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☆ 64% of U.S. retirement savers make this 'dangerous' assumption—'avoid it at all costs,' says CFP
▼ + stars: | 2024-09-20 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

The idea behind saving for retirement is to provide yourself with income between when you stop working and when you die. For those born after 1960, full retirement age — when you receive a full Social Security benefit — is age 67. So maybe it's not surprising that most U.S. retirement savers aren't planning on a lengthy retirement. "Building a plan around spending your assets down to zero, for us, we simply avoid it at all costs." In fact, the median retirement age for U.S. workers is 62, according to research from the Employee Benefit Research Institute.

Persons: CNBC's, SurveyMonkey, Yusuf Abugideiri, Yeske Buie, Abugideiri, you'll Organizations: National Center for Health Statistics, Social Security, Research Locations: Vienna , Virginia, America

☆ Trump 2.0 tariffs could put tech 'in the line of fire,' says UBS analyst
▼ + stars: | 2024-09-20 | 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 EmailTrump 2.0 tariffs could put tech 'in the line of fire,' says UBS analystRandy Abrams, head of Taiwan Research at UBS, discusses potential Trump 2.0 tariffs and what they would mean for global trade and tech supply chains.

Persons: Randy Abrams Organizations: Trump, UBS, Taiwan Research Locations: Taiwan

☆ There's a 12% correction looming for the stock market by the end of the year, Stifel says
▼ + stars: | 2024-09-20 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Stifel warns of a sharp stock market correction by year-end, with the S&P 500 potentially dropping 12%. "Our instruments tell us to expect an S&P 500 correction to the very low 5,000s by 4Q24," Bannister said. AdvertisementInvestors should prepare for a sharp and quick correction in the stock market before the end of the year, according to Stifel. In a note on Thursday, chief equity strategist Barry Bannister of Stifel warned that the S&P 500 could trade 12% lower in the fourth quarter. "Our instruments tell us to expect an S&P 500 correction to the very low 5,000s by 4Q24," Bannister said.

Persons: Stifel, Barry Bannister, Bannister, — Organizations: Service

Now that the Fed has cut rates, mortgage rates may not drop much further in the near term. But if the Fed doesn't lower rates as much as expected this year, mortgage rates may hold steady or even inch up. But rates are still expected to come down further, so it may also be worth waiting to see how low mortgage rates go. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.

Persons: Lawrence Yun, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Federal Reserve, Wednesday, National Association of Realtors, Consumers, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

☆ The best-selling country musicians of all time
▼ + stars: | 2024-09-20 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

The best-selling country artists of all time include Elvis Presley, Tim McGraw, and Shania Twain. We used RIAA's data to compile this list based on total album units sold in the US. Only three artists on this list debuted in the 2000s: Carrie Underwood, Taylor Swift, and Rascal Flatts. In fact, two of the top three best-selling musicians of all time are country music artists: Elvis Presley and Garth Brooks. We used the Recording Industry Association of America's (RIAA) list of best-selling artists, ranked by albums sold, to pick out the top 25 most successful country musicians of all time.

Persons: Elvis Presley, Tim McGraw, Shania Twain, Carrie Underwood, Taylor Swift, Rascal, —, Garth Brooks Organizations: Service, Recording Industry Association of America's, Business

☆ Millions of ancient fossils were discovered underneath a California high school and it's rewriting the state's history. Take a look.
▼ + stars: | 2024-09-20 | by ( Jenny Mcgrath | ) www.businessinsider.com time to read: +1 min

Construction at a high school uncovered millions of fossils dating back nearly 9 million years. The fossils include unique species of fish that had never been found in the area before. Go to newsletter preferences Thanks for signing up! AdvertisementFor decades, students at San Pedro High walked over millions of ancient fossils hidden beneath the concrete. During a recent construction project, workers discovered the massive collection, which includes some fossils dating back nearly 9 million years.

