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US stocks fell after a weak July jobs report raised concerns of a slowing economy. The US added 114,000 jobs in July, below estimates of 175,000, and the unemployment rate unexpectedly rose to 4.3%. Intel and Amazon's weak earnings reports also contributed to Friday's stock market decline. The unemployment rate also unexpectedly rose to 4.3% from 4.1%, its highest level since October 2021. The 10-Year US Treasury yield plunged nearly 20 basis points to a 2024 low of 3.80% immediately after the jobs report was released.
Persons: , Stephen Brown Organizations: Intel, Service, Treasury, Capital Economics, Federal, CME, Amazon Locations: payrolls
Harris Won Enough Votes to Be the Democratic Nominee
  + stars: | 2024-08-02 | by ( Matthew Cullen | ) www.nytimes.com   time to read: +1 min
The Democratic National Committee announced today that Vice President Kamala Harris had secured enough delegates to clinch the Democratic Party’s nomination for president. She will be the first Black woman and person of South Asian heritage to earn the top spot on a major party’s ticket. Harris’s nomination will become official after the party’s virtual roll call vote ends on Monday, capping off a month of chaos for Democrats. Just two weeks ago, they were still debating which candidate would have the best chance of defeating Donald Trump in November. Stay up-to-date: Live coverage | Poll tracker | The “Run-Up” podcast | On Politics newsletter
Persons: Kamala Harris, Donald Trump, Harris, Astead Herndon, we’ll Organizations: Democratic National Committee, Democratic
Jim Cramer said Friday the Fed should have cut at this week's meeting. Those were in place with AMD because Jim Cramer mentioned the stock on CNBC TV over the past 72 hours. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, Dow Jones, here's, Eli Lilly, Jim Cramer's, Jim Organizations: CNBC, Dow Jones, Nasdaq, Federal Reserve, Fed, Bond, chipmaker Broadcom, AMD, Palo Alto, Nvidia, Wynn Resorts, Disney, Jim Cramer's Charitable Locations: U.S, DuPont, Dover, Wells
They act as if they're not," Jim Cramer said Friday. "They're talking about a lack of innovation and a pipeline that doesn't look that good," Cramer said, suggesting he's not too pleased with the situation. DoorDash : The stock jumped 7% after a strong quarter and a guidance raise. "This is a very good stock." Cramer said that if ad share is going to Meta Platforms , "just go buy Meta."
Persons: Jim Cramer's, they're, Jim Cramer, David Zinsner, Pat Gelsinger, Cramer, he's Organizations: CNBC, Club, Intel, Meta
Volodymyr Zelenskyy said Russia has shifted its focus away from Kharkiv, concentrating instead on the east. His statement comes months after Moscow pushed into Kharkiv from the north with thousands of troops. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUkrainian President Volodymyr Zelenskyy said on Wednesday that Russia has moved its focus away from Kharkiv and to the eastern front, with fighting intensifying near the city of Pokrovsk. This story is available exclusively to Business Insider subscribers.
Persons: Volodymyr Zelenskyy, hasn't, , Zelenskyy Organizations: Service, Kharkiv, Pravda, Business Locations: Russia, Kharkiv, Moscow, Pokrovsk
The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury. The 30-year fixed rate started the week at 6.81%, so the drop in just the past five days is dramatic. Buyers were battling not just high interest rates but high home prices and a lack of supply.
Persons: Jerome, Powell didn't, Matthew Graham, Graham, Mike Fratantoni Organizations: Mortgage News, Treasury, Federal, Buyers, Mortgage, Association, Mortgage Bankers Association
US stocks plunged Friday after a weak July jobs report sparked investor panic. The Nasdaq closed in correction territory, and the VIX soared as much as 60% to hit its highest since March 2023. AdvertisementUS stocks plunged on Friday, with the S&P 500 extending its two-day sell-off to more than 3%, as a weak July jobs report sparked panic among investors. Meanwhile, the CBOE Volatility Index, better known as the VIX, soared as much as 60% to 29.66, its highest level since March 2023. AdvertisementThe damage was exacerbated after the July jobs report showed an unexpected increase in the unemployment rate and payroll figures badly missed estimates.
