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☆ Credit risks, delinquencies worsening across financial services industry: Fmr. Capital One executive
▼ + stars: | 2023-10-19 | 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 EmailCredit risks, delinquencies worsening across financial services industry: Fmr. Capital One executiveNigel Morris, QED Investors managing partner and Capital One co-founder and fmr. COO, joins 'Fast Money' to talk headwinds facing the financial services sector, the state of consumer spending, the fintech space and more.

Persons: Nigel Morris Organizations: Capital

☆ Dollar mixed after earlier bounce on strong US retail sales
▼ + stars: | 2023-10-17 | by ( Karen Brettell | ) www.reuters.com time to read: +4 min

Retail sales rose 0.7% last month as households boosted purchases of motor vehicles and spent more at restaurants and bars. Despite the positive sales, Jeffrey Roach, chief economist for LPL Financial, noted that there are some headwinds affecting U.S. consumers. "Investors need to look underneath the sales figures to get a better look on the health of the consumer. Rising use of credit and early signs of delinquencies could dampen some of the enthusiasm," he said in a note. Fed funds futures traders are pricing in a 43% chance of an additional interest rate hike this year, but only 12% odds of a rate increase next month, according to the CME Group's FedWatch Tool.

Persons: Dado Ruvic, ”, Marc Chandler, Jeffrey Roach, Jerome Powell, Thomas Barkin, Sterling, Karen Brettell, Samuel Indyk, Emelia Sithole, Jonathan Oatis Organizations: REUTERS, Federal Reserve, Bannockburn Global Forex, LPL Financial, Fed, Richmond Fed, Traders, Bank of Japan, U.S, New Zealand, Thomson Locations: U.S, Bannockburn

☆ US retail sales beat expectations in September; core retail sales rise solidly
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

Retail sales rose 0.7% last month, the Commerce Department said on Tuesday. Retail sales are mostly goods and are not adjusted for inflation. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6% in September. Data for August was revised up to show these so-called core retail sales gaining 0.2% instead of 0.1% as previously reported. Core retail sales correspond most closely with the consumer spending component of GDP.

Persons: Eduardo Munoz, Lucia Mutikani, Chizu Organizations: REUTERS, Rights, Commerce Department, Reuters, Federal, Gross, Thomson Locations: New York City, U.S

☆ Strong retail sales, factory output point to robust US growth in third quarter
▼ + stars: | 2023-10-17 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

REUTERS/Eduardo Munoz/File Photo Acquire Licensing RightsSummaryCompanies Retail sales increase 0.7% in SeptemberCore retail sales rise 0.6%; August sales revised upManufacturing production increases 0.4%WASHINGTON, Oct 17 (Reuters) - U.S. retail sales increased more than expected in September as households stepped up purchases of motor vehicles and spent more at restaurants and bars, cementing expectations that economic growth accelerated sharply in the third quarter. Retail sales rose 0.7% last month. Economists defended their forecast for tepid retail sales growth, which they said was based on softening consumer confidence. Excluding automobiles, gasoline, building materials and food services, retail sales rose 0.6% in September. Data for August was revised up to show these so-called core retail sales gaining 0.2% instead of 0.1% as previously reported.

Persons: Eduardo Munoz, Goldman Sachs, Christopher Rupkey, James Knightley, Jay Hawkins, Veronica Clark, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Fed, Reuters, Commerce Department's, ING, BMO Capital Markets, Treasury, Financial, Amazon, Commerce Department, Citigroup, Thomson Locations: New York City, U.S, WASHINGTON, New York, Toronto

Retail sales rose 0.7% in September, more than twice what economists had expected, and close to a revised 0.8% bump in August, the Commerce Department reported Tuesday. The government’s monthly retail sales report offers only a partial look at consumer spending; it doesn’t include many services, including health care, travel and hotel lodging. But the robust sales report also means that the Fed officials could leave the door open for additional rate hikes. The retail sales report came as businesses across the U.S. economy ramped up hiring in September, defying surging interest rates, and the ongoing threat of a government shutdown. Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace.

