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It was the ninth straight month that the PMI stayed below the 50 threshold, which indicates contraction in manufacturing, the longest such stretch since the 2007-2009 Great Recession. The ISM survey's forward-looking new orders sub-index increased to 47.3 in July. According to the ISM, the delivery performance of suppliers to manufacturing firms has been faster for 10 straight months. It has, however, not been a reliable predictor of manufacturing employment in the government's nonfarm payrolls count. Manufacturing employment likely rose by 5,000 jobs last month, according to a Reuters survey of economists.
Persons: Charles Mostoller, Lucia Mutikani, Paul Simao Organizations: BMW, REUTERS, Reuters Connect WASHINGTON, Institute for Supply Management, PMI, Reuters, ISM, Federal Reserve, Manufacturing, Fed, U.S . Labor Department, Thomson Locations: Greer , South Carolina, U.S
A group of analysts from JPMorgan's trading desk say a new record high for S&P 500 "feels inevitable." The S&P 500 closed at 4,576.73 on Tuesday, less than 5% shy of its record closing level of 4,796.56 reached in January 2022. The fact earnings can beat expectations in an high-rate environment creates the argument for elevated valuations, in their view, and that could push the S&P 500 well beyond record highs. Anastasia Amoroso, iCapital's chief investment strategist, told Insider on Monday that all-time highs indeed look possible for the S&P 500 in the near-term. Steady multiples and fulfilled earnings expectations should be enough to justify the S&P 500 at 4,800 or above."
Persons: Andrew Tyler, there's, that's, it's, Anastasia Amoroso, Amoroso Organizations: Service, Federal Reserve Locations: Wall, Silicon
Chinese consumers are on average spending more on smartphones than ever before, according to new data, which bodes well for U.S. giant Apple in a critical market for its expensive iPhones. The average selling price of smartphones in mainland China was $450 last year and is expected to keep growing this year, market research firm Canalys said in a report last week. International Data Corporation told CNBC that the average selling price for smartphones in China was nearly $470 in the first quarter of this year, up about 5% year-on-year. The rise in ASP signals that the high-end part of the smartphone market remains resilient and that's where Apple competes. This trend is positive for Apple, which was the only vendor in the top five in China to record growth in shipments in the second quarter, Canalys said.
Persons: Canalys, Lucas Zhong, Zhong Organizations: Apple, CNBC, International Data Corporation, IDC, Apple Watch, Android Locations: China
State Street Global Advisors' George Milling-Stanley, whose firm runs the world's largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses. Milling-Stanley's firm is behind SPDR Gold Shares , the world's largest physically backed gold ETF. Milling-Stanley believes gold's 6,000-year history as a monetary asset serves as a significant sample basis to understand the benefits of investing in gold. But Milling-Stanley believes the economic backdrop bodes well for gold — recession or not. It's known as the world's largest consumer of gold jewelry behind India, according to the World Gold Council.
Persons: George Milling, Stanley, cryptocurrency, CNBC's, gold's, It's, Gold Organizations: Street Global Advisors, World Gold, it's Locations: China, India, It's Vietnam, it's Indonesia, it's Thailand, Korea
Shares of Alphabet's stock jumped 10% this week after the company reported second quarter earnings that showed growth despite a tough ad market. Among growth, revenue rose 7% to $74.6 billion from $69.7 billion in the year-earlier period. Google's ad revenue only increased 3.3% from a year earlier, but that's an improvement from the first quarter, when ad revenue fell. Google's YouTube and Cloud units also showed revenue growth despite competition. "We believe this bodes well for the broader online advertising environment," Citi analysts wrote in a note about Google's earnings.
Persons: Snap's, Bernstein, Ruth Porat, she's Organizations: Google, YouTube, Microsoft, Citi Locations: OpenAI
"But when we go to an AI server, Intel's contribution drops to low-single digit percent, and that's where Nvidia's contribution gets to almost 60%, 70% of the price of the server." Still, it's possible AMD also saw softer demand for its data-center CPUs in the last quarter due to ramped-up AI spending. Like Intel, AMD is also working to bring its own AI-focused chips to market . Yes, Nvidia stock has had a monster run, more than tripling year-to-date, but the fundamental reason for that outperformance — its AI dominance — is completely intact. It remains an "own it, don't trade" stock, alongside Apple (AAPL).
