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☆ CNBC Daily Open: Wall Street surges; Starbucks ousts CEO
▼ + stars: | 2024-08-14 | by ( Abid Ali | ) www.cnbc.com time to read: +4 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Economic uncertainty Home Depot exceeded quarterly expectations but lowered its full-year sales outlook , citing weak demand due to high interest rates and consumer uncertainty. Get the CNBC Daily Open report in your inbox every morning and keep up to date with the markets wherever you are. The baristas have to be energised, clearly they've had some union problems, clearly they've had a lot of new products that haven't worked," Palmer told CNBC "Squawk on the Street." Chief Financial Officer Richard McPhail told CNBC, "Customers aren't just deferring because of higher financing costs.

Persons: Richard McPhail, Laxman Narasimhan, Brian Niccol, Narasimhan, Mellody Hobson, Narasimhan —, Niccol, David Palmer, they've, haven't, Palmer, Sarat Sethi, CNBC's, Sethi, —, Sarah Min, Amelia Lucas, Brian Evans, Samantha Subin, Jennifer Elias, Jeff Cox, Spencer Kimball Organizations: New York Stock Exchange, CNBC, Jefferies, Google, Apple, Gemini, Evercore ISI, Depot, Douglas, Lane & Associates, McDonald's, Starbucks, Walmart Locations: New York City, China

☆ Stock market today: Stocks soar as investors cheer soft PPI and brace for consumer inflation data
▼ + stars: | 2024-08-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

US stocks rallied on cooling inflation data from the producer price index report. Investors are hoping for evidence of further cooling in Wednesday's consumer price index. Starbucks gained 23% on Tuesday on news Chipotle boss Brian Niccol will be the new CEO. The Bureau of Labor Statistics reported that the producer price index rose 0.1% in July, underwhelming estimates of a 0.2% increase. Investors will now watch for further disinflationary signals in Wednesday's consumer price index report.

Persons: Brian Niccol, —, Dow, Jamie Cox Organizations: Investors, Starbucks, Service, Labor Statistics, Nasdaq, Federal Reserve, Fed, Harris Financial Group, Bank of America

☆ Charlie Cox said he thought Vincent D'Onofrio was 'delusional' for thinking Marvel would rehire them. Now they're back for the 'Daredevil' reboot.
▼ + stars: | 2024-08-13 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +1 min

Charlie Cox said he thought Vincent D'Onofrio was 'delusional' for thinking Marvel would rehire them. D'Onofrio turned out to be right, and a new "Daredevil" reboot premieres in March 2025. Go to newsletter preferences Thanks for signing up! AdvertisementVincent D'Onofrio never gave up hope that he would return to 'Daredevil,' his costar Charlie Cox said. Cox and D'Onofrio starred as beloved characters Daredevil and Kingpin in the show's three seasons.

Persons: Charlie Cox, Vincent D'Onofrio, Marvel, D'Onofrio, —, Cox, Netflix's, Jessica Jones Organizations: Service, Netflix's Marvel, Marvel, Disney, Business Locations: Netflix's

☆ Wednesday's big CPI inflation report could mark a change in thinking for the Fed
▼ + stars: | 2024-08-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +5 min

watch nowThe PPI report, seen as a gauge of wholesale inflation, showed prices up just 0.2% in July and about 2.2% from a year ago. Still, investors are looking for the Fed at its September meeting to start cutting interest rates, considering that inflation is weakening and so is the labor market. Another benign inflation report "makes the Fed completely comfortable that they can shift their focus away from inflation and toward labor," said Tom Porcelli, chief U.S. economist at PGIM Fixed Income. There are cracks forming in the labor market backdrop." "I'm as curious about [Wednesday's] inflation report as anyone else, but I think it would take a real outlier to change the Fed's tune from 1) shifting to labor as its focus, and 2) seriously thinking about cutting in September," Porcelli said.