Persons: wasn’t, ”, Christopher S, Rupkey, “, Tim Quinlan, Christopher Rugaber, —, Anne Organizations: Commerce Department, Federal Reserve, Fed, FWDBONDS, “ Fed, Analysts, Wells, Wells Fargo Economics, ”, Labor Department Locations: Israel, Wells Fargo, U.S, Washington

☆ S&P 500 earnings estimates for 2024 are overly optimistic, JPMorgan's quant guru says
▼ + stars: | 2023-10-17 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

AdvertisementAdvertisementThe stock market is poised to disappoint investors over the coming months and into next year because S&P 500 earnings growth estimates are too optimistic, according to JPMorgan's quant guru Marko Kolanovic. Wall Street consensus expects S&P 500 earnings per share to deliver 4% year-over-year growth in the third-quarter, according to the note. Kolanovic doesn't expect much to change in 2024, arguing that Wall Street analysts are still too optimistic about the potential for earnings growth. Consensus estimates suggests that the S&P 500 will grow its earnings per share by 12% next year. Kolanovic is sticking by his year-end S&P 500 price target of 4,200, pointing to potential downside of 4% from current levels.

Persons: JPMorgan's, Marko Kolanovic, Kolanovic, — Organizations: Service, PMI, Federal Reserve

☆ Major US banks show profit boost, but some caution from consumers
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +5 min

Consumers were starting to deplete savings, the banks said, and Citibank and Wells Fargo noted that losses on credit cards and other debts were starting to rise. Wells Fargo said it was seeing charge-offs, or loans written off, increasing in its credit card portfolio. "Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers," said JPMorgan CEO Jamie Dimon. JPMorgan, Citigroup and Wells Fargo, the first, third and fourth biggest U.S. lenders, respectively, also increased their outlook for NII. Shares of JPMorgan and Wells Fargo rose between 1% and 3%.

Persons: Shannon Stapleton, Wells Fargo, Jane Fraser, Wells, Charlie Scharf, Scharf, JPMorgan Chase, Jamie Dimon, Eric Kuby, Dimon, PNC's NII, Rick Meckler, Saeed Azhar, Nupur Anand, Lewis Krauskopf, Tatiana Bautzer, Sinead Carew, Niket, Manya Saini, Noor Zainab Hussain, Jaiveer Shekhawat, Pritam Biswas, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, JPMorgan, Federal, Consumers, Citibank, Valley Bank, Citigroup, U.S, PNC Financial Services, delinquencies, Bank, Citi, North Star Investment Management Corp, JPMorgan Chase, PNC, Cherry Lane Investments, Thomson Locations: New York, Major U.S, Wells Fargo, U.S, Chicago, Wells, Bengaluru, San Francisco

☆ Major US banks show profit boost, but cautious on outlook, consumer health
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

JPMorgan's (JPM.N) profit jumped 35% on the year-ago quarter, while Wells Fargo (WFC.N) profit surged 60%. The banks benefited from higher interest rates, which have bolstered banks' net interest income (NII), or the difference between what they earn on loans and pay out on deposits. JPMorgan and Wells Fargo, the first- and fourth-largest U.S. lenders, respectively, also increased their outlook for NII. Regional lender PNC Financial Services' (PNC.N), meanwhile, reported higher consumer loan delinquencies. JPM and Wells reported a decline in average deposits.

Persons: Shannon Stapleton, Wells, Jamie Dimon, Wells Fargo, Charlie Scharf, Jane Fraser, Dimon, JPMorgan's NII, Saeed Azhar, Ann Saphir, Megan Davies, Lananh Nguyen, Michelle Price, Nick Zieminski Organizations: JPMorgan Chase's, REUTERS, Citigroup, JPMorgan, Citi, PNC, PNC Financial Services, Thomson Locations: New York, Major U.S, Wells Fargo, U.S

☆ A short recession would be better for most investors than a soft landing, economist says
▼ + stars: | 2023-10-13 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

A soft-landing, stagflation scenario is worse than a short recession, a Manulife economist told CNBC. "A soft landing, stagflation type of environment where you get no growth and no Fed cuts, that's worse for most investors." AdvertisementAdvertisementA soft landing would spell more woes for investors compared to a short recession, according to Manulife Investment Management Global Chief Economist and Strategist Frances Donald. A short recession is the only thing likely to invite rate cuts. A soft landing, stagflation type of environment where you get no growth and no Fed cuts, that's worse for most investors," Donald said.

