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☆ LVMH CEO Bernard Arnault's family office goes shopping for AI startups
▼ + stars: | 2024-08-19 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The $220 million round in May, which also included Aglaé, valued H at $370 million, according to the company. While the amounts of Aglaé's investments aren't disclosed, the funding rounds for the AI firms totaled more than $300 million, according to Fintrx. Aglaé also invested in a $25 million seed round for Lamini, a Palo Alto, California-based startup building enterprise AI applications. Aglaé joined Susquehanna to invest in the $27 million seed round for Toronto-based Borderless AI, a human resource management platform. Arnault and his family are, however, big art collectors, and Aglaé was an investor in a $9.5 million funding round for LaCollection, a digital art platform.

Persons: Google's, Wendy, Eric Schmidt, Aglaé, Arnault, Robert Frank Organizations: Accel Partners, Google, CNBC, Fintrx, Aglaé Ventures, Susquehanna, Toronto, Music Media, Back, Netflix, Spotify Locations: Palo Alto , California, New York, Photoroom, France, Paris, Sonarverse, Irvine , California, San Francisco, French, LVMH, Airbnb

☆ AI is unlocking new uses for military drones, boosting demand for these companies
▼ + stars: | 2024-08-18 | by ( Pia Singh | In | ) www.cnbc.com time to read: +8 min

We're approaching a new era of defense, one that will use AI-enabled military drones that can run without a human operator. According to BTIG, the DoD requested $5.3 billion in fiscal year 2025 for unmanned systems, most of which is directed at procurement programs. The firm forecasts the DoD's entire unmanned funding requests to grow at a 9.5% compound annual growth rate through fiscal year 2029. General Dynamics is another of Madrid's buy-rated stock in the unmanned systems arena. Strong demand of its defense products, including ammo and ground vehicles, also indicate earnings growth potential, the analyst added.

Persons: Andre Madrid, BTIG, spender, They've, Stocks, Northrop, Lockheed Martin, Morgan Stanley, Kristine Liwag, Liwag, Northrop Grumman, Madrid, Northrop's, It's, Atomics, You've, they've, Kratos, Morgan Stanley's Liwag Organizations: U.S . Department of Defense, DoD, Aircraft, Air, U.S . Navy, U.S . Air Force, Pentagon, CCA, Department of Defense, Dynamics, Kratos Defense, Security Solutions, Northrop Grumman, Lockheed, Air Force, Raider, Defense, Northrop, Boeing, FactSet, General Dynamics, U.S . Army Locations: Nagorno, Karabakh, Ukraine, Madrid, France

☆ Consumer spending jumped in July as retail sales were up 1%, much better than expected
▼ + stars: | 2024-08-15 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

watch nowConsumer spending held up even better than expected in July as inflation pressures showed more signs of easing, the Commerce Department reported Thursday. Advanced retail sales accelerated 1% on the month, according to numbers that are adjusted for seasonality but not inflation. Excluding auto-related items, sales increased 0.4%, also better than the 0.1% forecast. Miscellaneous retailers saw a plunge of 2.5% while gas stations saw receipts climb just 0.1% and clothing stores were down 0.1%. There was one counterpoint to that in another data release Thursday in which the Labor Department said import prices increased 0.1% in July, slightly ahead of the forecast for no change.

Persons: Dow Jones, Richard de Chazal, William Blair Organizations: Commerce Department, Stock, Labor Department

☆ These 4 Japanese stocks are trading at a 'deep discount': Bernstein
▼ + stars: | 2024-08-14 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +2 min

Japan's stock market has rebounded from last week's sell-off and investment firm Bernstein sees promise looking ahead, recommending a specific trading strategy and naming overweight-rated stocks. Both indexes have since recouped some losses, with the Topix and Nikkei ending 2.83% and 3.45% higher respectively on Tuesday. Below are four stocks from the investment bank's defensive screen, listed on the Tokyo Stock Exchange. Stocks trading at a 'deep discount' Among the names on the bank's screen is video games company Nintendo . According to FactSet, analysts on average give Capcom over 19% upside, Keyence almost 24% upside and Bandai Namco 22.5% upside potential.

