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☆ Earned money from crypto or NFTs? 5 times you need to report it to the IRS, according to a CPA
▼ + stars: | 2024-03-29 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Whether you're an active cryptocurrency trader or you've dabbled in the word of virtual currency, the IRS wants to know. This year, the term "digital assets" replaced "virtual currencies," which was used in previous years. The IRS defines digital assets as "a digital representation of value recorded on a cryptographically secured distributed ledger or similar technology." It names crypto, stablecoins and non-fungible tokens as examples. "If you're in the crypto space and you do any transactions, it's really hard for you to say no for that question," he tells CNBC Make It.

Persons: Shehan Chandrasekera Organizations: IRS, CNBC

☆ Morgan Stanley says the catch-up trade in energy can continue and names its top picks to play
▼ + stars: | 2024-03-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil stocks are finally playing catch up as the energy sector has become one of the best performing sectors of the market this year, according to Morgan Stanley. "An improving macro backdrop has started a catch-up trade for Energy," analyst Devin McDermott told clients in a research note Thursday. The sector lagged the broader market last year as crude sagged, but is now following oil prices higher. The sector is outperforming the broader market with energy up 12.5% year to date while the S & P 500 is up 10.1%. Morgan Stanley upgraded the entire sector to overweight early this week.

Persons: Morgan Stanley, Devin McDermott, McDermott Organizations: Energy, Brent, Morgan, ConocoPhillips, Occidental Locations: Diamondback, Devon, Brent

☆ Here's how much credit card debt Americans have by age—and which generation owes the most
▼ + stars: | 2024-03-27 | by ( Cheyenne Devon | ) www.cnbc.com time to read: 1 min

Americans collectively owe over $1 trillion in credit card debt. But one generation carries the most, on average: Gen X. That marks the highest average credit card balance of any generational cohort. Other generations' credit card debt falls closer to that average or below. Here's the average amount of credit card debt Americans hold by age as of the third quarter of 2023, according to Experian.

Persons: Gen Xers

☆ Morgan Stanley upgrades the energy sector, citing ‘compelling valuation'
▼ + stars: | 2024-03-25 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The energy sector is demonstrating strength with a "compelling valuation" that could set stocks up for a comeback after underperforming the broader market since September, according to Morgan Stanley. Morgan Stanley recommends ConocoPhillips , Devon Energy , Occidental Petroleum and Diamondback Energy as ways to play the potential comeback. The energy sector has been the best performer over the past month, but is still lagging the rally that began in October. The S & P 500 energy sector is up more than 11% in 2024, while West Texas Intermediate futures have gained 14%. Earnings revision breadth for energy stocks also appears to have bottomed and is moving in a positive direction, according to Morgan Stanley.

Persons: Morgan Stanley, Michael Wilson, Wilson Organizations: Energy, ConocoPhillips, Devon Energy, Occidental Petroleum, Diamondback Energy, West Texas

☆ Here’s how much money Americans in their 30s have in their 401(k)s
▼ + stars: | 2024-03-23 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Americans in their 30s have another 30 or so years before they reach retirement age, but they may not be saving enough to retire comfortably. On average, Americans believe they'll need nearly $1.3 million to retire comfortably, according to Northwestern Mutual's 2023 Planning and Progress study. However, the amount Americans in their 30s currently have saved is much lower. The data is from the fourth quarter of 2023. Here's how much Americans have in their 401(k)s by age as of the fourth quarter of 2023, according to Fidelity.

Organizations: Fidelity Investments, Fidelity Locations: Northwestern

☆ Lev Parnas invited by House Oversight Democrats as witness for Biden impeachment hearing
▼ + stars: | 2024-03-19 | by ( Annie Grayer | ) edition.cnn.com time to read: +4 min

House Democrats on the Oversight Committee have selected an indicted associate of Rudy Giuliani, who played a role in former President Donald Trump’s first impeachment trial, to be their witness at the panel’s hearing on Wednesday, a source with Oversight Committee Democrats told CNN. House Republicans had embraced the dirt Parnas was peddling but he has since called it out as nonsense. Hunter Biden declined the invitation from Republicans to appear at this hearing. Last year, Parnas sent House Oversight Chair James Comer a letter discrediting the many theories peddled by Republicans and called on Comer to end his investigation into the Biden family. “There is simply no merit to investigating this matter any further.”Prior to selecting Parnas, Democrats had been considering Trump’s former lawyer Michael Cohen to be their witness.