Persons: Frances Donald, —, Donald Organizations: CNBC, Service, Manulife Investment Management Global, Labor

☆ Jamie Dimon makes anxiety a feature not a bug
▼ + stars: | 2023-10-13 | by ( John Foley | ) www.reuters.com time to read: +4 min

The mega-bank Jamie Dimon runs is performing strongly, and yet he openly frets and rants about what’s coming: higher interest rates, smothering regulation, recession, war. Lest nerves be soothed by those trends, Dimon lays on caveats with a trowel. Dimon can afford to dwell on the negative because JPMorgan is strong and liquid. If calamity strikes, JPMorgan’s high returns, high capital levels and sheer size make it akin to a safe haven. It also slightly reduced its forecast of expenses and credit-card write-offs from numbers given with second-quarter earnings.

Persons: Jamie Dimon, Marco Bello, delinquencies, Wells, Dimon, Peers, Jane Fraser, hasn’t, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: JPMorgan Chase &, Chase, Business The, Miami, REUTERS, Reuters, JPMorgan, Citigroup, Basel, Citi, Reuters Graphics, Thomson Locations: East, Ukraine

Delinquency on your credit report: While a credit card default occurs once your payment is over 180 days late, the consequences of a missed payment start far earlier. Closed credit account: When you default on a credit card, your card issuer almost always closes your account. The good news is that your credit is pliable, so you'll bounce back from a credit card default eventually, as long as you don't fall into default again. Credit card default frequently asked questionsCan I apply for a credit card I defaulted on? If you default on a credit card, that credit card issuer may bar you from any other lines of credit, even if you've rebuilt your credit.

Persons: Mark Stewart, Jeff Rose, Rose, Stewart, you've, it's Organizations: Federal Reserve

☆ Wall Street prepares to dish economic dirt on US
▼ + stars: | 2023-10-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

They are also among the handful of banks which can buy Treasury debt straight from the central bank. That puts leaders like JPMorgan chief Jamie Dimon at the center of the global financial spiderweb. To be sure, the financial statements that the banks will start to release on Friday will be backward-looking. Interest income will reflect the sharp and continued rise of central bank rates, which drag up the price banks must pay for customer deposits and what they charge for loans. It’s a big economic question, since plastic-related debt in the United States hit a record $1 trillion in August.

Persons: Jamie Dimon, Marco Bello, Brian Moynihan’s, Jane Fraser, Wells Fargo, Dimon, Dean Athanasia, Banks, Wells, Peter Thal Larsen, Sharon Lam Organizations: JPMorgan Chase &, Reuters, REUTERS, JPMorgan, Bank of America, Citigroup, of America, Treasury, Citi, Fraser, Reuters Graphics Reuters, Federal Reserve, Federal, Bank of, Reuters Graphics Reuters Graphics Bank, Alpha, Thomson Locations: Miami , Florida, U.S, Wells Fargo, Wells, United States

☆ Here are 3 stocks in our portfolio that Goldman Sachs think will rally on earnings
▼ + stars: | 2023-10-12 | by ( Zev Fima | ) www.cnbc.com time to read: +5 min

It's encouraging to see three Club stocks on the bullish side of Goldman Sachs' new list of 25 tactical trades for earnings season. The Goldman research analysts think Wells Fargo's management has "adequately de-risked its NIM [net interest margin] guidance to incorporate potentially higher-for-longer policy rates." HUM YTD mountain Humana YTD Humana (HUM) — which trades at 15.8 times forward earnings estimates — was highlighted by Goldman analysts who are "positive on the company's 2024 outlook." Nvidia — the Club's only other "own it, don't trade it" stock besides Apple (AAPL) — trades at 31.1 times forward earnings estimates. The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.