Persons: Bernstein, Rupal Agarwal, — CNBC's Michael Bloom, Charmaine Jacob, Arjun Kharpal Organizations: Nikkei, BOJ, Bank of, Tokyo Stock Exchange, U.S, Stocks, Nintendo, Capcom, Keyence Corp, Bandai Namco Holdings, Bandai Namco Locations: Bank of Japan, Japan

☆ Apple supplier Foxconn's second-quarter profit rises 6% on AI boom
▼ + stars: | 2024-08-14 | by ( ) www.cnbc.com time to read: 1 min

Apple supplier Foxconn reported on Wednesday a 6% rise in second-quarter net profit, driven by strong AI server demand as the company touted "strong growth momentum" from the technology boom. The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter rose to 35.05 billion New Taiwan dollars ($1.09 billion) from NT$33 billion in the same period the previous year. That beat analysts' average estimate of NT$34.29 billion. It was the firm's fourth consecutive quarterly profit rise. The company said AI servers accounted for more than 40% of its server business in the second quarter, saying its next generation AI computing solution has brought "strong growth momentum."

Locations: Taiwan

☆ China's Huawei is reportedly set to release new AI chip to challenge Nvidia amid U.S. sanctions
▼ + stars: | 2024-08-14 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +3 min

Chinese technology giant Huawei is set to challenge Nvidia with a new artificial intelligence chip amid U.S. sanctions that had sought to curb the Chinese tech giant's technological progress, according to a Wall Street Journal report. U.S. regulators in 2022 had slapped restrictions on Nvidia to stop the firm from selling AI chips, including the H100, in China, citing national security concerns. Huawei has been at the center of U.S. sanctions aimed at securing U.S. networks and supply chains. Huawei was then placed on a U.S. trade blacklist in 2019, which banned U.S. firms from selling technology — including 5G chips — to the Chinese tech giant. In 2020, the U.S. tightened chip restrictions on Huawei, requiring foreign manufacturers using American chipmaking equipment to obtain a license to sell semiconductors to Huawei.

Organizations: Huawei, IFA, Nvidia, Wall, Nvidia's, Baidu, China Mobile, Apple, U.S, Intel, Qualcomm Locations: BERLIN, GERMANY, U.S, China

☆ Here are Tuesday's biggest analyst calls: Netflix, Amazon, Lyft, CrowdStrike, Dell, Disney, Hormel, Eli Lilly, Home Depot & more
▼ + stars: | 2024-08-13 | by ( Michael Bloom | ) www.cnbc.com time to read: +5 min

Here are the biggest calls on Wall Street on Tuesday: Wells Fargo initiates Rollins as overweight Wells says it's bullish on shares of the pest control company. Goldman Sachs reiterates Disney as buy Goldman said it's sticking with its buy rating following Disney's biennial D23 fan event in California. " Wells Fargo initiates ITeos Therapeutics at overweight Wells said in its initiation of coverage into ITeos that the biotech company has multiple catalysts ahead. Bank of America reiterates Lyft as buy The bank said the ride sharing company is trading at a "significant discount." Wells Fargo reiterates Home Depot as overweight Wells says investors should buy the dip in Home Depot shares following earnings Tuesday morning.

Persons: Wells, Rollins, it's bullish, Goldman Sachs, Goldman, Bernstein, WBD, BTIG, Eli Lilly, Stifel, Lyft Organizations: Wells Fargo, Disney, UBS, JPMorgan, Netflix, Mizuho, Palo Alto, Barclays, Dell, DELL, Citi, Sales, Warner Brothers Discovery, ITeos, " Bank of America, Bank of America, Co, McCormick &, Depot, Amazon Locations: California, Turkey

☆ Podcast: Japan's quest for the most powerful microchip leads semiconductor revival
▼ + stars: | 2024-08-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +25 min

At the end of [the] 1980s, Japanese companies accounted for like 51% of the global semiconductor market. So by doing this ... one thing undercut Japanese semiconductor chip makers' competitiveness in the global market. Another thing [is] that [it] forced open [the] Japanese semiconductor market to foreign players, and this creates opportunity for the U.S., South Korea and Taiwan. And Japanese companies are trying to both develop their own capacity but also attract phone companies to establish fabs there. So by collaborating with international companies, Japanese companies can leverage their existing technology and manufacturing techniques to expand their global share as well.

