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☆ Exiled Catalan leader sets tough terms for talks on Spain's new PM
▼ + stars: | 2023-09-05 | by ( Bart Biesemans | ) www.reuters.com time to read: +3 min

Acting Prime Minister Pedro Sanchez would need the seven lawmakers in Carles Puigdemont's Junts per Catalunya party if he gets a shot at forming a government. Speaking in Brussels, Puigdemont called on Spain to respect the Catalan independence movement's legitimacy and abandon judicial actions against it. "A world separates us from those positions," Rodriguez told reporters of Puigdemont's conditions. "Our framework is the one that the prime minister expressed with absolute forcefulness yesterday: We have a tool, dialogue; a framework, the constitution; and an objective: coexistence." If Feijoo fails, it will fall on Sanchez to see if he can muster support, seen as impossible without Puigdemont's party.

Persons: Junts, Pedro Sanchez, Carles Puigdemont's Junts, Puigdemont, Isabel Rodriguez, Rodriguez, Alberto Nunez Feijoo, Feijoo, Sanchez, Oriol Bartomeus, Bartomeus, Bart Biesemans, Inti Landauro, Emma Pinedo, David Latona, Charlie Devereux, Andrei Khalip, Peter Graff, Alison Williams Organizations: Socialist, Socialists, People's Party, Autonomous University of Barcelona, PSOE, Vox, Inti, Thomson Locations: BRUSSELS, Catalonia, Spain, Catalunya, Brussels, Belgium, Madrid

☆ Euro zone August downturn deeper than was thought
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 5 (Reuters) - The decline in euro zone business activity accelerated faster than initially thought last month as the bloc's dominant services industry fell into contraction, according to a survey which suggests the bloc could drop into recession. REUTERS/Jon Nazca Acquire Licensing RightsThe headline services PMI sank to 47.9 from 50.9, below the flash 48.3 estimate, as indebted consumers feeling the pinch from increased borrowing fees and high living costs reined in spending. The new business index, a gauge of demand, dropped further below breakeven to 46.7 from 48.2, a low not seen since early 2021. Still, the downturn in manufacturing eased last month, suggesting the worst may be over for the bloc's beleaguered factories, a sister survey showed on Friday. The composite employment index dropped to 50.2 from 51.4.

Persons: Cyrus de la Rubia, Jon Nazca, Employers weren't, Jonathan Cable, Hugh Lawson Organizations: P Global, Hamburg Commercial Bank, REUTERS, PMI, Employers, Thomson Locations: July's, Hamburg, Ronda, Spain

☆ Larry Summers says a soft landing of the economy is possible, but keep an eye on 'labor restiveness'
▼ + stars: | 2023-09-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

August's jobs report brings the US a step closer to a soft landing, Larry Summers said. But the former Treasury Secretary cautioned that union activity could be disruptive. Instead, Summers cited a pressure outside of the jobs report that could still hurt the chances of a soft landing. AdvertisementAdvertisementBesides aggravating price targets, union activity could also fuel strikes and economic disruption over the next month. As an example, the four-month Hollywood strike of writers and actors has so far cost California's economy $5 billion.

Persons: Larry Summers, Summers Organizations: UPS, Service, Bloomberg, Federal Reserve, Hollywood Locations: Wall, Silicon

Average 30-year mortgage rates finally dropped back below 7% last week, but they're still elevated compared to where they've been in recent months. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: they've, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

☆ German exports fall less-than-expected 0.9% in July
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsBERLIN, Sept 4 (Reuters) - German exports fell a less-than-expected 0.9% in July from a month earlier as global demand continued to falter, data from the federal statistics office showed on Monday. "Trade is no longer the strong resilient growth driver of the German economy that it used to be, but rather a drag," said Carsten Brzeski, global head of macroeconomics at ING. Imports rose 1.4% on the month, the data showed. German export expectations have deteriorated slightly due to weak foreign demand, an Ifo survey showed in August. "As long as the global economic environment remains weak, German exports will also remain depressed," said Thomas Gitzel, chief economist at VP Bank.