Persons: , Tom Lee Organizations: Nasdaq, Service, Treasury, Amazon, Intel, Federal, CME, Fed, UBS Global Wealth Management Locations: Americas, Here's
See Where Countersnipers Could Have Stopped the Trump Rally GunmanWhere countersnipers were stationed — and where they were not — has emerged as a point of contention in assessing security failures at the July 13 assassination attempt at a rally for former President Donald J. Trump. Countersniper locations Locations with better views of gunman Water tower Gunman Countersnipers inside building Secure perimeter Trump N Countersniper locations Locations with better views of gunman Water tower Gunman Countersnipers inside building Secure perimeter Trump N Countersniper locations Locations with better views of gunman Water tower Gunman Countersnipers inside building Secure perimeter Trump N Source: Beaver County E.S.U. There were four locations where countersnipers were stationed near the rally, according to Beaver County planning documents. If countersnipers had been positioned atop the water tower, here is what they would have seen. Trump Gunman Countersnipers were inside this building, but the roof offered a better view Trump Gunman Countersnipers were inside this building, but the roof offered a better view Trump Gunman Countersnipers were inside this building, but the roof offered a better view The New York TimesIn the House hearing, Representative Carlos Gimenez of Florida questioned the decision to place countersnipers inside — a position that provided a limited line of sight, unless the countersnipers were sticking their heads out of the windows.
Persons: countersnipers, Donald J, Charles E, Thomas Matthew Crooks, Crooks, Eli Crane, Christopher Paris, Trump, Kimberly Cheatle, Countersnipers, Carlos Gimenez, Ronald L, Rowe Jr, Organizations: Trump Rally, Trump, The New York Times, House, Republican, NAVY, Pennsylvania State Police, Secret Service, New York Times Locations: Beaver, Beaver County, Arizona, Florida
Linde Why we own it: The industrial gas supplier and engineering firm has a stellar track record of consistent earnings growth. We're not the only investors who have come to covet the company's ability to deliver steady earnings growth regardless of the economic conditions. But if there is a worsening of economic conditions, Lamba said Linde will take action quickly to protect profits. "That was just a very solid quarter," Jim Cramer said Friday. Guidance For the third quarter, Linde expects adjusted EPS in the range of $3.82 to $3.92, implying 5% to 8% growth compared with the year-ago period.
Persons: Linde, LSEG, . Linde, , We're, South America —, Sanjiv Lamba, Lamba, Matthew White, White, Jim Cramer, Jim Cramer's, Lin, Jim, Rolf Schulten Organizations: Revenue, Products, Linde, LIN, Taiwan Semiconductor Manufacturing Company, Linde's, CNBC, Bloomberg, Getty Locations: North America, America, South America, U.S, It's, Arizona, Americas, Europe, Middle East, Africa, Linde's Asia, China, Leuna, Germany
Read previewA closely watched recession indicator flashed on Friday after a weak July jobs report showed an unexpected surge in the unemployment rate. The Sahm Rule, created by former Federal Reserve official Claudia Sahm, triggers when the unemployment rate's three-month moving average moves 50 basis points above its 12-month low. That rule was triggered on Friday, with the moving average rising 53 basis points above that one-year trough, according to the real-time Sahm Rule Recession Indicator from the St. Louis Federal Reserve. The only misfire for the rule was in 1959, but even then, a recession started just five months after the Sahm Rule flashed. But Sahm herself wrote in a Substack post last week that "the rise in the unemployment rate is not as ominous as it would normally seem."