Persons: Jim Baird, Plante, Baird, Dow Jones, there's, Tom Porcelli, Porcelli Organizations: Walmart, Labor Department, Federal Reserve, Financial Advisors, PPI, Fed, Traders

☆ Wholesale inflation measure rose 0.1% in July, less than expected
▼ + stars: | 2024-08-13 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

A key measure of wholesale inflation rose less than expected in July, opening the door further for the Federal Reserve to start lowering interest rates. Excluding volatile food and energy components, core PPI was flat. A further core measure that also excludes trade services showed an increase of 0.3%. Trade services prices fell 1.3% while margins for machinery and vehicles wholesaling tumbled 4.1%. An increase of 2.3% in portfolio management offset some of the decline in services prices.

Persons: Dow Jones Organizations: Federal Reserve, Labor Department's Bureau of Labor Statistics, PPI, BLS, Trade Locations: Brooklyn, New York City

☆ Myanmar: Hundreds of fleeing Rohingya reportedly killed in drone strikes as fears mount of ethnic cleansing
▼ + stars: | 2024-08-12 | by ( Avery Schmitz | Helen Regan | ) edition.cnn.com time to read: +9 min

CNN —Renewed fears of ethnic cleansing against the stateless Rohingya Muslim community are mounting after reports that hundreds of people, including women and children, were killed by drone strikes while fleeing violence in Myanmar’s western Rakhine state last week. Witnesses and Rohingya activists told CNN that a series of drone strikes on August 5 hit civilians fleeing fighting and violence in their villages in Maungdaw, northern Rakhine. The displaced families had been waiting to cross the river to Bangladesh at the time of the attack, they said. Forced recruitment of Rohingya men and boys is stoking religious tensions between the Rohingya Muslim and Rakhine Buddhist communities, the report said. “Ethnic Rohingya and Rakhine civilians are bearing the brunt of the atrocities that the Myanmar military and opposition Arakan Army are committing,” said Elaine Pearson, Asia director at Human Rights Watch.

Persons: Rohingya, “, ”, –, …, Orla Murphy, Hasan, Rehman Asad, Mohammad Elias, Elias, ” Elias, Elaine Pearson Organizations: CNN, Arakan Army, AA, Myanmar, United Nations, International Court of Justice, Free Rohingya Coalition, Resource Management, Sans, MSF, “, ” CNN, Bangladesh’s Border Guard Force, Human Rights, Human Rights Watch Locations: Rakhine, Myanmar, Bangladesh, Ma, Maungdaw, Myanmar’s, Muangdaw, Lwin, Rohingya, Cox’s Bazar, Ukhia, Cox's Bazar, “, Buthidaung, Arakan, Asia

☆ Three-year inflation outlook hits record low in New York Fed consumer survey
▼ + stars: | 2024-08-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

The latest views from the monthly Survey of Consumer Expectations indicate that respondents see inflation staying elevated over the next year but then receding in the next couple of years after that. In fact, the three-year portion of the survey showed consumers expecting inflation at just 2.3%, down 0.6 percentage point from June and the lowest in the history of the survey, going back to June 2013. That's still a full percentage point away from the Fed's 2% goal but about one-third of where it was two years ago. While the medium-term outlook improved, inflation expectations on the one- and five-year horizons stood unchanged at 3% and 2.8% respectively. Respondents expect the price of gas to increase by 3.5% over the next year, 0.8 percentage point less than in June, and food to see a rise of 4.7%, which is 0.1 percentage point lower than a month ago.

Persons: Dow Jones Organizations: New York Federal, Federal Reserve, Labor Department, Fed Locations: New

☆ Everything we know about "Daredevil: Born Again," where creepy villain Muse will join the MCU
▼ + stars: | 2024-08-12 | by ( Eammon Jacobs | ) www.businessinsider.com time to read: +5 min

Read preview"Daredevil: Born Again" is giving Charlie Cox the chance to return as blind lawyer-turned-vigilante Matt Murdock, several years after the Netflix "Daredevil" series was axed. "Daredevil: Born Again" introduces the serial killer, Muse. AdvertisementThis confirms that Daredevil will face off with Bullseye again after their brutal conflict in "Daredevil" season three. "Daredevil: Born Again" releases on Disney+ in March 2025. Marvel Studios/DisneyThe D23 2024 panel for the series confirmed that "Daredevil: Born Again" starts streaming on Disney+ in March 2025.

