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Gold gains as U.S. dollar, yields slip; focus on jobs data
  + stars: | 2024-06-06 | by ( ) www.cnbc.com   time to read: +1 min
Gold firmed on Thursday as the dollar and Treasury yields retreated on rising bets that U.S interest rate cuts may start as early as September, while investors awaited the U.S. non-farm payrolls data. Gold firmed on Thursday as the dollar and Treasury yields retreated on rising bets that U.S interest rate cuts may start as early as September, while investors awaited the U.S. non-farm payrolls data. Spot gold was up 0.8% at $2,373.31 per ounce as of 0258 GMT, after rising 1% in the previous session. The dollar index was down 0.2%, hovering around a near two-month low, and benchmark U.S. 10-year Treasury yields lingered near their weakest levels in more than two months. "The fundamental outlook still looks constructive for gold as we move closer towards possible Fed rate cuts in the second half of the year.
Persons: Tim Waterer Organizations: Treasury, ., U.S ., KCM, U.S, Federal
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. The tech-heavy Nasdaq was the star of the show Wednesday, surging more than 1.5% on the back of Nvidia 's march to a $3 trillion market value. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Eaton, Gamble, Wednesday's, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Federal Reserve, Treasury, Nvidia, Hewlett Packard Enterprise, Dell Technologies, Broadcom, Apple, Costco, Constellation Brands, Proctor, Jim Cramer's Charitable Locations: U.S, Dover
WalletHub's report ranks state economies based on their economic activity, health, and innovation. Mississippi, Arkansas, Louisiana, and Kentucky are among the weakest state economies in the US. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Those five states have the best economies, according to a new ranking of all 50 states and DC by financial services company WalletHub. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Washington, Service, Business Locations: Mississippi , Arkansas , Louisiana, Kentucky, States, Washington , Utah , Massachusetts , Texas, California, , Mississippi, Hawai'i, West Virginia , Arkansas
CNN —Simone Biles is halfway to a record-extending ninth all-around national title after dominating the first day of the Xfinity US Gymnastics Championships and could complete the extraordinary achievement on Sunday. Suni Lee, the 2020 Olympic all-around champion, sits in fourth place overall while Jade Carey, the 2020 Olympic floor champion, is in eighth place. Simone Biles has already won eight national all-around titles. Brody Malone celebrates winning his national title. How to watch Biles competeThe second day of the women’s competition will take place on Sunday, from 6.45 p.m.
Persons: CNN — Simone Biles, Skye Blakely, Kayla DiCello, Biles, Cheng, Suni Lee, Jade Carey, Simone Biles, Jerome Miron, Vitaly Scherbo’s, Brody Malone, I’ve, ” Malone, Malone, Frederick Richard, Peacock Organizations: CNN, USA, Sports, Reuters, Tokyo Games, Olympics, NBC, CNBC, YouTube Locations: American, Khoi
With scientists predicting yet another active year for storms, making your home hurricane resistant has become a more valuable precaution. "Already, we are seeing storms move across the country that can bring additional hazards like tornadoes, flooding and hail," he said. A separate forecast from hurricane researchers at Colorado State University predicts an "extremely active" hurricane season in 2024 due to record-warm tropical and eastern subtropical Atlantic sea surface temperatures. If installing new hurricane windows isn't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.
Persons: Irma, Warren Faidley, Alicia Silverstone, Erik A, Hooks, Phil Klotzbach, Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Getty, Atmospheric Administration, NOAA, Finance, Federal Emergency Management Agency, Hurricanes, Colorado State University, Department of Atmospheric, Fluid Dynamics, Climate, Energy Solutions, Swiss, Massachusetts Institute of Technology, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: Miami , Florida, U.S, windstorms, Florida, In Florida, Alabama, Louisiana, dsireusa.org
South Africa's governing African National Congress lost its parliamentary majority of 30 years, in the country's most sweeping political shift since the end of the apartheid. The six-months-old uMkhonto weSizwe party of the country's former president Jacob Zuma, established in December, clinched 14.6% of votes. The result marks a meteoric fall for ANC from the 57.5% wrested during the previous election of 2019 — at the time, the party's weakest feat since South Africa's first democratic vote in 1994. In 2022, the World Bank named South Africa "the most unequal country in the world." "Top-of-mind issues for voters are unemployment, loadshedding, corruption, and crime, which have all taken a toll on the country's growth performance for years," analysts at Deloitte said at the start of the month.
