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☆ Investors are pouring into this defensive corner of the stock market amid fears of an economic slowdown
▼ + stars: | 2024-09-17 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Analysts are increasingly recommending defensive stocks to blunt the impact of an economic slowdown. The S&P 500's consumer staples sector has risen more than 4% in the last month. AdvertisementAmid fears of a recession and increased market volatility, analysts have been pointing to defensive stocks as a safe bet to hedge macro risk. Among defensive sectors — which include things like real estate and financials — investors recently have been pouring into consumer staples in particular. With the Federal Reserve likely to finally cut rates at its meeting this week, defensive stocks could be poised for further growth.

Persons: —, Morgan Stanley's, Mike Wilson, Wilson, that's, Savita Subramanian, Subramanian Organizations: Service, Retailers, Walmart, Target, Bank of America, P Global Semiconductor, Financial Times, Bloomberg, Federal Reserve Locations: cyclicals

☆ If gentle parenting doesn't work for you, try structured parenting instead. As a mom and educator, I think it's better for kids and parents.
▼ + stars: | 2024-09-17 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

Gentle parenting — which I define as an approach that centers kids' social-emotional needs — started off with the best of intentions, I believe. I think a lot of them would be better served by another parenting approach, one that educators love: structured parenting. While it's different from so-called gentle parenting, structured parenting is still gentle, kind, and individualized. Structured parenting means moms and dads don't lose themselvesParents are more self-critical these days than they ever have been. Structured parenting lets you deliver love and empathy, not only to your children but to yourself.

Persons: —, Pam Allyn, Dewey, I've, what's, shouldn't Organizations: Service, Business

These notorious groups dominated organized crime in Chicago and New York for decades –- until prosecutors brought them down with one sweeping charge: racketeering. Blakey has helped draft racketeering laws in at least 22 statesIt’s not a specific crimeSimply put, racketeering means engaging in an illegal scheme. Prosecutors must prove a pattern involving at least two instances of racketeering activity to convict someone under the law. It’s purposefully broadCongress passed the RICO Act in 1970 to combat organized crime. But racketeering is “not only associated with organized crime,” Blakey says.

Persons: Gambino, Lucchese, Donald Trump, Kelly, Young Thug, Sean ‘ Diddy ’ Combs, G, Robert Blakey, Blakey, It’s, ”, Antonio Corallo, ” Blakey Organizations: CNN, Chicago Mafia, Notre Dame University, US Justice Department Locations: Chicago, New York

The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.

Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo

☆ Elizabeth Warren calls for emergency-like Fed rate cut ASAP
▼ + stars: | 2024-09-17 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —The American economy appears to be just hours away from a major milestone: The first interest rate cut from the Federal Reserve since Covid. Yet there remains an unusual amount of drama over the magnitude of that rate cut, with some in Washington calling for a supersized move. Massachusetts Democratic Sen. Elizabeth Warren wants the Fed to slash interest rates at a pace rarely seen outside of a full-blown crisis. “It is clearly the time for the Fed to cut rates. For instance, in early 2008 the Fed slashed interest rates by three-quarters of a point or more on three occasions.

Persons: Massachusetts Democratic Sen, Elizabeth Warren, Jerome Powell, Warren, “, ” Warren, Sheldon Whitehouse, John Hickenlooper, Powell, Bill Dudley, “ dawdling, Dudley, ” Dudley, panicking, David Kelly, ” Kelly, ” Organizations: New, New York CNN, Federal Reserve, Massachusetts Democratic, Sens, Wall, Fed, Federal Reserve Bank of New, CNN, Democrats, Asset Management Locations: New York, Washington, Massachusetts, Federal Reserve Bank of New York

☆ Sean 'Diddy' Combs charged with racketeering, sex trafficking
▼ + stars: | 2024-09-17 | by ( ) www.cnbc.com time to read: +3 min

Sean "Diddy" Combs attends the REVOLT X AT&T 3-Day Summit In Los Angeles - Day 1 at Magic Box on October 25, 2019 in Los Angeles, California. Sean "Diddy" Combs has been indicted on criminal charges for what U.S. prosecutors called the music mogul's years-long orchestration of a sex trafficking and racketeering conspiracy. Combs, a rapper and producer who was a major figure in hip-hop in the 1990s and 2000s, faces three criminal charges including: racketeering conspiracy; sex trafficking by force, fraud or coercion; and transportation to engage in prostitution. According to the 14-page indictment, Combs turned his business empire into a criminal enterprise in which he and associates engaged in sex trafficking, forced labor and other crimes. Kelly was sentenced to a combined 31 years in prison after being convicted in New York in 2021 and Chicago in 2022 on charges including sex trafficking, racketeering and child sex crimes.