Persons: Goldman Sachs, Goldman, Wells, YTD Goldman Sachs, It's, Jim Cramer's, Jim Cramer, Jim, Michael M Organizations: Humana, Nvidia, WFC, Apple, CNBC, New York Stock Exchange, Santiago, Getty Locations: Wells, Wells Fargo, New York City

☆ Student loan payments are back. Here’s where some Americans are trimming their budgets
▼ + stars: | 2023-10-11 | by ( Alicia Wallace | ) edition.cnn.com time to read: +14 min

Student debt relief activists participate in a rally at the US Supreme Court on June 30, 2023 in Washington, DC. “Of course, the lowest-earning households still collectively owe around $7 billion a year in student loan repayments. After the Supreme Court dashed any hopes of loan forgiveness, more Americans started making loan payments before the official repayment period, as well as interest, kicked in. “It’s just all the supplemental spending, a lot of that will disappear so that we can make room for the [student loan] payments,” he said. Jonnisha McCleod was able to wipe out $12,000 of her student loan debt.

Persons: Minneapolis CNN —, they’re, ”, Justine Lyons, “, pesky, Lyons, — Lyons, Robin Nathan “ It’s, you’ve, it’s, Kevin Dietsch, Emerson Sprick, Biden, Sprick, Shannon Seery, Wells, ” Seery, Nancy Vanden Houten, Brian Snyder, Snyder, “ It’s, Megan Lopez, ” Lopez, you’re, Logan Ricketts, Jamie, they’ve, ” Logan, Jonnisha, ” McCleod, ’, McCleod, Jonnisha McCleod, I’m, “ I’m, Katrice Williams, Williams couldn’t, Edna Monroy “, Williams Organizations: Minneapolis CNN, National Student, Federal Reserve Bank of New, US, Biden, New York Fed, Coalition, Department of Education, Education Department, CNN, Oxford, Oxford Economics, SAVE, Cleveland State University College of Law, Trump Locations: Minneapolis, Decatur , Georgia, States, Federal Reserve Bank of New York, Washington , DC, Wells Fargo, Baltimore , Maryland, Las Vegas, Cedar Park , Texas, Omaha , Nebraska, undergrad, Cleveland , Ohio

"This quarter is all about higher interest rates for longer," said Mike Mayo, an analyst at Wells Fargo. "There is a constructive environment, and investment banking fees tend to be higher through the end of the year," said Jason Goldberg, a banking analyst at Barclays. Despite the renewed optimism, investment banking activity remains depressed. As rates rise, bond prices fall, representing losses on paper that would be realized if the banks sold the bonds. More broadly, "we're back into this environment where investors think interest rates are going to remain higher for longer," he said.

Persons: JP Morgan Chase, Mike Segar, JPMorgan Chase, Goldman Sachs, Morgan Stanley's, Mike Mayo, Ebrahim Poonawala, Jason Goldberg, Richard Ramsden, James Demmert, Ramsden, Tatiana Bautzer, Saeed Azhar, Lananh Nguyen, Nick Zieminski 私 Organizations: JP, Co, REUTERS, JPMorgan, Citigroup, Wells, Bank of America, Federal Reserve, Wall Street, SoftBank's Arm Holdings, Barclays, U.S, Treasury, Valley Bank, Federal Deposit Insurance Corporation, Reuters, Street Research Locations: New York, Wells Fargo, dealmaking, Israel, Bengaluru

☆ Here are Monday's biggest analyst calls: Tesla, Arm, Meta, Amazon, Apple, Netflix, Disney, Oracle & more
▼ + stars: | 2023-10-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Goldman Sachs reiterates Netflix as neutral Goldman said it's standing by its neutral rating heading into earnings next week. Barclays reiterates Disney as equal weight Barclays said it's cautious on Disney heading into earnings in early November. JPMorgan reiterates Apple as overweight JPMorgan said its Apple survey checks show product delivery times are moderating. Bank of America initiates Motorola Solutions as buy Bank of America said Motorola is "well-positioned with multiple tailwinds supporting growth." Bank of America downgrades Datadog to neutral from buy Bank of America said it's concerned about slowing demand for the software company.

Persons: Wells, JPMorgan, Domino's, Goldman Sachs, Goldman, it's, Baird, Tesla, TSLA, Jefferies, Redburn, Evercore, Lennox, Piper Sandler, Piper Organizations: Meta, JPMorgan, Arm Holdings, Bank of America, Netflix, Barclays, Disney, ESPN, Apple, Holdings, " Bank of America, Motorola Solutions, Motorola, American, Spotify, Oracle, Citi, Patterson, UTI Energy Locations: Datadog, SASE, CY26

☆ The student-loan payment restart is about to put pressure on an already-fragile economy
▼ + stars: | 2023-10-07 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

The resumption of student-loan payments is expected to add further strain. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy has thrived over the past three years, since the initial shock of COVID-19 gave way to a rapid recovery. Here's what banks and economists are saying about the impact of the student-loan payment resumption on the economy. AdvertisementAdvertisementWhat will happen to the economy with the student-loan payment restartIt's difficult to predict how exactly the economy will respond to a surge of borrowers facing student-loan payments again — and it depends on a number of factors.

