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The dollar remained relatively weaker against most of its major peers, even as the dollar index rose 0.059% and the euro fell 0.15% to $1.1002. Friday's robust U.S. payrolls report prompted investors to dial back their expectations for the timing and size of the Fed's first interest rate cut. The two-year Treasury yield, which typically moves in step with interest rate expectations, rose a touch above 4.0%. The dollar rose 0.18% against the yen. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.
In Europe, the broad pan-regional STOXX 600 index (.STOXX) rose 0.34% on expectations non-U.S. stocks will outperform in the months ahead. Sterling , which has gained 4.4% against the dollar this year, earlier hit a 12-month high of 1.2668 ahead of an expected Bank of England rate increase on Thursday. The dollar rose 0.01% against the yen. "The survey should point to further broad-based tightening in bank lending standards," said Bruce Kasman, head of economic research at JPMorgan. Bullion regained ground after a sharp retreat in the previous session, ahead of the inflation data that could shed light on the outlook for U.S. interest rates.
Tuesday Occidental Petroleum is set to report earnings after the bell. What history shows: Data from Bespoke Investment Group shows Occidental beats earnings expectations 71% of the time. Electronic Arts is set to report earnings after the close, followed by a call at 5 p.m. What history shows: Bespoke data shows Disney beats expectations 78% of the time. However, Disney shares tend to struggle on earnings day, averaging a slight loss after the company posts results.
Revenue in Apple's fiscal second quarter of $94.84 billion dropped 3% year-over-year but beat expectations of $92.96 billion. Bottom line Apple bounced back nicely from the supply-constrained December quarter to deliver record March quarter results across a few key categories and metrics. It's hard to tell if Apple's results were enough to send shares in the near term back to all-time highs of about $176 each, set back in August. In its March quarter, Apple returned $23 billion via the repurchase of 129 million shares valued at $19.1 billion and $3.7 billion in dividends. For the current June quarter, Apple expects year-over-year revenue performance to be similar to the March quarter result, assuming no worsening macro outlook.
What history shows: Data from Bespoke Investment Group shows Pfizer beats earnings expectations 87% of the time. Ford Motor is set to report earnings after the close, followed by a call at 5 p.m. What history shows: Ford earnings outperform earnings expectations 69% of the time, per Bespoke. AMD is set to report earnings after the close, with management scheduled to hold a conference call at 5 p.m. Friday Warner Bros Discovery is set to report earnings before the open, followed by a conference call at 8 a.m.
"Is Chairman Powell going to say, 'It is likely that we pause now and assess what the economy is going to do?' "The tone on that balance is going to be very critical to how the market is going to move next week." "What is [Powell] going to do? June Fed meeting The betting on Wall Street right now is that, after next week, the Fed will standpat at its next meeting six weeks later, on June 13-14. Beyond Apple, some 161 other companies in the S & P 500 index are scheduled to report latest-quarter results next week.
Bed Bath & Beyond has already shuttered 400 stores over the past year. If it’s able to find a buyer, Bed Bath & Beyond will halt store closings. Bed Bath & Beyond's 20% coupons will no longer be accepted beginning Wednesday. Scenes from outside the Bed Bath & Beyond store in Manhattan, New York on Tuesday, April 25, 2023. Bed Bath & Beyond did not immediately respond to request for comment on the timing and level of liquidation discounts.
What history shows: GM has reported a better-than-expected bottom line in 29 of the last 30 quarters, per FactSet. McDonald's is set to report earnings in the premarket, with management slated to hold a call at 8:30 a.m. What history shows: History shows Google's parent company beats earnings expectations 68% of the time, with the stock averaging a gain of 1.6% on earnings day, per Bespoke. Meta Platforms is set to report earnings after market close, followed by a conference call at 5 p.m. What history shows: Bespoke data shows Intel beats earnings expectations 77% of the time.
Demonstrators rally in support of abortion rights at the US Supreme Court in Washington, DC, April 15, 2023. Supreme Court Justice Samuel Alito on Wednesday issued an order allowing the abortion pill mifepristone to remain available by mail delivery and without tighter restrictions on how it is used until at least late Friday night. Although that ruling keeps mifepristone on the market, the restrictions are so sweeping that many women would not have access to the medication even in some states where abortion is legal. The appeals court restrictions included blocking mail delivery of the medication, re-imposing doctor visits as a requirement to obtain the drug, and shortening the length of time women can use the pill to the seventh week of pregnancy. The court also blocked the generic version of mifepristone made by a second company, GenBioPro, which supplies about two-thirds of the medication for the U.S. market.