Persons: Phil Noble, Carsten Brzeski, Brzeski, Bastian Hepperle, Hauck Aufhaeuser Lampe, Thomas Gitzel, Maria Martinez, Friederike Heine, Alex Richardson, Christopher Cushing Organizations: REUTERS, Rights, ING . Supply, European Union, VP Bank, Thomson Locations: Hamburg, Germany, China, Hauck

☆ Stocks stage a comeback, while two Club tech names report — and what's on tap for next week
▼ + stars: | 2023-09-02 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

All three major U.S. stock indices rebounded this past week following a lackluster August, delivering their best one-week performances since July. Here's a quick update on the past week: The August ADP employment report numbers came in lower than expected. Earnings : No Club companies report next week. Over 99% of S & P 500 companies have now reported earnings results for the second-quarter season, according to FactSet. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Nonfarm payrolls, Dow Jones, Buster's, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Dow Jones, Nasdaq, Federal Reserve, Labor, U.S . Labor Department, ISM Manufacturing, Broadcom, VMware, PMI, Photonics, Akoustis Tech, GameStop, Eagle Outfitters, SAIC, Brands, ABM Industries, Kroger, KR, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, Santiago, Getty Locations: U.S, Asana, ASAN, New York City

But five months later, the overall number of people filing refugee claims in Canada has risen instead of falling. But it has sought to discourage those applying for asylum, chiefly through an agreement with the U.S. under which each country turns back asylum seekers. Asylum seekers are drawn by Canada's reputation for swifter processing and greater acceptance of asylum applications compared to the U.S. But overall, the number of asylum seekers entering Canada has surged. People applying at airports comprised about a third of all refugee claims made in July, up from about 16% in March.

Persons: Shauna Labman, Joe Biden's, Craig Damian Smith, Remi Lariviere, Lariviere, Abdulla Daoud, Loly Rico, Hana Bakhit, Maureen Silcoff, Silcoff, Grace Nanziri, Anna Mehler, Denny Thomas, Deepa Babington Organizations: Reuters, Human, University of Winnipeg, U.S, European Union, Centre for Refugee Studies, York University, FCJ Refugee, REUTERS, Refugee Centre, FCJ, Thomson Locations: Canada, U.S, Toronto, Quebec, New York, United States, Mexico, Haiti, Turkey, Colombia, India, Rwanda, Montreal, Canada's, Sudan, Uganda

☆ Hollywood strike, Yellow bankruptcy likely restrained US job growth in August
▼ + stars: | 2023-09-01 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

As such, economists are cautioning against reading too much into any sharp deceleration in job gains when the Labor Department's publishes its closely watched employment report on Friday. Nonfarm payrolls likely increased by 170,000 jobs last month after rising 187,000 in July, according to a Reuters survey of economists. Still, employment growth would be more than the roughly 100,000 jobs per month needed to keep up with the increase in the working age population. Yellow Corp trucking filed for Chapter 11 bankruptcy in early August, leaving about 30,000 workers unemployed. "This (job growth) would be one more piece of evidence that would be consistent with that, but that also depends a lot on the upcoming inflation data."

Persons: Elizabeth Frantz, it's, Brian Bethune, Nonfarm, payrolls, Conrad DeQuadros, Dean Maki, Ellen Zentner, Morgan Stanley, Lucia Mutikani, Nick Zieminski Organizations: REUTERS, Labor, Boston College, Labor Department's Bureau of Labor Statistics, American Federation of Television, Radio Artists, Yellow Corp, Brean, Point72, Management, Thomson Locations: Arlington , Virginia, U.S, WASHINGTON, New York, Stamford , Connecticut

Singapore's Abaxx Commodities Exchange thinks a new nickel sulphate contract could be the answer. The sulphate market has been forecast by research house Roskill to grow at an annual rate of 22% over the current decade as the green mobility revolution accelerates. China's imports of nickel sulphateTRADE BOOMChina's surging imports of nickel sulphate are a reflection of the product's stunning growth as battery cathode input. China's nickel imports by product 2020-2023PRICING PROBLEMSNone of this new Indonesia-China nickel trade has a natural exchange pricing home. LME nickel trading volumes have stabilised but are still running significantly below levels seen prior to the March 2022 trading halt.

