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☆ People Are Using Mortgage Points to Lower Their Rates—Are They Worth It?
▼ + stars: | 2023-06-24 | by ( Michele Lerner | ) www.wsj.com time to read: +6 min

A recent analysis by Zillow Home Loans found that nearly 45% of borrowers purchased mortgage points, also known as discount points, in 2022 to reduce their monthly payments. That compares to 29% of borrowers who bought mortgage points in 2021, 28% in 2020 and 27% in 2019. “We started seeing more buyers purchasing discount points as soon as mortgage rates ticked up in 2022,” says Nicole Bachaud, senior economist for Zillow in Seattle. The combination of high home prices and high mortgage rates contributes to the current appeal of paying discount points. Cash-out refinance borrowers were also more likely than other borrowers to buy mortgage points.

Persons: Michele Lerner, “, ”, Nicole Bachaud, we’re, Chuck Cavanaugh, ” Cavanaugh, Mike Salierno, ” Salierno, Cavanaugh, ” Bachaud, Cash, Bachaud Organizations: Zillow, Citibank, Northwestern Mutual Locations: Seattle, New York City, Clearwater, Fla

☆ Truist's Keith Lerner says he'd buy pullbacks in tech instead of chasing the sector
▼ + stars: | 2023-06-16 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTruist's Keith Lerner says he'd buy pullbacks in tech instead of chasing the sectorKeith Lerner, Truist co-chief investment officer, joins 'Closing Bell' to discuss his bear case for markets and offer his playbook.

Persons: Keith Lerner, he'd, Truist

☆ How 50 Cent used 'one of the unwritten laws of power' to make $10 million a movie: 'I paid myself to learn'
▼ + stars: | 2023-06-10 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Over the course of his decades-long career, Curtis "50 Cent" Jackson has learned a thing or two about success. He's a Grammy-winning rapper, successful businessman and a prolific actor who stars and produces in both TV and film. "One of the unwritten laws of power is to appear not to need anything," Jackson said. Jackson met movie producer Avi Lerner when he was already a millionaire from his rap career. Jackson has since produced dozens of TV shows and films — like "Power" and "Power Book II: Ghost" — with plenty more on the way.

Persons: Curtis, Jackson, He's, Vulture, Avi Lerner, Lerner, Sylvester Stallone, Jason Statham, DON'T, Warren Buffett Organizations: Hollywood, Cheetah Vision Locations: showbusiness

☆ Fading risks, fear of missing out may fuel US stocks after near 20% rally
▼ + stars: | 2023-06-08 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

"Further strength might beget further strength because of the FOMO factor," he added, using the popular acronym for "fear of missing out." "Inflation has clearly subsided, and yet labor market strength has remained intact," wrote BMO Capital Markets chief investment strategist Brian Belski in a recent note. “Moving past the debt ceiling and at least having some economic data that looks ok is actually enough to get some people interested,” said Keith Lerner, co-chief investment officer at Truist Advisory Services. Lerner on Monday shifted his expected S&P 500 range for this year up to 3,800-4,500, from 3,400-4,300 previously, citing improving earnings trends among other factors. For Hans Olsen, chief investment officer at Fiduciary Trust Co, that’s an ominous sign.

Persons: Cash, Chuck Carlson, Brian Belski, BofA, ”, Keith Lerner, Lerner, Monday, John Lynch, Hans Olsen, Olsen, Lewis Krauskopf, Ira Iosebashvili, Diane Craft Organizations: YORK, BofA Global, Deutsche Bank, Horizon Investment Services, BMO Capital Markets, ” BMO, Reuters Graphics, ISI, Advisory, Comerica Wealth Management, Microsoft, Nvidia, Reuters, Thomson

☆ Three Books That Make Tess Gunty Angry
▼ + stars: | 2023-06-08 | by ( ) www.nytimes.com time to read: +4 min

I can’t believe I get to share a time period with all of these people. In this poem, the speaker is thunderstruck by a newfound “plague of gratitude.” The speaker says: “Not long ago I was hard to even/hug ... The poem plunged me into that first miraculous flash of hope you enjoy after a long storm of bad brain chemistry. They are facilitated by an absence of legal restrictions and the primeval excuse that if We don’t do it first, They will. My family is always shocked by how many books on neuroscience and quantum physics I’ve amassed.

