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U.S. consumers collectively owe an eye-popping $1.17 trillion in credit card debt — a record — according to estimates the Federal Reserve Bank of New York released this week. But while there are still major financial risks for carrying hefty balances, the researchers said the data suggests that “rising debt burdens remain manageable” for the typical consumer. Prices are still going up, but they’re not going up as fast, and incomes are once again going up at a faster rate than expenses. Earnings growth has averaged 6.2% per year since the pandemic began, compared to the cumulative debt balance rising 4% per year. “Especially for higher-risk borrowers, credit card and auto loan delinquencies are the highest in a dozen years, and that’s with unemployment at 4%.

Persons: ’, Donald Trump, they’re, Greg McBride What’s, TransUnion, That’s, ”, Greg McBride, “, McBride Organizations: ’ paychecks, Federal Reserve Bank of New York, New York Fed, Commerce Department, Bureau of Labor Statistics, Bankrate Locations: ’ paychecks . U.S

Stocks tumbled on Friday as the post-election rally fizzled and investors fretted over the path of interest rates. The S&P 500 slipped 1.32% and closed at 5,870.62, while the Nasdaq Composite fell 2.24% to 18,680.12. Declines in pharmaceutical stocks weighed on the 30-stock Dow and broader S&P 500, with Amgen down about 4.2% and Moderna off by 7.3%. The information technology sector of the S&P 500 was the worst performing corner of the market, down more than 2% as Nvidia, MetaPlatforms, Alphabet and Microsoft tumbled. The S&P 500 posted a weekly loss of 2.1%, while the Nasdaq Composite slid about 3.2%.

Persons: Stocks, Donald Trump, Robert F, Kennedy Jr, Tesla, ”, Kristy Akullian, “, Jerome Powell, Susan Collins, Dow Jones Organizations: Dow Jones Industrial, Nasdaq, Dow, Moderna, Department of Health, Human Services, P Biotech, Nvidia, Microsoft, Trump Trade, ” Traders, Federal, Boston, Street Locations: Americas, BlackRock

Black Friday is on Nov. 29, 2024, and Cyber Monday is on Dec. 2, 2024. Many retailers’ early Black Friday and Cyber Monday sales have already begun, including at Walmart, Home Depot and REI. While shopping Black Friday and Cyber Monday, don’t forget to poke around subscription services and travel sites for deals, says Shand. Black Friday and Cyber Monday shopping tipsPlanning is key to shopping Black Friday and Cyber Monday. Don’t wait to buy what’s on your wishlistDuring Black Friday and Cyber Monday, shopping traffic peaks online and in stores.

Persons: it’s, I’ll, You’ll, Mackenzie Shand, they’re, Shand, ”, Vipin Porwal, Porwal, don’t, We’ve, you’re, Black, can’t, you’ll, that’s, TikTok Organizations: NBC, Walmart, Home, Retailers, Black, Apple, Nintendo, Products, Tech, Brands, Target, Costco, Facebook, Twitter Locations: REI

WASHINGTON — When President Joe Biden relinquishes power in January, some parts of his legacy will be secure, while others may be undone by President-elect Donald Trump and a new Republican-controlled Congress. The pieces of Biden’s legacy go into four buckets. But it will be difficult for Trump to undo bipartisan legislation, such as measures about infrastructure and preventing gun violence, and the judges Biden appointed can’t be unseated. Biden’s immigration orders are ripe for Trump to target after he ran on a platform of mass deportations and clamping down on border security. Bipartisan Biden-era bills (largely safe)The parts of Biden’s legacy that will be relatively safe are the bipartisan laws he passed, which are subject to filibusters and therefore give Democrats the power to protect them.