Persons: —, Charlie Cox, Matt Murdock, Jessica Jones, Luke Cage, Cox, Murdock, Peter Parker, Tom Holland, Jennifer Walters, Ron Garney, Charles Soule, Wilson Bethel, Griffin, Benjamin Poindexter, Bullseye, Jon Bernthal, Frank Castle, Matthew Murdock, Deborah Ann Woll, Elden Henson Charlie Cox, Elden Henson, Vincent D'Onofrio, Jesse Grant, Karen Page, Foggy Nelson, Bernthal, D'Onofrio, Vanessa Fisk, Margarita Levieva, Heather Glenn, los Reyes Organizations: Service, Netflix, Business, Marvel, Marvel Entertainment, Forbes, Disney, Marvel Studios, TV Locations: New York

☆ Vance looks to turn tables on Walz
▼ + stars: | 2024-08-11 | by ( Eric Bradner | ) edition.cnn.com time to read: +9 min

“Tim Walz gave his wife a nice, firm Midwestern handshake, and then tried to sort of awkwardly correct for it,” Vance said. Vance said “of course” he acknowledges the families of Harris and Buttigieg, and argued his comments were taken out of context. The Ohio senator said Republicans’ goal is to contrast the policies Trump stood for during his term in office with those of the Biden-Harris administration. “I think all President Trump was saying was that look, it’s kind of weird that you have so many bureaucrats making so many important decisions. “And I think that’s what President Trump was getting at.

Persons: Vance, Tim Walz, CNN’s Dana Bash, Walz, Kamala Harris, he’d, “ Tim Walz, ” Vance, “, ”, Dana, doesn’t, Walz “, Walz —, Harris, —, Donald Trump, Pete Buttigieg, Buttigieg, Trump, Joe Biden’s, ’, Joe Biden, Harris “, Joe Biden doesn’t, Walz misspoke —, I’m, Tim Walz’s, “ It’s, Doug Julin, CNN’s Laura Coates, Julin, “ I’m, Tim Walz didn’t, Kate Cox, … You’ve, Harris –, India – Vance, “ She’s, hasn’t Organizations: CNN, Republican, Democratic, MSNBC, Union, Transportation, Trump, Biden, Biden White, Army National Guard, Congress, Federal, National Association of Black Journalists Locations: Minnesota, Ohio, Philadelphia, “ State, United States, Milwaukee, Italy, Afghanistan, Iraq, Texas, Jamaica, India

☆ Californians are buying fewer Teslas. That could be a bad sign for Elon Musk.
▼ + stars: | 2024-08-11 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Read previewTesla has a California problem — its residents aren't buying as many of Elon Musk's electric cars as they used to. And California isn't the only place where Tesla's chokehold on the EV market is beginning to slip. Tesla CEO Elon Musk has attributed lackluster sales to high interest rates and economic uncertainty in the US. But, while Tesla's sales are dropping, the EV market as a whole is expanding, including in California. Similarly, data from CNCDA shows that EV sales in California hit their second-highest quarter on record in July.

Persons: —, Tesla, Elon, Elon Musk, Gavin Newsom, Newsom, Noam Galai, Musk, Donald Trump, wouldn't, Ivan Drury, Edmunds, California there's, Brian Moody, Moody Organizations: Service, Golden State, Car Dealers, US, Business, Cox Automotive, California, Forbes, Experian Automotive, SpaceX, Democratic Party, Auto Locations: California

I prosecuted them in case after case, and I won.”A day earlier, the Harris campaign released a television advertisement highlighting her pivot. Her stance reflects a change in public opinion since Mr. Trump left the White House in 2021. The decision for the Harris campaign to frame her record as California attorney general as a “border-state prosecutor” stands in contrast to how she ran in the 2020 Democratic primary. “Donald Trump tanked the deal,” Ms. Harris said in Arizona as a crowd of more than 15,000 supporters booed. “Voters want to see folks be serious about actually fixing the broken immigration system and securing the border,” Ms. Cox said in an interview.

