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☆ Stock market today: Indexes inch higher to new records after Powell testimony
▼ + stars: | 2024-07-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Investors tuned into Fed Chair Powell's testimony, but his comments did not shift interest-rate outlooks. AdvertisementThe S&P 500 and Nasdaq 100 breached new records on Tuesday, though trades remained muted in the broader stock market. Monetary-policy outlooks were little changed after Federal Reserve Chairman Jerome Powell's testimony to Congress. In his remarks, Powell highlighted mounting data of a cooling job market, and noted that the Fed wanted to see further signs of disinflation. Here's where US indexes stood at the 4:00 p.m. closing bell on Tuesday:Here's what else happened today:AdvertisementIn commodities, bonds, and crypto:

Persons: —, Jerome Powell's, Powell, John Lynch Organizations: Nasdaq, Service, Federal, Fed, Comerica

☆ The US battle against Chinese trade could hurt the Americans it's supposed to protect, Harvard professor says
▼ + stars: | 2024-07-09 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewPoliticians who champion trade restrictions on China are in for a rude awakening, Kenneth Rogoff warns. According to the Harvard professor, barriers on free trade with the Asian powerhouse are a recipe for economic fallout. "Moreover, low-income US consumers have been among the biggest beneficiaries of low-cost Chinese imports." Just months ago, President Biden announced that tariffs would rise on $18 billion worth of Chinese advanced tech products, including solar panels, batteries, and electric vehicles.

Persons: —, Kenneth Rogoff, Rogoff, Biden, Donald Trump, he's, Paul Krugman, Jamie Dimon Organizations: Service, Harvard, Project Syndicate, Business, Republican, Allies, China, Foundation Locations: China, Washington, Beijing

☆ Companies are going bankrupt at the fastest pace since the pandemic
▼ + stars: | 2024-07-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

When, earlier this year, hope was much stronger for a quick and significant reduction to interest rates, bankruptcies remained more subdued, S&P previously noted. As the Federal Reserve has held interest rates at the 5.25%-5.50% level for nearly a year now, some analysts have called the central bank out for risking unnecessary damage to the economy. AdvertisementYet, deteriorating consumer spending is also grinding down on corporate prospects. AdvertisementAmong notable June bankruptcies tracked by S&P Global, were the electric vehicle maker Fisker, as well as Redbox DVD rental operator Chicken Soup for the Soul Entertainment. That's followed by healthcare and industrials, S&P Global reported.

Persons: —, Tacking, Mark Zandi, Zandi, That's Organizations: Service, P Global Intelligence, Business, Global, Federal Reserve, CNBC, Fed, Nike, Walgreens, P Global, Soul Entertainment

☆ Apple stock has 17% upside because the AI revolution will have to run through its hardware, Wedbush says
▼ + stars: | 2024-07-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Apple's upcoming AI upgrade will trigger a surge of app interest, Wedbush Securities said. Its new Apple Intelligence will make the firm the "gatekeeper" of AI customers, the note said. Meanwhile, the iPhone 16 upgrade will prompt an upgrade cycle this fall. Encouraging the outlook is an improving demand in China, and an iPhone growth turnaround will likely begin by September, he said. The "massive" upgrade cycle puts Apple on route to a $4 trillion market capitalization.

Persons: —, Dan Ives, Ives, Steve Eisman Organizations: Wedbush Securities, Apple Intelligence, Service, Apple, Worldwide, Conference, Google, Ives, CNBC Locations: that's, Cupertino, It's, China, Asia

☆ Companies are going bankrupt at the fastest past since the pandemic
▼ + stars: | 2024-07-08 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewA historic surge of corporate bankruptcies is hitting Wall Street, with this year's volume of filings already above levels seen in the past 13 years, S&P Global Intelligence reported. When, earlier this year, hope was much stronger for a quick and significant reduction to interest rates, bankruptcies remained more subdued, S&P previously noted. AdvertisementYet, deteriorating consumer spending is also grinding down on corporate prospects. AdvertisementAmong notable June bankruptcies tracked by S&P Global, were the electric vehicle maker Fisker, as well as Redbox DVD rental operator Chicken Soup for the Soul Entertainment. That's followed by healthcare and industrials, S&P Global reported.