Persons: WASHINGTON, Joe Biden relinquishes, Donald Trump, Trump, Biden, can’t, they've, Roe, Wade, Sen, Kevin Cramer, ” Cramer, Kamala Harris, Thom Tillis, they’ve, ” Sen, Shelley Moore Capito, Tommy Tuberville, “, ”, Ben Cline, John Thune, they’ll, Angus King, It's, ” King, Ketanji Brown Jackson Organizations: Republican, Trump, Democrats, NBC News, GOP, Biden, American, Finance Committee, Public, Republicans, Postal Service, Democratic Locations: U.S, South Dakota, Maine, Pennsylvania

Despite its name, it won’t actually be a “department,” like the Department of Education or the Department of Homeland Security. “From the outside, will Musk and Ramaswamy be able to do a whole lot? During a late-October town hall on X, Musk suggested his ideal spending cuts could trigger economic pain for people. Democrats acknowledged they had little ability to prevent the Trump administration from enacting the changes Musk and Ramaswamy suggest. “In this second term in particular, President Trump has a better understanding of what needs to be done and how to do it,” Schatz said.

Persons: Donald Trump’s, Elon Musk, Vivek Ramaswamy, ” —, Ramaswamy, Trump, “, ” Musk, Max Stier, ” Stier, Musk, ”, MacGuineas, Joe Spielberger, ” Ramaswamy, Tucker Carlson, ” Sen, John Fetterman, “ It’s, Trump’s, —, they’re, Elon, Vivek, ” Spielberger, he’s, Lisa Gilbert, “ Musk, ’, Sen, Elizabeth Warren, Dean Phillips Organizations: Trump, “ Department, Government, Department of Education, Department of Homeland Security, White, Management, Budget, Partnership for Public Service, Social Security, Federal, Roivant Sciences, GOP, NBC News, FBI, Alcohol, Tobacco, Firearms, Explosives, Education Department, Nuclear Regulatory Commission, Food and Nutrition Service, Agriculture Department, Democrats, Senate, “, SpaceX, NBC, Twitter, Elon, Public Citizen, Democratic, Democrat Locations: Government

Mortgage rates were forecast to go down in 2025. Expectations of higher inflation and more government debt under Trump have helped mortgage rates rise in recent weeks. Why mortgage rates rose ahead of the election — and are still high nowMortgage rates went down a lot in September, with 30-year rates dropping near 6%, according to Freddie Mac. How Trump's policies could lead to higher mortgage ratesZhao says that right now it's "nearly impossible" to predict where mortgage rates will go in 2025. More supply would help moderate home price growth, improving affordability even if mortgage rates remain high.

Persons: Donald Trump's, Trump's, —, Freddie Mac, they're, Chen Zhao, Melissa Cohn, Trump, Zhao, Kamala Harris, Cohn Organizations: Trump, Service, Bond, William, Mortgage, Analytics

☆ UK economy ekes out 0.1% growth in the third quarter, below expectations
▼ + stars: | 2024-11-15 | by ( April Roach | ) www.cnbc.com time to read: +3 min

Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. Gross domestic product came in at 0.1% in the three months to September compared to the previous quarter. That's below the 0.2% growth expected by economists polled by Reuters and follows an expansion of 0.5% in the second quarter of the year.

Persons: Mike Kemp, Rachel Reeves, Thiru, Donald Trump, Trump's, Andrew Bailey, I'm Organizations: of England, Getty, Gross, Reuters, National Statistics, Bank of England's, Bank of England, Labour, Finance, Institute of Chartered Accountants, U.S Locations: City of London, London, United Kingdom, The City, U.K, That's, Britain, England, Wales

☆ It’s not just Democrats. Republicans are working to Trump-proof their climate money
▼ + stars: | 2024-11-15 | by ( Ella Nilsen | Renée Rigdon | ) edition.cnn.com time to read: +6 min

CNN —President Joe Biden’s climate law is on the chopping block as Republicans prepare to have full control in Washington. But it’s not just Democrats gearing up to protect the Inflation Reduction Act’s clean energy policies. In other words, if Republicans successfully repeal Biden’s climate and clean energy law, their districts stand to lose the most. Conservative groups and companies who are using the clean energy tax credits are already starting to lobby lawmakers to save them. “To demonstrate that these tax credits are really a net profit for the economy, that really is the name of the game.”