Persons: Sean, Diddy, Combs, Marc Agnifilo, Prosecutors, Kelly, Mary J, Blige, Faith Evans, Usher, Casandra Ventura, Cassie, Agnifilo Organizations: U.S, Miami Locations: Los Angeles, Los Angeles , California, Manhattan, New York, Chicago, Miami Beach , Florida

☆ An 'AI apocalypse' is coming to investing. How financial advisors can prepare
▼ + stars: | 2024-09-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

Artificial intelligence is expected to transform the way companies do business, including those in financial planning and investment management. That means financial advisors need to get onboard or risk being left behind. Of course, financial advisors have been using some technology, like financial planning software, for years. Still, AI will help financial advisors do their jobs better — not necessarily put them out of work. What to do Nexus Strategy's Welsh believes financial advisors should begin getting comfortable with current AI capabilities.

Persons: Craig Iskowitz, Anthropic's Claude, Vincent Gudsdorf, Leo Kelly, Verdence, Kelly, Timothy Welsh, Welsh, Iskowitz, That's, Verdence's Kelly, It's Organizations: Ezra Group, AIs

☆ The US economy is strong enough that Fed rate cuts aren't even warranted, JPMorgan strategist says
▼ + stars: | 2024-09-17 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

Most traders expect the Federal Reserve to front-load easing with a big initial rate cut this week. However, JPMorgan strategist Oksana Aronov says a rate cut "is not necessarily even warranted." AdvertisementThis week, the Federal Reserve is expected to decide on the size of its highly-anticipated rate cut. Yet, one strategist says a rate cut isn't necessary at all given the relative strength of the economy. "I'd say that a cut is not necessarily even warranted, given that we're not really seeing a broad-based weakening outside of a more reasonable labor market," JPMorgan strategist Oksana Aronov said.

Persons: Oksana Aronov, — Organizations: Federal Reserve, Service, Business

☆ Boeing freezes hiring in sweeping cost cuts as it grapples with factory worker strike
▼ + stars: | 2024-09-16 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +2 min

Boeing announced sweeping cost cuts on Monday, including a hiring freeze, a pause on nonessential staff travel and a reduction on supplier spending to preserve cash as it deals with a strike of more than 30,000 factory workers. Boeing factory workers, mostly in the Seattle area, started walking off the job early Friday after overwhelmingly rejecting a tentative labor deal, halting most of Boeing’s aircraft production. It was the first clear sign of how the strike will affect the hundreds of suppliers that rely on Boeing work. The financial impact of the strike will depend on how long it lasts, but Boeing is focused on conserving cash, West said at a Morgan Stanley conference Friday. On Friday, Moody’s put all of Boeing’s credit ratings on review for a downgrade and Fitch Ratings said a prolonged strike could put Boeing at risk of a downgrade.

Persons: Brian West, ” West, West, Morgan Stanley, Kelly Ortberg, Moody’s Organizations: Boeing, Morgan, Fitch Locations: Seattle

☆ I'm a stylist for 'regular' people. Asking 4 questions can help you hone your sense of fashion.
▼ + stars: | 2024-09-16 | by ( Kelly Burch | ) www.businessinsider.com time to read: +5 min

As a stylist for regular people, I get lots of clients who are caught in a trap created by the fashion industry. The "regular" people — those who aren't wealthy or famous — try so hard to understand the rules of what's stylish, usually set by celebrities and fashion houses. Conveniently for our capitalist society, this also keeps people constantly purchasing new clothes to try to get closer to the arbitrary idea of fashion. It boils down to a simple question: do you like it, or do you not? If you wear clothes that aren't affirming of who you are, it's like opening your mouth to speak but hearing the wrong voice come out.