Persons: Rudy Giuliani, Donald Trump’s, Lev Parnas, Giuliani, Trump, Joe Biden, Hunter, Parnas, “ Lev Parnas, ”, Jamie Raskin, “, Tony Bobulinski, Biden, Jason Galanis, Hunter Biden, Devon Archer, Joe Biden corruptly, Republican pushback, James Comer, Comer, ” Parnas, Michael Cohen, “ Cohen Organizations: CNN, Republicans, GOP, Maryland, Republican, Biden, FBI Locations: Ukrainian, Ukraine

☆ The top 10 U.S. cities where a $100,000 salary goes the furthest—half are in Texas
▼ + stars: | 2024-03-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

It turns out, that includes how far a $100,000 salary will get you, according to a recent SmartAsset study. A six-figure income offers the most purchasing power in El Paso, Texas, the study found. In El Paso, a $100,000 salary amounts to around $88,840 after taking out those expenses. One factor potentially fueling the Lone Star State's dominance is its tax friendliness, since Texas does not collect state income taxes. However, residents still pay federal income taxes and face some of the highest property taxes in the country.

Persons: Zers —, — Organizations: Council for Community, Economic Research, Census, Christi, Houston, Star Locations: Texas, U.S, El Paso , Texas, El Paso, Mexico, RentCafe, San Antonio, Lubbock

Listen and follow The DailyApple Podcasts | Spotify | Amazon MusicAs cars become ever more sophisticated pieces of technology, they’ve begun sharing information about their drivers, sometimes with unnerving consequences. Kashmir Hill, a features writer for The Times, explains what information cars can log and what that can mean for their owners.

Persons: they’ve Organizations: Spotify, The Times Locations: Kashmir

☆ 'Nearing exhaustion': Top strategists warn that weaker consumer spending could cause US stocks to run out of steam — but 22 investments can thrive during a market reversal
▼ + stars: | 2024-03-16 | by ( James Faris | ) www.businessinsider.com time to read: +10 min

Eight economists, investment chiefs, and strategists that Business Insider recently spoke to credited healthier-than-anticipated consumer balance sheets and spending for the continued expansion. "Either that, or they're going to be maxed out — they can't get any more money. They're not going to have any liquidity to be able to continue to do the things they're going to do." He's also sticking with defensive stocks as consumer spending softens, including those in the consumer staples sector like Clorox (CLX) and Procter & Gamble (PG). Real estate is a "hated asset class" that's negatively correlated with interest rates, Sekera said.

Persons: shouldn't, Kevin Gordon, Charles Schwab, they're, Sue Crotty, Ed Clissold, Ned Davis, Clark Bellin, Bellin, David Rosenberg, They're, Rob Swanke, Swanke, Preston Caldwell, Morningstar's, Dave Sekera, Sekera, Christopher Barto, Gordon, Clissold, He's, Morningstar's Sekera, Crotty, Segal Marco Advisors, She's, Barto, that's Organizations: Business, Consumers, Segal Marco, Ned, Ned Davis Research, Commonwealth Financial Network, Nasdaq, Morningstar, Fort Pitt Capital Group, Procter, Gamble, Federal Reserve, Exxon, APA Corp, Duke Energy, Segal, Energy, Healthcare Locations: Devon, Real, NiSource

☆ ‘Parents need to talk about this’: The best way to teach your kids about AI, according to an education expert
▼ + stars: | 2024-03-15 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

Although the majority of American kids are familiar with the concept of artificial intelligence, many would like help learning how to use AI-powered tools, per a new survey. And nearly 30% of students in that age range say they've used ChatGPT, OpenAI's AI-powered chatbot, to help with homework, according to the survey. Barchers has also written multiple children's books and college textbooks. "It's impractical to think that the kids are not going to try it," she tells CNBC Make It. "Parents need to talk about this."

Persons: Suzanne Barchers, Barchers Organizations: CNBC

☆ Tesla is one of the most oversold stocks on the Street and could be due for a rebound
▼ + stars: | 2024-03-15 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

It may be time to buy shares of Tesla as a popular metric on Wall Street indicates shares could be ripe for a rebound. Analysts have a consensus hold rating on Tesla, which has a 14-day RSI of 29.4. Tesla shares this week dropped 7% after a Wells Fargo downgrade to underweight from equal weight. Boeing is also on the list of Wall Street's most oversold names. Other oversold names on the list include Amgen and Globe Life .