CNN —K-pop star Moon Bin, a member of the boy band Astro, has died at the age of 25, his music label Fantagio said Thursday. Members of K-pop band Astro, Yoon San-Ha, MJ, Moon Bin, Cha Eun-Woo, attend the 26th High1 Seoul Music Awards at Jamsil Arena on January 19, 2017. The Chosunilbo JNS/ImaZinS/Getty ImagesMoon Bin debuted with Astro in 2016. The other members of the group are Jinjin, MJ, Cha Eun-woo and Yoon San-ha. Moon Bin also performed as part of a subgroup called Moon Bin & Sanha, which toured in Asia in recent months.
Tuesday Johnson & Johnson is set to report earnings before the open, followed by a call with management at 8:30 a.m. Goldman Sachs is set to report earnings before the open, followed by a call at 9:30 a.m. What history shows: Bespoke data shows Goldman tops earnings expectations 86% of the time. Netflix is set to report earnings after the bell, followed by a call with management at 6 p.m. Friday Procter & Gamble is set to report earnings before the open, with a conference call also slated for 8:30 a.m.
Apple emailed corporate employees on Wednesday at 7 a.m. surveying them about hybrid work. The Apple Employee Survey came after staff were told to start coming into the office 3 days a week. "Anecdotally, I think responses are consistently positive toward remote work and negative toward in-office work" because of "reduced efficiency due to long commutes and frequent distractions." While the "Apple Employee Survey" primarily focused on hybrid work, it also asked employees about company culture. In March 2022 CEO Tim Cook sent a memo informing employees that the company would start phasing in its hybrid work plans.
The central bank's hawkish stance saw a number of economists revise their expectations, predicting it would increase the official cash rate (NZINTR=ECI) (OCR) to a peak of 5.5%. The Reserve Bank of New Zealand said the committee needed to increase the cash rate if it is to return inflation to its target of 1%-3%. Wednesday's decision comes in sharp contrast with the Reserve Bank of Australia's decision to hold the cash rate steady. Two-year swaps jumped 15 bps to 5.11%, still well below the March peak of 5.53%, while the 90-day bank bill rate implied the official cash rate would peak at 5.5%. Kiwibank along with ANZ, Bank of New Zealand, ASB Bank and Capital Economics now expect the cash rate to peak at 5.5%.
Another busy week of macroeconomic data will kick of the new quarter, following a volatile first quarter for stocks that ultimately finished in the black. The market's second quarter kicks off Monday with the ISM manufacturing report, followed on Tuesday by data on factory orders. We're looking for a Goldilocks report: not so hot to stoke more inflation fears, but not so cold to intensify worries about a recession. Wednesday's ADP employment report is also important, given the Fed's goal of slowing the job market to bring down inflation. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
The stock market is about to enter one of the seasonally strongest months of the year, but volatility could persist in the week ahead with fading momentum and a big jobs report. The stock market is closed that day to observe Good Friday. Week ahead calendar Monday 10:00 a.m. Construction Spending, Feb. 10:00 a.m. ISM Manufacturing, March Tuesday 10:00 a.m. Factory Orders, Feb. 10:00 a.m. JOLTS, Feb. Wednesday 7:00 a.m. Mortgage Applications 8:15 a.m. ADP, March 8:30 a.m. Trade Balance, Feb. 10:00 a.m. ISM Service, March Thursday Earnings: Constellation Brands 8:30 a.m. Initial claims Friday The stock market is closed for Good Friday 8:30 a.m. Nonfarm Payrolls
Remote workers taking afternoons off are powering a boom in golfing and other leisure activities. Maganas, 60, is one of the many American remote workers powering an afternoon-leisure boom. That type of schedule, which Maganas has had for about 20 years, has become increasingly popular with the widespread adoption of remote work. Research from Nick Bloom, a Stanford University economist who's studied remote work for nearly 20 years, and his colleague Alex Finan tracks a rise in split schedules for those who are remote. For those considering a foray into the split schedule, Maganas recommends giving it a try and seeing whether it affects stress levels.
