Jackson Hole, Target's next CEO, tech's market rout and more in Morning Squawk
CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.
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Target on Wednesday named Michael Fiddelke as its next CEO, saying its current chief operating officer will succeed Brian Cornell in February. Shares of the retailer were down 10% in premarket trading even though Target also beat expectations on the top and bottom lines for the second quarter. The company posted another sales decline but managed to keep its full-year outlook the same. Meanwhile, shares of Lowe's rose after the home improvement retailer surpassed Wall Street's earnings forecast, though its quarterly revenue was in line with consensus estimates. Lowe's also announced it inked a deal to acquire Foundation Building Materials for about $8.8 billion. Attention now turns to Walmart — the U.S.' largest grocer and private employer — which is expected to report Thursday morning.
Tuesday was a rough day for risk-on assets like cryptocurrencies and technology stocks. The tech-heavy Nasdaq Composite tumbled nearly 1.5%, with every member of the so-called "Magnificent Seven" index of megacap tech names posting losses. As for crypto, digital currencies like bitcoin and ether pulled back sharply in Tuesday's session, just days after bitcoin touched an intraday all-time high last week. Stock futures were lower Wednesday morning as traders digested more earnings reports. Follow live market updates here.
The White House expanded its 50% tariffs on steel and aluminum to include additional product categories. The Commerce Department on Tuesday said an additional 407 types of goods now fall under the levies, including everything from car parts, to specialty chemicals, to fire extinguishers. As CNBC's Erin Doherty notes, the move increases both the scope and impact of President Donald Trump's sector-specific tariffs, a key part of the president's trade agenda. S&P Global on Tuesday said it expects tariff-related revenue for the federal government to offset the impact of Trump's "Big Beautiful Bill," leading the agency to leave the U.S.' credit rating unchanged.
Make room, fantasy football. Online broker Robinhood announced on Tuesday that it is launching prediction markets for both professional and college football. Through the new feature, users will be able to trade on the outcomes of some popular games, including regular-season NFL matchups and Power Four school contests. As CNBC's Laya Neelakandan reports, it marks the latest effort by the online broker to expand its prediction market offerings and step further into the sports-based wagering space.
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13 minutes ago
Asian shares are mostly higher after a mixed finish on Wall Street
MANILA, Philippines -- Asian shares were mostly higher on Thursday after a mixed finish on Wall Street, where shares in Nvidia, Palantir and other superstar stocks pared their earlier steep losses. Traders are looking ahead for cues about U.S. monetary policy from a meeting of central bankers that begins later in the day in Jackson Hole, Wyoming. Federal Reserve chair Jerome Powell is due to speak to the conference on Friday. The Fed has kept its main interest rate steady this year, primarily because of the fear of the possibility that President Donald Trump's tariffs could push inflation higher. But a surprisingly weak report on job growth across the U.S. may be superseding that. Still, minutes from the Fed's July 29-30 meeting released Wednesday showed most Fed officials felt the threat of higher inflation was a greater concern than the potential for job losses, leading the central bank to keep its key rate unchanged. In Tokyo, the Nikkei 225 fell 0.6% to 42,636.74 after a survey showed Japan's factory activity remained in contraction for the second month in August. The S&P Global flash Japan Manufacturing Purchasing Managers' Index (PMI) increased to 49.9 in August from 48.9 in July, just below the 50 level that delineates between growth and decline. Regional manufacturers have been feeling pressure from Trump's higher tariffs on exports to the United States. In Chinese markets, Hong Kong's Hang Seng index edged 0.1% lower to 25,135.09, while the Shanghai composite index rose 0.4% to 3,779.52. South Korea's Kospi jumped 1% to 3,161.74, while Australia's S&P ASX 200 index added 1% to 9,005.00. Taiwan's TAIEX climbed 1.2%, while India's Sensex added 0.1%. 