Persons: Joe Biden’s, it’s, Donald Trump, Buddy Carter, Trevor Houser, Trump gunning, ” Houser, Carter, Mike Johnson, Johnson, “, ”, Richard Hudson —, —, Adrian Deveny, they’ll, Heather Reams Organizations: CNN, Republican, ” Republican, Republicans, Massachusetts Institute of Technology, Congressional Republicans, Trump, Hyundai EV, Hyundai, North Carolina Rep, Toyota, MIT, Climate Vision, Conservative, Citizens, Responsible Energy Solutions Locations: Washington, Georgia, Carter’s Georgia

☆ GM lays off 1,000 employees amid reorganization, cost-cutting
▼ + stars: | 2024-11-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

The GM logo is seen on the facade of the General Motors headquarters in Detroit on March 16, 2021. DETROIT – General Motors laid off roughly 1,000 employees on Friday as the automaker attempts to cut costs and realign priorities amid changing market conditions, according to a person familiar with the decision. The layoffs, which were announced Friday morning to those impacted, were across the business. A majority of the employees impacted were in suburban Detroit at the automaker's global technical center in Warren, Michigan, the person said. A small number of hourly employees were included in the layoffs.

Organizations: General Motors, DETROIT –, Motors Locations: Detroit, DETROIT, Warren , Michigan, China

☆ Stocks making the biggest moves midday: Palantir, Moderna, Ulta Beauty, Alibaba and more
▼ + stars: | 2024-11-15 | by ( Pia Singh | In | ) www.cnbc.com time to read: +3 min

Global pharma stocks — Shares of several vaccine makers declined after President-elect Donald Trump selected prominent vaccine skeptic Robert F. Kennedy Jr. as health secretary on Thursday. Shares of Moderna and Pfizer slipped nearly 9% and 5%, respectively. Ulta slipped nearly 3% after Berkshire Hathaway revealed in a regulatory filing that it had sold around 97% of its shares, nearly dissolving its position in the beauty retailer. Berkshire had just bought the stock in the second quarter, making Ulta a relatively new bet. However, the company beat expectations on both lines in the fourth fiscal quarter and issued positive guidance for adjusted earnings per share.

Persons: Donald Trump, Robert F, Kennedy Jr, Eli Lilly, Warren Buffett, Berkshire Hathaway, Ulta, — CNBC's Sean Conlon, Alex Harring, Jesse Pound, Hakyung Kim, Lisa Han Organizations: Global pharma, Moderna, Pfizer, GSK, Novo Nordisk, Nasdaq, Securities and Exchange Commission, Super, New York Stock Exchange, Corp, Berkshire, Pool Corp, AST, Materials, LSEG Locations: China, Domino's, Berkshire

☆ The top 10 family offices for startup investments
▼ + stars: | 2024-11-15 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The top 10 family offices for startup investments made over 150 investments combined this year, in everything from biotech and energy to crypto and artificial intelligence, according to a new analysis. CNBC partnered with Fintrx, the private wealth intelligence platform, to analyze single family offices that made the largest number of investments in private startups in 2024. The most active family office so far this year is Maelstrom, the Hong Kong-based family office of American investor Arthur Hayes, who co-founded the crypto exchange BitMEX. For the sake of the list, family offices are defined as investment vehicles or holding companies of a single family or individual that don't manage money for outside investors. Nearly a third of startup capital in 2022 came from family offices, according to a PWC report.