Persons: Tom Chitty, Fei Xue, Tom Chitty Well, Arjun, Kharpal Fei, Reagan, Arjun Kharpal, Fei, it's, TSMC, Fei Xue Yes, Rapidus, Arjun Kharpal Fei, they're, there's, ASML, you've, He'd, Tom Chitty Fei, Arjun Arjun Kharpal, Tom, Tom Chitty We'll Organizations: TSMC, Rapidus Corporation, Samsung, Economist Intelligence Unit, Economist Intelligence, The Economist, Economist, East, International Relations, U.S, U.S ., Taiwan Semiconductor Manufacturing, IBM, Apple, EV, Japan, Nvidia, Micron, Sony, Nintendo, Canon, South, Samsung Electronics, Tokyo, Screen Holdings Locations: Japan, Taiwan, U.S, Netherlands, Tokyo, beyondthevalley@cnbc.com, East Asia, Fei Xue Japan, South Korea, Japan's, Kyushu, Kumamoto Prefecture, TSMC, That's, China, Kumamoto

☆ 'AI shopping list': Morgan Stanley names its top global picks to play the AI theme
▼ + stars: | 2024-08-13 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

The buzz around artificial intelligence may have quietened after a volatile week for some of the sector's biggest names, but Morgan Stanley continues to see promise in a raft of European stocks. Morgan Stanley's "European AI shopping list" includes names ranging from semiconductor equipment and data center plays to software and healthcare companies. Morgan Stanley has a target price of 1,000 euros ($1,092) on the stock, giving it over 27.5% potential upside. Segro Morgan Stanley describes British REIT Segro as the "landlord of Europe's largest cluster of data centers." Morgan Stanley has a target price of 224 euros on the stock, giving it around 18.3% upside potential.

Persons: Morgan Stanley, Morgan Stanley's, ASML Morgan Stanley, Lee Simpson, ASML's, Simpson, Segro Morgan Stanley, Segro, Bart Gysens, SAP Morgan Stanley, Adam Wood, Merck KGaA, Morgan, Thibault Boutherin, Boutherin, — CNBC's Michael Bloom Organizations: Apple, Euronext, Nasdaq, London Stock Exchange, Euronext Paris, American Depository, SAP, Frankfurt Stock Exchange, New York Stock Exchange, Merck, EMD Group, Canada, Merck KGaA's Electronics Locations: Europe, TSMC, Euronext Amsterdam, U.S, United States, Frankfurt

☆ Big Lots is closing hundreds of stores after warning it could go out of business
▼ + stars: | 2024-08-13 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Big Lots is closing more than 300 locations across the United States, or roughly 4% of its stores, following an earlier warning that its future was in “substantial doubt” amid ongoing financial troubles. In a recent regulatory filing, Big Lots said it would increase the number of closures to 315 stores, part of an updated loan agreement to secure its finances. A specific list wasn’t revealed, but Big Lots is listing closing sales at hundreds of its 1,389 stores on its website. Bob’s Stores and 99 Cents Only Stores also went out of business earlier this year. Shares of Big Lots (BIG) are down nearly 90% for the year.

Persons: Lots, Bruce Thorn, “ Organizations: New, New York CNN, CNN Locations: New York, United States, ”

☆ I've visited Costco every week for 2 years. Here's what I've learned that's helped me save hundreds of dollars.
▼ + stars: | 2024-08-12 | by ( Kristen Markel | ) www.businessinsider.com time to read: +4 min

These regular visits have given me a unique perspective on the store's operations: I've learned valuable tips that many Costco members might not know, which has helped me save hundreds of dollars. During my many trips, I've learned to look at tags for markdowns — especially in the home goods and electronics sections. Related storiesMembers can sign up to get emails about daily updates on discounts, but the monthly sales emails highlight the best deals. In my opinion, the best sales are in the emails with the month in the subject line, as they provide monthly deals. Mondays are often the best day to shop for dealsMost Costco sales end on Sundays, making Mondays the best day to shop for deals.

