Asia stocks slide, gold rises as Middle East conflict sparks safety rush
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Asian shares slumped and gold prices rose as risk sentiment took a hit after Iran's retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.7% after Iran had, late on Saturday, launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1. The threat of open warfare erupting between the arch Middle East foes and dragging in the United States has left the region on tenterhooks. U.S. President Joe Biden warned Prime Minister Benjamin Netanyahu the U.S. will not take part in a counter-offensive against Iran. The escalating tensions also sparked a flight to safety that sent gold rising 0.51% to $2,356.39 an ounce and the safe-haven dollar broadly higher, extending its 1.6% rise from last week. Oil prices, however, hardly reacted to the news, as traders had largely priced in a retaliatory attack from Iran that would likely further disrupt supply chains. U.S. stock futures, meanwhile, ticked higher, after a heavy selloff on Wall Street on Friday as results from major U.S. banks failed to impress. U.S. Treasury yields held near their recent highs as traders pared back their expectations of the pace and scale of rate cuts from the Federal Reserve this year. The benchmark 10-year yield last stood at 4.5277%, while the two-year yield held near the 5% level and was last at 4.8966%. A continued run of resilient U.S. economic data, particularly last week's hotter-than-expected inflation report, has added to the view that U.S. rates could remain higher for longer, and that a Fed easing cycle is unlikely to commence in June. The shift in rate expectations has halted bitcoin's blistering rally, after the world's largest cryptocurrency repeatedly notched fresh records this year thanks to flows into new spot bitcoin exchange-traded funds and expectations of imminent Fed cuts.
#AsiaStocks #Gold #MiddleEastConflict #SafetyRush
https://finance.yahoo.com/news/gold-rises-oil-choppy-iran-235750196.html
Earnings from more banks, Netflix, and retail sales: What to know this week
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This week, investors can expect earnings reports from Bank of America, Goldman Sachs, Morgan Stanley, United Airlines, and Netflix. Retail sales data for March will also be released. Fears of sticky inflation may prevent the Federal Reserve from cutting interest rates, leading economists to predict that the Fed will hold rates steady until at least the fall. The first set of earnings reports from JPMorgan Chase, Wells Fargo, and Citigroup showed declining net interest income. The market is looking for revenue growth and strong earnings to support the recent signs of an accelerating US economy. S&P 500 revenue for the first quarter is expected to grow 3.4%, below the 10-year average of 5.1%.
#Earnings #Banks #Netflix #RetailSales #FederalReserve #Inflation
New Masters Apple Vision Pro app gives golf fans whole new way to experience the tournament
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The Masters Tournament is introducing a new app called Apple Vision Pro in collaboration with IBM to enhance the golf fan experience. The app utilizes virtual reality and generative AI to provide fans with a more immersive and detailed view of the tournament. One of the app's features, called Hole Insights, uses historical tournament data to give fans a breakdown of how the course at Augusta National Golf Course has played over the years. The app aims to make the game more approachable for new fans and allow lifelong fans to feel more connected to the action. The Masters Tournament is held at Augusta National, one of the most exclusive country clubs in the world, and tickets are limited to lottery winners. The app provides an affordable alternative for fans who cannot attend the event in person. In-person attendees contribute to the local economy by spending on various goods and services, showcasing the rebound of the experience economy.
#MastersTournament #Golf #AppleVisionPro #Ibm #AugustaNationalGolfCourse
Sally Hansen Names Duke University Basketball Star Jared McCain as New Brand Ambassador
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Sally Hansen, the nail color and care brand, has announced a partnership with college basketball player Jared McCain. McCain, who plays guard for the Duke Blue Devils, will enter his name in the 2024 NBA Draft. This collaboration marks Sally Hansen's first-ever NIL sponsorship deal with an athlete. McCain's unique style and fearless self-expression, including his use of nail polish, have made him a trailblazer and a perfect fit for Sally Hansen's innovative line of nail products. As a brand ambassador, McCain will promote inclusivity and self-expression within the sports community and beyond.