'Asian markets walked into Thursday like a card room still heavy with last night's smoke — muted, watchful, waiting for the next cue out of Jackson Hole,' Stephen Innes of SPI Asset Management said in a commentary. On Wednesday, the S&P 500 dipped 0.2% to 6,395.78 after trimming a 1.1% loss earlier in the day. It is still near its all-time high set last week. The Dow Jones Industrial Average added less than 0.1% to 44,938.31. The Nasdaq composite fell 0.7% to 21,172.86. The day's action centered again around stocks caught up in the mania around artificial-intelligence technology. Nvidia, whose chips are powering much of the world's move into AI, sank as much as 3.9% during the morning and was on track to be the heaviest weight on Wall Street following its 3.5% fall on Tuesday. But it clawed back nearly all of Wednesday's drop and finished with a dip of just 0.1%. As it pared its loss, so did broad market indexes because Nvidia is Wall Street's most influential stock by being its most valuable. Palantir Technologies, another AI darling, fell 1.1% to add to its 9.4% loss from the day before, but it had been down as much as 9.8% Wednesday morning. One possible contributor to the swoon was a study from MIT's Nanda Initiative that warned that most corporations are not yet seeing any measurable return from their generative AI investments, according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. But the larger factor may be the simple criticism that prices for such stock have simply shot too high, too fast amid the furor around AI and became too expensive. In other dealings early Thursday, US. benchmark crude gained 30 cents to $63.01 per barrel. Brent crude, the international standard added 26 cents to $67.10 per barrel. The U.S. dollar rose to 147.37 Japanese yen, from 147.29 yen. The euro slid to $1.1648 from $1.1659.
The Hill
31 minutes ago
- The Hill
Asian shares are mostly higher after a mixed finish on Wall Street
MANILA, Philippines (AP) — Asian shares were mostly higher on Thursday after a mixed finish on Wall Street, where shares in Nvidia, Palantir and other superstar stocks pared their earlier steep losses. Traders are looking ahead for cues about U.S. monetary policy from a meeting of central bankers that begins later in the day in Jackson Hole, Wyoming. Federal Reserve chair Jerome Powell is due to speak to the conference on Friday. The Fed has kept its main interest rate steady this year, primarily because of the fear of the possibility that President Donald Trump's tariffs could push inflation higher. But a surprisingly weak report on job growth across the U.S. may be superseding that. Still, minutes from the Fed's July 29-30 meeting released Wednesday showed most Fed officials felt the threat of higher inflation was a greater concern than the potential for job losses, leading the central bank to keep its key rate unchanged. In Tokyo, the Nikkei 225 fell 0.6% to 42,636.74 after a survey showed Japan's factory activity remained in contraction for the second month in August. The S&P Global flash Japan Manufacturing Purchasing Managers' Index (PMI) increased to 49.9 in August from 48.9 in July, just below the 50 level that delineates between growth and decline. Regional manufacturers have been feeling pressure from Trump's higher tariffs on exports to the United States. In Chinese markets, Hong Kong's Hang Seng index edged 0.1% lower to 25,135.09, while the Shanghai composite index rose 0.4% to 3,779.52. South Korea's Kospi jumped 1% to 3,161.74, while Australia's S&P ASX 200 index added 1% to 9,005.00. Taiwan's TAIEX climbed 1.2%, while India's Sensex added 0.1%. 'Asian markets walked into Thursday like a card room still heavy with last night's smoke — muted, watchful, waiting for the next cue out of Jackson Hole,' Stephen Innes of SPI Asset Management said in a commentary. On Wednesday, the S&P 500 dipped 0.2% to 6,395.78 after trimming a 1.1% loss earlier in the day. It is still near its all-time high set last week. The Dow Jones Industrial Average added less than 0.1% to 44,938.31. The Nasdaq composite fell 0.7% to 21,172.86. The day's action centered again around stocks caught up in the mania around artificial-intelligence technology. Nvidia, whose chips are powering much of the world's move into AI, sank as much as 3.9% during the morning and was on track to be the heaviest weight on Wall Street following its 3.5% fall on Tuesday. But it clawed back nearly all of Wednesday's drop and finished with a dip of just 0.1%. As it pared its loss, so did broad market indexes because Nvidia is Wall Street's most influential stock by being its most valuable. Palantir Technologies, another AI darling, fell 1.1% to add to its 9.4% loss from the day before, but it had been down as much as 9.8% Wednesday morning. One possible contributor to the swoon was a study from MIT's Nanda Initiative that warned that most corporations are not yet seeing any measurable return from their generative AI investments, according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. But the larger factor may be the simple criticism that prices for such stock have simply shot too high, too fast amid the furor around AI and became too expensive. In other dealings early Thursday, US. benchmark crude gained 30 cents to $63.01 per barrel. Brent crude, the international standard added 26 cents to $67.10 per barrel. The U.S. dollar rose to 147.37 Japanese yen, from 147.29 yen. The euro slid to $1.1648 from $1.1659.
