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☆ It suddenly looks like there are too many homes for sale. Here's why that's not quite right
▼ + stars: | 2024-07-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +5 min

The housing market is just beginning to come out of its leanest few years in history. Inventory of both new and existing homes is finally rising, but there is something suddenly strange in the numbers: The supply of newly built homes appears to be way too high. The supply scenarioThere is currently a 4.4-month supply of both new and existing homes for sale, according to the National Association of Home Builders, or NAHB. In fact, there is now a nine-month supply of newly built homes for sale, nearly three times that of existing homes. The foundation of today's tricky numbersThis housing market is unlike any other because of economic forces unlike any other.

Persons: Jordan Vonderhaar, Robert Dietz, Homebuilders, Brandon Bell Organizations: National Association of Home Builders, Bloomberg, Getty, Housing, Federal Reserve, Builders Locations: San Marcos , Texas, Austin , Texas

☆ Brevan Howard has transformed since Alan Howard gave up the reins. Meet the five portfolio managers with the most capital at the $35 billion hedge fund.
▼ + stars: | 2024-07-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +8 min

Read previewThere is perhaps no better example of the hedge fund industry's maturation than Brevan Howard. The $35 billion firm has changed considerably since 60-year-old Alan Howard stepped back from running its day-to-day operations in 2019. Now, Howard — the firm's majority owner — no longer manages money at Brevan. The firm's two biggest funds — the long-running, $11.9 billion Master Fund and the younger, $12.2 billion Alpha Fund — each manage more money now than the entire firm did five years ago. Advertisement"The real challenge is keeping the trading talent," said Nagi Kawkabani, a former Brevan Howard co-CEO told Institutional Investor in 2019.

Persons: —, Brevan Howard, Alan Howard, Howard, Howard —, Rishi Shah, Fash, Minal Bathwal, Trifon Natsis, Aron Landry, James Vernon, Jean, Philippe Blochet, Chris Rokos —, Natsis, Landry, Brevan, Nagi Kawkabani, Shah, Shaw, He's, he's Organizations: Service, Business, Fund, Alpha, Credit Suisse, Alpha Fund, Citadel, Bloomberg, Investor, United Arab, Winton Group Locations: Brevan, Ville, Natsis, Abu Dhabi, United Arab Emirates

☆ 'We're in a slow-motion melt-up': 3 reasons why the bull market in stocks will continue, according to Ed Yardeni
▼ + stars: | 2024-07-08 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

The stock market will continue to hit record highs driven by reasonable valuations and continued earnings growth, according to Ed Yardeni. AdvertisementThe record rally in the stock market isn't close to being over, according to market veteran Ed Yardeni. Forward earnings expectations riseAnalysts' forward earnings expectations hit a record high last week, illustrating that the market rally is supported by what matters the most: profits. Market breadth will improveWhile the stock market rally has been driven mostly by a concentrated handful of companies, improving earnings breadth should lead to improving market breadth, according to Yardeni. There's a lot of companies that are benefiting from AI," Yardeni said.

Persons: Ed Yardeni, —, Yardeni, Corning, let's Organizations: Service, CNBC

☆ Corning shares pop 12% as AI boom drives stronger-than-expected demand for equipment
▼ + stars: | 2024-07-08 | by ( Katie Bartlett | ) www.cnbc.com time to read: +1 min

Corning shares are up more than 12% Monday after the company raised its second-quarter guidance, setting it on track for its best trading day since March 2020. Corning expects second-quarter sales of $3.6 billion, up from previous guidance of $3.4 billion. Weeks said in a release that second-quarter earnings are also expected to mark a return to year-over-year growth. The company expects first-quarter sales, which declined 6% year over year, to be the lowest of the year. Corning said it will report second-quarter 2024 results on July 30, 2024.