#SallyHansen #JaredMccain #BrandAmbassador #CollegeBasketball #NbaDraft #NilSponsorship #NailProducts #Inclusivity #Selfexpression
https://finance.yahoo.com/news/sally-hansen-names-duke-university-191200360.html
Fed’s Schmid Rejects Preemptive Rate Cuts, Favors ‘Patient’ Approach
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Federal Reserve Bank of Kansas City President Jeffrey Schmid rejects preemptive rate cuts and favors a 'patient' approach. Schmid believes policymakers should wait for 'clear and convincing' evidence that inflation is headed back toward 2% before lowering interest rates. He states that the current stance of monetary policy is appropriate, given inflation running above target, economic growth continuing to show momentum, and elevated prices across asset markets. Recent price pressures have been concentrated in the services sector, supported by a tight labor market. Schmid believes a better balance between the supply and demand for labor will likely be needed for the Fed to achieve price stability. Recent inflation data has been higher than hoped, with consumer prices excluding food and energy climbing 0.4% in March and 3.8% from a year earlier. Schmid emphasizes the need for the Federal Reserve to be patient and wait for clear evidence of sustainable inflation before adjusting policy. Investors are now betting on just two rate cuts this year, beginning in September. Other Fed officials, including Boston Fed President Susan Collins and Chicago's Austan Goolsbee, also shared their views on interest rates. Schmid prefers a 'much smaller' Fed balance sheet with a shorter average maturity, primarily composed of Treasury securities.
#FederalReserve #InterestRates #Inflation #JeffreySchmid
https://finance.yahoo.com/news/fed-schmid-rejects-preemptive-rate-173500872.html
Bulls jump deeper into copper amid supply challenges, AI-fueled demand
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Copper's bull run is expected to continue for at least the next three years due to global supply challenges and high demand for the metal in energy transition and artificial intelligence technologies. The CRU World Copper Conference in Santiago, Chile, is expected to focus on these themes. Data centers for AI servers are projected to require an additional 1 million metric tons of copper by 2030, and electric vehicles are also driving demand. Citi analyst Maximilian Layton expects demand to outstrip supply by 1 million metric tons in the next three years, with prices potentially reaching $12,000 per metric ton by December 2026. However, production struggles by various companies and electricity supply challenges in Zambia are impacting supply. Citi has reduced its forecast for global copper supply this year to a 0.7% increase. Notable setbacks include the closure of First Quantum's Cobre Panama mine and regulatory uncertainty in Chile affecting Codelco's production. Despite these challenges, the investment climate in Chile has improved.
#Copper #SupplyChallenges #Demand #EnergyTransition #ArtificialIntelligence #CruWorldCopperConference #DataCenters #ElectricVehicles #PriceForecast #ProductionStruggles #InvestmentClimate #Chile
https://finance.yahoo.com/news/bulls-jump-deeper-copper-amid-110608029.html
Beamr Issues Q1-2024 CEO Letter to Shareholders: Cloud service and AI workflows
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Beamr Imaging Ltd., a leading supplier of video optimization technology and solutions, has issued a Q1-2024 CEO letter to shareholders. In the letter, Sharon Carmel, the Chief Executive Officer, provides updates on the company's activities and progress. In Q1 2024, Beamr launched the Beamr Cloud SaaS solution, raised gross proceeds of $13.8 million in an underwritten offering, and teamed up with industry leaders like NVIDIA. They plan to focus on enabling vision AI processes in Beamr Cloud in Q2 2024. In terms of financials, Beamr generated approximately $0.39M in revenues in Q1 2024, representing an 18% increase compared to Q1 2023. As of March 31, 2024, the company had approximately $19M of cash and cash equivalents. The unaudited preliminary financial information is subject to completion of the quarter-end financial results.
#BeamrImagingLtd #VideoOptimization #CloudService #AiWorkflows #Q12024 #CeoLetter #Revenues #Financials
https://finance.yahoo.com/news/beamr-issues-q1-2024-ceo-110000202.html
Clobbered Fed Rate Cut Bets Wipe Out Even Last Year’s Bond Gains
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Investors who expected an extension of last year’s global bond gains have been disappointed as expectations of higher US interest rates have wiped out the 4.2% return on global sovereign debt from 2023. A Bloomberg gauge for government debt has declined 4.7% since January, driven by investors now expecting under two Fed interest rate cuts this year. The selloff has room to run if Thursday’s Treasury auction is any guide, as a sale of 30-year US bonds received lackluster demand. Yields on benchmark 10-year US Treasuries eased two basis points to 4.57% on Friday, but stayed close to the five-month high touched in the last session. Some analysts believe the losses can extend further, with yields potentially climbing toward 5% or even higher in the US 10-year. However, others see reasons for bonds to recoup their losses, with UBS Global Wealth Management and TwentyFour Asset Management suggesting that Treasuries may rally when the Fed begins easing, and investors may be looking to buy on dips.