Persons: —, Tacking, Mark Zandi, Zandi, That's Organizations: Service, P Global Intelligence, Business, Global, Federal Reserve, CNBC, Fed, Nike, Walgreens, P Global, Soul Entertainment

☆ Why hurricane-stricken Jamaica can't tap into $150 million of natural-disaster insurance
▼ + stars: | 2024-07-07 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Jamaica can't tap into catastrophe-bond funds despite Hurricane Beryl's devastation. With climate change on the rise, cat bonds have grown into a hotter investment. But in this case, investors in the country's $150 million asset won't have to pay a dime, the outlet said. The structure of the cat bonds was such that they paid investors 7% above the US Treasury rate. Climate disasters are not always strong enough to trigger cat bond payouts, an expert told Business Insider in October.

Persons: —, That's Organizations: Service, Bloomberg, Investments, Treasury, World Bank, Swiss Re Locations: Jamaica, Switzerland

☆ How Trump flipped from bitcoin skeptic to 'crypto president'
▼ + stars: | 2024-07-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

Donald Trump was not always a crypto supporter, but he's recently voiced strong support for the industry. Political spending by the industry has made crypto an election issue for both parties, a source told BI. The former president's pro-crypto stance is making bitcoin a "Trump trade," Bernstein said. AdvertisementAt a campaign fundraising event in June, former president Donald Trump styled himself as something that would have seemed unlikely not long ago. "He said he would be the crypto president," tech executive Trevor Traina, who attended the fundraiser, told Reuters that month.

Persons: Donald Trump, he's, Bernstein, —, Trevor Traina, It's, Trump, — Donald J, Joe Biden, it's, Alan Konevsky, Trump's, David Bailey, Konevsky, Biden's, Michael Novogratz Organizations: Service, Reuters, Republican, Fox Business, CNBC, Democratic, Public Citizen, BTC Inc, Congress, Innovation, Technology, Trump, Securities and Exchange Commission

☆ Housing affordability improved in just 1% of US counties last quarter
▼ + stars: | 2024-07-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Only seven US counties were more affordable than their historical averages in the second quarter, according to ATTOM. 87.3% of the housing market saw prices increase last quarter. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementVirtually every corner of US housing is historically unaffordable, with just a handful of counties bucking the trend, ATTOM reported. Of the 589 counties analyzed by the real estate data firm in the second quarter, only 1.2% were more affordable than their historic average.

Persons: — Organizations: Service, Business

☆ Bitcoin's slide under $58,000 could mark a bigger correction to come, analyst says
▼ + stars: | 2024-07-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

The decline puts bitcoin below its 200-day moving average, which could signal a downturn, FXPro's Alex Kuptsikevich said. Investors are unloading the token as fear mounts of selling pressure from Mt. The fallout extends a three-day drop, as worries mount over impending selling pressure in the market. The decline has now pulled bitcoin below its 200-day moving average, FXPro senior market analyst Alex Kuptsikevich pointed out. But that's adding to fears over selling pressure, as clients may choose to cash their tokens for big gains.

Persons: Bitcoin, Alex Kuptsikevich, —, bitcoin, Kuptsikevich, Fundstrat's Tom Lee, Michael Novogratz Organizations: Investors, Service, Galaxy Locations: Mt, Gox, bitcoin, solana

☆ Utility bills are getting cheaper, but AI could spoil the party
▼ + stars: | 2024-07-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

AdvertisementAlthough payments have declined, electricity prices — the chief component driving utility costs — have been rising quickly, BofA noted. The upswing is on account of increased power demand, fueled by a range of diverse sources. But AI is the front-and-center factor that will drive utility costs up over a potentially multi-decade horizon, BofA noted. Higher demand cloud servers has already caused a upswing in commercial electricity demand, such as in Virginia and Texas. AdvertisementFor investors, the rising power demand has drawn a spotlight on utility stocks, projected to be the AI boom's actual winners.