Persons: —, I've, markdowns, Kristen Markel, Kristen Markel I've, I'm Organizations: Service, Costco, Business, Shoppers

☆ CNBC Daily Open: Wall Street rebounds, investors to monitor earnings and inflation data
▼ + stars: | 2024-08-12 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange during morning trading on May 31, 2024 in New York City. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Asia markets climb higherAsia-Pacific markets were mostly higher on Monday ahead of U.S. economic data later in the week. [PRO] Distinct marketWhile U.S. and Japanese indexes fell sharply amid recent volatility, the MSCI China index rose slightly, reinforcing China's distinct market status despite slower growth.

Persons: Disney, Indiana Jones, Donald Trump, Sen, Elizabeth Warren, Elon Musk, Elon Musk's, Warren, Tesla, Robyn Denholm, Musk, Hai Precision Industry —, —, Australia's, Hong Organizations: New York Stock Exchange, CNBC, Wall, Dow Jones, Nasdaq, Magic, Hollywood, Inc, Animal Kingdom, Trump, Trump Media, SpaceX, Twitter, Hai Precision Industry, SK Hynix, China's CSI, U.S Locations: New York City, U.S, Magic Kingdom, Disney's California, Friday's, Asia, Pacific, Taiwan, Australian, China

☆ New study links early childhood tablet use to anger outbursts
▼ + stars: | 2024-08-12 | by ( Katia Hetter | ) edition.cnn.com time to read: +9 min

One paper published just this year sheds some light as to why tablet use could be related to anger outbursts. This is in the context of near-universal use of social media, with up to 95% of kids ages 13 to 17 reporting using social media. American teens report spending a shocking amount of time — nearly five hours each day—on YouTube, TikTok, Instagram and other social media apps. There are a number of problems with this level of social media use, one of which is what this time is replacing. Third, for those whose kids already have smartphones and use social media apps, speak with them about the impact of social media on them.

Persons: Leana Wen, Wen, It’s, I’ve, Vivek Murthy, Murthy, I’d Organizations: CNN, George Washington University, Getty, Pediatrics, YouTube Locations: Nova Scotia, Canada, South Africa

☆ Disney showcases sequels at D23 as Jamie Lee Curtis and Lindsay Lohan present ‘Freakier Friday’
▼ + stars: | 2024-08-10 | by ( Megan Thomas | Dan Heching | ) edition.cnn.com time to read: +6 min

That was the obvious crowd sentiment at the D23 Disney Entertainment Showcase on Friday, where the company previewed its upcoming lineup of film and streaming comfort content. D23, for those unfamiliar with the biennial pilgrimage of Disney fans to Anaheim, California, is part cosplay convention, part promotional pep fest. It was as if Disney, borrowing a line from Russell Crowe in “Gladiator,” asked, “Are you not entertained?”Hard not to be. Walt Disney Studios and AnimationAuli'i Cravalho and Dwayne Johnson appear at the Disney Entertainment Showcase on August 9. He previewed “Dream Productions,” an “Inside Out” spinoff series, set in Riley’s mind in a time period between the two films, due to release on Disney+ next year.