Persons: Antara, It's, Roskill, Mike Harrison Organizations: PT Vale Indonesia, REUTERS Acquire, London Metal Exchange, Abaxx Commodities, Canadian, Technologies, Shanghai Futures Exchange, EV, Imports, China's, Class, Global Commodity Holdings, Reuters, Thomson Locations: Sorowako, South Sulawesi, Indonesia, China, Finland, South Africa, South Korea

☆ US stocks rise to gain for the week as traders assess August jobs report
▼ + stars: | 2023-09-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Stocks were mostly higher on Friday with major indexes notching a weekly gain. Jobs data showed the labor market cooling and wage growth slowing. The report was a sign that the economy is cooling, giving the Fed room back off its aggressive monetary policy. While that was above economists' estimates of 170,000, the report also showed wage growth slowed during the month and the unemployment rate rose to 3.8% from July's 3.5%. The report was a clear indicator of a cooling labor market, something the Federal Reserve wants to see to know that interest rate hikes are working and inflation is coming back into line with its target.

Persons: Stocks, Nonfarm payrolls, Chris Zaccarelli Organizations: Service, Federal Reserve, Fed, August's, Nasdaq, Dow, Here's Locations: Wall, Silicon

☆ 10-year Treasury yields edge higher as investors await key jobs data
▼ + stars: | 2023-09-01 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. ET, the yield on the 10-year Treasury was up 1 basis point at 4.096%. The 2-year Treasury yield was last trading 2 basis points lower at 4.84%. The 10-year Treasury yield edged higher Friday as investors await a key jobs report that could provide clues about the state of the economy and inform the Federal Reserve's monetary policy decisions ahead. The latest unemployment rate, as well as average hourly earnings figures, will be released alongside non-farm payrolls.

Persons: Dow Jones, Jerome Powell Organizations: New York Stock Exchange, Treasury Locations: New York City

☆ The US jobs market stayed strong in August
▼ + stars: | 2023-09-01 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

Truck transportation also saw employment fall by 36,700.Leisure and hospitality saw a job gain of 40,000 from July to August. From wage growth to an increase in labor force participation, various data points suggest the US labor market is still strong. There were 8.8 million job openings in July after 9.2 million in June, according to new Job Openings and Labor Turnover Survey or JOLTS data released by BLS earlier this week. "We expect this labor market rebalancing to continue," Powell said. "Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response."

Persons: Jerome Powell, Lydia Boussour, EY, Boussour, Nick Bunker, Bunker, it's, Julia Pollak, Pollak, Jonathan Fisher, Fisher, Powell Organizations: payrolls, Service, SAG, Bureau of Labor Statistics, Labor, BLS, North America, Washington Center for Equitable Growth Locations: Wall, Silicon, Jackson Hole , Wyoming

However, in a hopeful sign for growth, conditions did not materially worsen even though the survey showed factories under persistent pressure. China's major manufacturing rivals in the region Japan and South Korea also reported sharp declines in output on Thursday. "It's too early to tell, but today's print suggests that a sequential uptick in growth activity in the third quarter could still be possible," said Louise Loo, senior economist with Oxford Economics. Policymakers remain under pressure to boost domestic demand as the global economy continues to slow. Going forward, "the actual implementation and effectiveness of policy support will be the key indicator to watch," he added.