Persons: Pat Gelsinger, , Vivek Arya, Arya, Intel's, Lisa Su's, Gelsinger, AMD's, Jim Cramer's, Jim Cramer, Jim, Hsun Huang, Patrick T Organizations: Intel, Nvidia, Club, — Club, Microsoft, CNBC, Bank of America, Devices, AMD, Apple, Nvidia Corp, Mobile, Fallon, Bloomberg, Getty Locations: China, Los Angeles , California, U.S
A long-awaited rally in crude oil prices has helped the Club's three oil-and-gas companies become some of our top-performing stocks over the past month. Brent crude, the global oil benchmark, and West Texas Intermediate crude, the U.S. oil standard, have both climbed by more than 10% since late June. Energy stocks linked to crude — including Club names Halliburton (HAL), Coterra Energy (CTRA) and Pioneer Natural Resources (PXD) — have risen on oil's fortunes. U.S. producers also have shown restraint, Kumar told CNBC, with domestic crude production hovering around 12.3 million barrels per day all year . Moreover, a year-over-year drop in U.S. rig counts points to "a bit of a decline in oil production" down the road, Kumar said.
Persons: we're, Brent, Cowen, Jason Gabelman, Gabelman, Truist's Neal Dingmann, Dingmann, Mizuho, Nitin Kumar –, , Kumar, Baker Hughes, Goldman Sachs, Halliburton, Ukraine —, Truist's Dingmann, Jim Cramer's, Jim Cramer, Jim, Suzanne Cordeiro Organizations: West Texas, Halliburton, HAL, Coterra Energy, Natural Resources, Bausch Health, CNBC, Bloomberg, of Petroleum, Wall, AFP, Getty Locations: U.S, Saudi Arabia, Russia, OPEC, Ukraine, Texas, New Mexico, Stanton , Texas
New York CNN —The Dow is on pace for its best run in 126 years. If the Dow closes higher Thursday for a 14th consecutive session, that would be its longest run of consecutive gains since May 1897. Should the Dow end the day higher today, and for a 15th straight day on Friday, that would mark the index’s longest daily winning streak ever. The blue-chip index’s run is already at historic levels: The Dow on Wednesday notched its 13th straight day of gains, its best winning streak since 1987 and its highest level since February 2022. Some investors say that the central bank is unlikely to pivot as soon as Wall Street expects, or as quickly.
Persons: Dow, , haven’t, , , Rhys Williams, Mike Sanders Organizations: New, New York CNN, Dow, Wednesday, New York Stock, Bettmann, Nasdaq, Meta, Big Tech, Federal Reserve, Management, Traders, Madison Investments Locations: New York
It was also one of several conclusions we made combing through the results and listening to the conference calls with investors. We are basically looking for results or management commentary that speaks to peer companies or the industry as a whole. On the call, management said it was "to support cloud demand, including investments in AI infrastructure." What is increased AI spending going to do for Meta's engagement and Reels monetization efforts? Nvidia chief Jensen Huang (centre L) poses for photographs before attending a press conference at Computex 2023 in Taipei on May 30, 2023.
Persons: it's, Sundar Pichai, We're, Jim Cramer's, Jim Cramer, Jim, Jensen Huang, Sam Yeh Organizations: Microsoft, Nvidia, Google, AMD, Intel, Jim Cramer's Charitable, CNBC, Afp, Getty Locations: Taipei
The Dow Jones Industrial Average is in its longest win streak since February 2017. Carson Group's Ryan Detrick observed that win streaks from the Dow suggest there is no recession in sight. Blue chips were higher three months later 100% of the time, delivering an average gain of 5%. They were also up six months later 100% of the time, delivering an average gain of 11%. And 12 months later, they were up 80% of the time, delivering an average gain of just over 8%.
Persons: Carson Group's Ryan Detrick, Dow, Ryan Detrick, Dow Jones, Detrick Organizations: Dow Jones, Dow, Service, Microsoft, Carson Group Locations: Wall, Silicon
"I think a lot of people in my world and IPO world are expecting this V-shaped recovery for the IPO market." The IPO market had been in the doldrums since February 2022, when Russia's invasion of Ukraine began. It was a small but positive sign for the many tech deals waiting for a better IPO market." Some signs are emerging that the IPO market is starting to thaw out. Ultimately, that's what we need for the IPO market to heat back up," said Daniels.