Persons: BofA, —, It's Organizations: Bank of America, Service, BofA Global Research Locations: Virginia, Texas

☆ Stolen campaign poster? Hidden AirTags are the new defense.
▼ + stars: | 2024-07-04 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

People are hiding AirTags in campaign posters to stop thieves, The Wall Street Journal reports. The tracking devices are helping recover signs and charge those who took them. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt's a political tale as old as time: put up a campaign poster in your yard, and thieves come to snatch it. But according to The Wall Street Journal, those fed up with front lawn looting are embracing a modern solution.

Persons: —, John Dittmore Organizations: Street, Service, Wall Street Journal, Business Locations: Florida

☆ AI will power the S&P 500 another 27% higher before peaking next year, research firm says
▼ + stars: | 2024-07-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Enthusiasm for AI will drive the S&P 500 to 7,000 by next year, Capital Economics forecasts. The firm says AI is a market bubble that will inflate through 2025. 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 . While the AI market mania has drawn comparisons to the 2000's dot-com bubble, some have dismissed the analogy, noting that today's AI benefactors are nowhere near as overvalued as early internet counterparts.

Persons: —, Neil Shearing, Shearing, MIT's Daron Acemoglu, Goldman Sachs Organizations: Service, Capital Economics

☆ Elon Musk and Tesla are on the rise after a brutal start to the year
▼ + stars: | 2024-07-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, a tough sales report for Tesla can't slow the EV maker's turnaround . After a dreadful start to the year, the EV maker has been running on all cylinders on a full charge. Tesla's polarizing CEO also notched a massive victory when investors approved Elon Musk's $55 billion pay plan . But what is new at Tesla, and what sparked the company's recent market rally, are big promises from its CEO. As automakers reconsider their EV strategy , Tesla has figured out how to build cars cheaper than anyone else .

Persons: —, I'm, Tesla, Jordan Strauss, Chelsea Jia Feng, Insider's Nora Naughton, BI's Filip De Mott, hasn't, Karol Serewis, Musk's, Nora, it's, he's, Musk, Apu Gomes, Steve Cohen's Point72, Ken Griffin's, Mark O'Hare, Larry Fink, execs, Marc Benioff, trouncing, It's, Jenny Chang, Rodriguez, they've, Morgan Stanley, Beryl, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Amanda Yen Organizations: Service, Business, Chelsea, Wall, Elon Musk's, Getty Images, Getty, Ken Griffin's Citadel, BlackRock, EU, Google, YouTube Locations: Wick, Jamaica, New York, London

☆ Trump's wide-reaching tariff plan will hurt average Americans and only help the top 1%, Nobel-winning economist says
▼ + stars: | 2024-07-03 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Trump's proposed tariffs would benefit only the wealthiest Americans, Paul Krugman wrote in a new op-ed. Goldman Sachs also sees higher tariffs triggering sizable Fed interest-rate hikes, Goldman Sachs says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump has pitched sweeping tariffs as a win for the US consumer, but only the wealthiest Americans will benefit from rising trade barriers, Paul Krugman wrote in The New York Times. In Tuesday's opinion piece, the Nobel-winning economist took aim at Trump's recently floated idea to replace the US income tax with higher import duties.

Persons: Trump's, Paul Krugman, Goldman Sachs, —, Donald Trump, Krugman Organizations: Service, The New York Times, Business

☆ America's freight recession is showing no signs of ending
▼ + stars: | 2024-07-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Accuride, a truck-parts company, faces elevated default risk, S&P Global Ratings said. The situation is indicative of a broader US freight recession that's showing few signs of abating. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The latest example of the industry's struggles came on Monday, when S&P Global Ratings cut to negative its outlook on Accuride, a commercial-truck-parts manufacturer. The agency cited weak sales and negative free operating cash flow as reasons the company is at risk at default next year.