Persons: , Claudia Sahm, Bill Adams, Sahm, hasn't Organizations: Service, Federal Reserve, Business, Louis Federal Reserve, Bank of America, Comerica Bank, Fed
Related stories"MCOTEA uses a mission-oriented context in operational testing to relate evaluation results to the impact on the Warfighter's ability to execute missions," the guidebook states. "Focusing on the mission context during operational test planning and execution provides a more robust operational test environment and facilitates evaluation goals." While the real-world MADIS system will be equipped not only with Stinger missiles but also with 30mm machine gun turrets, officials said the tests so far have only involved training ammo. This fall, 3rd LAAB will finally get its first 13 MADIS systems right as the weapon achieves initial operating capability, marking it ready for combat. Program managers said earlier this year that the Marine Corps wants a total of 190 MADIS and 21 L-MADIS systems.
Persons: , USS Boxer, jammer, MADIS, Cpl, Apollo Wilson, Lance Cpl, Jack C, Howell MADIS, Morgan Blackstock, Neil Mabini Col, Andrew Konicki, Blackstock, Taylor Barefoot, Barefoot, Robert Barclay, Barclay, Matthew Romonoyske Organizations: Service, Marine Air Defense Integrated, Marines, Air Battalion, Business, Tactical Vehicles, USS, 22nd Marine Expeditionary Unit, Polaris, Military, . US Marines, Marine Air Defense, US Marine Corps, Marine Corps, DoD, MCOTEA, Marine Air Defense Integrated System, MADIS, Marine Corps Systems Command, Sandboxx, " Systems, Mk1, US Navy, Air Defense, Corps, Unmanned, Systems, US Marines Locations: Strait, Hormuz, Yuma, America, Philippine, Camp Pendleton , California, Washington ,, Bataan
Wall Street is even more bullish on Apple after its second-quarter earnings beat analyst expectations. Analysts are focused on a rebound in Chinese iPhone sales and the new iPhone 16. Ives raised his Apple price target to $285 from $275, representing an upside of 30% from Thursday's close. Apple offered guidance for the third quarter, with revenue expected to jump 5% year over year, ahead of Wall Street expectations for revenue growth of 4.3%. Ng raised his Apple price target to $275 from $265, arguing that the iPhone maker was "on the cusp of a multi-year replacement cycle for iPhone."
Persons: Wedbush, , Dan Ives, Ives, Goldman Sachs, Michael Ng, Ng Organizations: Apple, Service, Cook, iPhone, Apple Intelligence, Products Locations: China, Thursday's, Cupertino
Ukraine was reported this week by Russian sources to have destroyed an MI-8 helicopter with a drone. It would be the first known successful attempt by Kyiv's forces to attack Russian helicopters with drones. If true, it marks a tentative expansion to the growing list of combat functions that low-cost drones can bring. AdvertisementUkraine used one or several lightweight exploding drones to fell a Russian MI-8 helicopter in Donetsk this week, according to Russian military bloggers. A picture of a burning wreck in a field was shared on Wednesday by Russian military bloggers, who said the photo showed the remains of the MI-8 helicopter.
Persons: Organizations: Service Locations: Ukraine, Russian, Donetsk
Indeed, within hours, Iran’s supreme leader, Ayatollah Ali Khamenei, declared his intention to attack Israel. The almost certain escalation from the Haniyeh assassination signals a fundamental flaw in President Biden’s Gaza policy: the hope that the Gaza war could be contained to Gaza. But for months, the war has already been spreading — to Yemen, Lebanon, Syria, Iraq and now, to Iran. Some in the U.S. foreign policy establishment argue that since neither the United States nor Iran desires full-scale war, cooler heads will prevail. The current precarious moment is the result of a series of false assumptions that U.S. policy was built on since well before the war began.
Persons: Ismail Haniyeh, Israel —, Ayatollah Ali Khamenei, Israel, Biden’s Locations: Tehran, Gaza, Biden’s Gaza, Yemen, Lebanon, Syria, Iraq, Iran, U.S, United States, Israel, Saudi Arabia
Weak economic data suggests the Fed will cut interest rates by more than expected through year-end, ING says. The firm cites rising jobless claims last week and a declining ISM manufacturing index as warning signals. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US economy is flashing signals of an imminent slowdown, and it's going to force the Federal Reserve to cut interest rates more than expected this year. That's according to a Thursday note from economist James Knightley at ING Economics, who said recent data is firing off warning signs for the economy.