Persons: we'll, Barrett Daniels, , Doordash, bode, Matthew Kennedy, Kennedy, Daniels, Organizations: Publicly, Deloitte, GE HealthCare, Lucid, Agilon Health, Water Works, Renaissance, Clearwater Analytics, Tech, Federal Locations: Ukraine, Clearwater, Cava
Jim Cramer breaks down how to play the falling 'Magnificent Seven' stocksHigh growth stocks are down Thursday but health care is getting a boost and that bodes well for Eli Lilly and Johnson & Johnson. Meanwhile, our energy stock Coterra is up after a long-awaited surge in natural gas.
Persons: Jim Cramer, Eli Lilly, Johnson
Honor released its Magic V2 foldable on July 12, 2023, starting with the China market. BEIJING — On Chinese e-commerce site JD.com's "hot sales" smartphone rankings this week, the Honor Magic V2 foldable vies with Apple iPhone models for the top three spots. Honor, spun off from Huawei, launched its Magic V2 on July 12 with a starting price of 8,999 yuan ($1,245). The Magic V2's 9,999-yuan model ranked second in popularity among JD.com smartphone sales as of Thursday morning, while a 7,799-yuan Apple iPhone 14 Pro ranked first. The iPhone 14 claims about 20-30 hours of video watching on a single battery charge, depending on the bar phone model.
Persons: Ethan Qi, Qi Organizations: Apple, Huawei, Counterpoint Research Locations: China, BEIJING
Police on Sunday announced that the morality police force has intensified its crackdown on women flouting the compulsory dress code. Security forces crushed months of unrest during which protesters from all walks of life called for the downfall of the Islamic Republic and women took off and burned the compulsory headscarves in fury. "The Islamic Republic feels threatened. By redeploying the morality police, the regime is fuelling the people's revolution," said Atena Daemi, a prominent human rights activist in Iran. "People are very angry due to repression, rights violations and worsening economic problems.
Persons: Mahsa, Amini, Atena Daemi, Mohammad Khatami, Parisa, Michael Georgy, Angus MacSwan Organizations: West Asia News Agency, REUTERS, Islamic, Police, Sunday, Thomson Locations: Tehran, Iran, WANA, DUBAI, Islamic Republic, Republic
Meme investors could spoil AMC’s next act
  + stars: | 2023-07-18 | by ( ) www.reuters.com   time to read: +2 min
AMC is already fighting another lawsuit over its attempt to convert preferred stock into common shares, a novel scheme to avoid getting investors’ approval for share sales. It fits with other forays since AMC became a retail-favorite meme stock – like buying into a gold miner – that seem to disregard conventional governance niceties. Attracting a rush of retail traders means there are plenty of investors to call foul. If their push against the preferred stock gambit succeeds, AMC could struggle to raise new funds, which bodes poorly for repaying its $5 billion in debt. It turns out that, for a meme stock’s final act, the audience starts throwing tomatoes.
Persons: Adam Aron, Kevin Barnes, Barnes ’, Anita Ramaswamy, Xavier Niel’s, Jonathan Guilford, Sharon Lam Organizations: YORK, Reuters, AMC, Twitter, Xavier Niel’s GAM, Commonwealth Games, Thomson
July 17 (Reuters) - BridgeBio Pharma Inc's (BBIO.O) experimental drug for a rare heart disease showed significant improvement in patients in a late-stage study, sending its shares surging 65% on Monday. BridgeBio's drug improved survival by 81% in the study patients compared to 74% on the placebo, and also reduced frequency of heart disease-related hospitalization by 50%. The California-based company also provided additional data comparing it with Pfizer's drug. Acoramidis showed 92% improvement on heart failure test, compared to patients on placebo and Pfizer's drug at 30 months. The additional data suggests that BridgeBio's drug was better than tafamidis in controlling the disease, said TD Cowen analyst Tyler Van Buren.