Starwood Capital CEO Barry Sternlicht said the U.S. is headed into a recession because the Federal Reserve has been hiking interest rates too aggressively. "The economy will have a hard landing," Sternlicht said on CNBC's " Squawk Box " Thursday. The Fed and other regulators took emergency actions to safeguard depositors at the failed banks, but concerns still linger about a run on deposits at some regional banks. Sternlicht said he and his colleagues looked at six regional banks over the weekend and studied their mark-to-market losses on assets. "They didn't even stress test these banks if rates rose, so they should have been the first ones to see what they were doing to the regional banks," Sternlicht said.
WASHINGTON—Donald Trump is challenging a recent court decision that paved the way for federal investigators to elicit potentially crucial grand jury testimony from one of the former president’s lawyers as part of the special counsel inquiry into the handling of classified documents at Mar-a-Lago. At the request of Mr. Trump’s legal team, a three-judge appeals-court panel in Washington put a temporary halt Tuesday on a sealed ruling that rejected attorney-client privilege claims raised by the former president’s lawyer, Evan Corcoran, during a grand jury appearance in January. The panel of the U.S. Court of Appeals for the D.C. Circuit set extraordinarily tight deadlines for additional information and arguments, ordering Mr. Trump’s lawyers to file a briefing by midnight and special counsel Jack Smith’s team to respond by 6 a.m. Wednesday.
The Club followed through on what Jim Cramer laid out last Sunday, using this week's volatility to opportunistically buy on market pullbacks. In fits and starts, bank stocks were under pressure all week. With so many trades, eight stocks in all, here's a recap for Club members that further explains how our broader view of the market influences our buying decisions. We see EMR's market decline after the takeover news as overblown and view the stock's valuation as more attractive following a steeper decline Friday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
Palace sack manager Vieira after winless run
  + stars: | 2023-03-17 | by ( ) www.reuters.com   time to read: +2 min
March 17 (Reuters) - Crystal Palace sacked manager Patrick Vieira after 20 months in charge on Friday after their 1-0 defeat at Brighton & Hove Albion left them three points above the Premier League relegation zone. Palace are the only side in the league without a win in 2023, having drawn five and lost six of their games. Their last league win came on Dec. 31, 2-0 at Bournemouth, and they are 12th on 27 points with 11 games to play. Vieira, 46, guided Palace to a 12th-placed finish and an FA Cup semi-final run in his first season in charge, earning praise for an attacking style of play. The club did not confirm who would replace Vieira or take charge of Sunday's Premier League trip to leaders Arsenal.
As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the 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.
BEIJING — Ratings agency Moody's said Wednesday it maintained a "negative" outlook on China's banking sector as a result of a drawn out recovery after Beijing's Covid controls ended. While Beijing ended its stringent Covid controls in early December, the economic rebound so far has remained muted. "Our outlook on the banking sector remains negative," said Vice President Nicholas Zhu and Associate Managing Director Chen Huang, the authors of the report. Moody's had changed its outlook on China's banks to "negative" from "stable" in November due to "deteriorating operating environment, asset quality and profitability." The ratings agency affirmed its negative outlook earlier this month.
We are buying 20 shares of Caterpillar (CAT) on Wednesday, at roughly $214.38 apiece. Following today's trade, Jim Cramer's Charitable Trust will own 310 shares of CAT, increasing its weighting in the portfolio to about 2.67% from 2.5%. With the market tumbling Wednesday, we're adding to our position in Caterpillar (CAT) for the second day in a row . 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.
New data out Friday morning shows how the US labor market looked in February. According to the Bureau of Labor Statistics, nonfarm payrolls rose 311,000, exceeding the 205,000 gain forecasted by economists surveyed by Bloomberg. They expected payroll growth in February to fall from January's massive initial reading last month of 517,000. If we get a second strong report, that really has to change a lot of narratives out there about what is going on in the labor market and the economy." However, the rate was still historically low in January even if it may seem like there are massive job cuts happening.
3D-printing specialist Relativity Space is attempting its first rocket launch on Wednesday, a mission that marks the most significant test yet of the company's ambitious manufacturing approach. The company's Terran 1 rocket is launching from LC-16, a launchpad at the U.S. Space Force's facility in Cape Canaveral, Florida. The company's Terran 1 rocket stands on its launchpad at LC-16 in Cape Canaveral, Florida ahead of the inaugural launch attempt. The company says that 85% of this first Terran 1 rocket was 3D-printed. Relativity Space | gif by @thesheetztweetz
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