Persons: —, San Pedro High Organizations: Service, San, Business Locations: California, San Pedro

☆ With a big interest rate cut in the books, Tom Lee says the 'Fed put' is back in play
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +2 min

The Federal Reserve's big interest rate cut this week has reintroduced the notion of the " Fed put " into the stock market, longtime bull Tom Lee said. That means, the Fed's mandate is now primarily supporting a strong labor market," Lee wrote to clients Friday. Broadly speaking, the "put" refers to the desire of the Fed to loosen financial conditions, which in turn supports risk assets like stocks. In particular, he cited "an important lifeline" to three sectors that Lee said actually are in a recession: durable goods, auto sales and housing. This is a long winded way of saying the Fed is not 'pushing on a string ,'" Lee wrote.

Persons: Tom Lee, Lee Organizations: Federal, Fundstrat Global Advisors, Fed

☆ Goldman Sachs' Naison-Tarajano: Rate cut was 'a bit of a hedge' for the economy
▼ + stars: | 2024-09-20 | 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 EmailGoldman Sachs' Naison-Tarajano: Rate cut was 'a bit of a hedge' for the economySara Naison-Tarajano, Goldman Sachs Private Wealth global head of capital markets, joins CNBC's 'Closing Bell' to discuss reactions to the Fed's rate cut decision, market outlooks, and more.

Persons: Goldman Sachs, Sara Naison, Goldman Organizations: Wealth Locations: Goldman Sachs

☆ RH is the biggest importer of Italian sofas in America, says CEO Gary Friedman
▼ + stars: | 2024-09-20 | by ( Jim Cramer | ) 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 EmailRH is the biggest importer of Italian sofas in America, says CEO Gary FriedmanRH Chairman and CEO Gary Friedman joins 'Mad Money' host Jim Cramer to talk quarterly results, global growth, the state of the housing market and more.

Persons: Gary Friedman, Jim Cramer Locations: Italian, America

☆ Dan Campbell: Lions head coach selling Detroit home because of ‘safety concerns’
▼ + stars: | 2024-09-20 | by ( Ben Morse | ) edition.cnn.com time to read: +2 min

CNN —Detroit Lions head coach Dan Campbell is selling his home in the Motor City because of what he calls “safety concerns.”Campbell told Crain’s Detroit Business on Wednesday that he and his family “loved” the house but decided to move after fans found out where he lived. “There’s plenty of space, it’s on two acres, the home is beautiful,” Campbell told the outlet. Crain confirmed that Campbell was subject to pranks and harassment as a result. “Dan and Holly Campbell are Detroit treasures,” Crain told CNN. After a lackluster first season, he has played a key role in turning Detroit into one of the best teams in the NFL.

Persons: Dan Campbell, ” Campbell, “, It’s, Ashley Crain –, Campbell, Crain, “ Dan, Holly Campbell, ” Crain Organizations: CNN — Detroit Lions, Detroit Business, Dallas Cowboys, CNN, Lions, CNN Sport, Cowboys, Bloomfield Township Police Department, NFL, The Lions, NFC, San Francisco 49ers Locations: Motor City, Detroit, Bloomfield Township

☆ Ultraprocessed foods may increase your risk for type 2 diabetes, study shows
▼ + stars: | 2024-09-20 | by ( Madeline Holcombe | ) edition.cnn.com time to read: +6 min

Packaged foods, soda, chips, hot dogs, chicken nuggets and ice cream all fall under the category of ultraprocessed foods, which can include dozens of synthetic additives such as preservatives, emulsifiers and artificial dyes. For every 10% increase in the amount of a person’s diet made up of ultraprocessed foods, the team found that there was a 17% increased risk for developing type 2 diabetes, the data showed. The scientists also found that reducing the amount of ultraprocessed food you are consuming can lower the risk, according to the study. “Ultra-processed foods are everywhere,” Dicken said via email. “We also know that increased body fat (from excess calories) increases the risk of type 2 diabetes.

Persons: Nerys Astbury, Astbury, Samuel Dicken, ” Dicken, “, ”, Sarah Gallo, Dicken, It’s, Hilda Mulrooney, Mulrooney, ” Mulrooney Organizations: CNN, Nuffield Department, Primary Health Care Sciences, University of Oxford, University College London, Consumer Brands Association, London Metropolitan University Locations: Europe, US

☆ McLaren Racing CEO: Proud of F1's innovations in safety, sustainability
▼ + stars: | 2024-09-20 | 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 EmailMcLaren Racing CEO: Proud of F1's innovations in safety, sustainabilityMcLaren Racing CEO Zak Brown discusses how the team uses hard data to improve results, and its efforts to become a more sustainable sport.

