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However, the expected AI-driven boom in new iPhone sales does represent a clear positive catalyst on the near-term horizon. Products iPhone sales were down slightly in the quarter. Services All-time revenue record, with an all-time record set in developed markets and a June quarter record set in emerging markets. Services are expected to grow at a double-digit rate similar to the rate seen in Apple's fiscal 2024 first quarter. A person poses holding the original iPhone and the new iPhone 15 outside the Fifth Avenue Apple Store in New York City ahead of the launch of Apple’s new iPhone 15, Sept. 22, 2023.
Persons: Apple, iPhones, Tim Cook, we're, Luca Maestri, AirPods, Maestri, Cook, Jim Cramer's, Jim Cramer, Jim, Alexi Rosenfeld Organizations: Apple, Apple Intelligence, . Research, MacBook Air, iPad, Apple Watch, Services, CNBC, Getty Locations: Greater China, China, Spain, Poland, Mexico, Indonesia, Philippines, New York City
More important to Wall Street is the company's capital expenditures — or spending — as investors are demanding to see clear signs that hefty investments in AI are beginning to pay off . META 1M mountain Meta shares this month The intensified attention toward AI spending comes on the heels of Alphabet's quarterly print and during a "make-or-break" week with earnings from four tech behemoths. While Alphabet topped Wall Street estimates, its rising expenses spurred a sell-off across the sector. But Beck also sees Meta shares going higher as he raised his price target to $600. An uptick in advertising Wall Street is also keeping an eye on advertising figures this quarter, with Nowak viewing Meta as best situated to weather any uncertainty.
Persons: Wolfe Research's, Khajuria, Morgan Stanley, Brian Nowak, capex, Raymond James, Josh Beck, Beck, Wells, Ken Gawrelski, Nowak, Mark Shmulik, Deutsche Bank's Benjamin Black, bode, America's Justin Post Organizations: Meta, StreetAccount, Deutsche, America's, ~$ Locations: Paris
ET, the yield on the 10-year Treasury was down by less than one basis point to 4.1316%. The 2-year Treasury yield was last at 4.3584% after dipping by less than one basis point. With the Fed meeting set to end on Wednesday, investors looked to the central bank's monetary policy announcement and the post-meeting press conference by Fed Chair Jerome Powell. Questions also remain over how many rate cuts could be implemented by the Fed this year. After this month's meeting, three more are in the calendar for the central bank in 2024.
Persons: Jerome Powell Organizations: Treasury, Fed, Labor, Survey
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The information for the following product(s) has been collected independently by Business Insider: Alaska Airlines Visa Signature® credit card, Alaska Airlines Business Credit Card, Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bold® Credit Card, Marriott Bonvoy Bountiful™ Card. How to earn Alaska Airlines milesThere are two types of Alaska miles: Elite-qualifying miles and redeemable miles. Earn Alaska miles for car rentalsYou can opt-in to earn Alaska miles when you rent cars through Alamo, Avis, Budget, Dollar, Hertz, National, or Thrifty. Alaska Airlines Mileage Plan is a highly lucrative frequent flyer program even if you never actually fly on Alaska Airlines. Redeem Alaska miles for flights on partner airlinesUsing Alaska Airlines miles for award flights on partner airlines is perhaps the best way to use your Alaska miles.
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Kicking off the series of costly festivities is typically an engagement, which often means the purchase of a pricey diamond ring. After all, the rule-of-thumb is that a engagement ring is supposed to cost the buyer three months' salary. "Feel free to disregard the 'three-months' salary' rule, as this is an outdated myth that was actually based on a marketing campaign from the Great Depression era, and not based on current facts or data," she says. Indeed, the "three months' salary" rule originated from an advertisement campaign for a diamond company in the 1930s meant to increase the sale of diamonds. The company, Da Beers, initially said that a man should spend one month's salary on a ring, but over the next few decades it continued to raise the bar until it was three months' salary.
Persons: Zola, Sarah Hanlon, Da Beers, Hanlon Organizations: of America Survey Locations: vouge
It's commonly believed that assets related to real estate, such as REITs, benefit from lower interest rates. A lower interest rate environment also increases the attractiveness of this investment in terms of the higher rental income yield offered by real estate. The rate of office use is set to increase over time , which will in turn lead to a recovery in office real estate demand, he said. "A focus on technology and life sciences market clusters should benefit Kilroy in the long run as we expect buoyant growth in these areas. "The remote work dynamic is probably the biggest source of uncertainty for the office real estate industry.