San Francisco Chronicle
31 minutes ago
- San Francisco Chronicle
Asian shares are mostly higher after a mixed finish on Wall Street
MANILA, Philippines (AP) — Asian shares were mostly higher on Thursday after a mixed finish on Wall Street, where shares in Nvidia, Palantir and other superstar stocks pared their earlier steep losses. Traders are looking ahead for cues about U.S. monetary policy from a meeting of central bankers that begins later in the day in Jackson Hole, Wyoming. Federal Reserve chair Jerome Powell is due to speak to the conference on Friday. The Fed has kept its main interest rate steady this year, primarily because of the fear of the possibility that President Donald Trump's tariffs could push inflation higher. But a surprisingly weak report on job growth across the U.S. may be superseding that. Still, minutes from the Fed's July 29-30 meeting released Wednesday showed most Fed officials felt the threat of higher inflation was a greater concern than the potential for job losses, leading the central bank to keep its key rate unchanged. In Tokyo, the Nikkei 225 fell 0.6% to 42,636.74 after a survey showed Japan's factory activity remained in contraction for the second month in August. The S&P Global flash Japan Manufacturing Purchasing Managers' Index (PMI) increased to 49.9 in August from 48.9 in July, just below the 50 level that delineates between growth and decline. Regional manufacturers have been feeling pressure from Trump's higher tariffs on exports to the United States. In Chinese markets, Hong Kong's Hang Seng index edged 0.1% lower to 25,135.09, while the Shanghai composite index rose 0.4% to 3,779.52. Taiwan's TAIEX climbed 1.2%, while India's Sensex added 0.1%. 'Asian markets walked into Thursday like a card room still heavy with last night's smoke — muted, watchful, waiting for the next cue out of Jackson Hole,' Stephen Innes of SPI Asset Management said in a commentary. On Wednesday, the S&P 500 dipped 0.2% to 6,395.78 after trimming a 1.1% loss earlier in the day. It is still near its all-time high set last week. The Dow Jones Industrial Average added less than 0.1% to 44,938.31. The Nasdaq composite fell 0.7% to 21,172.86. The day's action centered again around stocks caught up in the mania around artificial-intelligence technology. Nvidia, whose chips are powering much of the world's move into AI, sank as much as 3.9% during the morning and was on track to be the heaviest weight on Wall Street following its 3.5% fall on Tuesday. But it clawed back nearly all of Wednesday's drop and finished with a dip of just 0.1%. As it pared its loss, so did broad market indexes because Nvidia is Wall Street's most influential stock by being its most valuable. Palantir Technologies, another AI darling, fell 1.1% to add to its 9.4% loss from the day before, but it had been down as much as 9.8% Wednesday morning. One possible contributor to the swoon was a study from MIT's Nanda Initiative that warned that most corporations are not yet seeing any measurable return from their generative AI investments, according to Ulrike Hoffmann-Burchardi, global head of equities at UBS Global Wealth Management. In other dealings early Thursday, US. benchmark crude gained 30 cents to $63.01 per barrel. Brent crude, the international standard added 26 cents to $67.10 per barrel. The U.S. dollar rose to 147.37 Japanese yen, from 147.29 yen. The euro slid to $1.1648 from $1.1659.
