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New York CNN —After a prolonged period of calm, financial markets went into a tailspin this week. One trigger for the selloff was the unraveling of the Japanese yen carry trade. Some investors say there could be more volatility to come, particularly since it’s unclear how much more the yen carry trade could unwind. The carry trade is “enormous. The unwinding of the carry trade and weak labor data came at a delicate time rife with uncertainty for Wall Street.
Persons: Wharton, Jeremy Siegel, Siegel, , Steve Sosnick, Joe Biden, Donald Trump, Dow, Liz Young Thomas Organizations: New, New York CNN, Nikkei, Dow, Nasdaq, Bank of Japan, Companies, Federal Reserve, Investors, CNBC, Interactive Brokers, Markets, Republican, Home Depot, Walmart Locations: New York, Israel, Ukraine, Russia
The wildest week of 2024 has investors bracing for more volatility in the week ahead, with key insight on the consumer and inflation coming at a time when recession fears are top of mind. Inflation, labor data Next week's inflation data could get less attention than it has over the past year when the Fed's fight against pricing pressures put inflation reports on center stage. Recently, it's been the labor market getting the most attention. "The market's caring much more about about labor markets and growth, than they do inflation right now," Ladner said. Week ahead calendar All times ET Monday, Aug. 12 2 p.m. Treasury Budget (July) Tuesday, Aug. 13 8:30 a.m. Producer Price Index (July) Earnings: Home Depot Wednesday, Aug. 14 8:30 a.m. Consumer Price Index (July) 8:30 a.m.
Persons: Scott Ladner, it's, Ladner, , Strategas, Ryan Grabinski, RJ Assaly, Jeremy Siegel, Chen Zhao, Zhao, Price Organizations: Federal, Walmart, Home, Horizon Investments, Bank of Japan, Wharton, Fed, UBS, Investments, Treasury Budget, Price, Philadelphia Fed, Retail, Manufacturing, Materials, Tapestry, Deere, Co, Housing Locations: U.S, NAHB, Michigan
Related storiesThat makes sense because, per Germano, Gen Z Chinese buyers are less logo-orientated than their parents' generations. Saint LaurentGermano's third pick was the Saint Laurent Niki Medium bag, which retails for $3,150. Yves Saint LaurentThe Saint Laurent Le 5 à 7 Hobo handbag, which retails from $1,750 to $5,100, is another one of Germano's picks. Jeremy Moeller/Getty ImagesMaison Margiela's Replica sneakers are trendy among Chinese Gen Z-ers, Germano said. Like the understated Saint Laurent Le 5 à 7 Hobo, Maison Margiela's Replica sneakers are simple and discreet enough for everyday use.
Persons: , Zers, Antonello Germano, Z, GG Marmont, Gucci, Marmont, Edward Berthelot, Germano, Gucci Horsebit, Jeremy Moeller, Gen, millennials, Laurent Niki, Saint Laurent Germano's, Saint Laurent Niki, Saint Laurent, Laurent Le, Yves Saint Laurent The, Yves Saint Laurent The Saint Laurent Le, Germano's, Laurent, Burberry, Hugo Boss, Bernard Arnault's LVMH, Louis Vuitton, Maison, Saint Laurent Le Organizations: Service, Daxue Consulting, Business, Getty, Saint, Yves Saint Laurent The Saint, tote, Bloomberg, Swatch, Dior Locations: China, Givenchy, Japan, Miami
Wharton School Professor Jeremy Siegel no longer thinks it's vital for the Federal Reserve to implement an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively. "Obviously, I wanted to shake things up," Siegel said of his call for an intermeeting move. However, those expectations have been volatile as investors watch how quickly the Fed thinks it should ease policy. An emergency cut under these circumstances is "just not the way Jay Powell does things," Siegel said. "But Jay Powell has done things way too slow, certainly on the way up, and I just want to make sure he doesn't make the same mistakes on the way down."
Persons: Jeremy Siegel, Siegel, Jerome Powell, Powell, Jay Powell Organizations: Wharton, Federal Reserve, CNBC Locations: WisdomTree
Read previewI scrolled through designer websites, searching for the perfect ballet flats. I lusted over a $1,170 pair of slippers from Miu Miu but couldn't justify the purchase for obvious reasons. I dreamed of these expensive Miu Miu shoes before settling on a pair from Target. I loved my ballet flats when I styled them, but did I need to own them in the first place? Making the most of my purchaseI'm unsure how much longer ballet flats will be considered chic.