Persons: Jacob Zuma, Long Organizations: African National Congress, ANC, Democratic Alliance, Marxist Economic, Fighters, World Bank, Deloitte Locations: South Africa
CNN —Simone Biles’ quest for a record-extending ninth US Gymnastics Championship title began on Friday in Fort Worth, Texas. Biles finished the night on the floor and scored a 15.200 to solidify her lead and enter Sunday with a great chance to win the title. Biles’ fellow all-around Olympic champion Suni Lee finished in fourth place Friday, while reigning Olympic floor champion Jade Carey finished in eighth place. All podium training sessions will be available to watch on FlipNow.tv – USA Gymnastics’ streaming service – while Peacock, NBC and CNBC will broadcast the main sessions. More viewing details are available on the USA Gymnastics website.
Persons: CNN — Simone Biles, Skye Blakely, Kayla DiCello, Biles, Cheng, Biles ’, Suni Lee, Jade Carey, Simone Biles, Jim Cowsert, Brody Malone, Fred Richard, Maksim Kan, Peacock Organizations: CNN, Olympic, Olympic Games, NBC, CNBC, USA, YouTube, US Olympic, Paris Locations: Fort Worth , Texas
CNN —CNN Opinion asked our contributors to weigh in on Trump’s conviction on 34 counts of falsifying business records. Are there really that many voters whose view of Trump as a man, or politician, could be altered by bookkeeping irregularities? How many would-be Trump voters will be swayed against him because of miscategorized business expenses? Instead of validating Trump’s narcissism, Democrats should turn the camera away from Trump and toward the American people. Democrats should make the case that Trump’s policies would decimate the middle class and that ought to be a (metaphorical) crime.
Persons: Patrick Brown, Patrick T, Brown, , Trump, Attorney Alvin Bragg, , Biden, Robert De Niro, Stacy Schneider, Rikers Stacy Schneider, Juan Merchan, Donald Trump, I’ve, Trump’s, There’s, ” Timothy C, Tim Parlatore Tim Parlatore, Michael Cohen’s, Karen McDougal, Daniels, today’s, Timothy C, Paul Begala, , Roe, Wade, kowtowing, Vladimir Putin, Bill Clinton’s, Clinton, Jennifer Rodgers, Judge Juan Merchan, Prosecutors, Donald Trump’s, Merchan, Will, it’s, they’d, he’d, , Joey Jackson, Donald, Michael Cohen, Cohen, Cohen’s Organizations: CNN, Progressives, Trump, haven’t, Attorney, Republicans, Public Policy Center, Economic, Parlatore Law, LLP, Navy, Paul Begala CNN, Social Security, Democratic, Manhattan, NYU School of Law, Columbia Law School, Republican Party, GOP, Team Trump Locations: Manhattan, Washington , DC, New York, Trump, Russian
Residents line up to cast ballots in the national election on May 29, 2024 in Matatiele, South Africa. South African's governing African National Congress appears set to lose majority control in the country's most seismic political transition since the end of the apartheid. The International Monetary Fund projects that South Africa's gross domestic product will climb by 0.9% in 2024. The democratic process is going to emerge victorious," ANC leader and South Africa's incumbent President Cyril Ramaphosa, 71, said Wednesday on social media. The U.S. dollar was up 1.31% against the South African rand at 8:30 a.m. London time, following the report.
Persons: Nelson Mandela, Cyril Ramaphosa Organizations: Reuters, country's Council for Scientific, Industrial Research, ANC, Democratic Alliance wresting, Marxist Economic, Fighters, African National, ANC —, World Bank, Monetary Fund, South, National Union of Mineworkers, Associated Press, U.S Locations: Matatiele, South Africa, London, Johannesburg
Dollar steady ahead of inflation data, yen wobbles
  + stars: | 2024-05-29 | by ( ) www.cnbc.com   time to read: +7 min
The dollar was stable on Wednesday on wagers the Federal Reserve is unlikely to cut rates until later this year ahead of crucial inflation readings this week, while the yen drifted to its weakest in four weeks. Market focus this week will be on a slew of inflation reports, with German inflation data due on Wednesday and the wider euro zone's reading on Friday. Market focus this week will be on a slew of inflation reports, with German inflation data due on Wednesday and the wider euro zone's reading on Friday. The pound was 0.13% higher at 200.68 yen, the strongest since August 2008, while the euro touched a one-month high of 170.795 yen earlier in the session. The yen, which is sensitive to Treasury yields, is down 10% for the year against the dollar but may yet scrape a monthly gain in May.