Persons: , James Knightley Organizations: ING, Treasury, Service, Federal Reserve, ING Economics, Business
Shake Shack : The stock soared roughly 19% on Thursday after the burger chain reported a better-than-expected quarter and raised the low end of its full-year revenue guidance. Cramer marveled at how an expensive burger at Shake Shack is selling well, suggesting there's also a market for premium here. Wayfair : Shares fell 3% after CEO Niraj Shah compared the slowdown in home goods to the 2008 financial crisis. "The market is saying look through" the Wayfair situation, Cramer said, adding he has "trouble looking through it." Cramer said Etsy is a frustrating stock because the platform is widely used but the company "has no growth."
Persons: Jim Cramer's, Jim Cramer, Rene Haas, Cramer, Cramer marveled, there's, Niraj Shah, Wayfair, Williams, Etsy Organizations: CNBC, Club, Arm Holdings Locations: Sonoma
In 2006, the hulking office building at 135 West 50th Street in Midtown Manhattan sold for $332 million. Tenants occupied nearly every floor; offices were in demand; real estate was booming. On Wednesday, it changed hands again, in an unusual online auction — for $8.5 million. Several large Manhattan office buildings have sold in recent years at steep discounts, some going for less than half of what the previous owners paid, in a market that has yet to hit rock bottom. But office developers and sales brokers in New York City said they could not recall another large Manhattan building like 135 West 50th that had been sold for so little.
Organizations: Tenants, Sports Locations: Midtown Manhattan, New York City, United States, Manhattan
Jensen Huang's net worth soared $12 billion after a record day for Nvidia stock on Wednesday. Nvidia stock surged 13%, increasing its market value by a record $327 billion. AdvertisementJensen Huang's net worth soared $12 billion on Wednesday after a roaring day for Nvidia's stock. Huang's net worth has risen $59 billion this year amid a 141% year-to-date rally in Nvidia stock. AdvertisementNvidia ended up adding an unprecedented $327 billion to its market value in a single day.
Persons: Jensen, Organizations: Nvidia, Service, Bloomberg, AMD, Microsoft, Bank of America, Netflix, Toyota Motors, Meta Platforms
PARIS — Iga Swiatek, the world No. 1, will have to settle for a bronze medal at best in the Olympic tennis tournament after losing to Zheng Qinwen of China. Zheng triumphed 6-2, 7-5, coming back from 0-4 down in the second set after the Pole and four-time French Open champion looked to have started rolling downhill. Even when, at 1-2 down in the first set, she immediately broke Zheng back to love, Swiatek could not sustain the shift in momentum. Swiatek will now face either Donna Vekic of Croatia or Anna Karolina Schmiedlova of Slovakia in the bronze medal match, while Zheng will play the other for Olympic gold.
Persons: Swiatek, Zheng Qinwen, Roland Garros, Simona Halep, Maria Sakkari, Zheng, Carl Recine, Philippe, Chatrier, Germany’s Angelique Kerber, Donna Vekic, Anna Karolina Schmiedlova, Dimitar Dilkoff Organizations: Olympic, Getty Locations: China, Paris, Croatia, Slovakia, AFP
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Amazon reports second-quarter earnings after the closing bell on Thursday. Investors expect solid growth in both Amazon's AWS cloud unit and its massive retail operation. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAmazon will report second-quarter earnings on Thursday after the closing bell. Amazon's stock was up 23% year-to-date through Wednesday's close, outpacing the the S&P 500 's 16% gain.
Persons: Organizations: Service
“I can get excited for these type of things.”Fritz couldn’t remember the last time he had a day like this. Maybe you’re staying and watching a teammate, or maybe you have to play three matches in one day. He had his usual physio treatment and warmup, played his singles match, then spent the time in between matches trying to eat and hydrate in the drenching heat. Taylor Fritz's long day at Roland Garros Time (in Paris) Event 1:03 p.m. Steps onto Court 14 for his singles match 2:34 p.m. Singles match ends 4:12 p.m. Rain delay during match before his doubles match 4:42 p.m.