#BondMarket #InterestRates #GlobalSovereignDebt #FederalReserve #TreasuryAuction #UsTreasuries
https://finance.yahoo.com/news/clobbered-fed-rate-cut-bets-053139324.html
Strong job market good for inflation fight -wealth advisor
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The number of Americans filing new claims for unemployment benefits fell more than expected last week, with initial claims dropping 11,000 to a seasonally adjusted 211,000. The strong labor market is seen as a positive factor in the fight against inflation, as wage gains are sufficient to help people maintain a relatively good life in the current inflationary environment. Financial markets have pushed back their expectations for the first rate cut from the U.S. central bank to September from June due to labor market strength and concerns about stalled progress on inflation. The Federal Reserve's March meeting minutes revealed officials' worries about inflation. The article features an interview with a wealth advisor, Miller, who shares her views on the strong labor market and its impact on inflation, as well as discussing the producer price index report, rising bond yields, and upcoming bank earnings.
https://finance.yahoo.com/video/strong-job-market-good-inflation-204707019.html
SBA Launches Digital Hub to Connect Small Businesses with Major Funding in President Biden’s Investing in America Agenda
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The U.S. Small Business Administration (SBA) has launched the Investing in America Small Business Hub, a digital portal providing industry-specific resources to help small businesses tap into opportunities under President Biden’s Investing in America (IIA) Agenda. The hub aims to help small businesses connect to resources, funding opportunities, and support to strengthen their businesses. The Biden-Harris Administration's Investing in America economic agenda has led to a historic nationwide Small Business Boom, with over 17 million new business applications filed since President Biden took office. The hub includes technological assistance guides, SBA resources, and collaborations with other federal agencies to host events and webinars. Small businesses are encouraged to utilize the SBA's existing resources to pursue Investing in America opportunities.
#Sba #SmallBusinesses #Funding #InvestingInAmerica #DigitalHub
https://finance.yahoo.com/news/sba-launches-digital-hub-connect-180700980.html
Bank of America, Deutsche Bank Say Fed Won’t Cut Until December
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Economists at Deutsche Bank AG and Bank of America Corp. predict that the Federal Reserve will ease policy just once this year, in December. This is a sharp reduction in previous forecasts from both firms, which each previously saw the Federal Reserve beginning to ease policy starting in June. The recalibration is occurring across Wall Street after inflation figures strengthened conviction that the Fed will hold steady until it sees signs that consumer-price increases are pulling closer to its 2% annual target. Deutsche Bank's forecast sees the Fed cutting rates twice in the first half of 2025 and then pausing until 2026. Bank of America continues to expect the central bank to reduce borrowing costs four times in 2025 and another two times in 2026.
https://finance.yahoo.com/news/first-fed-rate-cut-won-163623550.html
CEOs are generally optimistic on US economy: KPMG US CEO
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KPMG US Chair and CEO Paul Knopp reveals that 87% of CEOs surveyed were optimistic about the prospects for the US economy, with 78-79% expressing optimism for both the US and global economies. 72% of CEOs plan to increase hiring in the next 12 months, while only 4% anticipate reductions. The survey also highlights concerns about geopolitical uncertainty, cybersecurity, and the tight labor market. Knopp discusses these results and mentions corporations' outlook on business operations and generative AI adoption.