Persons: Morningstar, Suryansh Sharma, Morningstar's, Dave Sekera, Kilroy, Sharma, Sekera Organizations: U.S . Federal, Kilroy Realty, Morningstar, Apple Locations: REITs, U.S
UBS sees the recent tech stock sell-off as a buy-the-dip opportunity for long-term investors. UBS cites attractive valuations, solid fundamentals, and fading technical factors as reason to stick with large-cap tech. But according to UBS, the recent decline in tech stocks is only temporary, and that should be apparent when mega-cap tech stocks report their second-quarter earnings results later this week. A healthy sell-off in tech stocks has led to more attractive valuations for the fast-growing sector, especially when compared to previous bubbles. "While the tech sector appears to be expensive after the rally this year, price-to-earnings multiples remain much lower than in the dot-com era, when many tech stocks had much lower-quality earnings," UBS said.
Persons: , Sundar Pichai Organizations: UBS, Service, Nasdaq, Apple, Microsoft
It's also looking increasingly likely that mortgage rates will drop even further in the coming months. As inflation continues to slow and the Fed is able to start lowering the federal funds rate, mortgage rates should trend down. This will remove some of the upward pressure off of mortgage rates and allow them to fall a bit. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Inch Up (+0.08%)The current average 30-year fixed mortgage rate is 6.38%, up eight basis points from where it was this time last week, according to Zillow data.
Persons: It's, you'll, refinance, they've Organizations: Commerce Department, Federal, Zillow, FHA Locations: Chevron
Any commentary on initial interest in Apple Intelligence will determine where shares go next. As of Wednesday, Apple stock gained about 13% year to date — just shy of the S & P 500 's 2024 performance. The bull/bear debate on Apple depends on whether the benefits of Apple Intelligence are "priced in" at current levels. Yes, the iPhone will be the greatest, most direct way for Apple to realize financial benefits from Apple Intelligence in the near term. Apple will announce plans to incorporate artificial intelligence (AI) into Apple software and hardware.
Persons: There's, Jim Cramer's, Jim Cramer, Jim, Tim Cook, Justin Sullivan Organizations: Apple, Big Tech, Developers, Apple Intelligence, Barclays, JPMorgan, CNBC, Apple Worldwide Developers Locations: what's, geolocation, Cupertino , California
This month's market rotation into small caps is being led by a rebound in cheap stocks. According to FactSet, three of the top five small-cap exchange-traded funds in July are explicitly focused on value, including the iShares US Small Cap Value Factor ETF (SVAL) . That fund was up 11.4% for the month through Wednesday, compared to 7.4% for the broader iShares Russell 2000 ETF (IWM) . Investors can account for profitability by looking for stocks with lower price-to-earnings ratios, one of the metrics captured by many value funds. Screening for value stocks can sometimes miss areas of trouble in the market.
Persons: FactSet, ProShares Russell, Sean O'Hara, O'Hara, Todd Sohn, Sohn Organizations: Growers, Companies
Improving news on inflation again has raised investors' hopes that the Federal Reserve soon will start to aggressively lower interest rates. Futures market pricing now indicates that while the Fed will remain on hold at next week's policy meeting, it will commence cutting in September and move again in November and December. The market-implied probability for a September cut nudged up to about 90% Friday morning, according to the CME Group's FedWatch Tool that measures fed funds futures pricing. Traders in early 2024 were pricing in at least six cuts this year, but the central bank's rate-setting group has remained on hold for a year. Following the two-day meeting that concludes next Wednesday, the Fed meeting schedule is empty for August, save for the all-important annual conclave in Jackson Hole, Wyoming.
Persons: Joseph Brusuelas, , Jerome Powell, Christopher Waller Organizations: Federal Reserve, Friday's Commerce Department, RSM, Traders, Federal Open, Fed Locations: Jackson Hole , Wyoming
UK's Thames Water's troubles mount as credit rating cut to junk
  + stars: | 2024-07-24 | by ( ) www.cnbc.com   time to read: +1 min
Britain's largest water provider Thames Water suffered a blow in its battle to avoid renationalisation on Wednesday as credit rating firm Moody's downgraded its corporate family rating (CFR) and its safest tranche of debt to junk. Moody's downgraded Thames Water's CFR to Ba2 - two rungs into 'junk' rating territory - from Baa3, which is an investment grade and something water firms are supposed to maintain as part of their licence requirements. It safest tranche of debt known as senior secured "Class A" bonds were cut to Ba1, which is one notch into junk, while its riskier "Class B" bonds were dumped five notches lower at B3. Moody's said the downgrade followed this month's provisional ruling from British regulator Ofwat that Thames would not be allowed to raise prices as much as it had requested, and because of its "weakening liquidity position". "Almost certainly it will mean special administration for the company," Seaport credit analyst Satish Pulle said, adding that the downgrade had not come as a surprise.