Persons: Corning, Apple iPhones, We've, Wendell Weeks, Weeks Organizations: Apple

☆ Here’s where money managers are seeking income at mid-year as rates stay high
▼ + stars: | 2024-07-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

The prospect of "higher for longer" rates has also made short-term fixed income assets especially attractive. "We had a lot of investors who were in, if not cash, then sub-2-year duration fixed income at the start of the year." Takeaways for investors It doesn't hurt for retail investors to review their fixed income allocation now that the year is halfway over. A combination of fixed income assets may be what it takes to benefit from today's higher rates, lock in yields and capture rising prices once the Fed cuts. "We don't buy that there's one fixed income asset class that you should tilt toward," said Calcagni.

Persons: –, Don Calcagni, it's, Shannon Saccocia, Neuberger Berman, Michael Rosen, Rosen, Janus Henderson, Vishal Khanduja, Eaton Vance, Khanduja, Callie Cox Organizations: Federal Reserve, FedWatch, Investment Company Institute, Money, Mercer Advisors, Investors, Municipal, Angeles Investment Advisors, AAA CLOs, Janus Henderson AAA CLO, SEC, Morgan Stanley Investment Management, Bond, Ritholtz Wealth Management, Stay Locations: Santa Monica, Calif

☆ S&P 500 futures are little changed as investors await jobs data: Live updates
▼ + stars: | 2024-07-04 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock ExchangeS&P 500 futures are near flat Thursday night as investors readied for Friday's closely watched jobs report. Futures connected to the broad index sat near their flatline, while Nasdaq 100 futures slipped 0.1%. Futures tied to the Dow Jones Industrial Average added 19 points, or 0.1%. Economists polled by Dow Jones are forecasting nonfarm payroll adds of 200,000 jobs in June and the unemployment rate to hold steady at 4%. "Friday's payroll report should help clarify the underlying strength of the labor market," said Quincy Krosby, chief global strategist at LPL Financial.

Persons: Dow Jones, Quincy Krosby Organizations: New York Stock Exchange, Nasdaq, Dow Jones, Federal, Institute for Supply Management, LPL, Dow

☆ The real estate market is in for sharp correction with losses that could take a decade to recover from, strategist says
▼ + stars: | 2024-07-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Give it another two or three years — that's when the real estate market gets hit the most." Meanwhile, the fallout in the commercial real estate sector could be more severes. However, banks, bearing huge losses in their mortgage and commercial real estate portfolios, will be more hesitant to lend, weighing on demand and causing real estate prices to plunge. Advertisement"It's possible we'll see a 50% [correction] in some spots, but I would say somewhere around a 30% correction in real estate," Vermeulen said of real estate investments. Those losses could take seven to 10 years to recover from, he said, due to the long nature of real estate cycles.

Persons: —, Chris Vermeulen, Vermeulen, — that's, Vermueule Organizations: Service, Traders, Business, Census, Challenger, Bloomberg, National Association of Realtors

☆ The real-estate market is in for sharp correction with losses that could take a decade to recover from, strategist says
▼ + stars: | 2024-07-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Give it another two or three years — that's when the real-estate market gets hit the most." The fallout in the commercial real-estate sector could meanwhile be more severe. But banks, bearing huge losses in their mortgage and commercial real-estate portfolios, will be more hesitant to lend, weighing on demand and causing real-estate prices to plunge. Advertisement"It's possible we'll see a 50% [correction] in some spots, but I would say somewhere around a 30% correction in real estate," Vermeulen said of real-estate investments. Those losses could take seven to 10 years to recover from, he said, because of the long nature of real-estate cycles.

Persons: —, Chris Vermeulen, who's, Vermeulen, — that's Organizations: Service, Traders, Business, Census, Challenger, Bloomberg, Fed, National Association of Realtors

☆ Fast-growing buffer funds could help investors hedge election risks
▼ + stars: | 2024-07-01 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

These ETFs, often called "buffer funds," use options to give investors downside protection in exchange for giving up potential upside. The funds come with different time horizons, and new funds are launching or resetting every month, so there are several options for investors to buy now and protect themselves through the November election. Many of the ETFs offer something in the range of 10% to 30% downside protection and are often called buffer funds. Other products that offer 100% downside protection — in exchange for smaller upside — are sometimes marketed as "principal protection funds." Jim Saulnier, a CFP and founder of Jim Saulnier & Associates in Fort Collins, Colorado, said his clients use both the buffer funds and the 100% downside protection funds.