#UsEconomy #CeoSurvey #Hiring #GeopoliticalUncertainty #Cybersecurity #LaborMarket #BusinessOperations #GenerativeAiAdoption
https://finance.yahoo.com/video/ceos-generally-optimistic-us-economy-160703790.html
CoBank Quarterly: Sticky Inflation Puts Federal Reserve on the Horns of a Dilemma
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The Federal Reserve is facing a dilemma due to sticky inflation rates that remain higher than ideal. The Fed has assured interest rate cuts are coming this year, but it acknowledges that inflation will take longer to subside than expected. The next rate-cutting campaign is expected to be launched in June. The U.S. economy is showing signs of stress, and the Fed wants to avoid crashing the economy after avoiding a recession for a long time. The report also highlights challenges for row crop producers, the impact of low natural gas prices, and the lack of productivity in Congress. It provides updates and outlooks for various sectors including grains, biofuels, animal protein, dairy, cotton, rice, sugar, specialty crops, and power, water, and communications.
#FederalReserve #Inflation #InterestRates #Economy #RowCropProducers #NaturalGasPrices #Congress #Grains #Biofuels #AnimalProtein #Dairy #Cotton #Rice #Sugar #SpecialtyCrops #Power #Water #Communications
https://finance.yahoo.com/news/cobank-quarterly-sticky-inflation-puts-155900291.html
EB5 Capital Begins Receiving I-829 Approvals for The Coliseum (JF10)
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EB5 Capital has received notice from the United States Citizenship and Immigration Services (USCIS) regarding the approval of the first I-829 petition associated with an investor in The Coliseum (JF10) project. The approved I-829 petition was filed in March 2020 and adjudicated in April 2024, approximately 45 months later. The Coliseum (JF10) involved the redevelopment of the historic Uline Arena in the NoMa neighborhood of Washington, DC. The development resulted in the creation of over 800 jobs for the local economy in Washington, DC. EB5 Capital is a Regional Center operator that provides qualified foreign investors with opportunities to invest in job-creating commercial real estate projects under the United States Immigrant Investor Program (EB-5 Visa Program).
#Eb5Capital #I829Approvals #TheColiseum(jf10) #Uscis #Eb5Investment #JobCreation #WashingtonDc
https://finance.yahoo.com/news/eb5-capital-begins-receiving-829-155000542.html
Mortgage rates today, April 11, 2024: It could be a while before rates fall
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Mortgage rates have remained high this week and significant drops are unlikely. The Federal Reserve is waiting to lower the federal funds rate until inflation is closer to the target of 2%. March's inflation rate was 3.5% year over year, exceeding expectations. If inflation doesn't drop, the Fed is less likely to decrease its rate. Today's national average 30-year mortgage fixed rate is 6.82%, a minor increase from last week's 6.79%. The average 15-year fixed mortgage rate is 6.06%, down from last week's 6.11%. Factors that impact mortgage rates include the economy, housing market, credit scores, debt-to-income ratios, and savings. 30-year mortgages have lower monthly payments but higher interest rates, while 15-year mortgages have lower rates in the long run but higher monthly payments.
Why stocks could still rise even as rate cut hopes fade
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Investors are pushing back bets on when the Federal Reserve will begin cutting interest rates, but many Wall Street strategists believe this won't alter stocks' charge higher in 2024. After a key inflation report showed an unexpected uptick in consumer prices last month on Wednesday, investors are now pricing in just two interest rate cuts in 2024, down from a peak of seven in early January. Despite the market's moves in reaction to the latest inflation data on Wednesday, stocks have largely been resilient with regard to moves in interest rate expectations this year, with the S&P up about 8% to date — so a shift in market expectations for Fed policy is unlikely to derail the stock market rally. Wells Fargo chief investment strategist Christopher Harvey, who boosted his year-end target for the S&P 500 (^GSPC) to a Street-high 5,535 on Monday, told Yahoo Finance the most important part of the Fed discussion remains that easing is still in the pipeline. Market bulls have also been encouraged by limited signs that high interest rates are slowing corporate earnings or US economic growth. Consensus estimates are for earnings growth to pick up throughout the year. An increasing number of economists see the improving economic growth outlook creating an elevated chance that the Fed could cut rates by less than previously thought, if it cuts at all. This is often referred to as a 'no landing scenario,' where economic growth accelerates while inflation's path downward slows. Overall, this isn't all bad for the major indexes given it would come with a positive economic growth backdrop, why strategists believe earnings growth could broaden beyond just technology later this year. It could, however, create further bifurcation between large- and small-cap stocks.