Persons: —, Sophie Strauss, We're, we're Organizations: Service, Business

☆ 'Time is running out' for China to hit its growth targets, economist says
▼ + stars: | 2024-09-16 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

With no strong growth stimulus, it's unlikely China reaches its 5% GDP target, economist Yingrui Wang says. Wang warns that China could slip into a "yawning demand-deficient deflation trap" going into 2025. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementWith new weak economic data and no clear sign of a stronger growth stimulus, China most likely won't reach its growth targets by year-end, AXA Investment Managers economist Yingrui Wang says. "Time is running out for China this year to achieve its growth targets, but also to avoid a more protracted slowdown," Wang wrote in a Monday note.

Persons: Yingrui Wang, Wang, — Organizations: Service, AXA Investment, Business Locations: China

☆ Apple leads tech sell-off after analyst warns of light iPhone 16 demand
▼ + stars: | 2024-09-16 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Apple shares were down 3% on Monday, leading a drop in the wider tech sector. The slide came after analyst Ming-Chi Kuo warned of light iPhone 16 demand. The lack of demand for the newest iPhone is likely because Apple has yet to roll out its most anticipated new feature, Apple Intelligence, Kuo said. Advertisement"One of the key factors for the lower-than-expected demand for the iPhone 16 Pro series is that the major selling point, Apple Intelligence, is not available at launch alongside the iPhone 16 release," Kuo said in a Sunday note. "In that case, I believe that Apple will implement more aggressive iPhone product strategies in 2025 to stimulate market demand," Kuo said.

Persons: Ming, Chi Kuo, —, TF International Securities analyst Ming, Kuo Organizations: Apple, Semiconductor, Nasdaq, Service, TF International Securities analyst, Apple Intelligence, Dow Jones, Micron, Broadcom, Inc, Taiwan Semiconductor Manufacturing Company

☆ 'Boring is good': Here's where investors should look for safety amid rising uncertainty, according to BofA's stock strategy chief
▼ + stars: | 2024-09-16 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

Traders should look to financials, utilities, and real estate stocks, Savita Subramanian says. Subramanian pointed to large-cap value stocks, and said they "look incredibly attractive." Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTraders should look to avoid risks and hide in safe dividend stocks as the market faces rising uncertainty, Bank of America chief equity strategist Savita Subramanian said.

Persons: Savita Subramanian, Subramanian, — Organizations: Service, of America, Bloomberg Television, Business

☆ The Fed is likely to start slow but strike a dovish tone, strategist says
▼ + stars: | 2024-09-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed is likely to start slow but strike a dovish tone, strategist saysRichard Kelly, head of global strategy at TD Securities, says the U.S. Federal Reserve is on the fence over a 25 or 50 basis point rate cut, and neither is a "slam dunk."

Persons: Richard Kelly Organizations: TD Securities, U.S . Federal

☆ The office market is in trouble. Lower interest rates might not be enough to save it.
▼ + stars: | 2024-09-15 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

Read previewOffices have been the weak spot in the commercial real estate market since the pandemic gave rise to widespread remote work and caused companies to reassess how much space they need. The Federal Reserve's likely interest rate cut, expected at the end of its meeting on September 18, could give office owners some relief with lower interest rates when they refinance. But that doesn't mean they're in the clear, according to commercial real estate experts. Right now, most commercial real estate loans come from small, regional banks, but that could change. AdvertisementYet even with the weakness in the office market, lower interest rates are a net positive for the industry, economist Richard McGahey says.

Persons: —, Lisa Pendergast, Pendergast, Lisa Knee, Knee, It's, Richard McGahey, McGahey Organizations: Service, Business, CRE Finance

☆ I'm a child psychologist and my son was addicted to screens. I locked up computers at night and made a 'family media plan.'
▼ + stars: | 2024-09-15 | by ( Kelly Burch | ) www.businessinsider.com time to read: +7 min

When I saw my son experience withdrawals and lying to get more screen time, I realized tech really could be addictive. I believed my son had a screen addiction (although he's never been officially diagnosed by a different provider). AdvertisementWe minimized the use of screens for schoolworkAt first, we wanted my son to have as little screen time as possible. Two years later, we're just starting to consider letting my son get a phone because he has been doing so well following our family media plan. I recognize that, eventually, my son will need more unrestricted access to screens so that he's prepared as an adult.