Persons: Bruce Bond, Matt Kaufman, Jim Saulnier, Saulnier, Bond, there's, Matt Thompson, Thompson, Kaufman Organizations: U.S, JPMorgan, Capital Management, Calamos Investments, Jim Saulnier & Associates, Little Harbor Advisors Locations: Fort Collins , Colorado, iShares

☆ A notorious market bear who called the 2000 and 2008 crashes shares 3 charts revealing striking similarities between today's market and the most extreme bubbles — and warns of 50-70% downside for the
▼ + stars: | 2024-06-29 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

"In contrast, current valuation extremes imply potential downside risk for the S&P 500 on the order of 50-70% over the completion of this cycle." JPMorgan's Marko Kolanovic expects the S&P 500 to fall to 4,200, while more extreme forecasts include Jeremy Grantham's estimate in the low 3,000s. And as the stock market ground mostly higher, he persisted with his doomsday calls. He predicted in April 2007 that the S&P 500 could lose 40%, then it lost 55% in the subsequent collapse from 2007 to 2009. The S&P 500, by comparison, is up about 26% over the past year.

Persons: —, Jonathan Golub, Count John Hussman, Hussman, Hussman's, Morgan Stanley's Mike Wilson, Piper Sandler's Michael Kantrowitz, JPMorgan's Marko Kolanovic, Jeremy Grantham's Organizations: Service, UBS, Business, Hussman Investment Trust, New York Stock Exchange, Investor Intelligence

☆ S&P 500 returns 15% in the first half in an unusually smooth ride
▼ + stars: | 2024-06-29 | by ( Michael Santoli | ) www.cnbc.com time to read: +8 min

A 15% year-to-date total return in the S & P 500 is the 21 st best run through June since 1900, according to Goldman Sachs. The S & P 500 since the October 2023 correction low is up 33% for an annualized total return pace of 56%. The S & P has gone eight sessions without a move of as much as half a percent. True in magnitude: The market-cap-weighted S & P 500 has outgained its equal-weighted version by more than ten percentage points this year. Not only haven't up days been broadly inclusive, the direction of the S & P 500 has been running inverse to the daily breadth over the past month.

Persons: Goldman Sachs, Sharpe, it's, we'd, I've, What's, Jeff deGraaf, Trump, We've, Poor's, what's Organizations: Nvidia, Walgreens, Nike, Apple, Technology, Communication Services Locations: hiccups

☆ An inside look at the workings of the 4-part arbitrage and momentum quant strategy driving an award-winning fund that's beaten 99% of its peers
▼ + stars: | 2024-06-29 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

For the ATRFX fund, this means betting on currencies, equities, commodities, and bonds, but not in a direct way. Instead, it employs everything from arbitrage strategies, riding out momentum and interest rates, or sitting on the sidelines when it's choppy. Over the last couple of years, higher interest rates have brought in some good yields. Related storiesOne step further is to arbitrage interest rates across currencies. Investors can do this by identifying national currencies with low interest rates, borrowing in that currency, and then lending in the currencies with higher interest rates.

Persons: David Miller, ATRFX, Miller, It's, that's, Yen, it's Organizations: Service, Systematic Alpha Fund, Business, Catalyst Capital Advisors, BNP Paribas, BNP, Commodities Commodities, Bloomberg, Federal Reserve

☆ Key Fed measure shows inflation rose 2.6% in May from a year ago, as expected
▼ + stars: | 2024-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

May marked the lowest annual rate since March 2021, which was the first time in this economic cycle that inflation topped the Federal Reserve's 2% target. An important economic measure for the Federal Reserve showed Friday that inflation during May slowed to its lowest annual rate in more than three years. Including food and energy, headline inflation was flat on the month and also up 2.6% on an annual basis. Outside of the inflation numbers, the Bureau of Economic Analysis report showed that personal income rose 0.5% on the month, stronger than the 0.4% estimate. Shelter-related costs have proven stickier than Fed officials have anticipated and have helped keep the central bank from reducing interest rates as expected this year.