Persons: Kamala Harris, Biden’s, Harris, Donald J, Trump, “, Ms, ”, Bill Clinton, Biden, Mr, ” —, Kamala, Chris DeRose, ” Mr, DeRose, “ There’s, “ Donald Trump, ” Ms, ” Jen Cox, Mark Kelly, Cox, Tom Suozzi, Suozzi, ” Harris, Mike Madrid, Harris’s, Obama, Madrid, Donald Trump, ” Michael Gold, Reid J, Epstein Organizations: Republicans, Democratic, Republican, White House, Biden, Trump, America, Democrats, Mr, “, Democrat Locations: Arizona, U.S, United States, California, “, Montana, Maricopa County, New York, Bozeman, Mont, Washington

☆ Stock futures are little changed ahead of key inflation and retail data: Live updates
▼ + stars: | 2024-08-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

U.S. equity futures fell on Sunday evening as investors braced for key inflation data, after almost completely reversing its violent market rout last week. S&P 500 futures dipped 0.08% and Nasdaq 100 futures inched lower by 0.05%. Fear often works in our favor as stock market investors. "Another round of good [inflation] data could help calm fears that the Fed is potentially losing the plot," Cox said. "Retail sales and retailer earnings may show that fears of a job market slowdown are overblown," she added.

Persons: Callie Cox, they'll, Cox Organizations: Dow Jones, Nasdaq, Dow, Ritholtz Wealth Management, CNBC, Walmart

☆ What Caused a Plane to Fall From the Sky in Brazil?
▼ + stars: | 2024-08-10 | by ( Jack Nicas | Ana Ionova | ) www.nytimes.com time to read: 1 min

Brazilian investigators on Saturday began analyzing the black boxes from a São Paulo-bound flight to try to understand why the passenger plane fell from 17,000 feet on Friday, in a crash that killed all 62 on board. But to aviation experts around the world who watched the videos showing the 89-foot plane spinning slowly as it plummeted before crashing almost directly on its belly, the question of what had happened was simple to answer: The plane had stalled. In other words, the plane’s wings had lost the lift needed to keep the aircraft aloft, causing it to stop flying and start falling. “You can’t get into a spin without stalling,” said John Cox, an airline pilot for 25 years who now aids plane crash investigations. “It’s A plus B equals C.”

Persons: ”, John Cox, “

☆ 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

☆ Markets no longer think the Fed needs to be as aggressive with interest rate cuts
▼ + stars: | 2024-08-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

In just a few short days, markets have taken some of the urgency off the table for the Federal Reserve to slash interest rates. Earlier in the week, there were even some calls for an emergency intermeeting rate cut. At the least, markets figured the Fed was a near-certainty to reduce benchmark rates by at least a half percentage point. Wharton professor Jeremy Siegel has been one of the loudest voices for aggressive Fed action, calling Monday for an emergency cut . The Fed has been holding its benchmark rate in a range between 5.25%-5.50% for more than a year.

Persons: we've, Steven Wieting, Wieting, Wharton, Jeremy Siegel, Jerome Powell, Siegel, Powell Organizations: Federal Reserve, Reserve, Citi Wealth, Labor Department

The Federal Reserve is gearing up to cut interest rates as soon as next month, which could bring relief to people with mortgages, credit cards and car loans. Certificates of deposit — fixed-rate bank accounts with term limits — are a go-to when interest rates are high. With interest rates coming down, the idea is just pay and save as much as you can right now. There’s no bad time to do that, but when the central bank lowers interest rates, it can be even more valuable. “It’s tempting to say, ‘Well, when interest rates go down, stocks are going to do well, because people are switching from low-return to higher-return assets,’” she said.