Persons: Guillaume Houze, Pascal Le Segretain, Robert Frank, Bernard Arnault's, Laurene Powell Jobs, Peter Thiel's Thiel, Arthur Hayes, Guillaume Houzé, Motier, Andreesen Horowitz, Eric Schmidt, Magnus Carlsen, Fertility Organizations: Royal, Getty, CNBC, Fintrx, Ventures, Labs, Motier Ventures, Google, Flex, Mistral, Nvidia, Lightspeed, Atinum Investment, Emerson Collective . Thiel Capital Locations: Paris, France, Hong Kong, Lafayette, Seoul, Korea, Singapore

☆ Jim Cramer's week ahead: Earnings from Nvidia, TJX and Walmart
▼ + stars: | 2024-11-15 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday highlighted the biggest events next week on Wall Street, pinpointing earnings reports from Nvidia , TJX and Walmart . Cramer praised the two retailers but said investors might want to wait for a pullback before diving in to Walmart. Retailers TJX, Target and Williams-Sonoma will report Wednesday morning. Cramer recommended investors "wait and see" with Target as Wall Street worries about the impact of potential tariff increases by the Trump administration. After the market closes, Palo Alto Networks and Nvidia report, and Cramer said both could sell off post-earnings.

Persons: CNBC's Jim Cramer, I've, Cramer, Donald Trump, Medtronic, Trump, he'd Organizations: Nvidia, TJX, Walmart, Trump, Viking Holdings, Depot, Federal Reserve, Williams, Palo Alto Networks, Intuit, Procter & Gamble, GE Healthcare Technologies Locations: Vertiv, Sonoma, Williams, China

☆ From clothes to computers, 6 things expected to get more expensive if Trump's trade plans are enacted
▼ + stars: | 2024-11-15 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +10 min

If implemented, Americans could see prices rise across several product categories. AdvertisementBased on analyses from economists and trade experts, here are the goods that could become more expensive for Americans under Trump's tariff proposals. AdvertisementSome retailers have already announced preparations to increase prices should Trump's tariff plans go into effect. AdvertisementGold said it's unlikely Trump's tariffs would go into effect on day one or day two, and "it's tough to say right now at what point consumers would feel the impact." AdvertisementA report from centrist think tank ThirdWay said that Trump's tariff proposals analyzed eight common purchases that the US either heavily imports or is unable to produce domestically.

Persons: Donald Trump, Trump, —, Mary Lovely, Lovely, There's, Joe Biden, Jonathan Gold, it's, Karoline Leavitt, Tim Boyle, Gold, Philip Daniele, Daniele, Shinji Aoyama, Henrik Elm, Elm, Taylor Rogers Organizations: Trade, Service, Peterson Institute for International Economics, Trump, Consumers, National Retail Federation, Retailers, Bank of America, Columbia, Washington Post, Electronics, Consumer Technology Association, CTA, Honda, General Motors, Ford, Inter Ikea —, Ikea, Reuters, NPR, International Trade Commission, Republican National Committee Locations: China, Mexico, Europe

☆ Next year is already looking rough for retail store closures
▼ + stars: | 2024-11-15 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

If this year's closures are any indication — and if the economy worsens — they won't be alone. 2025 is still more than a month away, but it's already shaping up to be another rocky year for retail. Analysts at UBS project the total number of US retail closures could reach 45,000 over the next five years. For one thing, even healthy retailers like Walmart and Target periodically review and trim their store fleets in the normal course of business. In any event, the year hasn't even begun, but nearly 1,500 retail closures are slated — already roughly half the amount BI has tracked for full-year totals in recent years.

Persons: —, Topping, Shane O'Kelly, Donald Trump's Organizations: Parts, Walgreens, UBS, Coresight Research, Walmart, Target, Blockbuster

☆ Treasury yields tick higher as investors digest Powell’s comments, await further data
▼ + stars: | 2024-11-15 | by ( Sawdah Bhaimiya | ) www.cnbc.com time to read: +1 min

ET, the 10-year Treasury yield rose by more than two basis points to 4.4453%. The yield on the 2-year Treasury rose by more than three basis points to 4.3307%. U.S. Treasury yields rose on Friday as investors digested Federal Reserve Chair Jerome Powell's latest comments, and awaited further economic data. The remarks come after the Fed cut interest rates by a quarter point last week. Investors will turn their attention to further economic data due to be published on Friday, including retail sales, industrial production, and import prices.