Persons: Tesla, Dupont De Nemours Organizations: Tesla, Dow Jones, Nasdaq, CNBC, Stock, Analysts, Boeing, LSEG, Southwest Airlines, Life, Targa Resources, Garmin, Waste Management, Devon Energy Locations: China, Wells

☆ From Stanley Cups to snail mucin skin care—here’s the No. 1 way to keep viral TikTok products from draining your wallet
▼ + stars: | 2024-03-09 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

If you've spent any amount of time on social media apps like TikTok and Instagram, you're probably familiar with the seemingly endless stream of viral products popping up on your feed. And while something like a $45 Stanley Quencher cup or $25 bottle of COSRX Snail Mucin skin-care essence probably won't break the bank, regular, impulsive spending can seriously damage your finances if you're not careful. Americans spend hundreds on social-media driven impulse buysAmericans spend around $754 a year on spur-of-the-moment purchases made on social media platforms, according to Bankrate's September survey, the latest available data. While you shouldn't feel bad for treating yourself every now and then, you should be aware of how those purchases may be impacting your long term financial stability. How to get impulse spending under control

Persons: you've, Stanley Quencher, Gen Zers

☆ Election trading playbook: Watch these stocks as Trump secures Republican nomination
▼ + stars: | 2024-03-07 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Despite Trump facing legal issues on multiple fronts, including a federal indictment that alleges he illegally conspired to discount votes in the 2020 election, he appears to be cruising to the Republican nomination once again. Raymond James was listed by Goldman and in Barclays' Trump stock basket, according to the Jan. 30 note. A Trump term could benefit energy giants such as Chevron , but also smaller players such as Devon Energy or coal companies such as Peabody Energy , according to Goldman. Another group of industrial companies could get a piece of government spending from expansion of the Mexico border wall under a second Trump administration. Caterpillar was one of the companies involved previously, according to Goldman.

Persons: Donald Trump, Nikki Haley, Trump, Goldman Sachs, Jan Hatzius, Venu Krishna, Goldman, Wells, Piper Sandler, Raymond James Organizations: Trump, Republican, Barclays, Federal Trade Commission, Boston, Vertex Pharmaceuticals, Energy, Republicans, Chevron, Devon Energy, Peabody Energy, Steel Dynamics, Broadcom, Caterpillar Locations: China, Cleveland, Mexico

☆ Bitcoin briefly reached its highest price in over two years—but investors should still tread carefully
▼ + stars: | 2024-03-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

On Tuesday morning, bitcoin briefly reached an all-time high price of $69,210, according to Coin Metrics. The new record had been a long time coming: It's been over two years since the cryptocurrency reached its previous high of around $68,982 on Nov. 10, 2021. One factor that appears to be fueling bitcoin's recent rise is the debut of bitcoin ETFs. The digital token's rise also helped boost the price of other virtual coins, including ether, which reached its highest price level since January 2022 on Wednesday. Although bitcoin's recent success may make it tempting to buy in, think carefully before adding it or any other cryptocurrency to your investment portfolio.

Persons: bitcoin, It's Organizations: Metrics, Securities and Exchange

☆ Credit card late fees will soon be capped at $8—why you should aim to pay on time anyway
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

The days of double digit late fees for late credit card payments may be coming to an end. On Tuesday, the Consumer Financial Protection Bureau finalized a rule that will cap credit card late fees at $8. For the past decade, consumers have faced increasing credit card late fees with the average cost of a late payment rising from $23 at the end 2010 to $32 in 2022, according to the CFPB. However, the agency says many larger credit card issuers hiked those late fees each year without proving why the increase was necessary. I don't think $8 is enough of a deterrent [against making late payments]," he tells CNBC Make It.

Persons: Rohit Chopra, Ted Rossman Organizations: Consumer Financial, Federal, CNBC, American Bankers Association

☆ The most important step to take with your money if you're worried about layoffs, from a personal finance expert
▼ + stars: | 2024-03-05 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

"The most important thing you can do is actually understand what you're going to do beforehand," she tells CNBC Make It. "That way, when you're under stress, you don't also have to stress yourself out by trying to figure all this stuff out on the fly." Here's how to make a plan now if you're worried about layoffs down the road. Make a list of expenses to cutStart by getting a clear picture of your expenses while you're still working and earning money. Then, create a list of which expenses you'd be able to cut immediately in the event you're let go from your job, Lester says.