Persons: , Miu Miu, Sam Edelman's, I'd, pang, Jeremy Moeller, Paris Hilton, Rihanna, Hilton, Kim Kardashian, Jeffrey Campbell's Lita, Miu Miu's, Gen Zers, TikTok, chunky Mary Janes, Amanda Krause, Carolyn Mair, Gen Z, There's, Mair, Lita, " Mair Organizations: Service, Target, Business, Getty, Footwear News, Paris, PhotoNews, Inc, Converse Locations: Lyst
CNN —Every day for two months, Michael Ofer Ziv spent hours watching grainy, black-and-white footage of the Gaza Strip from a tiny room across the border. CNN has reached out to the Israeli military for comment on his claims. Green said he felt his role was to protect the civilians who had been attacked on October 7 and thought the Israeli military would go in and target Hamas. Yuval Green‘Losing so much’Reservists who refuse to serve again, like Ofer Ziv and Green, could face serious consequences. Yuval GreenDespite the risks, both Green and Ofer Ziv are committed to their decision.
Persons: Michael Ofer Ziv, , Ofer Ziv’s, ” Michael Ofer Ziv, Ofer Ziv, ” Ofer Ziv, , Hatem Khaled, , Yuval Green, Green, … we’ve, Khan Younis, Yuval Green ‘, Michael Sfard, Sfard, ” Sfard, refuser, ” Yuval Green, he’s, , … we’re Organizations: CNN, Israel Defense Forces, IDF, Reuters, West Bank Locations: Gaza, Tel Aviv, Israel, Rafah, Khan,
CNBC Daily Open: Dow sheds 1,000 points
  + stars: | 2024-08-06 | by ( Abid Ali | Kevin Lim | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street sinksThe Dow Jones Industrial Average and the S&P 500 suffered their sharpest declines in nearly two years, as growing concerns about the U.S. economy rocked global stock markets. The Dow plummeted over 1,000 points, while the S&P 500 and Nasdaq Composite fell 3% and 3.4%, respectively. Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday's disappointing jobs data. [PRO] Don't panicDespite a global stock market rout, several investors and strategists advised against panicking at this point.
Persons: Berkshire Hathaway, Amit Mehta, Wharton, Jeremy Siegel, Siegel, Austan Goolsbee, Goolsbee, CNBC's, cryptocurrencies, Bitcoin, bitcoin, Nexo, Antoni Trenchev, panicking Organizations: CNBC, Dow Jones Industrial, Dow, Nasdaq, Tech, Nvidia, Tesla, Berkshire, Google, Department of Justice, Federal Reserve, Chicago Federal, bitcoin Locations: U.S
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Dow plummeted over 1,000 points, while the S&P 500 and Nasdaq Composite fell 3% and 3.4%, respectively. Wharton finance professor Jeremy Siegel urged the Federal Reserve to make an emergency 75-basis-point cut in the federal funds rate following Friday's disappointing jobs data. Siegel believes the current fed funds rate "should be somewhere between 3.5% and 4%," citing the higher-than-expected unemployment rate and declining inflation as reasons for the cuts. "How much have we moved the fed funds rate?
Persons: Berkshire Hathaway, Amit Mehta, Wharton, Jeremy Siegel, Siegel, Austan Goolsbee, Goolsbee, CNBC's, Korea's Kospi, Richard Kaye Organizations: CNBC, Dow Jones Industrial, Dow, Nasdaq, Tech, Nvidia, Tesla, Berkshire, Google, Department of Justice, Federal Reserve, Chicago Federal, Nikkei, Honda, Renesas Electronics, CSI Locations: U.S, Asia, Pacific
This grabbed the attention of U.K.-based French studies professor Martin Hurcombe, who specializes in French history and culture. French fans cheer during the women's cross-country cycling mountain bike event during the Paris Games on July 28. French fans have been wildly cheering for their athletes and team throughout these Olympic Games. Spectators celebrate as France's Leon Marchand wins the gold medal in men's 200-meter individual medley final at the Paris Games. I think it was a moment and there's a risk with these Olympics, as well, that this is (just) a moment."
