This market wants to go higher, Carson Group's Ryan Detrick
Ryan Detrick, Carson Group chief market strategist, joins 'Squawk Box' to discuss the latest market trends, state of the economy, where investors can find opportunity right now, and more.
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2 days ago
- Business Insider
The U.S. Stock Market Has Made an Impressive Comeback, but Will It Last?
The U.S. stock market has made an impressive comeback since its April slump. In fact, the S&P 500 (SPY), which plunged into correction territory following President Trump's historic tariffs, is now up over 19% from its April low. Carson Group's Ryan Detrick sees this early-year bottom as a sign that 2025 could still finish with strong gains. He compared the current setup to market comebacks in 2009 and 2020, when early-year declines of over 15% were followed by double-digit rallies. '2025 bottomed in April and the slingshot effect is in full motion,' Detrick said. Confident Investing Starts Here: However, some market experts are not as optimistic. Indeed, Dan Niles, the founder of Niles Investment Management, believes that while the current rally could push stocks to new record highs in the short term, risks are building for later this year. He argues that both consumers and corporations have been pulling demand forward to get ahead of price hikes, which may have artificially boosted near-term strength. For example, Niles pointed to when Apple (AAPL) rushed its shipments of iPhones from China to avoid paying tariffs. Looking ahead, Niles warned that the market is overlooking some troubling signals, such as rising Treasury yields and a weakening U.S. dollar. He expects that as the holiday season approaches and the effects of pulled-forward demand fade, stocks could face another sharp downturn. 'The further we get into the year, [investors should] get a lot more cautious and expect another big downdraft,' Niles said. As a result, he is maintaining a defensive portfolio and raising cash in order to prepare for potential volatility. There is no doubt that the next several months will test whether this rally has staying power or if it's running on borrowed time. Is SPY a Buy Right Now? Turning to Wall Street, analysts have a Moderate Buy consensus rating on SPY stock based on 419 Buys, 79 Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average SPY price target of $663.03 per share implies 10.6% upside potential.
Yahoo
2 days ago
- Yahoo
‘I just hope it resolves quickly': GOP prays for peace in the Trump-Musk war
Republicans are hoping for a détente between Donald Trump and Elon Musk after Thursday's blowup, warning that the fight between the two men could distract from the president's agenda and derail Congress' 'Big Beautiful Bill.' The battle between the president and the world's richest man escalated from a simmer to a full-on scorched-earth showdown over the course of the day on Thursday — starting with light criticism in the morning that escalated to Trump targeting Musk's pocket book and Musk saying the president was an associate of a notorious convicted sex criminal and suggesting he may need to be impeached. 'I just hope it resolves quickly, for the sake of the country,' Speaker Mike Johnson told CNBC's 'Squawk Box' on Friday morning. POLITICO reported Thursday night that White House aides were looking to broker a peace between the two men and were planning on scheduling a call between the two camps. 'Oh, it's OK,' Trump told POLITICO in a brief telephone call Thursday when asked about the very public breakup. 'It's going very well, never done better.' Trump went on to tout his favorability ratings saying, 'The numbers are through the roof, the highest polls I've ever had and I have to go.' A senior administration official and a person close to the White House — both granted anonymity to discuss the president's thinking around the blowup — said the president had been convinced Thursday night that continuing to engage with Musk would be counterproductive and a distraction from a host of good news the White House should be focused on, from his talks with Xi Jinping to negotiating a deal with Iran and ushering his 'big beautiful' reconciliation bill through Congress, which was the root cause of the blowup. But Trump has displayed some lingering frustration with his one-time benefactor. He told ABC News that Musk has "lost his mind" — and he is "not particularly" interested in talking to Musk. He also told CNN that 'the poor guy's got a problem.' Still, Republican legislators Friday are following Johnson's lead, keeping with the theme of deescalation in the fallout of the public fight. 'Both of them have paid a tremendous price personally for this country, and I think at the end of the day, they're both going to put the country first," said Rep. Michael Cloud (R-Texas). "And them working together is certainly far more better for the country.' Department of Government Efficiency caucus Chair Rep. Aaron Bean (R-Fla.) said Friday he was 'shocked and dismayed' to see his 'two friends fighting,' but remains an 'optimist' that the former allies can work it out. 