summit, New York Historical Society, Getty Locations: OppenheimerFunds
In today's big story, we examine how this summer is shaping up to be tough for the stock market . Stocks are on track to either remain flat or turn negative going forward , according to two market vets Jennifer spoke to. The pessimism about stocks' future is due to a few factors. Some Nvidia employees are considered to be millionaires SOPA ImagesThere is, however, one company that could salvage things: Nvidia. As the key chipmaker in the space, a win for Nvidia is a win for everyone betting on AI being the future.
Persons: , Jenny Chang, Rodriguez, Jennifer Sor, Stocks, Jennifer, It's, Jerome Powell, BI's Linette Lopez, Warren Buffett Scott Morgan, Warren, Berkshire Hathaway, Goldman Sachs, Michael Burry, John Paulson, Alyssa Powell, Gen Zers, Instagram, Vincent Sandoval, Getty, Henrik Sorensen, Tyler Le, Larry Ellison, it's, aren't, Cash, Bill Lee, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, New York Knicks, NBA, Business, Getty, Fidelity, Hamptons, Nvidia, Reuters, Berkshire, JPMorgan, Meta, Sciences, Apple, The Locations: Montauk, Berkshire, New York, London
Opinion: Credibility is the key at Trump trial
  + stars: | 2024-05-19 | by ( Richard Galant | ) edition.cnn.com   time to read: +21 min
The idea that Cohen talked to Trump about Daniels on that call “was a lie,” Blanche alleged. Moreover, my experience has been that juries don’t decide based upon one moment — they base their judgment on an overall view.”There were allegedly three parties aware of the scheme to conceal the real reason Trump paid Cohen more than $400,000 in supposed legal fees: Trump, Cohen and Allen Weisselberg, then-chief financial officer of the Trump Organization. “Weisselberg could be the linchpin to validate Cohen’s claims about Trump agreeing to reimburse him through Trump Organization, as a business expense,” wrote attorney Stacy Schneider. Trump seems to be tempted to go mano a mano and show that he is better fit to be commander-in-chief. The new requirement for GOP politicians wanting to demonstrate their loyalty to Trump seems to be visiting the Manhattan courthouse where he’s on trial.
Persons: CNN —, ” Mark Twain, , Twain, ” Michael Cohen, Donald Trump, , Trump, Stormy Daniels, Todd Blanche, Cohen, Norm Eisen, Blanche, , pummeled Cohen, Robert Mueller, Nick Anderson, Agency Cohen, Keith Schiller, Daniels, ” Blanche, ” Eisen, don’t, Allen Weisselberg, Stacy Schneider, Weisselberg, David Zurawik, “ I’ve, Sen, Robert Menendez, He’s, George Santos ., CNN “ It’s, he’s, , Henry Cuellar, ” Cupp, Drew Sheneman, Georgia —, Vladimir Putin’s, Frida Ghitis, ” Ghitis, Joe Biden’s, ” Dana Summers, “ Biden, ” Julian Zelizer, mano, Biden, ” Bill Bramhall, Stephanie Griffith, Howard Tucker, Gayle Fleming, Michael Ventura Gayle Fleming, Biden —, ” Tom Brady’s, Kara Alaimo, Tom Brady “, Kevin Hart, Gisele Bündchen, Brady, Benjamin, Vivian, ’ Brady, , Alaimo, Brady didn’t, Nafees Syed, Kamel El Hilali, Andrew Borene, freakout Scott Stantis, Jeff Yang, … ” Brown, Keith Magee, Brown, backpedaling, Forget, Doug Burgum, Scott Jennings, Burgum’s, Bill Bramhall, Content Agency Clarence Thomas Washington, Clarence Thomas ’, Dean Obeidallah, Thomas, Harlan Crow, ” Clay Jones, John Oliver’s, Steve Vladeck, “ Thomas, ” Don’t, Clayton Swope, Dan Perry, Netanyahu, Jill Filipovic, Miss Teen USA Mary Ziegler, Bob Kolasky, Megan L, Ranney, Karen Tang, Halle Berry, Naomi Watts, Jonathan Yeo, King Charles III, Aaron Chown, Holly Thomas, King Organizations: CNN, Trump, Tribune, Agency, Trump Organization, Twitter, Facebook, DC, Robert Menendez of New, GOP, ” Texas, White, Europe, Russia, Kyiv, Biden, ABC, Democratic Party, Netflix, Garden State, Content Agency, Capitol, Consumer Financial, Board, Fifth Circuit, ICC, Miss USA, Miss Teen USA, Buckingham Palace, Royal Locations: New York, Robert Menendez of, Robert Menendez of New Jersey, Russian, Ukraine, Slovakia, Georgia, Soviet Republic, United States, Cleveland, , Manhattan, North, . North Dakota, ” That’s, Louisiana , Mississippi, Texas, Florida’s, Buckingham
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