Persons: , Jérémy Boutier, France's Leon Marchand, Sarah Stier, Emmanuel Macron, Martin Hurcombe, Jared C, Tilton, Hurcombe, Amélie Oudéa, hasn't, Sameer Al, Léon Marchand, Tom Vanden Brande, Vanden Brande, Yolaine Wilson, it's, Zinedine Zidane, Lilian Thuram, Marcel Desailly, Christian Karembeu, Patrick Vieira, Dar Yasin, We've Organizations: Olympics, NBC News, Paris Games, Getty, University of Bristol, French Sports, Olympic Games, Olympic, Nigeria, Paris La Défense, French, France Locations: France, AFP, Paris, French West Indies, Ghana, New Caledonia, Senegal
Why the stock market is freaking out again
  + stars: | 2024-08-05 | by ( David Goldman | ) edition.cnn.com   time to read: +6 min
The Dow tumbled more than 1,000 points at the open, and the broader market plunged 3% Monday. The Nasdaq, full of risky tech stocks, dropped 3.7%. Although that’s not in and of itself an unhealthy unemployment rate, its sudden march higher is alarming: Last year, the unemployment rate was at its lowest level since the moon landing. Traders are beginning to unwind big trades on Apple, Nvidia, Microsoft, Meta, Amazon, Alphabet and other tech stocks that had been surging since the beginning of last year. Monday’s rout, if it ends at current levels, wouldn’t even crack the top 100 worst days in market history.
Persons: Dow, that’s, Goldman Sachs, That’s, Jeremy Siegel, , , Siegel, Stocks, it’ll, Warren Buffett, Berkshire Hathaway Organizations: CNN, Nasdaq, Nikkei, Federal Reserve, of Labor Statistics, Citigroup, JPMorgan, CNBC, Traders, Apple, Nvidia, Microsoft, Meta, Berkshire Locations: Wall
Wharton's Jeremey Siegel on Monday called on the Federal Reserve to make an emergency 75 basis-points cut in the federal funds rate after Friday's disappointing jobs report. On Friday, the jobs report showed slower growth than expected and an unemployment rate that moved higher to 4.3%, its highest since October 2021. That unemployment figure "blew through" the central bank's target unemployment rate of 4.2%, said Siegel, chief economist at WisdomTree. Siegel isn't concerned that an emergency cut will send the markets into a downward spiral. If the Fed does not make an emergency cut before September's meeting, the market will react badly, Siegel predicted.
Persons: Wharton's Jeremey Siegel, Monday, , Siegel, Alan Greenspan, They've, we're Organizations: Federal Reserve, University of Pennsylvania's Wharton School Locations: WisdomTree
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed needs to make an emergency cut, says Wharton's Jeremy SiegelJeremy Siegel, professor emeritus of finance at University of Pennsylvania’s Wharton School of Business and Wisdom Tree chief economist, joins 'Squawk Box' to discuss the latest market trends, state of the economy, why he's calling for emergency rate cuts from the Fed, and more.
Persons: Wharton's Jeremy Siegel Jeremy Siegel Organizations: University of Pennsylvania’s Wharton School of Business
US stocks plunged Monday amid recession fears and the yen carry trade unwind. AdvertisementUS stocks plunged on Monday as investors worried about a potential recession and the knock-on effects from the unwind of the yen carry trade. All of those factors have drummed up fears that a recession could be imminent, especially given that the Federal Reserve could be "behind the curve" in its failure to cut interest rates last month. AdvertisementHere's where US indexes stood at the 4:00 p.m. closing bell on Monday:Some believe the Fed should implement an emergency interest rate cut, including Wharton professor Jeremy Siegel. AdvertisementBut perhaps the biggest driver of Monday's stock market decline was the unwind of the yen carry trade.
Persons: Dow Jones, , payrolls, Warren, Berkshire Hathaway, Jeremy Siegel, Siegel, LPL, Ed Yardeni Organizations: Nasdaq, Bank of, Service, Dow Jones, Apple, Amazon, Intel, Federal, Here's, Bank of Japan, Yahoo Finance Locations: Japan
On a 91-degree day in June, a group of 20- and 30-somethings in sundresses and Bermuda shorts was navigating a dimly lit cocktail lounge whose air-conditioning was on the fritz. It didn’t matter: Cocktails with names like the Ghost Writer were flowing, and patrons were posing in front of a velvet emerald curtain, holding “Team Daisy” and “Team Gatsby” hand fans emblazoned with the faces of Eva Noblezada and Jeremy Jordan, the stars of the Broadway musical “The Great Gatsby.”Flickering candles adorned tables at the side of the room, where people colored in silhouettes of the character Myrtle Wilson, a social climber in the musical, and filled out trivia sheets with questions like “Is Gatsby in East or West Egg?” Silver gift bags filled with miniature bottles of Champagne and “Old Sport” stickers sat on a table by the door. “We are in the Gatsby era,” said Francis Dominic, 31, a lifestyle and travel influencer, alluding to the Broadway musical and “Gatsby,” another high-profile stage adaptation of the F. Scott Fitzgerald novel that last week ended its run at American Repertory Theater in Cambridge, Mass., and is also aiming for Broadway.