Persons: Sterling, Christopher Wong, Prashant Newnaha Organizations: U.S, Australian, FX, TD Securities Locations: U.S, Tokyo, Asia
Seoul/Hong Kong CNN —A labor union representing tens of thousands of workers at Samsung Electronics in South Korea has called a one-day strike next week, in what would be the first such walkout at the smartphone and chipmaking giant. The Nationwide Samsung Electronics Union (NSEU) said on Wednesday during a press conference streamed on its official Youtube channel that its 28,000 members — just under a quarter of the company’s total workforce in the country — would strike on June 7, following failed negotiations over pay and bonus arrangements. Son Woomok, leader of the Nationwide Samsung Electronics Union, speaks to CNN on May 29, 2024. The vast majority of the world’s advanced microchips are made in just two places: Taiwan and South Korea. Taiwan’s industry is larger and more dominant, something South Korea is keen to challenge.
Persons: , , Woomok, Yoonjung Seo, chipmaker Organizations: Hong Kong CNN, Samsung Electronics, Nationwide Samsung Electronics Union, CNN, Samsung, Wall Street, Intel Locations: Seoul, Hong Kong, South Korea, Taiwan
Oil prices were stable on Friday as investors considered the latest comments from the U.S. Federal Reserve on interest rates amid sticky inflation, while signs of firming seasonal U.S. fuel demand lent support. Brent crude futures rose 2 cents at $81.38 a barrel at 0315 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 1 cent at $76.86. Both benchmarks settled at multi-month lows on Thursday, with Brent crude futures closing at their weakest point since January and U.S. crude futures hitting a three-month low. Gasoline demand in the U.S. reached its highest level since November, the Energy Information Administration (EIA) said on Wednesday. That helped support the market as U.S. drivers account for around a tenth of global oil demand, "making the upcoming driving season a pillar of the recovery in global demand growth", ANZ analysts said in a note.
Persons: Priyanka Sachdeva, Phillip Nova, Jerome Powell Organizations: U.S . Federal Reserve, Brent, U.S, West Texas, Energy Information Administration, ANZ, Organization of, Petroleum, OPEC Locations: Fort Stockton , Texas, U.S
New home sales at weakest levels since November
  + stars: | 2024-05-23 | 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 EmailNew home sales at weakest levels since NovemberCNBC's Rick Santelli and Diana Olick report on the latest new home sales data.
Persons: Rick Santelli, Diana Olick
Macy's fiscal first-quarter earnings topped Wall Street's expectations on Tuesday, as the retailer said it saw early signs of momentum in its turnaround strategy. Macy's raised its full-year earnings expectations to reflect the first-quarter beat, along with the low end of its sales outlook. That's more than a quarter of namesake Macy's locations. Yet the retailer said it will invest in parts of the business that have fared better, including the roughly 350 Macy's stores that will stay open. It plans to open more Bloomingdale's and Bluemercury locations, and smaller Macy's stores in suburban strip malls.
Persons: Macy's, Tony Spring Organizations: Inc, LSEG Locations: Herald, New York
Macy’s Reports Another Drop in Sales
  + stars: | 2024-05-21 | by ( Jordyn Holman | ) www.nytimes.com   time to read: +1 min
Macy’s said its comparable-store sales in the United States fell 1.2 percent from the same quarter a year earlier. Sales at the namesake Macy’s brand were the weakest of all of the company’s brands, falling 1.6 percent. Sales at Bloomingdale’s rose 0.8 percent and Bluemercury’s sales rose 4.3 percent. According to the Census Bureau, retail sales at department stores overall fell 2.4 in the first four months of the year, compared with the same period last year. The department store chain said it expected comparable-store sales to be down about 1 percent to 1.5 percent compared with last year.
Persons: Macy’s, décor Organizations: Census Locations: United States
Dollar calm as traders await clues on U.S. rate path
  + stars: | 2024-05-20 | by ( ) www.cnbc.com   time to read: +4 min
In this photo illustration, a person seen holding a 100 US dollar bill in his hand. The dollar was broadly steady on Monday as investors awaited further clues to help chart the U.S. interest rate path in the wake of cautious comments from Federal Reserve officials, even as inflation shows signs of cooling. The Japanese yen was flat at 155.74 per dollar, with traders on alert for any signs of government intervention. That has prompted traders to trim the amount of easing expected this year to about 46 bps, with only a rate cut in November fully priced in. In other currencies, sterling touched a two-month high of $1.2711 ahead of the crucial UK inflation report due on Wednesday.
