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CNBC
14 minutes ago
- CNBC
CNBC Daily Open: Despite cooler-than-expected CPI, economists agree higher prices are coming
Don't mess with DJ D-Sol — Goldman Sachs CEO David Solomon's stage name when he's rocking the clubs in his other life as a DJ. U.S. President Donald Trump criticized Goldman on Tuesday for predicting that tariffs would push up inflation, and said Solomon "should go out and get himself a new Economist or, maybe, he ought to just focus on being a DJ." In response, Goldman defended the results of its study, according to a CNBC interview with the bank's economist David Mericle. "If the most recent tariffs, like the April tariff, follow the same pattern that we've seen with those earliest February tariffs, then eventually, by the fall, we estimate that consumers would bear about two-thirds of the cost," Mericle said. Goldman, in fact, is not the only Wall Street bank putting forth this view. UBS senior economist Brian Rose wrote that "the downward trend in core inflation has been broken as tariffs start to feed through into retail prices," while Michael Feroli, chief U.S. economist at JPMorgan Chase, said in a note that tariffs could "add 1-1.5% to inflation, some of which has already occurred." Of course, a consensus view does not mean predictions will come true. Recall how economists were all but certain a U.S. recession would happen in 2023 — only for the economy to grow 2.5% that year. In any case, if Goldman — and economists from other banks —is proven wrong on tariff-driven inflation, and Trump, in a hypothetical scenario, manages to somehow push Solomon out of his position, at least DJ D-Sol will still be out there spinning is considering 11 candidates for Fed chair. Among the list of potential nominees are Federal Reserve officials, a Bush administration economic advisor, Jefferies Chief Market Strategist David Zervos and BlackRock's Rick Rieder. Economists agree that higher tariff inflation is coming. Despite Trump on Tuesday slamming Goldman Sachs for predicting higher consumer prices, the bank is standing by its research. Other Wall Street economists agree with its call. New records for U.S. stocks again. The S&P 500 and Nasdaq Composite climbed Tuesday to close at fresh highs, with the Dow Jones Industrial Average also rising. Shares of Paramount Skydance popped 36.7%. The Stoxx Europe 600 added 0.54%. xAI's co-founder Igor Babuschkin leaves. Babuschkin said he's starting a venture firm to support AI safety research and invest in startups. Musk wrote, in response, "Thanks for helping build @xAI! We wouldn't be here without you." [PRO] This software stock could jump 50%, Morgan Stanley says. The firm's shares tumbled Monday because of lackluster third-quarter guidance — but that move created "the entry point for which we've been waiting," a Morgan Stanley analyst wrote. How Big Tech is paying its way out of Trump's tariffs Top tech executives are at the forefront of a recent swathe of unprecedented deals with U.S. President Donald Trump. In particular, Nvidia and Advanced Micro Devices, as well as Apple, have struck agreements with the White House. "The flurry of deal-making is an effort to secure lighter treatment from tariffs," Paolo Pescatore, technology analyst at PP Foresight, told CNBC by email. Big tech companies can "ill afford to fork out on millions of dollars in additional fees that will further dent profits as underlined by recent quarterly earnings," Pescatore said.
CNN
19 minutes ago
- CNN
The history of Trump's relationship with Putin
The history of Trump's relationship with Putin CNN's Jeff Zeleny explains the history behind President Donald Trump and Russian President Vladimir Putin's relationship over the years. The two world leaders are set to meet for their biggest summit yet in Anchorage, Alaska, on Friday. 01:32 - Source: CNN Vertical Politics of the Day 9 videos The history of Trump's relationship with Putin CNN's Jeff Zeleny explains the history behind President Donald Trump and Russian President Vladimir Putin's relationship over the years. The two world leaders are set to meet for their biggest summit yet in Anchorage, Alaska, on Friday. 01:32 - Source: CNN Locals in the Cotswolds protest JD Vance's visit US Vice President JD Vance arrived at Royal Airforce Base Fairford in the United Kingdom, where he met US troops and was welcomed by applause - a noticeable shift from locals protesting in the villages of Charlbury and Dean, where Vance stayed during his trip. 01:07 - Source: CNN Trump names Kennedy Center nominees after seizing control of institution President Donald Trump appeared at the Kennedy Center and announced the first recipients of its hallmark honors since he seized control of the institution's board earlier this year. 01:39 - Source: CNN Anderson gives his take on Trump admin's call to vet Smithsonian museums CNN's Anderson Cooper explores what the Trump administration's declaration that it intends to take control over the Smithsonian museums says about how President Trump views history. 04:15 - Source: CNN 'Deeply dangerous': Wes Moore reacts to National Guard deployed in DC Maryland Democratic Governor Wes Moore spoke with CNN's Anderson Cooper about the potential deployment of federal troops in Baltimore after President Donald Trump said he is placing Washington, DC's, police department 'under direct federal control' and deploying National Guard troops to the nation's capital. 01:57 - Source: CNN Trump will meet Putin one-on-one as a 'listening exercise' President Donald Trump plans to meet one-on-one with Russian President Vladimir Putin as part of their summit on Friday in Alaska. White House press secretary Karoline Leavitt characterized the summit as a "listening exercise." 00:38 - Source: CNN Mayors across US react to Trump's warnings of federal intervention Democratic mayors across the US react to President Donald Trump placing DC police 'under direct federal control' and deploying the National Guard to crack down on crime. 01:10 - Source: CNN Baltimore's mayor responds to Trump's claims about his city Baltimore Mayor Brandon Scott (D) responded to President Donald Trump's criticism about violence in his city by highlighting historic drops in violent crime. President Trump warned other major cities about federal intervention after he placed the Washington, DC, police department under federal control and deployed the National Guard. 01:05 - Source: CNN
Yahoo
23 minutes ago
- Yahoo
Crypto exchange Bullish surges 84% in IPO debut
-- Cryptocurrency exchange Bullish Inc (NYSE:BLSH) began trading Wednesday at $90, 143% above its initial public offering price of $37 per share, almost immediately spiking into a volatility halt at $102.44. Shares ended the session at $68, up 84%. The IPO price of $37 already exceeded the company's previously announced range of $32 to $33 per share, giving Bullish a market value of $5.4 billion. Bullish raised $1.1 billion through the offering of 30 million shares. Previously, the exchange, which also owns cryptocurrency news website CoinDesk, upsized its IPO from an originally proposed 20.3 million shares priced between $28 and $31 per share. The offering was led by Jefferies, JP Morgan, and Citigroup. Bullish reported $647 billion in total spot volume in Q1 2025, making it the top 3 in the global regulated spot trading market share. The company saw 78% trading volume growth in Q1 2025. CoinDesk has $41 billion in AUM linked to CoinDesk Indicies and 48 million annual unique visitors. For the three months ended June 30, 2025, Bullish expects net income to be in the range of $109.1 million and $106.1 million, versus a loss of $116.4 million for the three months ended June 30, 2024. The CEO of the company is Tom Farley, who was previously president of the NYSE Group. BlackRock and Cathie Wood's Ark Investment Management are both major investors in the offering. (Frank Dematteo contributed to this article) Related articles Crypto exchange Bullish surges 84% in IPO debut Tesla: Hype Aside, How Much Is the EV Giant Really Worth Now? Apollo economist warns: AI bubble now bigger than 1990s tech mania Sign in to access your portfolio
