Latest news with #MorningSquawk
CNBC
10 hours ago
- Business
- CNBC
Walmart earnings, ESPN's new streaming app, EU tariff updates and more in Morning Squawk
Tariffs aren't stopping Walmart. The U.S.' largest grocer and private employer hiked its full-year outlook for earnings and sales on Thursday, even as levies push up costs. The Arkansas-based retailer beat Wall Street's expectations for second-quarter revenue, but shares of the company still dropped more than 3% before the bell. Walmart's results mark the end of a string of earnings reports from major retailers this week — a closely watched indicator for clues into the health of American consumers. Follow live markets updates here. CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today. As the Kansas Federal Reserve kicks off its annual policy symposium in Jackson Hole, Wyoming, the central bank continues to find itself in the spotlight. Federal Housing Finance Agency Director Bill Pulte on Wednesday accused Fed Governor Lisa Cook of mortgage fraud, saying she should resign or be fired. In response, Cook said she would not be "bullied" into leaving her job. Speaking to CNBC's Steve Liesman in Wyoming, Kansas City Fed President Jeff Schmid said he expected Cook to "handle matters as she needs to handle them." Schmid also told CNBC that addressing the last mile of inflation can be difficult and that "there's a lot to be said" before the Fed's next policy meeting in September. The central bank released minutes from its July meeting on Wednesday, which showed members were concerned about tariffs, inflation and the labor market. After announcing a trade framework last month, the U.S. and the European Union on Thursday shared more details about the agreement. To start, the U.S. will cap tariffs on Europe's pharma sector at 15% — significantly lower than the 250% rate Trump has threatened in recent weeks — and those tariffs will not stack on top of other EU-wide levies. Various other goods that fall under "Section 232" tariffs, such as lumber and semiconductors, will also see their rate limited to 15%. European cars and auto parts will also face a 15% levy, but only if Brussels introduces legislation to cut their industrial duties. For the first time ever, sports fans can stream ESPN's entire linear TV catalogue in one place. The entertainment company is launching its new flagship streaming app — also called ESPN — which will include all of the network's live games as well as programming from ESPN2, the SEC Network and ESPN on ABC. CNBC's David Faber will interview Bob Iger, CEO of parent company Disney, and ESPN Chairman Jimmy Pitaro at 10 a.m. ET. Watch the interview live on CNBC+ or the CNBC Pro stream. Private equity took a trip to the mall on Wednesday. Claire's, which earlier this month filed for bankruptcy, said it's selling most of its North American business to PE firm Ames Watson. (Yes, Claire's is the tween-centric fashion and jewelry chain where you or your child may have gotten ear piercings.) The companies did not share financial details of the deal, which will pause the liquidation process at most of Claire's North American stores. Meanwhile, apparel maker Guess said it would go private by a group including Authentic Brands, which has PE backing. The deal is valued at $1.4 billion. —
CNBC
a day ago
- Business
- CNBC
Jackson Hole, Target's next CEO, tech's market rout and more in Morning Squawk
It's a good week to be a restaurant or hotel in Jackson Hole, Wyoming. Economic policymakers, market participants and government officials are descending on the town for the Kansas City Federal Reserve's annual policy symposium, which kicks off on Thursday. CNBC's coverage of the meeting begins today and will feature live interviews with central bank officials throughout the rest of the week, as well as coverage of Fed Chair Jerome Powell's speech on Friday morning. Powell's remarks come amid rising speculation about who will succeed the Fed chair when his term ends in May 2026. Treasury Secretary Scott Bessent told CNBC on Tuesday that interviews for Powell's successor would start after Labor Day. The Fed on Wednesday will also release minutes from its July policy meeting, which will be closely watched given the dissenting votes from two members of the committee that sets interest rates. CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today. 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. —
CNBC
2 days ago
- Business
- CNBC
Home Depot disappoints, Novo Nordisk's GLP-1 updates, an AI warning and more in Morning Squawk
Home Depot kicked off this week's string of retailer earnings reports on a sour note. The home improvement retailer missed analyst expectations on both lines for the first time since 2014, but the company still maintained its full-year outlook. Attention on the earnings front will now turn to Lowe's, Target and TJX, all three of which are set to report before the bell on Wednesday. Walmart is expected to release its quarterly results before the bell on Thursday. Follow live markets updates here. CNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning. Subscribe here to get access today. Three days after President Donald Trump met with Russian President Vladimir Putin in Alaska, it was Ukrainian President Volodymyr Zelenskyy and European leaders' turn to meet with the U.S. president. The group visited the White House on Monday and discussed the potential for security guarantees for Ukraine amid its war with Russia. Zelenskyy also reportedly said that Ukraine offered to buy $90 billion in U.S. weapons. Trump said he called Putin following the summit and "began the arrangements for a meeting" between the Russian and Ukrainian presidents. Catch up on the biggest moments from Monday's meeting by reading CNBC's coverage. Novo Nordisk provided two major updates on its blockbuster weight-loss drugs in recent days. First, Novo Nordisk said cash-paying U.S. patients could buy Ozempic for less than half of its monthly sticker price. As CNBC's Annika Kim Constantino reports, the move comes as drugmakers are under pressure from the Trump administration to lower costs. The news comes after the company announced on Friday that Wegovy, another obesity drug, earned accelerated approval from U.S. regulators to treat a serious liver disease. The approval makes Wegovy the first in the GLP-1 drug class to be cleared for such use. Investors appeared to like the two updates: U.S.-listed shares of Novo rallied more than 3% on Monday and another 1.3% in Tuesday's premarket. As the battle to develop the best artificial intelligence technology heats up between China and the U.S., one of the industry's top executives has a warning. Sam Altman, CEO of OpenAI, said during a rare event with reporters that he was "worried about" China. "There's inference capacity, where China probably can build faster. There's research, there's product; a lot of layers to the whole thing," he said. "I don't think it'll be as simple as: Is the U.S. or China ahead?" Altman's comments come as the U.S. seeks to control AI-related exports to the Asian country, though Altman said such measures may not hinder development as much as some hope. In other tech news, Intel and SoftBank announced Monday that the chipmaker would get a $2 billion investment from the Japanese company. You've likely heard of "quiet quitting" or the "great resignation." Now, the latest workplace trend is "job hugging," CNBC's Greg Iacurci reports. In short, the term describes how workers are holding on tightly to their current roles despite any displeasure, as a result of what they perceive as a weak labor market. For evidence, look no further than the U.S. Labor Department's Job Openings and Labor Turnover Survey: Excluding the early days of the Covid-19 pandemic, the rate of workers voluntarily leaving their jobs is sitting around levels that haven't been seen since 2016. —