Persons: Jerome Powell's, Powell, Powell's Organizations: Treasury, U.S, Investors, Fed

☆ Here's why Americans are obsessed with iced coffee
▼ + stars: | 2024-11-15 | by ( Ryan Baker | ) www.cnbc.com time to read: +3 min

In 2023, Americans spent about $17.7 billion on out-of-home cold coffee including iced coffee, cold brew and frozen coffee drinks. Giants like Starbucks have played a major role in iced drinks taking share from more traditional hot coffee. 45% of coffee drinkers ages 18 to 24 said they had a cold coffee in the past day according to a survey conducted in July 2024 by the National Coffee Association. Cold coffee drinks are highly customizable, with syrups, toppings and cold foam incorporated into many of the popular offerings at major coffeehouse chains. Watch the video to learn more about why cold coffee has taken off in the United States.

Persons: Matthew Barry, Kelsey Olsen, Olsen, Dunkin, Barry, David Henkes Organizations: Giants, Starbucks, Euromonitor, National Coffee Association, Mintel's, Bros, CNBC Locations: U.S, Mintel's U.S, Technomic, United States

☆ HKMA: Optimistic about Hong Kong based on US rate cuts and mainland stimulus
▼ + stars: | 2024-11-15 | 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 EmailHKMA: Optimistic about Hong Kong based on US rate cuts and mainland stimulusEddie Yue, Chief Executive of HKMA, says several factors help boost his outlook on consumer and business activity in Hong Kong – but says the city still needs to be more resilient in the face of potential global shockwaves.

Persons: Eddie Yue Organizations: Hong, HKMA Locations: Hong Kong

☆ RFK Jr.’s to-do list to make America ‘healthy’ — vaccines, fluoride and food — has health experts worried
▼ + stars: | 2024-11-15 | by ( Meg Tirrell | Katherine Dillinger | ) edition.cnn.com time to read: +12 min

“Donald Trump’s bungling of public health policy during the Covid pandemic cost hundreds of thousands of lives. “FDA’s war on public health is about to end,” he said in a social media post. Pack your bags.”That warning followed comments Kennedy has made about ending National Institutes of Health research into infectious diseases, putting doctors in the field on edge. water systems to remove fluoride from public water. Kennedy’s messaging on food policy has resonated with some health experts in that field.

Persons: Donald Trump’s, Robert F, Kennedy Jr, Dr, Ashish Jha, “, Carlos del Rio, Trump, ” Trump, “ Robert F, Kennedy, Jr, ” Robert Weissman, “ Donald Trump’s bungling, Michael Osterholm, ”, Osterholm, he’d, Ronald Reagan’s, he’s, ” Kennedy, Paul Offit, Jesse Watters, I’ve, Jason Schwartz, Edward Chen, it’s, I’m, Ashley Malin, ” Malin, Food Kennedy, Sanjay Gupta, Marion Nestle, Sen, Ron Johnson, Nestle, ” Nestle, CNN’s Carma Hassan, Nadia Kounang, Daniel Dale, Aaron Pellish Organizations: CNN, US Department of Health, Human, Brown University School of Public Health, Emory School of Medicine & Grady Health, Public Health, Health, HHS, Department of Health, Human Services, Public Citizen, Infectious Disease, University of Minnesota, US Centers for Disease Control, US Food and Drug, FDA, Pharma, of Health, Vaccine Education Center, Children’s Hospital of Philadelphia, CDC, Vaccines, Health Defense, Fox News, Yale School of Public Health, Trump White, U.S, American Dental Association, Environmental Protection Agency, MSNBC, Epidemiology, University of Florida’s College of Public Health, CNN Health Locations: Wisconsin

☆ A fluffy, $85 toy is taking Asia by storm and sparking legions of knockoffs. Inside the meteoric rise of Labubu.
▼ + stars: | 2024-11-15 | by ( Aditi Bharade | Erin Liam | ) www.businessinsider.com time to read: +9 min

The Labubu and Pop Mart phenomenonLabubu dolls at the opening of a Pop Mart store in Bangkok. AdvertisementIn a statement to BI, a representative from Pop Mart said that Labubu has gained a strong global fan base. Advertisement"There's a bit of a 'FOMO' feeling," said Sim, 31, who owns around six Labubu toys. She has around 17 Labubu toys and said she spent over $10,000 on them. Once, she even camped outside a Pop Mart store for the latest drop.