Persons: Mark Hamrick, “, ”, Hamrick, Rodney Lake, Laura Veldkamp, Veldkamp, Jude Boudreaux, now’s, ” Jude Boudreaux, you’re, ” Boudreaux, ” DON’T, Jonathan Smoke, Cox, Edmunds, Ivan Drury Organizations: Federal, GW Investment, George Washington University School of Business, Columbia University’s Graduate School of Business, Chipping, Columbia Business, Philadelphia Fed, Federal Reserve, Mortgage, Association, Fed Locations: U.S, Orleans, New Orleans, Edmunds

☆ Weekly jobless claims fall to 233,000, less than expected, in a positive sign for labor market
▼ + stars: | 2024-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Initial claims for unemployment insurance totaled less than expected last week, countering other signs that the labor market is weakening. Stock market futures, which had been negative earlier, turned sharply positive following the 8:30 a.m. In the previous week, claims had jumped by 14,000, adding to worries that layoffs are on the rise. "If you're looking for additional weakness in the labor market, you'll need to find it somewhere else." Concerns escalated over the state of the labor market following last Friday's nonfarm payrolls report, which showed an increase of just 114,000 in July.

Persons: Dow Jones, Beryl, Robert Frick, nonfarm Organizations: Labor Department, Navy Federal Credit Union, Federal Reserve Locations: Michigan, Texas, U.S

☆ Trump says he should get a say on Federal Reserve interest rate decisions
▼ + stars: | 2024-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Republican presidential nominee Donald Trump on Thursday said that he should have a voice when the Federal Reserve makes its decisions on interest rates. Among the ideas being floated are forcing the Fed to consult with the president when making rate decisions. While in office from 2017 to 2021, President Trump was a fierce critic of Chair Jerome Powell, whom Trump appointed in 2018. The Fed hiked benchmark interest rates 5.25 percentage points from March 2022-July 2023 in an effort to bring down inflation. Trump generally favors lower interest rates and criticized the Fed frequently for raising in 2018.

Persons: Donald Trump, Trump, Jerome Powell, Powell, Kamala Harris, Sen, Elizabeth Warren Organizations: Republican, Federal Reserve, Wall Street, White, Treasury Department, Federal, Fed, Trump, Democrat, CNBC Locations: Lago, Palm Beach , Florida, Florida

☆ Jeremy Siegel backs off on calls for the Fed to do an emergency interest rate cut
▼ + stars: | 2024-08-08 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

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

☆ Markets are counting on the Fed to head off recession with sizeable interest rate cuts
▼ + stars: | 2024-08-06 | by ( Jeff Cox | Jeff Cox Is A Finance Editor With Cnbc.Com Where He Covers All Aspects Of The Markets | Monitors Coverage Of The Financial Markets | ) www.nbcnews.com time to read: +5 min

Disappointing economic data recently generated worries that the Fed missed an opportunity at its meeting last week to, if not cut rates outright, send a clearer signal that easing is on the way. In the past, the Fed has implemented just nine such cuts, and all have come amid extreme duress, according to Bank of America. Lacking a catalyst for an intermeeting cut, the Fed is nonetheless expected to cut rates almost as swiftly as it hiked from March 2022-July 2023. Why wait?”LaVorgna, though, isn’t convinced the Fed is in a life-or-death battle against recession. Still, any quakes in the data, such as Friday’s downside surprise to the nonfarm payrolls numbers, could ignite recession talk quickly.

Persons: Jerome Powell, ” Steven Blitz, ”, Andrew Hollenhorst, ‘, ’ ”, Michael Gapen, Powell, Joseph LaVorgna, “, “ They’ll, isn’t, Goldman Sachs, David Rosenberg Organizations: Federal Reserve, TS Lombard, Fed, Citigroup, Bank of America, Nikko Securities, Rosenberg Research Locations: Jackson Hole , Wyoming, Nikko

☆ Markets are going through a growth scare but it's not as bad as people think, says Ritholtz' Cox
▼ + stars: | 2024-08-06 | 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 EmailMarkets are going through a growth scare but it's not as bad as people think, says Ritholtz' CoxCallie Cox, Ritholtz Wealth Management chief market strategist, joins 'Money Movers' to discuss how Cox would advise investors regarding the market's sharp pullback, the process for getting market rebalanced, and much more.