Persons: Claudia Rankine, Anne Carson, Maggie Nelson, Yuri Herrera, Zadie Smith, Diane Williams, Valeria Luiselli, Olga Tokarczuk, Rachel Kushner, Elena Ferrante, Ben Lerner, Carmen Maria Machado, Joy Williams, Hanif Abdurraqib, Nuar Alsadir, Robin Coste Lewis, Natalie Diaz, Ocean Vuong, Sharon Olds, Morgan Parker, Tommy Pico, Terrance Hayes, Ada Limón, Tracy K, Smith, Annie Baker, Amy Herzog, Paula Vogel, Svetlana Alexievich, Rachel Aviv, Ed Yong, Matthew Desmond, Alexandra Kleeman, Susan Choi, Chris Ware, Tommy Orange, Javier Zamora, Jenny Offill, Annie Ernaux, Anne Enright, Lydia Davis, Raven Leilani, Mark Z, Jennifer Egan, George Saunders, Wolf, Kaveh Akbar, ” Akbar alchemizes, ”, I’m, Patrick Radden Keefe, Sackler, —, Brian Christian, I’ve, Iain McGilchrist, Alex Locations: Ocean, America, “, postindustrial Indiana

☆ Dow surges over 700 points as investors cheer jobs report and debt ceiling deal
▼ + stars: | 2023-06-02 | by ( Krystal Hur | ) edition.cnn.com time to read: +2 min

New York CNN —The Dow surged over 700 points mid-afternoon Friday as investors applauded Congress’s passage of the debt ceiling deal and celebrated a cheerful jobs report. The blue-chip index soared 734 points, or 2.2%, putting it on track for the best daily gain since November 2022. A mixed May jobs report also helped boost stocks. “The May jobs report is a particularly difficult one for the Fed to parse,” Bank of America economists wrote in a Friday note. “We think the May jobs report is just soft enough to justify a hold.”

Persons: —, ”, Keith Lerner Organizations: New, New York CNN, Dow, Nasdaq, Senate, Advisory Services . Futures, ” Bank of America Locations: New York, United States

☆ Students and young engineers are fed up with Big Tech
▼ + stars: | 2023-05-22 | by ( Kali Hays | ) www.businessinsider.com time to read: +6 min

Big Tech is losing its appeal for new graduates and young tech workers starting to look elsewhere to launch their careers. Peers and mentors warn them to avoid the trappings of embarking on a Big Tech career. Based on conversations with students and companies, even students from top schools including Stanford and MIT and junior engineers from top tech companies are "feeling the crunch now," Lerner said. Tech students are applying to jobs in other fieldsWhile students and young engineers are still interested in pursuing tech-focused careers, where they want to put in their time is changing. The impact of waning interest in Big Tech among students on major companies remains to be seen.

☆ Four Bedrooms for $275,000? An Upstate Couple Hoped to Find a Family Home to Grow In.
▼ + stars: | 2023-05-18 | by ( Michele Lerner | ) www.nytimes.com time to read: +2 min

She owned a two-bedroom, one-bathroom house in Geneva, a city of about 12,000 in the Finger Lakes region of central New York, 45 miles southeast of Rochester. “There’s still almost no inventory in our area, which saw growing demand pre-Covid because of the emergence of the local wine, craft-beer and food scenes in the Finger Lakes,” Mr. Toner said. With up to $275,000 to spend, the Wayners hoped to find a single-family home with at least three bedrooms and two bathrooms. Mr. Wayner wanted it to be in a walkable neighborhood like the one he had enjoyed in Rochester. “Most of the homes in the city of Geneva are older, but we weren’t really looking for a house that needed a lot of renovation,” Mrs. Wayner said.

Though stocks remain near their 2023 highs, some investors now believe those factors will soon start taking a greater toll, limiting further upside. The market may be "back in the soup on the banking crisis," said Chuck Carlson, chief executive officer at Horizon Investment Services. Many investors don’t expect that calm to continue, as a battle over raising the $34 trillion U.S. debt ceiling looms. In the six rate-hiking cycles since 1984, the S&P 500 has posted an average three-month return of 8% following the peak funds rate, Goldman Sachs strategists wrote. However, the S&P 500 is already trading well above its valuation at the end of any cycle except the one ending in 2000, when the S&P 500 declined despite a Fed pause, the bank said.