Persons: — Organizations: Service, Business

☆ Stock market today: Indexes rise and bond yields soar as 2nd half of the year kicks off
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The 10-year Treasury yield spiked 13 basis points to 4.479%. AdvertisementUS stocks ended higher on Monday to start the second half of the year, rising even as bond yields soared during the session. Meanwhile, shifting outlooks on the US election have added uncertainty to the bond market, and yields on the 10-year Treasury surgedon Monday. The 10-year Treasury yield spiked 12 basis points to 4.469%. Among individual stock movers on Monday, Chewy whiplashed after meme-trading legend Keith Gill disclosed a $245 million stake in the company.

Persons: —, Stocks, surgedon, Joe Biden, Donald Trump, Goldman Sachs, Jerome Powell, John Williams, Chewy, Keith Gill Organizations: Treasury, Service, Nasdaq, Federal Reserve, Trump, Traders, Federal Locations: France

☆ Russia has made getting a divorce way more expensive in order to fund its war efforts
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Russia plans to increase divorce fees to help pay for the Ukraine war, Bloomberg reported. The Finance Ministry's proposal raises divorce fees from 650 to 5,000 rubles. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . The Finance Ministry motioned to multiply divorce fees to 5,000 rubles, an eightfold increase from the 650 rubles a separation currently costs. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Bloomberg, Finance, Service, Moscow, Finance Ministry, Business Locations: Russia, Ukraine

☆ Trump's trade and immigration policies are an 'elixir for stagflation' that could tip the US into recession, JPMorgan strategy chief says
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewDonald Trump's pledge to raise trade barriers and deport immigrants could be policy shocks that trigger a recession, JPMorgan's David Kelly told Bloomberg TV. On trade, Trump has announced plans for a universal 10% duty on all imports to the US, and has separately touted higher tariffs as a replacement for some income taxes. As for immigration, the Republican candidate has promised to carry out the largest deportation program in US history. "If you took his word on immigration, the economy would come to a halt because of deportation of unregistered immigrants or illegal immigrants."

Persons: —, Donald Trump's, JPMorgan's David Kelly, Trump, he's, you've, Kelly, Larry Summers, Adam Posen, that's Organizations: Service, Bloomberg, Business, Republican, Peterson Institute, Peterson

☆ Why the stock market's playbook for a Trump presidency will be completely different this time around
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Meanwhile, Trump's policy proposals are headwinds for small caps and low-quality stocks. Instead, a Trump victory in November would best serve high-quality stocks — not the small caps or low-quality cyclicals that outperformed eight years ago. That day, energy, financials, industrials, materials and small caps all beat the broader market, Morgan Stanley said. Friday's small-cap outperformance following the debate was driven by expectations that this would repeat under Trump, Morgan Stanley said. Unlike 2016, investors today are focused on whether inflation and fiscal spending is going down.

Persons: Morgan Stanley, shouldn't, —, Donald Trump's, Michael Wilson, Trump's, Wilson Organizations: Service, Trump, Republican White House, bank's, Republican

☆ Chewy stock whipsaws after Roaring Kitty discloses a $245 million stake
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Chewy shares opened 9% higher before reversing lower after Keith Gill disclosed a big stake. AdvertisementShares in the online pet retailer Chewy opened 9% higher on Monday before reversing lower after famed meme-stock trader Keith Gill unveiled a multi-million-dollar stake. The document shows he owns just over 9 million Class A shares, worth $245 million as of Friday's closing price. As of mid-June, he held over 9 million shares in GameStop. 13G SEC Filing related to Keith Gill's Chewy stakeIn Monday's SEC filing, Gill also marked down that "I am not a cat."

Persons: Keith Gill, Kitty, Gill, —, Chewy, that's, it's, Keith Gill's Chewy Organizations: Service, US Securities and Exchange Commission, Mizuho Securities, GameStop, Bloomberg, SEC Locations: Chewy, New York

☆ The IMF slams the US with urgent warnings over its debt, deficits, and trade barriers
▼ + stars: | 2024-06-30 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

In a report last week, it called out high debt, banking vulnerabilities, and trade barriers. These are important downside risks that could impact the global economy, it said. AdvertisementChronic deficits are leading toward a debt-to-GDP ratio of 140% by 2032, IMF said, a situation that needs to be addressed urgently. Advertisement"These create systemic risks to the U.S. and global economy that are entirely avoidable. Meanwhile, Washington's increasingly protectionist approach to trade is a risk to US and global growth, the IMF said.