Persons: ”, King ”, David Blaine, Lin Manuel Miranda, Russell Crowe, “, Dwayne Johnson, Jesse Grant, Disney Dwayne Jonnson, “ Maui’s, ” Johnson, Jamie Lee Curtis, Lindsay Lohan, ” Lohan, ” Curtis, Oscar, Barry Jenkins, Miranda, Lin, Manuel Miranda, Braelyn Rankins, Aaron Pierre, Kelvin Harrison Jr, Theo Somolu, Anika Noni Rose, Billy Eichner, Seth Rogen, Jim Cameron, ” Cameron, “ It’s, Zoe Saldana, Sam Worthington, Ginnifer Goodwin, ” Rachel Zegler, Gal Godot, Jeff Bridges, Jared Leto, Greta Lee, Ares, Disney Pixar Pete Docter, Docter, “ Elio, Marvel, America, Kevin Feige –, Ryan Reynolds, Marvel Jesus ”, –, Feige, Anthony Mackie, Harrison Ford’s Thaddeus ‘ Thunderbolt ’ Ross –, William Hurt –, Agatha All, Kathryn Hahn, Agatha Harkness, ” Hahn, Aubrey, Patti LuPone, Joe Locke, Okwui Okpokwasili, Ali Ahn, Agatha, Charlie Cox, Lucasfilm Grogu, Din Djarin, Pedro Pascal, Jude Law, Diego Luna, wunderkinds Jon Favreau, Dave Filoni, Yoda Organizations: CNN, Disney, Walt Disney Studios, Disney Entertainment, Pixar, Disney Pixar, Marvel Marvel, Marvel, “, Aubrey Plaza, Lucasfilm, Star Locations: Anaheim , California, “, Moana, New Zealand, “ WandaVision

☆ Best Amazon back-to-school supplies 2024
▼ + stars: | 2024-08-09 | by ( Bethany Heitman | Bethany Heitman Is A Contributing Editor At Nbc Select. | ) www.nbcnews.com time to read: +12 min

SKIP AHEAD Classroom supplies | Lunch boxes, water bottles and backpacks | Dorm essentials | TechThe best back-to-school supplies from AmazonTo curate a list of the best back-to-school supplies from Amazon, we focused on items that have been recommended to us previously by experts or with a minimum of a 4.0-star average rating. Classroom supplies for back-to-schoolThese notebooks, which have a 4.7-star average rating from over 2,500 reviews on Amazon, come in a set of 6. This pack of pens has a 4.7-star average rating from over 43,000 reviews on Amazon. This case has a 4.7-star average rating from over 12,675 reviews on Amazon. Look no further than this model from Texas Instruments, which has a 4.7-star average rating from 2,556 reviews on Amazon.

Persons: bento, Lindsay Schneider, Keurig, you’ll, Bethany Heitman, TikTok Organizations: Target, Walmart, Amazon, Texas Instruments, NBC, Tech, MacBook, Bluetooth, AA, Kindle, Facebook, Twitter Locations: Amazon, sharpener, Rockland

☆ A Google Cloud architect shares the résumé that helped her land the job — and how she prepared for its tough interviews
▼ + stars: | 2024-08-09 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +5 min

That experience with a cloud migration project Sadhwani worked on during her first internship helped her land her first job as a DevOps engineer at Brightspot. After gaining experience in the field for a year and a half, she landed a cloud engineer role at Amazon Web Services (AWS), which she described as a "pivotal moment" in her career. After two years at AWS, a Google Cloud recruiter contacted Sadhwani, who then embarked on its comprehensive interview process. Define your goals and personal brandThe Big Tech job market is competitive, and building a personal brand is important. For Sadhwani, exploring Google Cloud led her to find the perfect role.

Persons: —, Sadhwani, She'd, she's Organizations: Service, University of Maryland, Business, Amazon Web Services, Google, Big Tech

☆ DuPont's AI ties drew us in, but its water unit may be the sleeper hit
▼ + stars: | 2024-08-09 | by ( Paulina Likos | ) www.cnbc.com time to read: +11 min

DuPont's water business DuPont is considered a leader in purification and specialty-separation technologies that generates cleaner water for industries, governments, and communities. Arun Viswanathan, analyst at RBC Capital Markets, characterizes Dupont's water business' next-generation products as being "at the top of the technology pyramid." Dupont's water business is the smallest of the three companies that will be created by the breakup. As this exercise shows, DuPont's water business as a standalone firm would certainly deserve that compared to some. Potential M & A It's possible DuPont's water business never makes it to standalone status.