The benchmark S&P 500 has been generally stable over early stages of a first-quarter earnings season that investors expect to show tepid results. For the week, the S&P 500 slipped 0.1%, the Dow dipped 0.2% and the Nasdaq lost 0.4%. Amazon shares rose 3% on Friday after a research firm predicted the online retailer's business in North America would beat Wall Street's estimates. The materials group (.SPLRCM) fell 0.9%, most among S&P 500 sectors, weighed down by declines in Freeport-McMoRan Inc (FCX.N) and Albemarle Corp (ALB.N). So far, analysts have largely retained last week's expectations of a near-5% year-on-year fall in quarterly profits at S&P 500 companies, according to Refinitiv data.

☆ Ford F-150 Lightning fire footage highlights a growing EV risk
▼ + stars: | 2023-04-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

EV fires have become a growing concern as automakers push to increase sales of electric vehicles and meet tightening emissions standards. An electric Ford F-150 Lightning caught fire on Feb. 4, 2023 due to a battery issue traced back to one of the automaker's suppliers. A bill that requires them to complete a training program about the risk of electric vehicle fires passed unanimously this year. There's also the risk of reignition: Lithium-ion battery fires can re-engage weeks later with little to no warning. An electric Ford F-150 Lightning caught fire on Feb. 4, 2023 due to a battery issue traced back to one of the automaker's suppliers.

☆ Truist's Keith Lerner says he expects market sell-off amid earnings season
▼ + stars: | 2023-04-13 | 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 EmailTruist's Keith Lerner says he expects market sell-off amid earnings seasonRBC Capital’s Amy Wu and Truist’s Keith Lerner, join 'Closing Bell: Overtime' to discuss market moves and earnings expectations.

☆ Watch CNBC’s full interview with RBC Capital’s Amy Wu and Truist’s Keith Lerner
▼ + stars: | 2023-04-13 | 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 EmailWatch CNBC’s full interview with RBC Capital’s Amy Wu and Truist’s Keith LernerRBC Capital’s Amy Wu and Truist’s Keith Lerner, join 'Closing Bell: Overtime' to discuss market moves and earnings expectations.

☆ The Broadway Star Phillipa Soo Sings Her Favorite Pop Song
▼ + stars: | 2023-04-12 | by ( Nancy Coleman | ) www.nytimes.com time to read: +2 min

Phillipa Soo enjoys fantasy stories: “Lord of the Rings,” “House of the Dragon,” anything magical with kings and queens involved. That’s partly why, she says, she was drawn to this season’s Broadway revival of “Camelot,” based on the Arthurian legend and opening April 13 at Lincoln Center Theater. Soo, 32, stars opposite Andrew Burnap as Guenevere, King Arthur’s wife and ally — a role that’s long been associated with Julie Andrews, who originated the role onstage in 1960. Soo’s goal, then, is to make Guenevere “a real person,” someone driven above all by a desire to be loved. But this past year, she joined the “Into the Woods” Broadway revival as Cinderella, and then did a brief run as Sarah in “Guys and Dolls” at the Kennedy Center in Washington, D.C.

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

☆ Wall St Week Ahead US inflation data to test market’s bets on future Fed easing
▼ + stars: | 2023-04-07 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +4 min

Following last month’s banking crisis, investors have become more convinced the Federal Reserve will cut rates in the second half to ward off an economic downturn. That view could gain support if next week’s inflation reading shows a strong rise in consumer prices even after aggressive Fed rate hikes over the past year. The firm is recommending clients slightly underweight equities, expecting interest rate hikes to hit consumer spending and corporate profits. Bets on a more dovish Fed have boosted tech and growth stocks, whose future profits are discounted less when interest rates fall. “If the Fed was trying to protect investors, one way would be to cut rates," Hackett said.

☆ Earning numbers coming down will make markets more expensive, says Truist's Keith Lerner
▼ + stars: | 2023-04-06 | 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 EmailEarning numbers coming down will make markets more expensive, says Truist's Keith LernerKeith Lerner, CFA at Truist, joins 'Closing Bell' to an S&P earnings rebound, the employment report, and the Fed pivoting on its rate plan.

☆ ‘Schmigadoon!’ Season 2 Review: Willkommen to a New Era
▼ + stars: | 2023-04-05 | by ( John Anderson | ) www.wsj.com time to read: +1 min

It has been almost two years since Josh and Melissa (Keegan-Michael Key and Cecily Strong ) stumbled into the enchanted world of Schmigadoon, where “Oklahoma!” seemed to have collided with “Carousel,” and the Wells Fargo Wagon was always a-comin’ down the street. At the risk of being oxymoronic, it was a highly original parody. At the risk of profaning a wonderful show, the second season is even better. Melissa got it right away; Josh was a skeptic. But he was won over so completely that, as season 2 begins, Josh is the one who suggests that the couple take their static and as-yet-childless marriage back to the world of virtual nonstop happiness, where even that annoying leprechaun ( Martin Short ) can’t bum him out.

