NY Fed: Total household debt increases by 1% in Q2 to $18.4 trillion
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CNBC
2 hours ago
- CNBC
Apple's deal with Trump is a 'remarkable turn,' Jim Cramer says
CNBC's Jim Cramer on Thursday reflected on Apple's stock moves after the iPhone maker's deal with President Donald Trump shocked Wall Street. He suggested the development is a "remarkable turn" for Apple and the market. "The pin action from the Apple deal with the White House reverberated through almost all of tech, making it a terrific sector to own," Cramer said. Apple on Wednesday revealed it plans to invest $100 billion in U.S. companies and suppliers over the next four years, adding to a $500 billion commitment it made in February. The investment includes $2.5 billion to fund a domestic iPhone glass factory. Trump also announced Wednesday he would impose a 100% tariff on imports of semiconductors and chips — except for companies that are "building in the United States." "We're going to be putting a very large tariff on chips and semiconductors," Trump said in the Oval Office Wednesday afternoon. "But the good news for companies like Apple is if you're building in the United States or have committed to build, without question, committed to build in the United States, there will be no charge," he said. The announcements boosted the Nasdaq Composite on Thursday, with the tech-heavy index closing up 0.35% even as the other major indexes closed in the red. Apple stock jumped 6.78%, and the company recouped some of the steep losses it suffered after Trump declared tariffs in April. Trump's harsh trade policy has weighed on Apple for much of the year as the president threatened to disrupt its supply chain. Trump has also repeatedly criticized Apple for refusing to produce iPhones in the U.S. — a process experts say could be lengthy and economically infeasible. Cramer emphasized the magnitude of Trump's announcement. It now seems Apple's tariff burden has been lifted, he said, just a few months after the president insisted it would have to pay a 25% tariff on iPhones made anywhere outside the U.S. Cramer wondered what the news means for Apple competitors like Samsung, speculating on whether the company would be subject to a 100% duty or the 15% rate negotiated by South Korea. Cramer repeated that he believes Apple is a reliable long-term investment, saying the company "always seems to get it right in the end." He suggested Apple creates some of the world's best products, expressing faith in CEO Tim Cook's ability to create value. "You need to think about the last 24 hours…. and where this Apple stock has come from," he said. "You need to know that this is why I say own Apple, don't trade it." Apple did not immediately respond to request for comment. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest The CNBC Investing Club Charitable Trust owns shares of Apple.
CNBC
3 hours ago
- CNBC
E.l.f. Beauty CEO defends $1 price increase as tariffs weigh on business
In a Thursday interview with CNBC's Jim Cramer, E.l.f. Beauty CEO Tarang Amin defended his company's decision to raise its prices by $1 to combat the costs of President Donald Trump's tariffs, suggesting customers were not put off by the increase. "We had about 98% positive sentiment from our consumers," Amin said, suggesting customers appreciated E.l.f's transparency about the change. "Even after the price increase, 75% of our portfolio is $10 or less, so still a phenomenal value." E.l.f. shares declined 9.48% on Thursday as investors reacted to the company's earnings. The budget cosmetics brand posted a top and bottom line beat, but net income fell 30% from last year as new tariffs on imports from China started to weigh on business. The budget cosmetics brand did not share a full-year outlook due to the "wide range of potential outcomes related to tariffs." E.l.f. sources 75% of its products from China. Back in February, Amin told CNBC his company could "maintain our extraordinary value and address the tariff issue," saying E.l.f. has adjusted to tariffs in the past and that it now has a larger international business. Amin told Cramer that E.l.f. has been working on "optimizing" its supply chain, adding that a few years ago 100% of production was done in China. He said the company is diversifying suppliers less because of tariffs and more to meet "the strong global demand we have for our brands." "International was the fastest-growing part of our business this past quarter, or, actually, the last few quarters," Amin said. "So, really, to be able to meet that demand, we'll continue to diversify," Amin said. Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
CNBC
3 hours ago
- CNBC
Trump targets banks with order barring discriminatory 'debanking'
President Donald Trump stepped up pressure on large banks and their regulators on Thursday, signing an executive order requiring the banking industry to ensure it is not refusing financial services to anyone based on political or religious beliefs, a practice frequently described as "debanking." The order directed regulators to review all banks they supervise for any current or past practices that would effectively bar customers based on political or religious beliefs, and levy fines or other disciplinary measures as needed. It said regulators may refer certain cases to the Justice Department for potential civil action and also directed regulators themselves to purge any policies or practices that may discourage banks from providing services based on non-financial reasons. The executive order is the latest in a growing pressure campaign against the financial sector by U.S. conservatives, who argue they have been unfairly deprived of services on the basis of their political beliefs. Trump claimed in a CNBC interview on Tuesday that he personally was discriminated against by banks, asserting without evidence that JPMorgan Chase and Bank of America refused to take his deposits following his first term in office. JPMorgan said on Tuesday it does not close accounts for political reasons. Bank of America said it does not comment on client matters, and would welcome clearer rules from bank regulators on how to conduct its activities. The executive order said some financial institutions participated in "government-directed surveillance programs" against conservatives following the attack on the U.S. Capitol on January 6, 2021, by Trump supporters. "Such practices are incompatible with a free society and the principle that the provision of banking services should be based on material, measurable, and justifiable risks," the executive order said. Large banks have consistently said they do not reject customers on political or other belief-based grounds. Instead, they have argued that overzealous bank regulators and supervisors have discouraged them from engaging with certain sectors and have called for clearer guidelines. In a joint statement, major banking groups thanked the Trump administration for efforts to rein in "runaway regulations" and said the new order may provide sought-after clarity for lenders. "It's in banks' best interest to take deposits, lend to and support as many customers as possible. Unfortunately, regulatory overreach, supervisory discretion and a maze of obscure rules have stood in the way," said a joint statement from the Bank Policy Institute, American Bankers Association, Consumer Bankers Association and Financial Services Forum. Trump-led regulators have already taken steps to loosen regulations, with all three federal bank regulators announcing this year they would no longer police banks on so-called "reputational risk," wherein supervisors could sanction institutions for activities that are not strictly prohibited but could expose the bank to negative publicity or costly litigation. The executive order directed all regulators to stop using that standard within 180 days. Banks increasingly complained the reputational risk standard was too subjective and vague, allowing bank supervisors to effectively bar firms from providing services to some people or sectors. The industry has also argued regulators need to update anti-money laundering rules, which frequently can force banks to shut down suspicious accounts without providing a reason.