Persons: we've, Jim Cramer, It's, Lori Koch, it's, Aleksey Yefremov, Arun Viswanathan, Viswanathan, Dupont, RBC's Viswanathan, DuPont, KeyBank's Yefremov, EBITDA, Pentair, Veralto, Yefremov, They'll, they'll, —, Koch, Ed Breen, Jim Cramer's, Jim, Jeff Fusco Organizations: DuPont, CNBC, JPMorgan, Bank, Barclays, RBC Capital Markets Locations: China, North America, Asia, East, Africa, America, Yefremov, Wilmington , Delaware

☆ Why 'wardrobing' retail fraud soars in the summer
▼ + stars: | 2024-08-07 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

A particular type of retail fraud soars during the summer season. Scot Case, executive director of the Center for Retail Sustainability at the National Retail Federation, said wardrobing can drive up costs and waste for retailers if the product can no longer be resold. "As companies build and integrate take back programs to repair and resell used items, returns take on a new role, fueling a new circular market." The average value of a returned item for Optoro's customers is $85. The highest item value reported as returned in the survey was $200.

Persons: Amena Ali, Optoro, Ali, TJ Maxx, coverup, Scot Case, Stephen Lamar, Lamar, Stephen Lamar's Organizations: CNBC, Center for Retail Sustainability, National Retail Federation, Eagle Outfitters, American Apparel and Footwear Association Locations: recommerce

Tim Walz, casting Vice President Kamala Harris’ new running mate as an agent of the far left. A top Trump adviser added: “Hamas Harris bent the knee to antisemitic, anti-Israel radicals on the left by leapfrogging Shapiro. “She outsmarted herself,” said Matt Gorman, a longtime Republican operative and veteran of presidential campaigns who is not working for the Trump campaign. “Many, many people said repeatedly that the reason Kamala Harris was going away from the Josh Shapiro selection is because they were worried about antisemitism. “To her credit, Kamala Harris put policy over politics by picking a radical liberal,” Taylor Budowich, the CEO for the Trump-aligned MAGA Inc. super PAC, said.

Persons: Donald Trump, Tim Walz, Kamala Harris ’, Walz, Trump, ” Dave McCormick, Harris, ”, Josh Shapiro, Joe Biden, Shapiro, Sen, JD Vance, Kamala, leapfrogging Shapiro, outsmarted, Matt Gorman, Zack Roday, ” Roday, ” Vance, Vance, Kamala Harris, “, Kamala Harris —, ” Harris —, Doug Emhoff, —, ” Harris, he’s, It’s, — Walz, ” Trump, Karoline Leavitt, Joe Manchin, Larry Hogan, Trump’s, ” Taylor Budowich, CNN’s Anderson Cooper, ” Walz, Walz’s, George Floyd, Darren Beattie, Mark Kelly of Arizona, Hillary Clinton, Tim Kaine, “ Walz Organizations: Minnesota, NBC News, Trump, Republican Senate, Democrat, Republicans, Pennsylvania, GOP, Social, Republican, San, West Coast, Golden State, Heartland, Democratic Party, ” Former Maryland Gov, Inc, Arizona, Democratic Locations: Pennsylvania, Ohio, China, Israel, San Francisco, Philadelphia, Minnesota, America, Nebraska, West Virginia, Minneapolis, “, Virginia

Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. The Bank of Japan raising rates to their highest level since 2008 on July 30 caused the yen to strengthen to a seven-month high, pressurizing stocks. Markets globally were also spooked by fears of a U.S. recession stoked by a weaker-than-expected jobs report. Real wages in Japan also grew 1.1% in June compared with a year ago, the first time that wages have risen in 26 months. Strong wage growth offers more room for the Bank of Japan to tighten its monetary policy.