Persons: Anne Lester, you'd, Lester, you'll Organizations: CNBC

Listen and follow The DailyApple Podcasts | Spotify | Amazon MusicA single piece of unverified intelligence became the centerpiece of a Republican attempt to impeach President Biden. Michael S. Schmidt, an investigative reporter for The Times, explains how that intelligence was harnessed for political ends, and what happened once it was discredited.

Persons: Biden, Michael S, Schmidt Organizations: Spotify, Republican, The Times

Listen and follow The DailyApple Podcasts | Spotify | Amazon MusicIn the past few weeks, activists in Michigan have begun calling voters in the state, asking them to protest President Biden’s support for the Israeli military campaign in Gaza by not voting for him in the Democratic primary. The activists are attempting to turn their anger over Gaza into a political force, one that could be decisive in a critical swing state where winning in November is likely to be a matter of the slimmest of margins. Jennifer Medina, a political reporter for The Times, explains how the war in Gaza is changing politics in Michigan.

Persons: Biden’s, Jennifer Medina Organizations: Spotify, Democratic, The Times Locations: Michigan, Gaza

☆ Fed's favorite inflation gauge looms next week — plus, what we want from 2 portfolio earnings reports
▼ + stars: | 2024-02-24 | by ( Zev Fima | ) www.cnbc.com time to read: +10 min

Wall Street returned to its winning ways this week — and Nvidia 's blowout earnings report Wednesday night was a big reason why. Twenty-six of our 32 portfolio stocks have delivered their results this earnings season (we didn't own Abbott Labs at the time of its report). It was a muted week for macroeconomic data, but we did get a slightly better-than-expected January existing home sales report on Thursday. In the week ahead, two more Club names are set to report earnings before a market-moving economic update arrives Thursday morning. The two other reports of note are the January new home sales report on Monday and ISM Manufacturing report on Friday.

Persons: Dow, we'll, bode, We're, Li Auto, Krystal, Arcutis, MARA, Iovance, Goldman Sachs BDC, CRON, BUD, Papa, LEV, Ginkgo, Jim Cramer's, Jim Cramer, Jim, Spencer Platt Organizations: Nvidia, Nasdaq, Dow Jones, Dow, Palo Alto Networks, Bausch Health, Coterra Energy, Abbott, Companies, TJX, Marshalls, TJX Companies, Berkshire Hathaway, Krystal Biotech, Alpha Metallurgical Resources , Inc, Fidelity National Information Services Inc, Animal Health, ELAN, Public Service Enterprise Group, Surgery Partners, BioCryst Pharmaceuticals Inc, Outdoor Holdings, Enlight Renewable Energy Ltd, Kosmos Energy, Playtika, Video Communications, TiRobot Corp, IRB, SBAC Communications Corporation, HEICO Corporation, FS KKR, Archer Aviation Inc, TransMedics, Sterling Construction Company, AES, Cruise Line Holdings, Lowe's Companies, American Electric Power Company, Bank of Nova, APLS Pharmaceuticals, Bank of Montreal, BMO, Devon Energy, Solar Inc, Technologies, Lab, Virgin Galactic Holdings, Splunk Inc, eBay, EBAY, Luminar Technologies, Agilent Technologies, G Foods, Masimo Corp, Baidu, Parts Inc, Icahn Enterprises, Viatris Inc, ACM Research, Golden Ocean Group, EMCOR, Industries, NRG Energy, Dycom, Editas, UWM Holdings Corporation, Vistra Energy, Marathon Digital Holdings, AMC Entertainment Holdings, Paramount Global, IonQ Inc, International, HP, Monster Beverage Corporation, Cronos, Birkenstock Holding, Anheuser, Busch InBev, Body, Brink's Company, Flags Inc, Papa John's, ACI, Hormel, Lion Electric Company, BlackRock TCP, Dole plc, DOLE, Fisker Inc, Dell Technologies, Ginkgo Bioworks Holdings, Autodesk, Green Brick Partners, Hewlett Packard Enterprise, Veeva Systems, INTTEST Corporation, Jim Cramer's Charitable, CNBC, New York Stock Exchange, Getty Locations: New York City, U.S, Salesforce, Maxx, Bank of Nova Scotia, BlackRock, Cayman

☆ Once you hit this credit score, banks will 'fall all over themselves' to work with you, says money expert—it's not a perfect 850
▼ + stars: | 2024-02-24 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

It may be hard to imagine digging yourself out of $100,000 in credit card debt and boosting your credit score by 400 points. Khalfani-Cox boosted her credit score from the low 400s to a perfect 850 after spending three years paying down her debt. Although her credit score sits at 806 as of the last report date on Jan. 20, she says she still receives the same benefits as when she had a perfect 850. That's because Khalfani-Cox's most recent score still places her in the "exceptional" credit score category. "Once you're in the perfect credit scoring range, banks are going to fall all over themselves to do business with you."