Persons: Moody's, Satish Pulle Organizations: Thames, CFR, Seaport Locations: Ba2, Baa3, Thames
Read previewA French aerospace company is trying to convince disgruntled American SpaceX employees to leave the US for Europe after billionaire Elon Musk announced he would relocate his rocket company from California to Texas. Stanislas Maximin, CEO of Latitude, jumped at the opportunity to poach any unhappy SpaceX employees suddenly staring down an interstate move. Maximin told CNBC that his LinkedIn post garnered some 200 messages and helped him increase his connections on the site by a third. "We have done it multiple times over," Maximin told CNBC of hiring foreigners. Musk has made the Lonestar State his home base in recent years, moving Tesla headquarters to Texas from California during the pandemic.
Persons: , Elon Musk, Musk, Stanislas Maximin, Maximin, I'm, Lockheed Martin, Tesla Organizations: Service, SpaceX, Business, CNBC, Lockheed, LinkedIn, Lonestar State Locations: Europe, California, Texas
Read previewOn Wednesday, a key Senate panel approved a bill that would ban lawmakers from trading stocks. The Senate Homeland Security and Government Affairs Committee approved the legislation — known as the Ending Trading and Holdings in Congressional Stocks (ETHICS) Act — by an 8-4 vote. AdvertisementPolling has shown for years that the idea of banning lawmakers from trading stocks in broadly popular among members of both parties. This is the most significant progress on a stock trading ban in yearsThe last time either chamber got close to passing a stock trading ban was in September 2022, when House Democrats proposed a sweeping bill that included a major loophole and had little time to be vetted by members. Many saw the effort as a sham designed to appease those who had been pushing for a stock trading ban.
Persons: , Republican Sens, Rand Paul of Kentucky, Ron Johnson of, Mitt Romney, James Lankford, Democratic Sen, Jeff Merkley, they've, There's, Merkley, Jon Ossoff, Josh Hawley, Missouri —, Gary Peters of, Wednesday's, Chuck Schumer Organizations: Service, Senate Homeland Security, Government, Committee, Holdings, Congressional, Republican, Business, Democratic, Treasury, House Democrats, Gary Peters of Michigan Locations: Ron Johnson of Wisconsin, Utah, Oklahoma, Oregon, Georgia, Missouri
The information for the following product(s) has been collected independently by Business Insider: Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bountiful™ Card, Marriott Bonvoy Bold® Credit Card. That adds up quickly, so consider a balance transfer credit card or a zero-interest credit card offer if you need some time to pay off your credit card balance. There are also two mid-range Marriott cards to consider: Marriott Bonvoy Bountiful™ Card and Marriott Bonvoy Bevy™ American Express® Card, which both have a Marriott Bonvoy Bevy™ American Express® Card annual fee. Marriott Bonvoy Brilliant® American Express® Card vs. Marriott Bonvoy Boundless® Credit CardThe Marriott Bonvoy Brilliant® American Express® Card is a more premium card than the Marriott Bonvoy Boundless® Credit Card (with a $650 annual fee compared to $95). Marriott Bonvoy Brilliant® American Express® Card Frequently Asked QuestionsWhat credit score do you need for the Marriott Bonvoy Brilliant® American Express® Card?
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Index ended the day lower Wednesday as investors braced for Tesla and Alphabet's earnings. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The two firms are the first of the Magnificent Seven tech stocks to release their earnings. The stock market is fresh off a winning rally on Monday, which saw the Nasdaq 100 and S&P 500 rise above 1%. Advertisement"The Fed's preferred measure of inflation is expected to tick lower in the June release, paralleling the month's slower CPI inflation.
Persons: , Tesla, Bill Adams, it's Organizations: Tesla, Service, Nasdaq, UPS, Federal, Comerica, CPI
Nirmala Sitharaman, India's finance minister, leaves the ministry to present the budget at the parliament in New Delhi, India, on July 23, 2024. India's finance ministry on Tuesday lowered the country's fiscal deficit target to 4.9% for the financial year ending March 2025, a revision from 5.1% during the pre-election interim budget published back in February. That target will then fall to 4.5% or lower for the financial year ending March 2026, India's Finance Minister Nirmala Sitharaman said during the announcements. "This is imperative for attracting foreign investment and sustaining growth," he said, adding that "unprecedented financial support" from the central bank will make the fiscal deficit target possible. "We will endeavor to maintain strong fiscal support for infrastructure over the next five years, in conjunction with imperatives of other priorities and fiscal consolidation."