Persons: Dow Jones, Seema Shah Organizations: Dow, Commerce Department, Federal, Asset Management, Gross, Atlanta Fed Locations: PCE

☆ Stock futures are little changed as investors await inflation data with end of second quarter looming: Live updates
▼ + stars: | 2024-06-27 | by ( Alex Harring | ) www.cnbc.com time to read: +1 min

Stock futures are near flat Thursday night as traders await closely followed inflation data. Dow Jones Industrial Average futures slipped 36 points, or 0.1%. S&P 500 futures ticked up 0.1%, while Nasdaq 100 futures added 0.2%. In after-hours action, Nike shares slipped more than 12% after the athletic retailer cut its full-year guidance. Excluding volatile food and energy prices, the core PCE is forecast to come in 0.1% higher on the month and 2.6% on an annualized basis.

Persons: Foot Locker Organizations: New York Stock Exchange, Stock, Dow Jones Industrial, Nasdaq, Nike, PCE, Dow, Federal, Fed

☆ Think the CDK outage is just about cars and dealerships? Think again
▼ + stars: | 2024-06-26 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

Last month there were $122 billion of transactions at car dealerships, according to Commerce Department estimates. That accounts for 17% of all retail sales in May. An outage lasting through June 30 would mean 10 days without dealership access to CDK. Now here’s where it gets even more glaring: Retail sales aren’t just some minor part of the economy. Consider yourself warned: You may want to hold off on looking at your 401(k) on July 25, when the government releases second-quarter GDP estimates.

Persons: Ramishah Maruf, Peter Valdes, CDK, Russell Price, ” Price Organizations: New, New York CNN, North America, Commerce Department, Ameriprise, CNN Locations: New York

☆ This 28-year-old fund consistently beats the S&P 500 — without megacap tech stocks. Here's its strategy
▼ + stars: | 2024-06-26 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

One fund has a formula that has enabled it to consistently beat the S & P 500 : the Hennessy Cornerstone Growth Fund. The fund uses a formula-based strategy for investing, according to its portfolio managers Neil Hennessy, Ryan Kelley, and Joshua Wein. "We're trying to combine value with momentum and some growth," Kelley said. Stocks the fund owns Most of the stocks in the outperforming fund aren't actually in tech but in the industrials, consumer, financials and health-care sectors — because of the formula they use. It is the only name which survived in the recent rebalancing to the current batch of 50 stocks, said Wein.

Persons: Neil Hennessy, Ryan Kelley, Joshua Wein, Kelley, Wein, They've, We're, aren't Organizations: Cornerstone Growth Fund, CNBC Pro, Micro Computer, Urban Outfitters Locations: United States

☆ The 'funflation' effect: Why Americans are spending so much on travel and entertainment this summer
▼ + stars: | 2024-06-26 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Taylor Swift fans queue outside Murrayfield Stadium in Edinburgh, Scotland, on June 6, 2024. Jeff J Mitchell | Getty Images News | Getty ImagesThe price of 'funflation'Some ticket prices have surged in recent months, according to federal data. Why Americans go all out on entertainmentDespite rising costs, 38% of adults said they plan to take on more debt to travel, dine out and see live entertainment in the months ahead, according to a report by Bankrate. Taylor Swift performs on stage at Wembley Stadium in London on June 22, 2024. Kevin Mazur | Getty Images Entertainment | Getty Images"There's still a lot of demand for out-of-home entertainment," Ted Rossman, senior industry analyst at Bankrate, recently told CNBC.