Persons: —, Marshall Steinbaum —, University of Utah —, Jerome Powell, Wells Fargo, Goldman Sachs, Jeff Gennette, Michael Fiddelke, Jefferies, Education James Kvaal Organizations: Service, Family Institute, University of Utah, Education Department, Federal, United Auto Workers, Bank of America, Education Locations: Helena

☆ Why borrowing costs for nearly everything are surging, and what it means for you
▼ + stars: | 2023-10-05 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

At the center of the storm is the 10-year Treasury yield , one of the most influential numbers in finance. The relentless rise in borrowing costs has blown past forecasters' predictions and has Wall Street casting about for explanations. Companies that can only issue debt in the high-yield market, which includes many retail employers, will confront sharply higher borrowing costs. Higher rates squeeze the housing industry and push commercial real estate closer to default. "So if banks haven't fixed their issues since then, the problem is only worse, because rates are only higher."

Persons: Jerome Powell, SAUL LOEB, Bob Michele, Ben Emons, Treasurys, Benjamin Dunn, Lindsay Rosner, Peter Boockvar, Rosner Organizations: Federal Reserve, Washington , D.C, Getty, ., Treasury, Fed, JPMorgan, NewEdge, Bloomberg, Alpha Theory Advisors, Goldman, Companies, Bleakley Financial, Valley Bank, First Locations: Washington ,, U.S, Goldman Sachs, First Republic

☆ The one thing in markets everyone should be watching
▼ + stars: | 2023-10-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +6 min

The 10-Year US Treasury yield is arguably the most important thing to watch right now for investors. The 10-Year yield has soared to levels not seen since 2007, and that's having a big impact on stock prices. Here's what you need to know about what bond yields are doing to markets and the economy. Rising bond yields are also thrashing the bond market, as bond prices fall when yields rise. AdvertisementAdvertisementHigher interest rates also means higher credit card rates, leading to a rise in delinquencies in recent months.

Persons: —, It's, Ray Dalio, Bill Ackman, Bill Gross, JPMorgan's Marko Kolanovic, Kolanovic Organizations: Treasury, Service, Treasury Bond ETF, Fed, Pershing, CNBC Locations: delinquencies

☆ Here's where Wall Street strategists see the stock market headed next after a brutal September
▼ + stars: | 2023-10-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Stocks are coming off a brutal two-month stretch, and Wall Street is divided on what comes next. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe stock market is coming off back-to-back rocky months, and Wall Street is split on what could be coming next for investors. And Jeff Gundlach, the billionaire founder of DoubleLine Capital, said Tuesday that Treasury yields suggest it's time to start worrying about a severe downturn.

Persons: Stocks, Fundstrat, —, Quincy Krosby, Jay Woods, Woods, jitters, Kevin McCarthy, Gene Goldman, Goldman, Tom Lee, Lee, Marko Kolanovic, Jeff Gundlach Organizations: JPMorgan, Service, Dow Jones, Nasdaq, Freedom Capital, Treasury, Cetera Investment Management, CNBC, DoubleLine

☆ Stock market carnage isn't over yet as soaring bond yields send investors into 'extreme fear' mode
▼ + stars: | 2023-10-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market isn't going to recover from its recent rout soon as three headwinds remain, according to JPMorgan. The bank highlighted that valuations are still too high, and interest rates are too restrictive. Investors have entered "extreme fear" mode as interest rates surge to a new cycle-high. "Our cautious outlook will likely remain in place as long as interest rates remain deeply restrictive, valuations expensive, and the overhang of geopolitical risks persists," JPMorgan's Marko Kolanovic said. The CNN Fear & Greed Index has entered "extreme fear" territory over the past week as investors fret about high interest rates.