Persons: acoramidis, Acoramidis, Cowen, Tyler Van, Luca Issi, BridgeBio, BridgeBio's, Khushi, Nivedita Bhattacharjee Organizations: BridgeBio Pharma, Alnylam Pharmaceuticals, Ionis Pharmaceutical, RBC Capital, U.S . Food, Drug Administration, Thomson Locations: U.S, California, Tyler Van Buren, Bengaluru
MELBOURNE, July 18 (Reuters) - Australia's state of Victoria will not host the 2026 Commonwealth Games due to projected cost overruns, placing the future of the quadrennial multi-sport event in doubt. "Frankly A$6-A$7 billion for a 12-day sporting event, we're not doing that," Andrews said at a media conference. Andrews said Victoria had already informed the global Commonwealth Games Federation (CGF) but the cost of breaking the 2026 contract had yet to be decided. The CGF did not provide immediate comment but local body Commonwealth Games Australia (CGA) said the pull-out was "beyond disappointing". The Australian Olympic Committee (AOC), which had spoken of the 2026 Games as a "runway" for hosting the 2032 Brisbane Olympics, said it was "an enormous disappointment" for the athletes.
Persons: Victoria Premier Dan Andrews, we're, Andrews, Victoria, Craig Phillips, John Coates, Chris Minns, CGF, Ian Ransom, Christian Schmollinger, Stephen Coates, Peter Rutherford Organizations: MELBOURNE, Victoria Premier, Commonwealth Games Federation, Commonwealth Games Australia, First Nations Australians, Birmingham, Australia, Games, Australian Olympic, New Zealand Olympic, Olympic, Sydney, South, Thomson Locations: Victoria, Australia, Britain, South Africa, Coast, Geelong, Ballarat, Bendigo, Gippsland, New South Wales, NSW, South Australia, Western Australia, Hamilton
Analysts' at Bank of America have named a host of stocks that are poised to outperform heading into second earnings season. The bank said this week there are several "high quality" buying opportunities that aren't getting enough investor attention. CNBC Pro combed through the top Bank of America research to find analysts' favorite ideas as earnings releases ramp up. They include: Mondelez, SolarEdge , Rollins, Thomson Reuters and Broadcom. Bank of America recently initiated coverage of the stock with a buy rating, calling Rollins "a high-growth compounder through economic cycles."
Persons: SolarEdge, Rollins, Thomson, Jason Haas, Haas, BofA, Julien Dumoulin, Smith, Dumoulin, Heather Balsky, Balsky, Dirk Van de, MDLZ Organizations: Bank of America, CNBC, Thomson Reuters, Broadcom, Rollins, . Bank of America Locations: 2Q23, Europe, U.S
Strategists expect profit at S&P 500 (.SPX) companies to have dropped 6.4% in the second quarter from a year earlier, according to Refinitiv data. Morgan Stanley:Much of the stock market rally this year has been driven by a price-to-earnings expansion, signaling investors likely remain unconcerned about near-term earnings pressure. Still, "better-than-feared" earnings are not going to be good enough in Q2 considering stocks have become more expensive, the strategists say. Goldman Sachs:Companies will likely be able to beat or surpass "the low bar" set for the second quarter. This suggests a "muted market reaction" to Q2 earnings is likely, given robust gains in stocks since the first quarter and an "overweight" equity positioning, the bank says.
Persons: Mike Segar, Morgan Stanley, Goldman Sachs, Laura Cooper, Cooper, Scott Wren, Amruta Khandekar, Shreyashi Sanyal, Sriraj Organizations: Citibank, REUTERS, Nasdaq, Companies, GS, Nvidia, iShares EMEA, BlackRock, Deutsche Bank, Investors, Wells, Wells Fargo Investment Institute, Citigroup, Thomson Locations: New York , New York, U.S, BlackRock, Wells Fargo, Bengaluru
Analysts at Morgan Stanley published the results of their second-quarter CIO survey, providing valuable insight into information technology budget expectations. Cloud and cybersecurity Digging a bit deeper, the survey reveals that cloud computing and security software remain the top two priorities for CIOs followed by artificial intelligence/machine learning. The analysts singled out Microsoft as the most exposed to the two major themes of the survey — generative AI via ChatGPT and cloud consumption via Azure. Cloud and AI enablers All of this also bodes well for the names that make cloud computing, generative AI, and LLMs possible. Importantly, the demand is not only coming from cloud service providers (CSPs) but also from enterprise players and AI startups.