Adobe Is Buying Videos for $3 Per Minute to Build AI Model
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Adobe Inc. is procuring videos from its network of photographers and artists for $120 per video to build its artificial intelligence text-to-video generator. The goal is to source assets for AI training. OpenAI's demonstration of its video-generation model Sora has raised concerns among investors about Adobe's potential disruption. Adobe is requesting short clips of people engaged in actions, showing emotions, and interacting with objects. The company cautions against providing copyrighted material, nudity, or offensive content. The pay for video submissions averages $2.62 per minute, with a maximum of $7.25 per minute. Adobe has sought to differentiate its models by primarily training them on its vast library of stock media.
#Adobe #Ai #Video #ArtificialIntelligence #Openai
https://finance.yahoo.com/news/adobe-buying-videos-3-per-213215719.html
Hot inflation casts chill on bets for start to Fed rate cuts
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Prospects for a first Federal Reserve interest-rate cut before the end of summer took a body blow on Wednesday with another U.S. inflation report that cast into stark relief the stickiness of price pressures across the U.S. economy. After months of centering on June for the start of Fed policy easing, traders' bets are now squarely on the Fed's mid-September meeting for an initial rate reduction, after a third straight stronger-than-expected reading on consumer inflation sent financial markets into a fast retreat. Wednesday's report from the U.S. Department of Labor showed the consumer price index rose 3.5% year-on-year in March, an acceleration from the 3.2% rise in February. Core consumer price inflation, which strips out food and gas prices and is one measure economists use to gauge the stickiness of prices, rose 3.8% year on year, the same pace as in February. Traders are now betting the Fed will deliver a first quarter-point interest rate cut at its September 17-18 meeting, bringing the policy rate target to a 5%-5.25% range, and they see just one more rate cut by the end of the year.
#FederalReserve #InterestRates #Inflation #Economy
https://finance.yahoo.com/news/fed-seen-waiting-until-september-130551201.html
How a 'Year of Global Rate Cuts' could push the S&P 500 to 5,750: Morning Brief
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Jay Hatfield, founder and CEO of Infrastructure Capital Advisors, predicts that the S&P 500 will reach 5,750, fueled by factors like AI, a housing shortage, and relatively cheap natural gas. He believes the US economy is a juggernaut and has profound advantages over Europe. Hatfield expects the European Central Bank and the Bank of England to cut rates before the US, which could put upward pressure on the dollar and give the Fed cover to cut rates in July. He also predicts that 2024 will be the Year of Global Rate Cuts. Veteran strategist Ed Yardeni is also bullish, with a year-end target of 5,400 for the S&P 500. Both Hatfield and Yardeni agree that the US economy continues to defy gravity and that the direction of the S&P 500 is higher.
#S&p500 #UsEconomy #GlobalRateCuts #StockMarket
Stock market today: US futures tread water ahead of key inflation print
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US stocks meandered before the bell on Wednesday, still in the wait for a crucial inflation reading that could ease worries interest rates will stay higher for longer. Futures on the Dow Jones Industrial Average and the S&P 500 nudged 0.1% higher, while those on the tech-heavy Nasdaq 100 tipped up roughly 0.2%. Stocks have put in a lackluster performance in the countdown to the Consumer Price Index reading for March, one of the most important points the Federal Reserve will consider in its next policy decision. The CPI report, set for release at 8:30 a.m. ET, is expected to show annual headline inflation of 3.4%, compared with 3.4% in February. Core inflation — which strips out food and energy prices — is seen as rising 3.7% on the year, a slowdown from 3.8% growth the previous month. A hotter-than-expected reading may well weigh on stocks, while signs of cooling could give impetus to a market that has lost its mojo since starting the year with a bang. Also on deck are the minutes from the Fed's meeting in March, likely to be highly scrutinized for any hints of crumbling in policymakers' expectations for rate cuts. At the same time, first-quarter earnings season kicks off with results from Delta, in focus as the airline industry grapples with the fallout from Boeing's. That will set the stage for reports on Friday from big Wall Street banks, whose profits aren't expected to dazzle.
#UsStockMarket #Inflation #InterestRates #ConsumerPriceIndex #FederalReserve #DowJonesIndustrialAverage #S&p500 #Nasdaq100 #Delta #Boeing #EarningsSeason #WallStreetBanks