Persons: —, Washington's, Biden, Trump Organizations: Monetary Fund, Service, International Monetary Fund, IMF, Republicans, Democrats, Silicon Valley Bank, Republican Locations: Washington, Silicon, Basel, China, Beijing, U.S

☆ Warren Buffett says he'll put his $130 billion fortune into a charitable trust run by his children after he dies
▼ + stars: | 2024-06-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Warren Buffett's vast fortune will go into a charitable trust when he dies, the billionaire told The Wall Street Journal. Susie Buffett chairs the education and social justice-oriented Sherwood Foundation, and the Susan Thompson Buffett Foundation, focused on reproductive rights. Howie Buffett heads the Howard G. Buffett Foundation, which is involved in food security and the mitigation of conflict and human trafficking. Since 2006, the 93-year-old billionaire has already been contributing to the four foundations run by his children, as well as to the Bill & Melinda Gates Foundation Trust. Until 2021, he served as a trustee of the Gates Foundation.

Persons: Warren, —, Warren Buffett, Berkshire Hathaway, Susie, Howie, Peter Buffett, Susie Buffett, Susan Thompson Buffett, Howie Buffett, Howard G, I'm, Buffett, Melinda Gates Organizations: Wall Street, Gates, Service, Sherwood Foundation, Susan Thompson Buffett Foundation, Buffett Foundation, NoVo Foundation, Melinda Gates Foundation Trust, Gates Foundation, Berkshire Locations: Berkshire

☆ Stock market today: Indexes cap stellar first half of 2024 with losses even after encouraging inflation report
▼ + stars: | 2024-06-28 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

US indexes ended the day lower, despite market excitement over the latest PCE data. The stock market closed 2024's first half strongly, with the S&P 500 up nearly 15%. "The soft inflation data will build the case that the Fed can start cutting rates in the coming months," LPL Financial chief economist Jeffrey Roach said. Currently, futures markets are pricing in the odds of twoThe soft inflation reading was not enough to keep the indexes in the green through Friday, but the stock market still strongly closed out the first half of 2024. Could these be harbingers of weakness to come, or will they take over as market leaders in the second half?"

Persons: —, Jeffrey Roach, that's, David Morrison, Dow, Russell Organizations: Service, Federal Reserve, Financial, Here's

☆ Russia is flooding Europe with discounted gas to win back Western buyers
▼ + stars: | 2024-06-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Discounted Russian gas is hitting European markets, the Center for European Policy Analysis said. AdvertisementRussia has unleashed discounted gas onto European markets, working to keep countries hooked on its energy supply, the Center for European Policy Analysis said. Although the Ukrainian route has continued supplying Western markets through the war, its January expiration would likely be enough to risk a Gazprom bankruptcy. Slovakia, Hungary, and Austria are among examples CEPA cited as customers for Russian gas. AdvertisementAlready, Southern European traders are profiting by buying cheap Russian gas pumped through a Turkish pipeline and then selling it at a premium in Western European markets, she suggested.

Persons: —, It's, Aura Sabadus, CEPA, Sabadus Organizations: Center for, Kremlin, Service, Ukraine —, Moscow, Gazprom Locations: Ukraine, Russia, Ukrainian, Eastern, Slovakia, Hungary, Austria, Gazprom's, Southern, Turkish, Poland

☆ 'Cold' housing markets in these 3 states may be a buyer's best chance at a bargain
▼ + stars: | 2024-06-27 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Housing markets in Louisiana, Florida, and Texas are the country's "coldest," Realtor.com says. These cold locales are seeing inventories rise and prices fall amid a lack of buyer interest. 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 . AdvertisementHousing markets in three Gulf states are the country's "coldest," with inventory moving up as prices fall lower, Realtor.com reported.

Persons: Realtor.com, —, Lake Organizations: Service, Mission, Business Locations: Louisiana , Florida, Texas, Lake Charles, Panama City, McAllen, Edinburg

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