Persons: It's, Louise Loo, Pan Gongsheng, Frederic Neumann, Bruce Pang, Jones Lang Lasalle, Joe Cash, Qiaoyi Li, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, PMI, Oxford Economics, Reuters, People's Bank of, Global Research Asia, HSBC, Jones, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING, Japan, South Korea, People's Bank of China, United States, Europe, Asia

☆ Stubborn euro zone inflation fails to settle ECB rate debate
▼ + stars: | 2023-08-31 | by ( Balazs Koranyi | ) www.reuters.com time to read: +4 min

The ECB has raised rates at its fastest pace on record in the past year, taking them to a more than two-decade high. "We still do not expect the Governing Council to raise key rates further at its September meeting." "The latest inflation figures raise the probability of a new increase in interest rates in September," Diego Iscaro at S&P Global Market Intelligence said. "However, this is far from a done deal, and a rapidly deteriorating economic background will still give doves in the ECB's Governing Council plenty of ammunition to argue for a pause." "This decline could counteract our efforts to bring inflation back to target in a timely manner."

Persons: Eric Gaillard, Robert Holzmann, Holzmann, Christoph Weil, Diego Iscaro, Isabel Schnabel, Schnabel, Balazs Koranyi, Catherine Evans Organizations: REUTERS, Rights, Central Bank, ECB, Reuters Global Markets, P Global Market Intelligence, Thomson Locations: Nice, France, Austria's, ECB's, Frankfurt

☆ Rent growth nosedived again in August as tenants gain leverage over landlords — and apartments in these 42 cities are actually cheaper now than they were last year
▼ + stars: | 2023-08-31 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Rent growth is rapidly decelerating across the US after taking off during the pandemic. Lower rent growth means that the cost of an apartment is still climbing, just at a slower pace. Renting may be expensive, but considering how many are feeling about the economy, it's easy to see why so many are sticking to apartments — especially as rent growth steadily slides. 42 cities that are getting more affordableBelow are 42 real estate markets where median rent for a one-bedroom apartment is lower than it was in 2022, according to Zumper. Along with each city are its year-over-year and month-over-month rent changes, average rent price, and national rent ranking among the largest 100 US cities.

Persons: Price, Anthemos Georgiades, Georgiades

☆ CNBC Daily Open: Jobs growth slowed down. Markets shot up
▼ + stars: | 2023-08-31 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Surveys suggest that despite cooling inflation and jobs gains, Americans remain deeply skeptical of the president's handling of the post-pandemic economy. Photographer: Al Drago/Bloomberg via Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets regain groundU.S. stocks rallied Wednesday on the back of weaker-than-expected economic data, giving the S&P 500 a four-day winning streak. But this could be an opportunity for investors to put their money into other Asian markets, analysts say.

Persons: Al Drago, downwardly, — Organizations: Bloomberg, Getty, CNBC, UBS, Swiss, Credit Suisse, ADP, Japan's Nikkei Locations: Ocean City , New Jersey, US, Swiss, U.S, Asia, Pacific, Shanghai, China

☆ "Barbenheimer" makes waves for July's movie spending, but box office recovery still lags
▼ + stars: | 2023-08-31 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Aug 31 (Reuters) - "Barbenheimer" - the twin-bill summer box office phenom - sure helped to drive U.S. consumers back to cinemas last month, but movie-going is still struggling to catch up to other recreational spending categories post-pandemic. While that helped long-suffering box office receipts, it made less of a splash for overall consumer spending when compared to larger categories like clothing and household furnishings, economists at Oxford Economics said. It made a big difference in the live-event spending area though, at least for the moment. This summer’s box office has been out of the ordinary with ticket sales for the season up $500 million from last summer’s sales, according to data firm Box Office Mojo. While other categories of live-event spending have fully recovered from the hit delivered by pandemic shutdowns, film attendance outlays remain at roughly 65% of their pre-COVID levels.