Persons: Zak Brown Organizations: McLaren

☆ You're probably pouring Champagne wrong, says a master of wine
▼ + stars: | 2024-09-20 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

Flutes are impractical and terrible for enjoying Champagne, said master sommelier Richard Hemming. Hemming said using a universal wine glass is the way to go for deeper Champagne appreciation. Go to newsletter preferences Thanks for signing up! AdvertisementIf you're sipping from Champagne flutes after popping the bottle, you're likely enjoying your bubbly the wrong way, said Richard Hemming, a master sommelier. Hemming knows his sparkling wine: He's the head of wine at 67 Pall Mall Singapore, a luxury, members-only wine club and restaurant.

Persons: sommelier Richard Hemming, Hemming, —, Richard Hemming, sommelier Organizations: Service, Pall Mall, Business Locations: Champagne, Pall, Pall Mall Singapore

☆ Chechen warlord Kadyrov accuses Elon Musk of ‘remotely disabling’ his Cybertruck
▼ + stars: | 2024-09-20 | by ( Lauren Kent | Anna Chernova | ) edition.cnn.com time to read: +2 min

CNN —Chechen leader Ramzan Kadyrov has accused Tesla CEO Elon Musk of “remotely disabling” his Cybertruck, which had been sent to the frontline of Russia’s war in Ukraine. The Chechen warlord, known for his loyalty to Russian President Vladimir Putin and his active involvement in Russia’s ongoing military operations in Ukraine, shared footage of himself in August driving a Cybertruck and claimed it was a gift from Musk. Kadyrov repeated his claim earlierthis week as he lamented that the high-tech vehicle had to be towed from the battlefield, saying: “What Elon Musk did was not nice. Musk unveiled the Tesla Cybertruck, which is fully electric as all of the company’s vehicles, in 2019 in Los Angeles. Kadyrov, who was installed as Chechen leader by Putin, has been criticized for decades for alleged human rights violations.

Persons: Ramzan Kadyrov, Elon Musk, Kadyrov, ”, Vladimir Putin, Musk, Putin, “ Organizations: CNN, ” CNN, US State Department, European Union Locations: Ukraine, Chechen, Grozny, Chechnya, Russian, Los Angeles, United States, United Kingdom, European

☆ Cramer's week ahead: New inflation data and earnings from Costco, KB Home
▼ + stars: | 2024-09-20 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

But regardless of the week's events, Cramer said the Fed's successful start to the easing cycle is leading the market in a positive direction. "We're in a rate cut cycle now, ok, it's very different from, from the last couple years. Next year should be better for the homebuilder than 2024 because the Fed is lowering rates, he added. Semiconductor outfit Micron will report earnings on Wednesday along with Cintas , which supplies a range of materials, including uniforms, to businesses. Retail grocery giant Costco reports on Thursday, and Cramer will be paying attention to which products are and aren't selling.

Persons: CNBC's Jim Cramer, Cramer, Raphael Bostic, Austan Goolsbee, Hewlett Packard Organizations: Costco, KB, Federal, Atlanta Fed, Chicago Fed, Apple, Semiconductor, Micron, Retail, Commerce Department

☆ Kentucky sheriff charged in killing of judge at courthouse
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +3 min

A judge in a rural Kentucky county was fatally shot in his courthouse chambers Thursday, and the local sheriff was charged with murder in the killing, police said. The preliminary investigation indicates Letcher County Sheriff Shawn M. Stines shot District Judge Kevin Mullins multiple times following an argument inside the courthouse, according to Kentucky State Police. Letcher County's judge-executive signed an order closing on Friday the county courthouse where the shooting took place. Mullins, 54, was hit multiple times in the shooting, Kentucky State Police said. Kentucky State Police referred inquires about Stines' legal representation Thursday to a spokesperson who did not immediately respond by email.