Persons: fritz, Daisy ”, Gatsby, Eva Noblezada, Jeremy Jordan, Myrtle Wilson, , Francis Dominic, Scott Fitzgerald Organizations: , Repertory Theater, Broadway Locations: sundresses, Bermuda, Gatsby, East, Champagne, Cambridge
The Federal Reserve is catching some heat for the historic stock market plunge. AdvertisementThe Federal Reserve is to blame for the historic stock market plunge since last week, according to a growing chorus of market experts. JPMorgan strategist Mislav Matejka said in a Monday note that the lack of Fed rate cuts in the first half of the year will weigh on economic growth in the second half, and that any coming interest rate cuts from the Fed likely won't be enough. AdvertisementRegardless of what the Fed's motivation might be with waiting until September to cut interest rates, the market is taking away a pretty clear message. "There is growing sentiment is that the Fed has waited too long to cut interest rates and is now behind the curve," Comerica Wealth Management CIO John Lynch said.
Persons: , Wharton, Jeremy Siegel, Siegel, Jerome Powell, Powell, they've, we're, Kamala Harris, Mislav Matejka, Matejka, Paul Volcker, Volcker, DataTrek, Nicholas Colas, John Lynch Organizations: Federal, Service, Federal Reserve, Nasdaq, CNBC, Washington DC, JPMorgan, Fed, Comerica Wealth Management Locations: Iran, Japan, Washington
America has pledged over $175 billion in aid to Ukraine since Russia invaded, which includes over $100 billion in military spending. That includes shells, tanks, rockets, cannons, anti-tank weapons, drones, and missile defense systems worth $1 billion each. So which weapons have proven most critical on the battlefield? And will the latest round of aid really help Ukraine in a war many are calling a stalemate? This story is available exclusively to Business Insider subscribers.
Organizations: Business Locations: Ukraine, Russia
(This is CNBC Pro's live coverage of Monday's Wall Street chatter as global markets sell off. — Lisa Kailai Han 7:02 a.m.: How long sell-offs typically last Bad news: The current market sell-off may have further to go. — Lisa Kailai Han 6:09 a.m.: Oppenheimer's Stoltzfus: Best to not 'jump to conclusions' Investors need to have a cool head as global markets sell off, according to Oppenheimer's John Stoltzfus. — Fred Imbert 5:51 a.m.: Global markets in an 'aggressive risk-unwind', Vital Knowledge says Fears of a U.S. recession are pressuring global markets, leading investors around the world to sell some of this year's top winners, according to Adam Crisafulli of Vital Knowledge. "Markets are caught in an aggressive risk-unwind as equities plunge around the world, with tech getting hit particularly hard," he wrote in a note Monday.
Persons: Wharton's Siegel, Jeremy Siegel, CNBC's, Siegel, hasn't, it's, … They're, , Lisa Kailai Han, Tom Lee, Lee, Duncan Toms, Toms, Fred Imbert, Victoria Greene, Greene, It's, Nimrit Kang, — Lisa Kailai Han, Dan Ives, Gene Goldman, Gennadiy Goldberg, Ives, Goldman, Goldberg, Oppenheimer's John Stoltzfus, Evercore, Ed Hyman, Hyman, Adam Crisafulli, Crisafulli Organizations: CNBC, Stock, Nikkei, Dow Jones Industrial, Nasdaq, Wharton, Federal Reserve, Fundstrat Global, HSBC, G Squared, Wealth, NorthStar Asset Management, Street, Wedbush, TD Securities, Federal, NASDAQ, U.S, Fed, Global Locations: U.S, Europe, Japan, China
Data released Friday showed 114,000 jobs were created last month, far below a Dow Jones estimate of 185,000. The S & P 500, accounting for Monday's expected losses, will be down around 9% from its recent high. She sees support emerging for the S & P 500 around the 5,000 level, or another 6.5% from here. If market conditions get very dire in the meantime, there is a chance the Federal Reserve could step in, investors hope. "The fed funds rate right now should be somewhere between 3.5% and 4%," he said .
Persons: Dow Jones, Katie Stockton, There's, Stockton, CNBC's, Jeremy Siegel, They've Organizations: Nikkei, Federal, Wharton Locations: Japan, U.S
Noah Lyles of the United States was slowest out of the blocks (0.178 seconds). He said after the race, “That goes to prove that reaction time does not win races.”Noah Lyles of the United States was slowest out of the blocks (0.178 seconds). He said after the race, “That goes to prove that reaction time does not win races.”