Persons: Brian Jacobsen, Powell, Jackson, Flash PMIs, Paul Mackel, BoE, Charu Chanana Organizations: Federal Reserve, Annex Wealth Management, ANZ, European Central Bank, Bank of England, HSBC, New Zealand, Reserve Bank of New, Saxo Locations: Tokyo, Germany, U.S, Reserve Bank of New Zealand
AdvertisementWarning: Spoilers for the first four episodes of "Bridgerton" season 3 and the book "Romancing Mr. Bridgerton" ahead. AdvertisementHannah Dodd as Francesca Bridgerton on season three, episode two of "Bridgerton." Season 3 should've built on 'Queen Charlotte' moreQueen Charlotte and Lady Danbury are underutilized so far in season three. Cressida's story is one of the best parts of the season so farCressida Cowper is given more depth in "Bridgerton" this season. "Bridgerton" season three, part two premieres June 16 on Netflix.
Persons: , Caralynn Matassa, Palmer Haasch, Adekaiyero —, Bridgerton, Penelope, Colin, schtick, Luke Newton doesn't, Luke, Caralynn, Jonathan Bailey, Palmer, that's, I'm, Eloise, Cressida, Debling, Lord Debling doesn't, Polin, they've, he's, Liam Daniel, Netflix Palmer, — they're, Kanthony, Anthony, Kate, Anthony didn't, Daphne, Simon, Benedict whoring, Benedict, Lady Tilley Arnold, Lady Tilley, Francesca, John, Kilmartin, Hannah Dodd, Francesca Bridgerton, Fran, Hannah, Violet, Claudia Jessie, I've, Charlotte, Lady, Laurence Cendrowicz, Lady Danbury, Queen Charlotte, Golda Rosheuvel, they'd, Danbury, Lord Marcus, Lady Danbury haven't, Lady Featherington, Lord Debling, Featherington, Polly Walker, it's, Will Mondrich, Mondrich, Jean Page's, Alice, Will, doesn't, Cressida Cowper, Lady Whistledown, we've Organizations: Service, Business, , Netflix Locations: Polin's, Lady Danbury, Queen, Lady, India
CNN —House Speaker Mike Johnson is not waiting for ex-President Donald Trump to be judged by a jury of his peers. Vance, a possible VP contender, was there along with Alabama Sen. Tommy Tuberville, a famed former college football coach. The speaker’s appearance is different, given the constitutional heft of his office and the figurative connotations it evokes. Some experts have questioned whether any other defendant besides Trump would face the same indictment at the hands of a prosecutor, Manhattan District Attorney Alvin Bragg, a Democrat. Trump is exercising his right to mount a defense and is considered innocent until proven guilty.
Persons: Mike Johnson, Donald Trump, He’s, Trump, Johnson, Michael Cohen, Ohio Sen, J.D, Vance, Alabama Sen, Tommy Tuberville, Doug Burgum, , he’s, Stormy Daniels, Daniels, Cohen, Trump’s, , ” Johnson, Attorney Alvin Bragg, Organizations: CNN —, Republican, Louisiana Republican, Trump, , Ohio, Alabama, North Dakota Gov, GOP, Attorney, Democrat Locations: Louisiana, New York, Manhattan
Cohen’s testimony is set to be the critical moment of the hush money trial that could make Trump the first ex-president to be convicted of a crime. He has talked extensively about his desire to see President Trump go to prison. He has talked extensively about his desire to see President Trump’s family go to prison. He has talked extensively about President Trump getting convicted in this case,” Blanche said. While the hush money trial harks back to the 2016 election, its end game could play a significant role in the destiny of the White House eight years later.
Persons: CNN — Michael Cohen, Donald Trump’s “, Trump, Stormy Daniels, , Cohen, Daniels, ” Cohen, , Matthew Colangelo, “ Cohen, , ” Colangelo, Anthony Scaramucci, Donald Trump, Michael Cohen, CNN’s Jake Tapper, Todd Blanche, Trump’s, ” Blanche, John Dean, Roy Cohn, He’s, Judge Juan Merchan, Fani Willis, Joe Biden, he’s Organizations: CNN, Trump, Republican, Trump Organization, House, Nixon White, “ CNN, Mr, Fulton, White House, GOP Locations: Russia, New York, Florida, Fulton County
Donald Trump After Dark - The New York Times
  + stars: | 2024-05-11 | by ( Maureen Dowd | ) www.nytimes.com   time to read: +1 min
Justice Juan Merchan chided Donald Trump’s lawyer Susan Necheles, saying he didn’t understand why she hadn’t objected to seamy details about the President and the Porn Star spilling out. “Why on earth she wouldn’t object to the mention of a condom I don’t understand,” Merchan complained about Necheles. The New York trial involves an abstruse legal strategy and illusory crime. It’s the weakest of the cases against Trump. But it now seems almost certain that none of the other cases will be resolved before the election.