Persons: —, Grace Lee, Lee, ─, Joey Khong, Khong, Bangkok . Sun Weitong, Lung, it's restocked, Tony Lee, Mart doesn't, Taobao, Erin Liam, Lisa, Juda, Kanaprach, Gen Zers, They're, Labubu, It's, Sim Pei Yi, Sim, Ana Gonzales, she's, Gonzales, Tracy Hsu, Lisa —, Hsu Organizations: Service, Getty, Business, Pop, Pop Mart, Daxue Consulting, Southeast, Insight, Singapore, Mart Locations: Asia, Bangkok . Sun, Xinhua, Hong Kong, Beijing, Singapore, Pop, Southeast Asia, Japan, South Korea, China, Philippines, New Jersey, California, Canada

☆ Disney is turning record parks profits — even before its big expansions
▼ + stars: | 2024-11-15 | by ( Sarah Whitten | ) www.cnbc.com time to read: +8 min

Gary Hershorn | Corbis News | Getty ImagesAll is well in the Magic Kingdom. Experiences, which includes parks, resorts, cruises and consumer products, was the second-highest revenue driver behind Disney's entertainment division, which tallied $41.18 billion in fiscal 2024. "It's small things adding up to big things," said David Lightbody, senior vice president of Disney Live Entertainment. Limited time holiday merchandise available at Disney parks. A stunning firework show is held at the Magic Kingdom Park in Walt Disney World Resort on July 1, 2021 in Lake Buena Vista, Florida.

Persons: Gary Hershorn, King Thanos, it'll, Gavin Doyle, Doyle, Mouse, Helene, Milton, David Lightbody, Lightbody, Lindsay Brookshier, Disney hasn't, Liao Pan Organizations: Magic, Walt Disney World, Corbis, Getty, Magic Kingdom, Disney, Big, Marvel, Epcot, Guardians, Falcon, Disney Live Entertainment, Walt Disney, Disneyland's, Pixar Fest, Medianews, Orange, China News Service Locations: Orlando , Florida, Magic, Florida, California, Hong Kong, Anaheim, Walt, Lake Buena Vista , Florida

☆ Wall Street looks for Nvidia to take the baton from election trades to keep rally alive in the week ahead
▼ + stars: | 2024-11-15 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

What exactly President-elect Donald Trump's second term means for the stock market will be the question investors continue to grapple with in the week ahead. Nvidia earnings results will also be on deck as investors deal with stubbornly high interest rates as well. The Dow Jones Industrial Average surged past 44,000 for the first time ever, and the S & P 500 and the Nasdaq Composite similarly posted new records. Sales of Blackwell and Grace Blackwell are expected to start to show up in results next year. The SPDR S & P Regional Banking ETF has surged 11% this month.

Persons: Donald Trump's, Jimmy Chang, Jensen Huang, CNBC's, Blackwell, Grace Blackwell, Harsh Kumar, Piper Sandler, Kumar, Jensen, Donald Trump, Robert F, Kennedy Jr, Novavax, Ken Mahoney, Trump, There's, Mahoney, Rockefeller's Chang, Chris Rupkey, Jerome Powell Organizations: Dow Jones, Nasdaq, Rockefeller Global Family, Treasury, Nvidia, Blackwell, Health, Human Services Department, Moderna, Asset Management, Regional Banking ETF, Federal, White, FWDBONDS, Housing, Walmart, Lowe's, Palo Alto Networks, Philadelphia Fed, . Kansas City Fed Manufacturing, Ross Stores, Intuit, Deere, PMI, PMI Manufacturing, PMI Services Locations: China, U.S, NAHB, . Kansas, Michigan