Persons: Mike Blake, Oppenheimer, Michael Pearce, Taylor, Amina Niasse, Dan Burns, Andrea Ricci Organizations: REUTERS, Commerce Department, Warner Bros, Oxford Economics, Graphics, Mojo, Sporting, Federal Reserve Bank of Philadelphia, Gillette, Billboard, Thomson Locations: Los Angeles , California, U.S, Massachusetts

☆ CNBC Daily Open: Fewer jobs, higher stocks
▼ + stars: | 2023-08-31 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Big bond losses for BoEThe Bank of England is facing heavy losses on its bond purchases, according to Deutsche Bank. The losses are largely because of rapidly rising interest rates, which drive up bond yields and, conversely, push down bond prices. Investors are hoping the ruling will open the floodgates to bitcoin ETFs from companies like BlackRock, Fidelity and Invesco.

Persons: downwardly, BoE, Salesforce, it's Organizations: CNBC, ADP, BoE The Bank of England, Deutsche Bank, Treasury, Securities and Exchange Commission, Investors, Fidelity Locations: U.S, Europe, Germany, BlackRock

☆ These are the top 10 things to watch in the stock market Thursday
▼ + stars: | 2023-08-31 | by ( Zev Fima | ) www.cnbc.com time to read: +4 min

Our top 10 things to watch Thursday, Aug. 31 1. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. Marlena Sloss | Bloomberg | Getty ImagesOur top 10 things to watch Thursday, Aug. 31

Persons: we're, OKTA, CRWD, Stanley Black, Decker, Nvidia's, Jim Cramer's, Jim Cramer, Jim, Jan, Marlena Sloss Organizations: Broadcom, Dollar, Costco, UBS, Management, Nvidia, Jim Cramer's Charitable, CNBC, Bloomberg, Getty Locations: Washington, San Francisco

☆ The Bank of England is facing major losses on its bond purchases — and it's set to get much worse
▼ + stars: | 2023-08-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

In late July, the central bank estimated that it would require the U.K. Treasury to backstop £150 billion ($189 billion) of losses on its asset purchase facility (APF). It saw the BOE accrue £895 billion worth of bond holdings while interest rates were historically low. However, the pace at which the central bank has had to tighten monetary policy in a bid to tame inflation means the costs have risen more sharply than anticipated. watch now"First, interest rates have risen far above levels assumed in the fiscal watchdog's spring forecasts. "On the other hand, though, while QE gilts are not sold, the BoE pays Bank Rate on the ~£900bn reserves it created to buy them.

Persons: Dan Kitwood, BOE, Sanjay Raja, Raja, Imogen Bachra, BoE, Bachra, QE Organizations: Bank of England, Getty, Deutsche Bank ., Treasury, AFP, Deutsche Bank, Bank, NatWest, — Locations: —

☆ Treasury yields are flat after ADP report shows slowing job growth
▼ + stars: | 2023-08-30 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +2 min

At 8:19 am ET, the 10-year Treasury yield was up by 1.9 basis points at 4.135%, after having fallen by as many as 10 basis points on Tuesday. The 2-year Treasury yield was last trading at 4.915% after rising by more than 2 basis points. On Tuesday, it had dropped by as many as 16 basis points. U.S. Treasury yields traded near the flatline on Wednesday, recovering some of Tuesday's losses, as investors considered the state of the economy after the latest data releases. Treasury yields fell Tuesday as investors considered economic data, including the latest consumer confidence index which came in at 106.1, lower than the previous Dow Jones estimate of 116.

Persons: Dow Jones, July's Organizations: New York Stock Exchange, U.S, Treasury, August's, Federal

☆ China is doing everything it can to conceal the true extent of its economic turmoil
▼ + stars: | 2023-08-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

China's economy is turning into a big black blob. This is happening because Xi's China is one that puts ideology before economic growth. Not because the reforms weren't working, but because the China they were creating is not the one Xi wants to see. Even as the main drivers of China's economy stumble, there will be no direct support to help households power through this fragile period. Known unknownsTransparency in China's economic data has always moved the same cycles as its politics.