Persons: Topix, Korea’s Kospi, Hong, Australia’s, Brent, Dow Organizations: Nikkei, Bank of, Softbank Group Corp, U.S ., South Korean, Samsung Electronics, chipmaker SK Hynix, China’s CSI, . West Texas, Bank of Japan, Reserve Bank of Australia, Dow, Nasdaq Locations: Japan, Asia, Pacific, Bank of Japan, U.S

The upscale shopping district of Ginza in Tokyo, Japan, on Saturday, May 4, 2024. Japan stocks rebounded sharply on Tuesday after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets also opened higher. Japan's Nikkei 225 — which saw its largest loss in the previous session since the 1987 Black Monday crash — and the broad-based Topix gained over 10%. The rebound comes after South Korean markets were halted temporarily on Monday after circuit breakers activated.

Persons: Topix, Korea's Kospi, Australia's, Brent Organizations: Nikkei, U.S ., Softbank Group Corp, South, South Korean, Samsung Electronics, chipmaker SK Hynix, . West Texas Locations: Ginza, Tokyo, Japan, Asia, Pacific

☆ CNBC Daily Open: Dow sheds 1,000 points, Japan stocks rebound
▼ + 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. 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

☆ Back to school hauls follows TikTok's underconsumption core trend
▼ + stars: | 2024-08-05 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Customer shopping for school supplies with employee restocking shelves, Target store, Queens, New York. Altogether, this year's back-to-school spending, including for college students, is expected to reach $38.8 billion, the NRF also found. Higher prices are partly to blame: Families are now paying more for key back-to-school essentials like backpacks ahead of the new school year. The must have items of the back-to-school season"Back-to-school hauls have started infiltrating TikTok earlier than I've ever seen it," said Casey Lewis, a social media trend expert and founder of trend newsletter After School. How to keep back-to-school spending in check

Persons: Lindsey Nicholson, Happe, WalletHub, I've, Casey Lewis, Lewis Organizations: UCG, Intuit Credit Karma, CNBC, Deloitte, Adidas Locations: Queens , New York

☆ Samsung Employees Return to Work After Strike Fails to Win Concessions
▼ + stars: | 2024-08-05 | by ( Jin Yu Young | More About Jin Yu Young | ) www.nytimes.com time to read: +1 min

Thousands of unionized workers at Samsung Electronics in South Korea, who had declared an indefinite strike last month, had returned to work by Monday after failing to win concessions from the global tech giant. It was the first unionized action in the decades-long history of Samsung, one of the world’s biggest makers of computer chips. But the striking employees, numbering roughly 6,500 or so, accounted for only a fraction of union membership and a sliver of the company’s total work force. Most of them were back at work by Monday, according to Lee Hyun Kuk, the vice president of the Nationwide Samsung Electronics Union. But the financial burden of a prolonged, unpaid strike on employees forced union leaders to issue a back-to-work order last week.

Persons: Lee Hyun Kuk Organizations: Samsung Electronics, Samsung, Nationwide Samsung Electronics Union Locations: South Korea

Signs of a slowing U.S. economy sowed panic among investors on Monday, with a sell-off in markets that began last week turning into a global rout. The moves were a sharp reversal in major stock markets, which for much of the past year have risen to new heights, propelled by optimism about cooling inflation, solid labor markets and the promise of artificial intelligence technology. South Korea’s benchmark Kospi index fell more than 10 percent at one point. Japanese stocks have been on a tear for more than a year, fueled by a weak Japanese yen. Adding to the pressure, foreign investors have started selling off positions in Japanese stocks over the last few weeks.

Persons: ”, Andrew Brenner, Goldman Sachs, Goldman, Jordi Basco Carrera, ’, Basco Carrera, Jitters, Jesper Koll, Koll, John Liu, Melissa Eddy Organizations: Federal, Nasdaq, National Alliance Securities, Equity, Technology, Samsung Electronics, Taiwan Semiconductor Manufacturing Company, Nvidia, Intel, Allianz, Monex, Bank of Japan, Tokyo Stock Exchange Locations: Asia, Europe, Americas, Japan, U.S, Taiwan, Singapore, Australia, Hong Kong, China, Stocks, India, Netherlands, Switzerland, New York, Munich, “, New, Seoul, Berlin

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