Persons: Taylor Swift, Jeff J Mitchell, Taylor, Bankrate, Kevin Mazur, Ted Rossman, Rossman Organizations: Murrayfield, Getty, Bureau of Labor Statistics, CPI, Bankrate, Wembley, CNBC Locations: Edinburgh, Scotland, U.S, London

☆ Americans' spending patterns are flashing a warning of a possible consumer-led recession
▼ + stars: | 2024-06-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Read previewAmerica's stimulus-fueled shopping spree looks just about over — and lower spending could be a signal that a consumer-led downturn is on the horizon, economic experts say. Retail spending ticked 0.1% higher in May, but sales volume has dropped 1.3% year-over-year over the last three months, US Census data shows. That adds to a 4% decline in retail sales in the first quarter — and it's a strong sign the long-awaited consumer recession is on the horizon, economist David Rosenberg said recently. "Early signs of a consumer recession finally coming to the fore." AdvertisementThe US has 52% chance of slipping into recession by May of next year, according to projections from the New York Fed.

Persons: —, David Rosenberg, Stephanie Pomboy, Ian Shepherdson Organizations: Service, Business, McKinsey, Deutsche Bank, Consumer, Federal Reserve, New York Fed, Pantheon Macroeconomics

☆ Home prices hit record high in May as sales stall
▼ + stars: | 2024-06-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

watch nowSales of previously owned homes are sitting at a 30-year low and didn't move much in May as prices hit a new record and mortgage rates remain high. The sluggish sales pace came as rates took a big leap in April. David Ryder | Bloomberg | Getty ImagesSales were unchanged month to month in all regions except the South, where they fell 1.6%. At the current sales pace, there is now a 3.7-month supply. "Eventually, more inventory will help boost home sales and tame home price gains in the upcoming months.

Persons: Lawrence Yun, David Ryder, Yun Organizations: National Association of Realtors, Mortgage News, NAR, Bloomberg, Getty Locations: Issaquah Highlands, Issaquah , Washington, US

☆ With 10% yields, private credit looks attractive, says UBS. What you need to know before investing
▼ + stars: | 2024-06-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

There's a lot to like about private credit right now, according to UBS. "We still have defaults very low on the private credit side, lower than what we're seeing on public. "With private credit, you don't know how things might change going forward," she explained. While there are some good players in private credit, there are others who are not, he said. Investing in BDCs Another way to get exposure to private credit is by investing in the public stocks of the business development companies, or BDCs, that are doing the private lending.

Persons: Leslie Falconio, Falconio, Jamie Dimon, Dimon Organizations: UBS, Blackstone Private Credit Fund, Franklin BSP Private Credit Fund, SEC Locations: UBS Americas, Franklin, BDCs

☆ New Home Construction Slows as Mortgage Rates Remain High
▼ + stars: | 2024-06-20 | by ( Danielle Kaye | ) www.nytimes.com time to read: +1 min

Construction of new homes in the United States dropped below expectations in May as builders pull back on new residential projects largely in response to high interest rates, reinforcing concerns about stubbornly high housing prices. Government data released on Thursday showed that new-home construction, or housing starts, fell 5.5 percent last month to an annualized rate of 1.28 million, a sign of more cracks in the already shaky housing market. Slower construction of both single-family and multifamily homes contributed to the overall drop. Building permits dipped 3.8 percent, pointing to less future construction. The magnitude of the decrease in construction last month underscores that high interest rates are both weakening housing demand and raising costs for builders — two dynamics that are ultimately contributing to builders’ reluctance to start projects.

Persons: Freddie Mac, Daniel Vielhaber Organizations: Nationwide Locations: United States

☆ Activist Starboard amasses Autodesk stake, weighs suit over delayed probe disclosure
▼ + stars: | 2024-06-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Starboard's stake is valued at roughly $500 million, according to people familiar with the matter. The results of that probe led to the ouster of Autodesk's then-CFO, Deborah Clifford, who was moved to a different executive role within Autodesk. The probe found that executives manipulated reporting tied to company's contract billing structure, as Autodesk shifted back to upfront payments from annualized payments, to improve those metrics. The delayed disclosure came a little more than a week after the deadline to nominate directors closed. Starboard is weighing legal action in Delaware Chancery court to compel the reopening of Autodesk's nominating window and the delay of Autodesk's annual meeting, the people said.