☆ When Is The Best Time to Buy a House?
▼ + stars: | 2023-04-03 | by ( ) www.wsj.com time to read: +8 min

By Michele LernerAs with much else in real estate, the best time of year to buy a house depends on location, market conditions—and you. “But the best time of year to buy a house depends a lot on the type of buyer.”The spring housing marketTraditionally the housing market’s most active season, spring can be the “best” time of year to buy or the “worst” time of year to buy, depending on your perspective. Best time to buy for: Buyers who hope to move before the holidays or at least before the end of the year. Best time to buy for: Buyers and investors looking for a better deal. “Sometimes it’s the right time to buy a house when you’ve found ‘the one’ that feels right for your family and your circumstances,” Bloch says.

☆ 'Cracks in the foundation': 3 leading Wall Street strategists reveal the overlooked reason why stocks are on shaky ground right now — and how to invest with a downturn looming
▼ + stars: | 2023-04-02 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

Instead, they've been propelled by large caps and growth stocks, specifically tech. If not for a small number of mega-cap growth stocks, the S&P 500 wouldn't be staying afloat. Last year investors learned the hard way that narrow markets are dangerous, as tech stocks tumbled during the market selloff. "Breadth has been exceptionally weak as large-cap growth stocks hold up the major averages," Wilson wrote in a late March note. Outside of tech, Lebovitz highlighted traditional defensive sectors like consumer staples and utilities.

☆ Stock futures are flat on Monday evening: Live updates
▼ + stars: | 2023-03-27 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Stock futures inched higher in overnight trading after the S&P 500 posted its third positive session in a row and banking sector concerns continued to ease. Meanwhile, S&P 500 and Nasdaq 100 futures added 0.11% each. Investors fought to extend last week's gains, but tech shares came under pressure. The Dow Jones Industrial Average added 194.55 points, or 0.6%, while the S&P 500 gained 0.16%. Beaten-up regional banking stocks, including First Republic , climbed along with the SPDR S&P Regional Banking ETF (KRE ).

☆ Wall St Week Ahead Strength in megacap stocks masks broader U.S. market woes
▼ + stars: | 2023-03-24 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

A recent pullback in U.S. bond yields, whose ascent punished growth stocks last year, is also buoying their prices in 2023. Megacaps' growing market capitalization means indexes such as the S&P 500 are increasingly driven by a smaller cluster of stocks. The weight of the top five S&P 500 companies has rebounded to 21.7% from 18.8% for the top five stocks at the end of 2022. The S&P 500 energy sector (.SPNY) is down 7.5% since March 8, while the industrials sector (.SPLRCI) is off 5%. In turn, he said, that likely means "the big-cap growth stocks will be the ones who lead from here."

☆ Lerner: Remain defensive due to the impact of the tremendous rate tightening
▼ + stars: | 2023-03-24 | 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 EmailLerner: Remain defensive due to the impact of the tremendous rate tighteningKeith Lerner of Truist Advisory Services says stocks and credit markets are trading near average valuations, which may not be warranted given the above-average macro risks.

NEW YORK, March 21 (Reuters) - Worries over the banking crisis are boosting disparate assets, with traditional safe-havens such as gold, Treasuries and money markets seeing high demand along with more speculative instruments such as tech stocks and bitcoin. The gains have come alongside big moves in assets traditionally perceived as safe-havens during uncertain times. Yields on shorter-dated Treasuries, which move inversely to prices, saw a historic drop last week, while money market funds notched their biggest inflows since April 2020 in the week to March 15, Refinitiv Lipper data showed. Well, the 10-year U.S. Treasury yield is down about 60 basis points from early March,” said Keith Lerner, chief market strategist at Truist Advisory Services, in a Monday report. Reporting by Lewis Krauskopf and David Randall; Editing by Ira Iosebashvili and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Watch CNBC’s full interview with Truist's Keith Lerner
▼ + stars: | 2023-03-20 | 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 EmailWatch CNBC’s full interview with Truist's Keith LernerKeith Lerner, Truist, joins 'Closing Bell' to discuss the trading day and sectors he's looking at for his portfolio.

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