Persons: —, Xi Jinping, it's, Charlene Chu, Xi, who've, It's, Chu, Fan Zhang, Zhang, Xie Huanchi, thegovernment, Victor Shih, Ministry of State Security —, isn't, Shih, Linette Lopez Organizations: Communist, Autonomous Research, Nike, Starbucks, CCP, National Bureau of Statistics, Custom, J Capital Research, Study Times, Getty, World Trade Organization, Century China Center, University of California, Communist Party, Ministry of State Security, Beijing Locations: China, COVID, Xinhua, University of California San Diego, Beijing

Since March, seaborne imports of thermal coal have exceeded 28 million metric tons every month, except for the 27.63 million from June, according to Kpler. In 2022, seaborne imports of thermal coal only once breached the 24 million metric tons level, in November, and were below 20 million for eight of the 12 months. China's July coal production was 377.54 million metric tons, which was down 6.3% from June, with the lower output coming as China increases mine safety inspections. China thermal coal imports from Australia, Indonesia and RussiaAUSTRALIAN IMPORTSChina has returned to buying Australian thermal coal after Beijing ended its unofficial ban on such imports, imposed in mid-2020 amid a political dispute with Canberra. China's imports of Australian thermal coal are estimated at 4.89 million metric tons in August, down from a three-year high of 5.41 million.

Persons: Tingshu Wang, Stephen Coates Organizations: Huawei, REUTERS, Rights, Newcastle Port, Argus, Indonesia, Reuters, Thomson Locations: Shenmu, Yulin city, Shaanxi, China, Rights LAUNCESTON, Australia, Qinhuangdao, India, Indonesia, Russia AUSTRALIAN, Beijing, Canberra, Newcastle, Kpler

☆ CNBC Daily Open: Jackson Hole anxiety overshadows Nvidia
▼ + stars: | 2023-08-25 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Jerome Powell, Chair of the Federal Reserve, arrives to a dinner at the start of the Jackson Hole Economic Symposium on August 24, 2023 at Grand Teton National Park near Jackson Hole, Wyoming. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Rally fizzles outU.S. stocks closed lower Thursday as an earlier Nvidia-sparked rally fizzled out, while Treasury yields climbed higher. But there are other market themes that investors should know about, according to Goldman Sachs.

Persons: Jerome Powell, paring, CNBC's Lucy Handley, Singh Puri, CNBC's Tanvir Gill, Puri, Goldman Sachs Organizations: Federal Reserve, Jackson, Grand Teton, CNBC, Nvidia, Nikkei, AMD, Intel, Petroleum, Natural Gas Locations: Jackson Hole , Wyoming, Asia, Pacific, China, Europe, India, Moscow

☆ Nasdaq futures rally as Nvidia's blowout forecast boosts AI stocks
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +3 min

The logo of technology company Nvidia is seen at its headquarters in Santa Clara, California February 11, 2015. Nasdaq 100 e-minis were up 172 points, or 1.13% and S&P 500 e-minis were up 21.75 points, or 0.49% at 5:28 a.m. "It is clear...that AI demand is still outstripping supply," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note. "Within the tech sector, we think software and internet stocks are best positioned to ride the next wave of the technology cycle and the broadening of AI demand." Splunk Inc (SPLK.O) gained 13.9% after the data analytics software maker forecast third-quarter revenue above market estimates on expectations of AI-related spending.

Persons: Robert Galbraith, Mark Haefele, Jerome Powell, Amruta Khandekar, Shreyashi Sanyal, Savio D'Souza, Shinjini Organizations: Nvidia, REUTERS, Dow, Nasdaq, UBS Global Wealth Management, Microsoft, Palantir Technologies, Micro Devices, Marvell Technology, Semiconductor, Europe's ASM, BE Semiconductor, ASML, Investors, Federal Reserve, U.S, Treasury, Boeing, Splunk Inc, Thomson Locations: Santa Clara , California, United States, Jackson, U.S, Bengaluru

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