Persons: Lynnette, Cox Organizations: New York Times, Resilience, CNBC

☆ Thousands evacuated in English city before unexploded WWII bomb moved
▼ + stars: | 2024-02-23 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +1 min

CNN —Thousands of residents have been evacuated in Plymouth, southwest England, as authorities work to remove an unexploded 500-kilogram (1,102-pound) bomb discovered in the city. Members of HM Coastguard Search and Rescue gather after homes were evacuated when a suspected WWII explosive device was discovered. Matt Keeble/PA Images/Getty ImagesThe bomb will then be disposed of at sea, Plymouth City Council said Friday. It was discovered in a garden in the city’s Keyham area. Authorities added that the city’s trainline would be closed, ferries suspended and buses diverted.

Persons: Michael, Matt Keeble, It’s, Phil Williams Organizations: CNN, Authorities, Ministry of Defence, Twitter, HM Coastguard, Plymouth City, Cornwall Police, Residents Locations: Plymouth, England, Keyham, Devon

☆ Nearly 1 in 4 Americans with debt are putting less money toward credit card payments: 'People are really struggling'
▼ + stars: | 2024-02-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Total credit card debt in the U.S. has reached a record high — but people are putting less money toward paying it down. Americans collectively hold $1.13 trillion in credit card debt as of the end of December, according to the Federal Reserve Bank of New York's latest Household Debt and Credit Report. Debt holders say they put around $363 per month toward their credit card debt in 2023, slightly less than the $430 they paid monthly in 2022. How interest rates and inflation impact credit card debtOne reason people are contributing less is due to record-high credit card interest rates combined with elevated prices for everyday goods, says Matt Schulz, chief credit analyst at LendingTree. Making a plan to get out of credit card debt

Persons: Matt Schulz, Schulz, they've Organizations: Federal Reserve Bank of New, LendingTree Locations: U.S, New York, York

☆ If you invested $1,000 in Nvidia 10 years ago, here’s how much money you’d have now
▼ + stars: | 2024-02-21 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

For context, Nvidia makes powerful computer chips that power popular AI tools like OpenAI's ChatGPT and Microsoft's Copilot. As of market close on Feb. 21, the tech company's market cap sat at $1.667 trillion, putting it behind Alphabet's $1.779 trillion market cap. Nvidia's stock price has been on an upward trajectory so far this year. Although the company's stock price declined by nearly 3% during Wednesday's trading session, shares have surged by nearly 40% since the beginning of the year. Although short-term demand for Nvidia's AI chips has been strong, major companies such as Microsoft and Meta have indicated interest in buying them from other companies.

Persons: It's Organizations: CNBC, Nvidia, Wall, Microsoft, Apple, Meta

Listen and follow The DailyApple Podcasts | Spotify | Amazon MusicOver the past few weeks, a growing sense of alarm across Europe over the future of the continent’s security has turned into outright panic. As Russia advances on the battlefield in Ukraine, the U.S. Congress has refused to pass billions of dollars in new funding for Ukraine’s war effort and Donald Trump has warned European leaders that if they do not pay what he considers their fair share toward NATO, he would not protect them from Russian aggression. Steven Erlanger, the chief diplomatic correspondent for The Times, discusses Europe’s plans to defend itself against Russia without the help of the United States.

Persons: Donald Trump, Steven Erlanger Organizations: Spotify, U.S . Congress, NATO, The Times Locations: Europe, Russia, Ukraine, United States

☆ The No. 1 money mistake to avoid if you're laid off: The 'long-term consequences' will be 'very painful’
▼ + stars: | 2024-02-20 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

"The long-term consequences of that are going to be very painful," she tells CNBC Make It. You'll generally need to pay income tax on any money you withdraw, which could result in a higher tax bill. You may derail your long-term retirement goalsIn addition to potentially facing a costly tax bill, cashing out your 401(k) may negatively impact your ability to meet your long-term retirement goals. When you withdraw funds invested through your 401(k), that money loses out on the opportunity to continue growing through the power of compound interest. On top of that, cashing out your 401(k) means you're essentially restarting your retirement saving journey.

Persons: Anne Lester, you've, Lester, Ed Slott Organizations: CNBC

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