Persons: —, Scott Kollins, he's, we've, I'm, We've, hadn't, we're, She's, didn't Organizations: Service, Business, YouTube, Duke University School of Medicine

☆ A boomer lives on $1,768 monthly Social Security and says she's a few hundred dollars away from losing access to necessities
▼ + stars: | 2024-09-15 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

"Over this past year, because my money has gotten so tight, those friends don't call me anymore," she said. The Huntsville, Alabama resident lives on her $1,768 monthly Social Security checks, according to documents reviewed by Business Insider. Monthly Social Security checks aren't enough for most baby boomers to live on — many have told BI they struggle to afford housing, food, and healthcare. AdvertisementRussell's tight finances contribute to lonelinessRussell retired from her food service broker job six years ago and began collecting Social Security around that time. She pays nearly $900 a month, more than half of her Social Security income, making her severely rent-burdened.

Persons: —, Michelle Russell, Russell, Russell doesn't, Russell didn't, isn't, It's, Pete Organizations: Service, Business, Social Security, Social, Walmart Locations: Huntsville, Alabama

☆ What this Boeing strike is really all about
▼ + stars: | 2024-09-14 | by ( Allison Morrow | Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —At the heart of the Boeing strike that began Friday is a story about what happens when penny-pinching executives lose the plot and it falls to workers to get everyone back on track. If Boeing were any other business — and not a too-big-fail half of a global duopoly — it almost certainly would have declared bankruptcy. Years of pent-up resentment over Boeing’s mismanagement, combined with pandemic-era inflation and a resurgent labor movement, made this strike inevitable. Ahead of the strike, Ortberg urged workers not to strike while acknowledging their anger over nearly two decades of past contracts that downsized their retirement and health care benefits. Almost exactly one year ago, the United Auto Workers union won historic guarantees from the Big Three automakers after a seven-week strike.

Persons: —, ”, Richard Aboulafia, James McNerney, Aboulafia, Kelly Ortberg, missteps, Ortberg, Jon Holden, “, — who’ve, Dave Calhoun’s, Holden, haven’t, ” Holden, Sharon Block Organizations: New, New York CNN, Boeing, SpaceX, International Association of Machinists, United Auto Workers, Big, UAW, hardball, Harvard Law School’s Center for Labor Locations: New York, January’s, Renton , Washington, Seattle, Virginia, South Carolina, Washington, United States

☆ Boeing workers are set to strike — and it could cost the company billions
▼ + stars: | 2024-09-13 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The walkout depressed revenues in the period by $4.3 billion, Boeing said at the time. Another strike of that length would cost Boeing at least $3 billion, according to a TD Cowen research note cited by The New York Times. The rejected deal would have cost Boeing an extra $900 million a year if passed, they noted. A Boeing strike in 1989 cost the company $2.5 billion in lost revenue, and the next one in 2005 cost it about $1 billion, the American Action Forum noted in a paper this week. "This may be because Boeing generally delays orders rather than losing them, so their revenue is time-shifted rather than diminished."

Persons: —, Cowen, Kelly Ortberg, they're Organizations: Service, Boeing, International Association of Machinists, Aerospace Workers, IAM, Business, The New York Times, Jefferies, CNBC, American Action, AAF

☆ Over 30,000 Boeing workers are preparing to strike after rejecting a new labor contract
▼ + stars: | 2024-09-13 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewOver 30,000 Boeing workers, or about 20% of the company's employees, are preparing to strike on Friday after rejecting a new labor contract. Workers in Washington and Oregon voted against an agreement that Boeing and the labor union for machinists and aerospace workers proposed on Sunday. The vote was the first full contract vote in 16 years. The tentative labor contract, which included a pay increase over four years, was touted as another win for the beleaguered company. The proposal left workers unsatisfied, Jon Holden, president of the IAM's district 751 and lead negotiator on the Boeing contract, told Reuters on Monday.

Persons: —, Max, Kelly Ortberg, Ortberg, TD Cowen, Jon Holden, Holden Organizations: Service, Workers, Boeing, Business, International Association of Machinists, Aerospace Workers, IAM, Reuters Locations: Washington, Oregon, Boeing's, North America, Pacific Northwest, California, Renton , Washington, Seattle, IAM's

☆ Pets, sports, and Disney might end up rescuing China's ailing consumer economy
▼ + stars: | 2024-09-13 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

Read previewA family dog, tennis, and Disney Shanghai's LinaBell character have one thing in common — they might end up pulling China out of a long slump in consumer demand. Those rapidly growing areas are poised to drive a rebound in China's anemic consumer spending, Bank of America analysts say. China's pet economy is seeing outsize spending as pets come to occupy a greater place of prominence in households. Finally, the analysts see significant growth potential in the country's "cultural IP" economy — spending on books, movies, and experiences based on fictional characters or storylines. China's economy has been stuck in the doldrums amid weak consumer spending.