Persons: Morgan Stanley, Bard, Dell, Salesforce, Jim Cramer's, Jim Cramer, Jim, Bing, Jonathan Raa Organizations: Microsoft, Google, Web Services, Club, Software, Hewlett Packard Enterprise, Palo Alto Networks, Alto, Nvidia, Devices, AMD, CNBC, Nurphoto, Getty
STOCKHOLM, July 2 (Reuters) - Norway's Olympic champion Karsten Warholm won the men's 400 metres hurdles in a race that was hindered by a protest from environmentalists at a rain-hit Galan Diamond League meet on Sunday. The 27-year-old double world champion, who slapped his thighs and let out a loud whoop during the introductions, ran blind in the outside lane en route to a time of 47.57 seconds. WORLD RECORD ATTEMPTThe rain wreaked havoc with numerous events, particularly the much-anticipated men's pole vault featuring local hero Armand Duplantis. He then missed on three attempts at 6.23, which would have topped his world record of 6.22. With Lamecha Girma of Ethiopia breaking the steeplechase world record last month in Paris, there could be a thrilling battle between the African pair at the worlds in Hungary.
Persons: Karsten Warholm, Galan, Warholm, Armand Duplantis, Kristjan, Daniel Stahl of Sweden, Freweyni Hailu, Hailu, Beatrice Chebet, Soufiane El, Akani, Simbine, Lori Ewing, Tommy Lund, Ken Ferris, Toby Davis Organizations: Galan Diamond League, A22 Network, TV4, NRK, Stockholm, Broadcasters, Thomson Locations: STOCKHOLM, Norwegian, Budapest, Slovenia, Soufiane El Bakkali, Morocco, Ethiopia, Paris, Hungary, South Africa, Gdansk
Americans aren't spending like they used to
  + stars: | 2023-06-29 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +5 min
You can also download the app to get notifications about our biggest markets stories. Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. That's going to further take the wind out of Americans' brisk spending over the last few years. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. The biggest companies and banks can't agree on where the stock market is heading next.
Persons: I'm Phil Rosen, You'll, let's, Derek Davis, Patek Pilippe, Audemars, Jerome Powell, Brian Moynihan, Morgan Stanley, Andy Ryan, Pablo Hernández de Cos, David Rosenberg, Rob Arnott, Stocks, Russell, Goldman Sachs, Phil Rosen, Max Adams, Hallam Bullock Organizations: Big Apple, Portland Portland Press, Getty, Rolex, Bloomberg, Bank of America, Bank of Spain, Fed, Wall Street, Royal, Nvidia, Tesla, Morningstar Locations: Madrid, Phoenix, Miami, Royal Caribbean, New York, London
For Nvidia and China, an AI Battle With Washington Bodes Ill
  + stars: | 2023-06-28 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/for-nvidia-and-china-an-ai-battle-with-washington-bodes-ill-9da164f9
Persons: Dow Jones Organizations: nvidia, washington
For Nvidia and China, an AI Battle with Washington Bodes Ill
  + stars: | 2023-06-28 | by ( Jacky Wong | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/for-nvidia-and-china-an-ai-battle-with-washington-bodes-ill-9da164f9
Persons: Dow Jones Organizations: nvidia, washington
LVMH reported its first-quarter sales surged 17% from a year ago, beating analyst expectations, driven by a rebound in China’s luxury market from the downturn it experienced during the pandemic. Luxury goods spending bounced back more quickly than any other sector in the first quarter. Although the economic momentum has lost steam in the past couple of months, growth in luxury goods sales has accelerated. China was one of the world’s largest luxury goods markets before Covid hit. Bain & Co. estimated earlier this year that Chinese consumer spending accounted for around 17% of the global luxury market in 2022.
Persons: Hong Kong CNN — Bernard Arnault, Elon Musk, Morgan, Jamie Dimon, Musk, Caijing, Christian Dior, LVMH didn’t, LVMH, , Jean, Jacques Guiony, , Li Qiang, ” Li Organizations: Hong Kong CNN, LVMH, WF, CNN, Consumers, Bain & Co Locations: Hong Kong, China, Beijing, ” Beijing
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