Persons: Jeff Smith, Autodesk's, Deborah Clifford, Marc Benioff's Salesforce Organizations: Autodesk, Securities and Exchange Commission, Cisco, Wall Street, Sachem, Capital Management, Eminence Capital, Justice Department, SEC Locations: Delaware

☆ Top Wall Street analysts suggest these 3 dividend stocks for enhanced returns
▼ + stars: | 2024-06-16 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +5 min

Wall Street's best analysts have insight into companies' ability to provide attractive dividend yield and upside for the long term. Here are three attractive dividend stocks, according to Wall Street's top pros on TipRanks, a platform that ranks analysts based on their past performance. With a quarterly dividend of $1.22 per share ($4.88 on an annualized basis), KMB offers a dividend yield of 3.5%. In June, the company paid a base dividend of $1.25 per share and a variable dividend of $1.69 per share. (See Chord Energy Stock Charts on TipRanks)Cisco SystemsOur third pick is dividend-paying technology stock Cisco Systems (CSCO).

Persons: Wall Street's, Wall, Kimberly, Clark, Nik Modi, Modi, Mike Hsu, TipRanks, William Janela, Janela, Jefferies, George Notter, Notter Organizations: Cisco, Clark Consumer, KMB, RBC Capital, Energy, Enerplus, Cisco Systems Locations: San Jose , California, Kimberly, North America, Williston

☆ How Apple, Microsoft and 3 other tech giants can make money with AI geared to consumers
▼ + stars: | 2024-06-16 | by ( Morgan Chittum | ) www.cnbc.com time to read: +10 min

(Expected AI-driven device upgrades from Apple, Microsoft, and other personal tech makers is the reason we're invested in Best Buy . Microsoft, Apple and fellow Club name Nvidia have all eclipsed $3 trillion market values — and have been wrestling for the top spot as the most valuable U.S. company. META YTD mountain Meta Platforms (META) year-to-date performance Meta Platforms is monetizing consumer interest in AI by boosting user engagement. The Meta AI generative artificial intelligence assistant is currently free to use. AMZN YTD mountain Amazon (AMZN) year-to-performance Comparable to Meta, Amazon offers AI to consumers for free to increase engagement on its dominant e-commerce platform.

Persons: Tim Cook, Siri, Apple, WWDC, Piper Sandler, Jim Cramer, Bard, Missteps, Jim, Jim Cramer's, Eugene Mymrin Organizations: Apple, Apple Intelligence, Developer Conference, Microsoft, Services, Cook, Co, AI Party, Bloomberg, Microsoft's, Computing, Club, Nvidia, Gmail, Google, ChatGPT, Facebook, Citi, Meta, Amazon, Amazon Web Services, CNBC Locations: China, Cupertino, U.S

☆ A famed economist who called the 2008 recession shares 3 ways stocks resemble some of the biggest bubbles in history — and warns 2 'bona fide' recession signals showed up in May's jobs data
▼ + stars: | 2024-06-15 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Investors are currently reveling in the 'better', as an ongoing eight-month melt-up once again pushed the S&P 500 to fresh highs this week. But sooner or later, the 'worse' will come, warns David Rosenberg, the founder of Rosenberg Research, who famously called the 2008 recession while working as Merrill Lynch's chief economist. AdvertisementAnother sign the market is out over its skis is the performance divergence between the market cap-weight and the equal-weighted S&P 500 indexes. On June 12, the Dow underperformed the S&P 500 by 0.94%, one of only 71 trading days since 1982 where that's happened, according to Rosenberg's technical analysis consultant, Walter Murphy. AdvertisementIn addition to concerning market technicals, fundamentals could also be in a troubling place in the form of labor market weakness, Rosenberg said.

Persons: —, David Rosenberg, Merrill Lynch's, Rosenberg, Bob Farrell, Walter Murphy, Murphy, — Rosenberg, it's, Louis Fed, Piper Sandler Organizations: Service, Rosenberg Research, Business, Tech, Dow Jones, Dow, Nvidia, Microsoft, Apple, Federal Locations: lockstep

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