Persons: Nirmala Sitharaman, Vipul Bhowar, Narendra Modi's, Sitharaman, Hajra, Anand Rathi, Modi's Organizations: Bloomberg, Getty, India's, Waterfield Advisors, Sitharaman, Narendra Modi's Bharatiya Janata Party, Stock Brokers, CNBC, Modi's Bharatiya Janata Party, Centre, Monitoring, BSE, U.S . Locations: New Delhi, India, Mumbai, Bihar, Andhra Pradesh
Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Because mortgage rates are still so high, some hopeful homebuyers have decided to wait for lower rates to start shopping for homes. Mortgage rates in 2024: FAQsWill mortgage rates go down in 2024? All consumer interest rates, including mortgage rates, should start to ease as soon as inflation slows further.
Persons: Homebuyers, homebuyers, what's, Fannie Mae, Freddie Mac, Lawrence Yun, that's Organizations: Fed, Bureau of Labor Statistics, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Veterans United, Loans, Federal Reserve, Mortgage, Association Locations: Chevron
You can quickly earn United miles with excellent credit cards like the United℠ Explorer Card. Fly on United Airlines and alliance partnersFlying with the airline is the most obvious way to earn United miles. You can also use United MileagePlus miles on a number of airline partners, or choose to earn United miles when flying with airline partners. United Miles Frequently Asked QuestionsHow can I earn MileagePlus miles without flying? You can earn miles through MileagePlus Dining and MileagePlus Shopping, as well as spending on United co-branded credit cards.
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Understanding the Federal Reserve's role in mortgage ratesThe Federal Reserve's actions are a big influencer in where mortgage rates head. In the time since the Fed began raising rates, mortgage rates have climbed steadily. The Fed's impact on mortgage rates FAQsHow does the Federal Reserve affect mortgage rates? The Federal Reserve influences mortgage rates by setting the federal funds rate, which impacts borrowing costs, investor activity, and market conditions. When the Fed raises interest rates, mortgage rates often increase as well, making borrowing more expensive.
Persons: Michael Gifford, Fannie Mae's Organizations: Federal, Federal Reserve, Fed, Treasury, it's, Mortgage Bankers Association, Reserve, Chevron Locations: lockstep
As long as inflation continues to slow, mortgage rates should tick down further throughout the remainder of 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Barely Tick Up (+0.02%)The average 15-year mortgage rate is 5.68%, just two basis points higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.37%)The average 30-year refinance rate is 7.08%, 37 basis points down from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.
Persons: you'll, It's, refinance, they've Organizations: Federal, Zillow, FHA Locations: Chevron
But she warned that things could get more chaotic for Democrats if Biden were to make the extraordinary move to end his campaign just weeks before the Democratic convention. In a twist for the left-leaning Ocasio-Cortez, her comments make her among the more forceful pro-Biden voices in the party right now. Many progressives, including Ocasio-Cortez and Sen. Bernie Sanders, I-Vt., are primarily driven by policy goals and know they have Biden's ear. The strategist said part of the reason progressives like Ocasio-Cortez are backing Biden is the "bird in hand phenomenon" — there's a "comfort level" with Biden in the White House. Ocasio-Cortez also cautioned followers that Biden has unique electoral strengths that other Democrats cannot expect to replicate.
Persons: Joe Biden, Alexandria Ocasio, Donald Trump, Biden, Clarence Thomas, Cortez, wasn't, Sen, Bernie Sanders, Kamala Harris, Mark Pocan, Pocan, Harris, Kamala —, Harris —, It's, Lisa Lint, Vander, it's Organizations: Rep, Biden, Democrats, Democratic, Trump, Congressional Progressive Caucus, CPC, Grand Rapids, Twitter Locations: Alexandria, Cortez, Grand
As the president isolates at his beach house with COVID-19, his team is under mounting pressure, with top Democrats reportedly pushing for him to drop out. This morning's defectors join 20 other House Democrats and two senators who have called on the president to step aside. In his opinion piece entitled, "It's time for Joe Biden to pass the torch," Casten said that he believes Biden will lose the general election. Many believe that Harris is best-positioned to become the Democratic nominee should Biden step aside. Illustrating the persistent divides within the Democratic party, Garcia is a part of the Congressional Hispanic Caucus, whose fundraising apparatus endorsed Biden this morning.
Persons: , Biden, Sean Casten, Sen, Martin Heinrich of, Joe Biden, Casten, Jared Huffman, Marc Veasey of, Chuy Garcia, Mark Pocan, Donald Trump, Kamala Harris, Harris, Garcia, Heinrich, Biden's Organizations: Service, Democratic, Chicago Tribune, Martin Heinrich of New, Business, Democrats, Chuy Garcia of Illinois, Congressional Hispanic Caucus, Trump, White Locations: Illinois, Martin Heinrich of New Mexico, California, Marc Veasey of Texas, Wisconsin
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