Persons: —, JPMorgan's Marko Kolanovic, Kolanovic Organizations: JPMorgan, Investors, Service, CNN

☆ PCE: Gas prices heated up inflation last month, but there's also welcome progress for the Fed
▼ + stars: | 2023-09-29 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —Higher gas prices heated up overall inflation last month, but the Federal Reserve got some welcome news: Its preferred inflation gauge cooled to its lowest level in two years. The core Personal Consumption Expenditures index, a closely watched inflation measure that excludes gas and food prices, rose 3.9% for the 12 months ended in August. However, it also was largely expected: Gas prices heated up last month as well. The Commerce Department’s monthly Personal Income and Outlays reports are typically closely watched as they provide a comprehensive account of pricing, income and spending data. Other federal data at risk for delays could include key housing and auto sales data, Census Bureau data, PCE and GDP reports, among others.

Persons: ” Andrew Patterson, ” Patterson, ” Dana Peterson, “ That’s, ”, that’s, Price, Security Administration’s, “ We’ve, ” Vanguard’s Patterson, “ Organizations: Minneapolis CNN —, Federal Reserve, Commerce Department, Vanguard, CNN, Energy, “ Energy, Consumers, Commerce, Conference Board, Labor, Department, Bureau of Labor Statistics, Price, Security, Adjustment, Labor Department Locations: Minneapolis, Saudi Arabia, Russia

☆ Top money managers are warning of pain ahead for the US economy. Here are 6 areas where they're investing right now to prepare.
▼ + stars: | 2023-09-29 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

"There is a subset that simply cannot do that," she said of paying down credit card debt going forward as rates rise. "In those tails and subsets I think you're going to have really unusual delinquencies, and just horrible recovery rates." You're going to see defaults increase." Delaney also emphasized being defensive, and said he likes corporate bonds, but those with floating rates, meaning they move with the market rate. The iShares 10-20 Year Treasury Bond ETF (TLH) is one way to gain exposure to long-term government bonds.

Persons: Dawn Fitzpatrick, Katie Koch, haven't, it's, Mark Delaney, Suni Harford, I'd, Brad Gerstner, Jerome Powell, Volcker, Koch, —, We're, Rick Rieder, he's, Delaney, Fitzpatrick Organizations: CNBC's, Alpha, Federal Reserve, Soros Fund Management, TCW, UBS, Management, BlackRock, JPMorgan, Corporate, Treasury Bond ETF, Vanguard Energy, DB Oil Fund Locations: Europe, Saudi Arabia

☆ The US consumer is starting to crack
▼ + stars: | 2023-09-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementEven as interest rates skyrocketed over the past 18 months, a good job market and strong consumer spending kept the US economy moving. However, there are growing signs that the strength of the US consumer is starting to crack. Earlier this month, the Fed kept interest rates unchanged, as expected. At the start of the rate increase, borrowers, like existing homeowners, had low mortgage interest rates locked in. Even dollar stores are starting to feel the pressure of more measured spending after initially benefitting from inflation as wealthier people looked for more value.

Persons: —, Morgan Stanley, It'll, Jerome Powell, Powell, David Rosenberg Organizations: Service, Federal Reserve, San Francisco Fed, United Auto Workers, National Association of Business Economics, Bank of America, Conference Board, JPMorgan, Bloomberg, Costco Locations: Michigan

☆ JPMorgan’s top stock guru stays bearish on market, sees headwinds for any risk asset
▼ + stars: | 2023-09-27 | by ( Brian Evans | ) www.cnbc.com time to read: +3 min

"This reasoning is based on market valuations (fundamentals), investor positioning, and various macro and geopolitical considerations." Higher-for-longer interest rates from the Federal Reserve have stoked investor worry on Wall Street. Kolanovic is JPMorgan's chief global market strategist who gained notoriety for correctly calling the post-pandemic rebound in stocks, something very few on Wall Street anticipated. In the near term, the strategist believes stocks could fall further until some of these headwinds subside. Most Wall Street strategists expect the S & P 500 to rebound above 4,300 before the year is out, according to the exclusive CNBC PRO strategist survey .

Persons: JPMorgan's Marko Kolanovic, Kolanovic, CNBC's Michael Bloom Organizations: Federal Reserve, Treasury, CNBC PRO

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