Persons: PARIS, Coco Gauff, Taylor Fritz, Canada’s Gabriela Dabrowski, zipping, Fritz, Dabrowski, he’d, Roland Garros, ” Fritz, Italy’s Lorenzo Musetti, , ” Fritz couldn’t, it’s, , “ I’m, Matthew Stockman, Tommy Paul’s, Robin Haase, Jean, Julien Rojer, Paul breezed, Britain’s Dan Evans, Andy Murray, Paul, ” Paul, It’s, Taylor Fritz's, Mathieu, subbing, , Gauff, Mathieu —, Felix Auger, Aliassime, Fritz’s, I’m Organizations: Olympics, Roland, Getty, Paris Games, Britain’s, Gauff, Canadian, Canadians Locations: American, Paris,
The 50-year-old is the subject of a Netflix documentary, "Mountain Queen: The Summits of Lhakpa Sherpa," out July 31. Directed by Lucy Walker, the film traces Sherpa's journey to summit Mount Everest a record-setting 10 times. She didn't summit Everest for fame, but to challenge herself and others not to give up. Everest was her refuge from a turbulent marriageThe Himalayan Database reported that Mount Everest has claimed the lives of more than 330 people since the early 1900s. Even though she'd conquered Everest, Sherpa tells BI that she only felt like a professional mountain climber after tackling K2.
Persons: , Lucy Walker, Sherpa, Everest, George Dijmarescu ., Sunny, Dijmarescu, she'd, Matthew Irving, Everest —, — she's, she's Organizations: Service, Netflix, Lhakpa, Business, Foods, Mount, Netflix Sherpa, Sherpa, Everest Locations: Everest, West Hartford , Connecticut, Nepal, Mount Everest, Everest's, Kathmandu, Connecticut, West Hartford, Dijmarescu, Pakistan
Mizuhara was one of Bowyer’s clients, placing at least 19,000 bets with Bowyer’s illegal gambling business from September 2021 to January 2024, according to prosecutors. Bowyer would increase Mizuhara’s betting limits even as Mizuhara had total losing bets of at least $182,935,206, leaving the former interpreter owing about $40,678,436, the plea agreement states. Bowyer’s other clients include “Individual B,” a professional baseball player for a Southern California-based baseball team, and “Individual C,” a former minor-league baseball player, the plea agreement states. In his plea agreement, Bowyer admitted to falsely reporting his taxable income to the IRS on his tax return for 2022. That year, Bowyer reported $607,897 in total income, while his unreported income from his illegal gambling business was $4,030,938, officials said.
Persons: Shohei Ohtani’s, Ippei Mizuhara, Matthew Bowyer, Diane Bass, ” Bowyer, Ohtani, Mizuhara, Bowyer, , Martin Estrada, Organizations: CNN, Dodgers, Justice Department, US, Office, Central, Central District of, Los Angeles Dodgers, ESPN, Los Angeles Times, Major League Baseball, Bowyer Locations: Central District, Central District of California, Los Angeles, Orange, Las Vegas, Ohtani, Costa Rica, Southern California
A prisoner swap involving seven countries freed the Wall Street Journal reporter Evan Gershkovich, two other Americans and several Russian opposition figures. It was the most far-reaching exchange between Russia and the West in decades. President Biden and Vice President Kamala Harris are planning to greet the released Americans tonight at Joint Base Andrews in Maryland. The exchange was also a triumph of sorts for Russia’s president, Vladimir Putin, who had long sought Krasikov’s release. “So, in the eyes of the Kremlin, Krasikov’s assassination in Berlin of a Chechen separatist leader whom Russia labeled a terrorist was legitimate,” he said.
Persons: Evan Gershkovich, Vadim Krasikov, Biden, Kamala Harris, , , Vladimir Putin, Neil MacFarquhar Organizations: Wall Street, Base Andrews, Kremlin Locations: Russia, Germany, Chechen, Berlin, Ankara, Turkey’s, U.S, Poland, Slovenia, Norway, Maryland
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