Persons: —, that's Organizations: Service, Disney, Bank of America, Business, Consumers Locations: China

☆ Boeing warns strike will 'jeopardize' recovery, hurt aircraft production
▼ + stars: | 2024-09-13 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Union members hold picket signs during a news conference following a vote count on the union contract at the IAM District 751 Main Union Hall in Seattle, Washington, US, on Thursday, Sept. 12, 2024. Boeing CFO Brian West said a labor strike that began Friday will hurt aircraft deliveries and "jeopardize" the company's recovery, hours after factory workers overwhelmingly rejected a new labor contract and walked off the job. West said the financial impact of the strike will depend on how long it lasts, but that it will affect the company's production of its bestselling planes. Jefferies aerospace analyst Sheila Kahyaoglu had previously estimated that a 30-day strike could be a $1.5 billion hit for Boeing. But workers had been looking for raises of 40% and argued that it didn't cover the increased cost of living.

Persons: Brian West, West, Sheila Kahyaoglu, Kelly Ortberg Organizations: IAM, Hall, Boeing, Max, Jefferies, International Association of Machinists, Aerospace Workers Locations: Seattle , Washington, US

☆ Boeing strike 2024: IAM union members set to strike early Friday after vote against proposed deal
▼ + stars: | 2024-09-13 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

New York CNN —Union members at Boeing overwhelmingly rejected a proposed a four-year contract with the troubled aircraft manufacturer, authorizing the first strike at the company in 16 years, said the International Association of Machinist (IAM) union. It also increased job security for union members, because Boeing promised to build its next commercial jet, which has yet to be announced, at a unionized plant. But 95% of members of the IAM union voted against the deal. In a separate vote 96% voted to authorize a strike, easily clearing the two-thirds threshold needed to approve a walkout. Boeing has nearly 150,000 US employees, including the 33,000 IAM union members.

Persons: ”, Jon Holden, Kelly Ortberg, “, Max, Holden, we’ve Organizations: New, New York CNN — Union, Boeing, International Association of, IAM, Alaska Airlines, Federal Aviation Administration, US Justice Department Locations: New York, Alaska

A Minneapolis man was sentenced to more than three decades in prison for killing a transgender woman in November, though prosecutors said they couldn’t prove the crime was bias-motivated. “Savannah deserved safety.”Bible told police that he shot Williams following a sex act because he felt “suspicious” about her. “Across the country and in our community, hateful acts of violence against transgender people are on the rise. Kim Stillday, Williams’ mother, described her daughter as her best friend. “Savannah Ryan Williams was a beloved member of the trans and Two Spirit community, and she should be alive today,” Finke said, according to KARE.

Persons: Damarean, Savannah Ryan Williams, KARE, Mary Moriarty, “ Savannah, Williams, Moriarty, ” Moriarty, “, Courtuni Mason, Savannah Williams, Ben Hovland, Kim Stillday, ”, Gabrielle Stillday, I’ll, ” Stillday, Kelly Stillday, ” KARE, ” Kelly Stillday, Leigh Finke, ” Finke Organizations: NBC, Williams Institute, UCLA School of Law, Human Rights, HRC, Minnesota Star Tribune, Minnesota Public Radio, state’s, Queer Caucus, Capitol Locations: Minneapolis, Hennepin County , Minnesota, Cuban, Savannah, ” Hennepin County, St, Paul, “ Savannah, ” Minnesota

☆ This year's 'offseason' could be much busier for the housing market as buyer competition heats up, Zillow says
▼ + stars: | 2024-09-12 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

Late summer is typically the start of the housing market's "offseason," marked low buying activity. However, this year, the market may see an unusually high level of activity amid lower mortgage rates. AdvertisementThe late summer and early fall are typically part of the housing market's "offseason," marked by low buying and selling activity. But this year, the season could see an unusually high amount of activity as buyers look to lock in lower mortgage rates, a new Zillow report finds. "Lower rates could stall or slow the cooldown in housing market activity that typically takes place this time of year, because right now buyers are more likely to be motivated by lower rates than sellers are," the report says.

Persons: — Organizations: Service, Business

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