Persons: Stormy, Juan Merchan, Donald Trump’s, Susan Necheles, hadn’t, ” Merchan, It’s, d’état, we’re, Organizations: Trump Locations: York
Opinion | Donnie After Dark
  + stars: | 2024-05-11 | by ( Maureen Dowd | ) www.nytimes.com   time to read: +1 min
Stormy was working blue, and the judge was seeing red. Justice Juan Merchan chided Donald Trump’s lawyer Susan Necheles, saying he didn’t understand why she hadn’t objected to seamy details about the President and the Porn Star spilling out. “Why on earth she wouldn’t object to the mention of a condom I don’t understand,” Merchan complained about Necheles. The New York trial involves an abstruse legal strategy and illusory crime. But it now seems almost certain that none of the other cases will be resolved before the election.
Persons: Stormy, Juan Merchan, Donald Trump’s, Susan Necheles, hadn’t, ” Merchan, It’s, d’état, we’re, Organizations: Trump Locations: York
Dollar nurses losses after another set of soft jobs data
  + stars: | 2024-05-10 | by ( ) www.cnbc.com   time to read: +4 min
Against the Japanese yen, the dollar was trading at 155.39 yen , down from highs of 155.95 hit in the previous session. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 105.25. "We note jobless claims are weekly data that can be very volatile from week to week," Commonwealth Bank of Australia's Joseph Capurso, said in a note. "The BoE's urgency and willingness to cut ahead of the Fed will continue to weigh on the currency," Goh said. Being added to the list makes it harder for U.S. suppliers to ship to the targeted entities.
Persons: Commonwealth Bank of Australia's Joseph Capurso, Shunichi Suzuki, Rong Ren Goh, Sterling, BoE, Goh Organizations: U.S, Federal Reserve, dovish Bank of England, Commonwealth Bank of Australia's, Tokyo, Japan's Finance, Eastspring Investments, Bank of England, Monetary, Committee, Fed, Treasury, Traders, PPI, Federal Locations: U.S, United States
Trial date: Delayed indefinitely. On Tuesday, Cannon scratched the planned May trial date and did not pencil in a new one. Trial date: Delayed indefinitely. Trump’s effort to disqualify the prosecutor in Georgia continuesIndictment: August 14, 2023. Trial date: Delayed indefinitely.
Persons: Donald Trump’s, Disproving, Trump, Aileen Cannon, Cannon, Jack Smith, Trump’s, Ty Cobb, CNN’s Erin Burnett, , ” Cobb, Burnett, Cobb, , Smith, Fani Willis, shouldn’t, Judge Scott McAfee’s, Willis, Stormy Daniels, Daniels, Michael Cohen, Cohen Organizations: CNN, Trump, National Archives, White, Court, Seal, The Georgia, Appeals, New Locations: New York, New York , Florida, Georgia, Washington, DC, Florida, Washington ,, Fulton County
He learned late Tuesday afternoon that Judge Aileen Cannon, whom he appointed, indefinitely postponed a trial in his classified documents case in Florida. She told the jury Tuesday about a $130,000 hush money payment she received from Cohen before the 2016 election. But prosecutors allege Trump falsified business records to hide it and to mislead voters in an early bout of election interference. The judge complained that the ex-president was “cursing audibly” during Daniels’ testimony and was shaking his head. “Am I correct that you hate President Trump?” Necheles asked.
Persons: CNN —, Stormy Daniels, Donald, , he’s, Trump, scowling, Daniels, Aileen Cannon, Ty Cobb, Cannon, ” Cobb, CNN’s Erin Burnett, Cannon’s, Trump’s, it’s, Michael Cohen, Cohen, He’s, , Donald Trump, Norm Eisen, CNN’s Wolf, Judge Juan Merchan, audibly ”, , Todd Blanche, Jeremy Herb, Merchan, Susan Necheles, Necheles, ” Necheles, ” Daniels, , Let’s, , Daniels —, Eric Trump, ” Trump Organizations: CNN, White, Trump, White House, Locations: Florida, Lake Tahoe
To win penny-pinching customers back, some say they're planning smaller price increases for the rest of the year. Wendy's CFO Gunther Plosch told investors on Thursday that consumers are "still under pressure" — especially those with household incomes under $75,000. Chains raised prices drastically during the pandemic to offset rising labor and food costs, and it's coming back to bite them. For some restaurant chains, comparable sales even fell. McDonald's would "certainly" be "prudent and thoughtful" about any further price increases in the rest of 2024, Borden said.
Persons: , Gunther Plosch, Ian Borden, Joshua Kobza, Burger, Popeyes, Burger King, Wendy's, William Blair, Sharon Zackfia, Borden, Katie Fogertey Organizations: Service, Starbucks, KFC, US, Bureau of Labor Statistics Locations: Burger, North America
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