☆ U.S. companies could be caught in the crosshairs if China retaliates to fight Trump
▼ + stars: | 2024-11-15 | by ( Eunice Yoon | ) www.cnbc.com time to read: +2 min

Trump has threatened to hit China with at least 60% tariffs and vowed to end reliance on the country. It would force companies to scramble to find other sources of supply, American consumers to pay higher prices at the store, and, according to many experts, lead to job losses. "If they are interpreted in that way, China might have a much more vigorous response, not limited to tariffs." Those actions could range from economic changes to matters of diplomacy and security, Kennedy said, adding China may "push back as hard as they can." More combative relations between the U.S. and China also brings the risk of public backlash amid rising Chinese nationalism.

Persons: Donald Trump's, Trump, Scott Kennedy, Kennedy, Michael Hart Organizations: Center for Strategic, International Studies, U.S, American Chamber of Commerce Locations: China, U.S, Beijing

☆ Alibaba shares rise 5% in premarket after Chinese tech giant posts 58% jump in profit
▼ + stars: | 2024-11-15 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Alibaba said net income rose 58% year-on-year to 43.9 billion Chinese yuan ($6.07 billion) in the company's quarter ending Sept. 30, on the back of the performance of its equity investments. This compared with a LSEG outlook of 25.83 billion yuan. Revenue, meanwhile, came in at 236.5 billion yuan, 5% higher year-on-year but below an analyst forecast of 238.9 billion yuan, according to LSEG data. Investors are closely watching the performance of Alibaba's main business units, Taobao and Tmall Group, which reported a 1% annual uptick in revenue to 98.99 billion yuan in the September quarter. The e-commerce giant's overseas online shopping businesses, such as Lazada and Aliexpress, meanwhile posted a 29% year-on-year hike in sales to 31.67 billion yuan.

Persons: Alibaba, — Organizations: Tmall, ING Locations: York, London, Beijing

☆ Stocks making the biggest moves premarket: Alibaba, Applied Materials, Ulta Beauty and more
▼ + stars: | 2024-11-15 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +2 min

Applied Materials — Shares tumbled more than 8% after the semiconductor equipment manufacturer offered weak revenue guidance for the current quarter. Applied Materials said it forecasts $7.15 billion in the first fiscal quarter, under the estimate of $7.224 billion from analysts polled by LSEG. Berkshire Hathaway bought more than 1.2 million shares, making the investment worth around $550 million at the end of September. Ulta Beauty – Shares slipped 5% after Berkshire Hathaway revealed in a regulatory filing that it had nearly dissolved its position in the beauty retailer, selling around 97% of its shares. Ulta was a new bet for Berkshire, which had just bought the stock in the second quarter.

Persons: Robert F, Kennedy Jr, Donald Trump's, Warren Buffett, Berkshire Hathaway, Ulta, Palantir, Jesse Pound, Lisa Kailai Han, Pia Singh Organizations: Materials, LSEG, Moderna, Department of Health, Human Services, Corp, —, Berkshire, Pool Corp, Nasdaq, New York Stock Exchange Locations: China, Domino's

☆ CNBC Daily Open: Powell’s comments drag investors down to earth from postelection high
▼ + stars: | 2024-11-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Shelby Tauber | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. What you need to know todayThe bottom lineAfter enjoying the postelection rally, investors are turning their attention to issues like inflation and interest rates again. Powell added that the Fed doesn't need to be "in a hurry to lower rates" because the of "the strength we are currently seeing in the economy." For investors who were riding high on the postelection rally and are now descending to earth, their landing sure feels like a bumpy one.

Persons: Jerome Powell, Shelby Tauber, Powell, Rick Rieder, Rieder, —, Jeff Cox, Brian Evans, Sarah Min Organizations: US Federal Reserve, Fair, Bloomberg, Getty, CNBC, Consumer, Dow Jones, Nasdaq Locations: Dallas , Texas, U.S

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