Persons: Shawn M, Kevin Mullins, Mullins, Stines, Whitesburg, Matt Butler, Judge Mullins, Butler, General Russell Coleman, Coleman, Laurance, VanMeter, Letcher, Andy Beshear, Steve Beshear Organizations: Kentucky State Police, Kentucky Supreme, Kentucky, Police, Gov Locations: Kentucky, Letcher, Lexington, Letcher County

☆ The Fed surprised many investors with a jumbo rate cut this week. It won’t get much easier to predict the next move
▼ + stars: | 2024-09-20 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

But Wall Street was mostly clueless this week when it came to predicting how big a rate cut the Fed would deliver on Wednesday. The jumbo half-point cut the Fed ultimately rolled out was not at all what traders expected a week ago. Powell: Fed officials ‘left the size of the rate cut open’ ahead of September meetingIn a closely watched speech at the Fed’s annual economic symposium in Jackson Hole, Wyoming, last month, Powell declared “the time has come” to cut interest rates. That data was apparently enough to spur some Fed officials to reconsider their position. “But we do not expect Fed officials to be intentionally opaque,” said Husby.

Persons: Jerome Powell, Powell, ‘, “, Price, Christopher Waller, ”, Powell’s, Thomas Simons, ” Simons, Michelle Bowman, “ We’re, Andrew Husby, Waller, there’s Organizations: New, New York CNN — Federal, Fed, PPI, CNBC, Jefferies, BNP Locations: New York, Jackson Hole , Wyoming

☆ Analysts say don't chase Nike pop on new CEO: 'There are probably no quick fixes'
▼ + stars: | 2024-09-20 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Nike's CEO is stepping down, and some on Wall Street appear to be lukewarm about the news. On Thursday after the bell, the sneaker giant announced that CEO John Donahoe will be retiring on Oct. 13. Wells Fargo maintained its overweight rating and increased its target by $9 to $95, implying more than 17% upside ahead. "We expect multiple expansion commensurate with Hill's hire — as leadership has been a large point of contention and controversy surrounding the stock," analyst Ike Boruchow wrote in a note. Bernstein, which has an outperform rating on Nike, expects the turnaround "will take time," but said market sentiment will be sympathetic.

Persons: John Donahoe, Elliott Hill, Jay Sole, Sole, Morgan Stanley, Alex Straton, Straton, Wells Fargo, —, Ike Boruchow, Bernstein, Aneesha Sherman Organizations: UBS, Nike, JD, Bank of America Locations: FL

☆ Oil prices set to end week higher after U.S. rate cut
▼ + stars: | 2024-09-20 | by ( ) www.cnbc.com time to read: +1 min

Oil prices, which were little changed in early Asian trade on Friday, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles. Brent futures , which were trading 19 cents or 0.3% lower at $73.69 a barrel at 0027 GMT on Friday, gained 4.3% this week. The U.S. central bank cut interest rates by half a percentage point on Wednesday. Weak demand from China's slowing economy was weighing on prices, with refinery output in China slowing for a fifth month in August. China's industrial output growth also slowed to a five-month low last month, and retail sales and new home prices weakened further.

Persons: Brent Organizations: Citi Locations: Brent, U.S, China

☆ Apple iPhone 16, Apple Watch Series 10 and AirPods 4 debut around the world
▼ + stars: | 2024-09-20 | by ( Todd Haselton | ) www.cnbc.com time to read: +3 min

In this article AAPL Follow your favorite stocks CREATE FREE ACCOUNTwatch nowApple on Friday greeted customers at its stores around the world for the debuts of the iPhone 16, Apple Watch Series 10 and AirPods 4. The software advancements will only be available on iPhone 16 and last year's iPhone 15 Pro devices. A view of Apple's new iPhone 16 at an Apple Store on the Regent Street in London, United Kingdom on September 20, 2024. Last year, UBS wrote, customers had a 41-day wait time for some iPhone 15 Pro Max preorders compared to a 26-day wait time for the iPhone 16 Pro Max this year. Devices of the new Apple Watch Series 10 model are on display after the presentation at Apple headquarters.