Persons: Noah Lyles, ” Noah Lyles Locations: United States
The demonstrations – a regular occurrence – were notable for taking place despite urgent security warnings as Israel braces for a possible strike from Iran. Videos showed protestors waving Israeli flags and holding up signs with images of the Israeli hostages. Of that number, 111 hostages were taken during the October 7 Hamas-led attack on Israel, which killed over 1,200 people. “The head of the Mossad did not say that there was a deal ready and that it should be accepted. “While Prime Minister Netanyahu agreed to the deal outline, Hamas has been trying to introduce dozens of changes that, de facto, nullify the outline,” the statement said.
Persons: Benjamin Netanyahu, Ismail Haniyeh, “ We’re, , , , Netanyahu’s, Yair Lapid, Netanyahu, Gil Cohen, David Barnea, Shin Bet, banged, CNN’s Eugenia Yosef, Larry Organizations: CNN, Hamas, IDF, Minister’s Office, Gaza’s Ministry of Health, United Nations, Israeli Prime, Magen, Getty, Locations: Israel, Gaza, Iran, Tehran, Tel Aviv, AFP
CNN —Iran has claimed that the assassination of Hamas political leader Ismail Haniyeh in Tehran earlier this week was carried out by a “short-range projectile” and a “severe explosion” outside a guest house where he was staying. The Iranian government and Hamas say that Israel carried out the assassination. On Saturday, Iran warned that “blood vengeance” for the killing was “certain.”An image published by the New York Times shows the building where Haniyeh is believed to have been assassinated. US officials were briefed on the operation by Israeli officials only after the assassination, the source said. Iran calls Israel the Zionist regime.
Persons: Ismail Haniyeh, Haniyeh, Israel, , Israel “, Daniel Hagari, ” Hagari Organizations: CNN, Hamas, New York Times, Islamic Revolutionary Guard Corps, Zionist, Israel Defense Forces, IDF Locations: Iran, Tehran, Israel
“Obviously, we have eyes.”That was the somewhat jaded response by Larhonda Marshall, a 42-year-old health care worker from Chicago, about all the attention being paid to Vice President Kamala Harris’s racial identity. As a Black woman herself, Ms. Marshall said that the symbolism of a Harris victory would surely be on her mind as she considers her vote for president. And she wishes the Harris supporters who keep mentioning it would drop it. “I’m tired of hearing it,” Ms. Marshall said. I just want what’s best for the country.”This week, after former President Donald J. Trump claimed falsely that Ms. Harris “happened to turn Black” only recently, the vice president did not attempt to clarify the obvious: that she has, in fact, been Black all her life.
Persons: Larhonda Marshall, Kamala Harris’s, Marshall, Harris, “ I’m, Ms, “ That’s, Donald J, Trump, Harris “ Locations: Chicago
Alfred, from St. Lucia, had a reaction time of 0.144 seconds — 0.077 seconds faster than Richardson, of the U.S, and even with Melissa Jefferson of the U.S., who won bronze. Alfred, from St. Lucia, had a reaction time of 0.144 seconds — 0.077 seconds faster than Richardson, of the U.S, and even with Melissa Jefferson of the U.S., who won bronze.
Persons: Alfred, Lucia, Richardson, Melissa Jefferson Organizations: U.S Locations: St, U.S
Vice President Kamala Harris’ presidential campaign said it raked in a whopping $310 million in its July fundraising efforts — more than double the amount raised by former President Donald Trump last month. Harris’ fundraising numbers mark the latest sign of how transformative and energizing the change to the top of the Democratic ticket has been among grassroots and high-dollar supporters. A majority of that $310 million haul, more than $200 million, was raised in the first week of Harris’ candidacy, the campaign said in a statement, with two-thirds of the fundraising coming from first-time donors to the campaign. The campaign also said it has $377 million cash on hand, while the Trump campaign has $327 million cash on hand. Read more here.
Persons: Kamala Harris ’, Donald Trump, Harris, Harris ’, Trump, outraised, Read Organizations: Democratic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSchwartz: Fed is looking at wrong inflation data, should be cutting ratesJeremy Schwartz, Global Chief Investment Officer of WisdomTree, discusses the market sell-off and the direction of the economy.
Persons: Jeremy Schwartz Organizations: Schwartz, Global Chief
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