Persons: Ritholtz, Cox Callie Cox, Cox Organizations: Ritholtz Wealth Management

☆ Axios Laying Off 10% of Staff
▼ + stars: | 2024-08-06 | by ( Katie Robertson | More About Katie Robertson | ) www.nytimes.com time to read: +1 min

Axios was started in 2017 by Mr. VandeHei and his business partners Mike Allen and Roy Schwartz, all of whom previously worked at Politico, the political news site. Mr. VandeHei said in the email to staff on Tuesday that moving forward, Axios would increase its focus on U.S. news coverage and more rapidly expand its city-specific newsletters to new locations. He also said the company would continue building its paid subscription product, Axios Pro, which is aimed at business professionals. Mr. VandeHei told The Times earlier this year that the rise of A.I. Mr. VandeHei said at the time that Axios would increase the number of live events it holds as well as build paid memberships around some of its star journalists.

Persons: Axios, VandeHei, Mike Allen, Roy Schwartz Organizations: Mr, Politico, Cox Enterprises, Times

☆ Squeeze on carry trades leave currency markets on edge
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The yen was 1% lower on Tuesday at 145.78 per dollar in early trading, after rising for five straight sessions and touching a seven-month high of 141.675 on Monday. "Sell-offs that manifest themselves through wild swings in the currency markets are sharp and swift, but usually very short lived," said Jamie Cox, managing partner at Harris Financial Group. "Markets are clearly nervous about the divergent paths central banks are taking, leading to lots of volatility." The dollar index , which measures the U.S. unit versus six rivals, was flat at 102.87 in early trading after touching a seven-month low of 102.15 on Monday.

Persons: Jamie Cox, James Athey, undervaluation Organizations: U.S, Federal Reserve, Federal, Harris Financial, Traders, Bank of Japan, Marlborough Investment Management Locations: Yichang, Hubei province, recessionary, Japan, Switzerland, Tokyo

☆ San Francisco Fed President Daly sees interest rate cuts coming as labor market weakens
▼ + stars: | 2024-08-05 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Mary Daly, president of the Federal Reserve Bank of San Francisco, during the National Association of Business Economics (NABE) economic policy conference in Washington, DC, US, on Friday, Feb. 16, 2024. San Francisco Federal Reserve President Mary Daly on Monday said she expects that interest rates will be cut later this year but declined to provide a timetable or the extent to which the central bank will ease. At their meeting last week, Fed officials provided some hints that lower rates are coming but were short on specifics. Earlier in the day, Chicago Fed President Austan Goolsbee told CNBC that the central bank's "restrictive" rates policy doesn't make sense if the economy isn't overheating, which he said it is not. If there are trouble signs with the economy, Goolsbee said the Fed will "fix it."

Persons: Mary Daly, Daly, we've, Austan Goolsbee, Goolsbee Organizations: Federal Reserve Bank of San, National Association of Business Economics, San Francisco Federal, Market, Chicago Fed, CNBC Locations: Federal Reserve Bank of San Francisco, Washington , DC, Hawaii

☆ Dow plunges more than 1,000 points as global stock rout deepens on recession fear
▼ + stars: | 2024-08-05 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The stock market crashed Monday, with the Nasdaq 100 dropping nearly 6%. AdvertisementUS stocks crashed on Monday, with the Nasdaq shedding nearly 6% as the global market rout that kicked off late last week accelerated. AdvertisementThe losses accelerated on Monday after Japan's stock market experienced its worst decline since the Black Monday crash in 1987, falling 12%. Berkshire Hathaway now holds a record $277 billion in cash, leading to some investors worrying that Buffett has soured on the stock market. The bigger question is whether this bloodletting will prove sufficient to provide a basis for a resumption of the stock market rally, and ultimately fresh record highs.

Persons: —, nonfarm payrolls, Jamie Cox, Warren, Berkshire Hathaway, Buffett, bitcoin, David Morrison Organizations: Nasdaq, Berkshire Hathaway's Apple, Service, Dow Jones, Amazon, Intel, Bank of Japan, Federal Reserve, Harris Financial, Berkshire Hathaway's, Berkshire, FCA Locations: Berkshire

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