Wells Fargo's Darrell Cronk: We see one rate cut in 2025 and one in 2026
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CNBC
22 minutes ago
- CNBC
CNBC Daily Open: The U.S. tech-sell off extends to its second day — but don't let it ruin your summer
If you have any U.S. technology stocks in your portfolio (and let's face it, who doesn't?), you might want to look away. For the second day in a row, tech stocks dragged markets lower, with the Nasdaq Composite slipping 0.67%. Juggernauts such as Apple, Amazon and Alphabet were more meh-nificent than magnificent, falling more than 1%. Palantir — the standout S&P 500 stock, having more than doubled so far this year — spent its sixth consecutive day in the red and lost its place among a ranking of the 20 most valuable U.S. companies. While Palantir's slide was partly triggered by a report from short seller Andrew Left's Citron Research, which called the company "detached from fundamentals and analysis," there was no single trigger for the broader pullback. Investors could have been spooked by OpenAI CEO Sam Altman's caution about an AI bubble forming, although some analysts dispute that assertion. "In our view the tech bull cycle will be well intact at least for another 2-3 years," said Wall Street tech bull Dan Ives. Or it could be something benign, like traders locking in profits. "Tech stocks," said Carol Schleif, chief market strategist at BMO Private Wealth, "have had an incredibly strong run – with some up over 80% since the early April lows." Summer, after all, is far from over. Some investors might have just wanted to cash out for another round of margaritas. Fed officials divided over inflation and employment worries. Central bank governors generally agreed there were risks on both sides. But a couple — breaking from the majority — saw the labor market woes as more pressing, according to minutes of the Fed's July meeting. Trump likely to pick Kevin Hasset as next Fed Chair. The director of the National Economic Council firmly led the pack, according to a CNBC Fed Survey. However, respondents think the president "should" pick former Fed Governor Kevin Warsh. No new solar or wind power projects, Trump says. Renewable energy projects will no longer receive approval, Trump posted Wednesday on Truth Social. His comment comes after the administration already tightened federal permitting last month. Fourth day of losses for the S&P 500. Investors continued selling off technology stocks on Wednesday, with Palantir having its sixth straight losing day. The U.K.'s FTSE 100 closed at another high despite inflation in July coming in hotter than expected. [PRO] The Fed is expected to cut just as markets trade at highs. This is what tends to happen when both factors coincide, according to Goldman Sachs research. Trump has snapped up more than $100 million in bonds since taking office U.S. President Donald Trump has been on a multimillion-dollar bond-buying spree since taking office in January, investing in debt issued by local authorities, gas districts and major American corporations. Across 33 pages of filings with the U.S. Office of Government Ethics, or OGE, dated Aug. 12, the president outlined 690 transactions that have taken place since he took office. The documents were made public on Tuesday.
Bloomberg
an hour ago
- Bloomberg
Bloomberg Daybreak Asia: Stocks Stall on Fed Caution; HKEX CEO Bonnie Chan
Asian markets looked set for a cautious open Thursday, as US stocks pulled back and bond prices climbed ahead of a key Fed gathering in Jackson Hole. The Nasdaq and S&P 500 slipped, while Treasuries rallied on tempered inflation concerns. Meanwhile, Chinese shares listed in the US bucked the trend with gains. All eyes now turn to Fed Chair Jerome Powell's upcoming remarks for clues on the September rate path. For more on the markets, we check in with Tim Pagliara, Chairman and Chief Investment Officer at CapWealth. Plus - Hong Kong Exchanges and Clearing CEO Bonnie Chan is upbeat that the return of international investors will help sustain momentum amid a boom in listings and trading. Hong Kong's stock market has boomed this year, with its benchmark index surging and share sales posting a strong recovery as Chinese firms flock to raise capital. That in turn has boosted trading volumes, one of the main drivers of earnings for the exchange. We bring you part of Chan's conversation with Bloomberg's Yvonne Man.
Yahoo
an hour ago
- Yahoo
Hawkish FOMC Minutes Knocks Legs Out of Crypto Bounce
Hawkish remarks from the Federal Open Market Committee's late July meeting have — for the moment — put the kibosh on the crypto market's modest attempt at a rally on Wednesday. "A majority of participants judged the upside risk to inflation as the greater of these two risks," read the Fed minutes regarding the committee's discussion of prices versus employment. "Regarding upside risks to inflation, participants pointed to the uncertain effects of tariffs and the possibility of inflation expectations becoming unanchored." Crypto prices gave up some of their daily gains just following the release of the minutes, with bitcoin (BTC) slipping from a 0.7% advance to just barely green over the last 24 hours at $113,300. Having one of the best sessions of the majors, ether (ETH) slipped from about a 4.5% gain to just a 2.3% advance at $4,270. This particular Fed meeting, though, took place just prior to the release of the August 1 employment report, which showed not just a slow July job gain, but also contained a massive downward revision of 258,000 jobs in previously released June May data. Had these numbers been in front of the Fed at its July meeting, it's entirely possible the tone of the participants would have been far different and the result of the meeting might even have been a rate cut. Nevertheless, this week's main event remains Fed Chairman Jerome Powell's keynote speech at the Kansas City Fed's Economic Symposium in Jackson Hole. Fed chiefs over the past decade-plus have on occasion used the Jackson Hole forum to signal impending policy changes. Market participants will be watching closely to see if the doggedly hawkish Powell shows any signs of changing that stance and perhaps signaling a rate cut at the central bank's next meeting in September. The current betting says Powell will take a wait and see approach, noting that between Friday and that September meeting will be a lot more economic data, including fresh employment and inflation reports for the month of August.