'I believe there's a Diet Coke in their future, that they can settle it and cooler heads will prevail,' Bean said. 'We need them together. We need to be united, and we're stronger together. So I'm very optimistic that there will be a happy ending very soon.' But even as they seek to not escalate the fight, party faithfuls are still making clear where their allegiances lie. 'I don't tell my friend Elon how to — I don't argue with him about how to build rockets. And I wish he wouldn't argue with me about how to craft legislation and pass it,' Johnson told CNBC. He later told reporters on Capitol Hill that 'I hope they reconcile. I believe in redemption. … I think it's good for the party and the country if all this worked out. But I tell you what: do not doubt, do not second guess and don't ever challenge the president of the United States, Donald Trump.' Rep. Troy Nehls (R-Texas) went a step further, saying he thinks 'Elon is getting too personal' in his attacks. 'It's getting out of control,' Nehls said Thursday. 'They got to stop it. I think it's, you know, it's not healthy. And some of the most recent comments, I think, Elon, you've lost your mind.' But Johnson — who was also targeted by Musk Thursday — largely on Friday kept his cool in responding to Musk, brushing off his claim that he landed Republicans their 2024 victory. 'Elon was a big contributor in the last election,' the speaker acknowledged to CNBC, 'but this was a whole team effort. I mean, President Trump is the most consequential political figure of his generation — of modern American history. He is the one responsible for that. But we all worked hard. We delivered the House majority." The speaker said he was with the president in the Oval Office for part of the showdown on X, a meeting reported earlier by POLITICO. Trump seemed 'disappointed' by Musk's attacks, the speaker said, reiterating that he is a 'huge fan and supporter of President Trump' for good measure. He told POLITICO Friday he hasn't spoken with Musk yet. The White House has sought to project an air of calm despite Musk's relentless attacks — but aides there remain wary of the Tesla CEO popping off two people close to the president said several Trump allies — including at least one White House official — tried to reach Musk by phone when he was on his rampage on X, but Musk was not taking calls for a time. The way Musk reacted to the president's comments made White House officials feel like they were dealing with an 'unhinged' situation, the senior administration official said Thursday — and that they had to just ignore what he was doing. Musk did not immediately respond to a request for comment sent via press or personal contact information for his companies. 'Everybody is just like, 'OK, this is manic and crazy,'' the official said, 'and we're just gonna move along and pass the bill. And that's kind of the feeling of everyone right now.' Mia McCarthy contributed to this report.
CNBC
2 days ago
- CNBC
Omada shares open at $23 in Nasdaq debut after health-tech company's IPO
Omada Health shares opened at $23 in their Nasdaq debut on Friday after the virtual chronic care company priced its stock at $19 per share in its IPO. The company said in a press release late Thursday that it sold 7.9 million shares in the offering, amounting to about $150 million. The pricing was in the middle of the expected range, and valued the company at just over $1 billion, though that number could be higher on a fully diluted basis. Omada, founded in 2012, is trading under ticker symbol "OMDA." The company offers virtual care programs to support patients with chronic conditions like prediabetes, diabetes and hypertension. Sean Duffy, Omada's CEO, co-founded the company with Andrew DiMichele and Adrian James, who have both moved on to other ventures. It's the second digital health IPO in a matter of weeks following an extended drought for the industry. Digital physical therapy startup Hinge Health debuted on the New York Stock Exchange in May. Hinge is currently trading at $38.20 after selling shares in its IPO at $32. The tech IPO market has been showing signs of life, with Hinge being one of the latest offerings. On Thursday, shares of crypto company Circle Internet soared 168% in their New York Stock Exchange debut. Fintech company eToro started trading last month, and Chime Financial, which offers online banking services, is set to hit the market next week. "Today is the right moment for us," Duffy told CNBC's "Squawk Box" on Friday. "We like the scale of the model, we like the scale of the business, equally we felt pull from the capital markets." Omada's revenue increased 57% in its first quarter to $55 million from $35.1 million a year earlier, according to its prospectus. For 2024, revenue rose 38% to $169.8 million from $122.8 million the previous year. The company's net loss narrowed to $9.4 million in the first quarter from $19 million a year ago. U.S. Venture Partners, Andreessen Horowitz and Fidelity's FMR LLC are the largest outside shareholders in the company, each owning between 9% and 10% of the stock.