Persons: Siri, Rasid, Chi Kuo, shouldn't overreact, Max preorders, Max, Andrej Sokolow Organizations: Apple, Apple Intelligence, Anadolu, Getty, TF Securities Analyst Ming, Barclays, JPMorgan, Bank of America, UBS, Pro Locations: New York City, London, United Kingdom, China

☆ I lost my sight as a child. Makeup gave me back my sense of self
▼ + stars: | 2024-09-20 | by ( Freya Rogers | ) edition.cnn.com time to read: +7 min

Today, makeup is part of everyday life, part of how we see ourselves and how others see us. As I grew up and my vision became more impaired, my relationship with makeup, and myself, started to crumble. Smoky eyes ‘til I dieI used to avoid eye makeup because precision was never my strong suit. Embrace your faceMy relationship with makeup has taught me many things, but the most important lesson is that it’s okay to embrace your face. Though my sister and I no longer live together, we still bond over our shared love of makeup.

Persons: kohl, JIA, Freya Rogers, —, Charlotte Tilbury’s, I’ve Organizations: CNN, kohl Locations: Egypt

☆ 401(k) savers can access one of the 'rare guarantees' in investing, CFP says
▼ + stars: | 2024-09-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +1 min

Yet, according to financial advisors, there is an outlier in the realm of investing: the 401(k) match. The basic concept of a 401(k) match is that an employer will make a matching contribution on workers' retirement savings, up to a cap. In this example — a dollar-for-dollar match up to 3% — the investor would be doubling their money, the equivalent of a 100% profit. "If you were in Vegas and every time you put $1 in [the slot machine] you got $2 out, you'd probably be sitting at that slot machine for a mighty long time," said Elliott, a member of CNBC's Advisor Council. However, that money can come with certain requirements like a minimum worker tenure, more formally known as a "vesting" schedule.

Persons: Kamila Elliott, you'd, Elliott Organizations: Collective Wealth Partners Locations: Atlanta, Vegas

☆ From gold and silver, to oil and aluminum: Where analysts see prices now the Fed has cut rates
▼ + stars: | 2024-09-20 | by ( Weizhen Tan | ) www.cnbc.com time to read: +6 min

HSBC in a Sept. 17 report examined the relationship between Fed rate cuts and copper and aluminum prices over the past 30 years. In its base case, Citi sees copper prices averaging $9,000 per ton for the rest of this year, citing U.S. election uncertainty and weak manufacturing sentiment. Energy Citi anticipates that oil will suffer renewed price weakness in 2025, with Brent falling to around $60 a barrel. Based on what happened in 2019, trade tariffs lowered global oil demand growth by 0.2 million barrels a day. A slowdown in China, among the world's largest importer and consumer of oil, has been blamed on slowing global oil demand.

Persons: annualized, it's, that's, Brent Organizations: U.S . Federal Reserve, Citi, HSBC, Commodities, Energy Citi Locations: China, U.S, Europe, Iran

☆ Trump said if he loses, Jews would have 'a lot to do' with it
▼ + stars: | 2024-09-20 | by ( Joshua Nelken-Zitser | ) www.businessinsider.com time to read: +1 min

Donald Trump suggested Jewish Americans would be partly to blame if he lost the election in November. Go to newsletter preferences Thanks for signing up! AdvertisementSpeaking at a "Fighting Antisemitism in America" event in Washington, DC, on Thursday, former President Donald Trump said that Jews would be partly to blame if he lost in November. "If I don't win this election" then "the Jewish people would have a lot to do with a loss," Trump said, per The New York Times. Trump attributed this to what he called the "Democrat hold, or curse" on Jewish Americans, according to The Washington Post.

Persons: Donald Trump, —, Trump Organizations: Democratic, Service, New York Times, Democrat, The Washington Post Locations: America, Washington ,

☆ Treasury yields move lower as investors digest unemployment data after Fed cut
▼ + stars: | 2024-09-20 | by ( April Roach | ) www.cnbc.com time to read: +1 min

The 10-year Treasury yield was around 2 basis points lower at 3.7168%. The 2-year Treasury note yield was down around 2 basis points at 3.5784%. U.S. Treasury bond yields were lower on Friday following the release of lower-than-expected jobless claims in the wake of the Federal Reserve's jumbo rate cut. The Federal Reserve's decision on Wednesday to slash interest rates by 50 basis points comes amid a week full of central bank rate decisions. The Bank of England announced on Thursday it would hold interest rates steady after cutting rates for the first time in more than four years in August.

Persons: BOE Organizations: U.S, Treasury, Federal, Reuters, Bank of England, Bank of Japan, People's Bank of China Locations: Asia, China

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