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Yesterday β€” May 17th 2024Top News & Analysis

Jim Cramer's week ahead: Earnings from Nvidia, Target, Macy's

CNBC's Jim Cramer highlighted earnings reports from Palo Alto Networks, Toll Brothers, Ross Stores and Deckers Outdoor.

New York crypto personality used 'Seinfeld' joke in fraud, feds reveal

A New York man pleaded guilty to swindling people out of more that $1 million in a scheme that referenced the "Seinfeld" character George Costanza.

Mercedes-Benz workers in Alabama vote against UAW union membership

The results are a blow to the UAW's organizing efforts a month after the Detroit union won an organizing drive of Volkswagen plant workers in Tennessee.

Women are worried about their financial security. That may affect the 2024 presidential election

Women say they are worried about their finances, from a higher cost of living to reduced retirement income, and that could affect the November election.

More and more stocks are joining the market's rally to new highs. Here's why and when to buy

Wall Street's 19-session journey back to all-time highs has been swift but healthy.

The best and the worst sectors in the stock market in this recording-setting week

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

Some vacationers expect to carry summer travel debt, report finds. Here's how to avoid that

Americans are looking forward to traveling this summer, but some won't pay off their credit cards. Here's how to lower costs and avoid summertime debt.

Former Trump lawyer John Eastman pleads not guilty in Arizona election case

John Eastman, Donald Trump, and Trump allies such as Rudy Giuliani, also are charged in Georgia with crimes related to the 2020 election loss to Joe Biden.

OpenAI dissolves team focused on long-term AI risks, less than one year after announcing it

OpenAI has dissolved its Superalignment team amid the high-profile departures of both team leaders, Ilya Sutskever and Jan Leike.

The class of 2024 is facing a tough job market. Here’s who’s hiring, according to LinkedIn

Despite the competition, industries experiencing staffing shortages like education and construction are still hiring new college grads, Linked reports.

Boeing shareholders re-elect departing CEO Calhoun to board

New board chair Steve Mollenkopf said he has sought feedback on Calhoun's successor from investors and Boeing customers.

BlackRock funds are β€˜crushing shareholder rights,' says activist Boaz Weinstein

Boaz Weinstein is fighting for control or reform at 10 BlackRock closed-end funds, which trade at a steep discount to their net asset value.

Campus protests have called for schools to divest from Israel. Here's how that would actually work

Protesters on campuses nationwide have called on universities to divest from Israel due to the war in Gaza. Here's how divestment would actually work.

Frontier Airlines does away with change fees in budget airline pricing overhaul

The budget airline's changes come amid the Biden administration's crackdown on so-called "junk fees."

Supreme Court Justice Alito urged to step off Trump election case over U.S. flag controversy

Supreme Court Justice Samuel Alito and the other justices are considering if Donald Trump is immune from prosecution for 2020 election crimes.

Here's what has driven the Dow rally to 40,000, and why it could keep going

The Dow Jones Industrial Average passing the 40,000 barrier makes for a nice headline, but market experts do not take much else from the move.

DuPont stock hits new high after an analyst's upgrade β€” why we're not buyers here

The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.

Dodge and Ram boss Tim Kuniskis, father of the Hellcat, to retire from Stellantis

Stellantis' Dodge and Ram brands CEO Tim Kuniskis is retiring after a nearly 32-year career with the automaker, the company announced Friday.

1 in 10 young college graduates is 'idled'β€”it could affect their earnings long-term

While the job market for recent college grads recovered quickly from the brief Covid-19 recession, the downturn could still spell trouble down the line.

'Quiet wealth' takes on new meaning with super-private deals for mansions, art and classic cars

Last year, while combined public auction sales for Sotheby's, Christie's and Phillips fell by 19%, private sales rose.

May 17 is your last chance to claim your 2020 tax refund β€” the median payment is $932, IRS says

There is no late filing penalty if you're owed a tax refund. Roughly 940,000 taxpayers could surrender their 2020 refund payment if they don't file by May 17.

World's top golfer Scottie Scheffler arrested on charges of assaulting officer at PGA championship event

Louisville police arrested Scottie Scheffler ahead of the PGA Championship. The golfer was charged with felony assault on a police officer and reckless driving.

Jim Cramer's top 10 things to watch in the stock market Friday

Wall Street heads for a flat open Friday. Reddit shares jump in the premarket while Cracker Barrel slides.

As Tesla layoffs continue, here are 600 jobs the company cut in California

The latest wave of Tesla layoffs hit an array of departments, impacting factory workers, software developers and robotics engineers. Read the WARN filing here.

GameStop shares fall 20% after it files to sell additional stock, says first quarter sales dropped

GameStop said it plans to sell securities and reported preliminary results that showed a drop in first-quarter sales.

Latest shipping data reveals that mid-range retail is the new consumer price sweet spot

Retailers are converging on 'middle-price-point' items as the best way to reach consumers, a new CNBC Supply Chain Survey shows.

AI infrastructure startup CoreWeave raises $7.5 billion in debt deal led by Blackstone

CoreWeave's $7.5 billion debt financing follows a $1.1 billion funding round the startup announced two weeks ago.

Microsoft's Mistral partnership avoids merger probe by British regulators

Mistral, a French AI firm founded in 2023, won a 15 million euro, or $16 million, investment from Microsoft earlier this year.

China pledges $42 billion in a slew of measures to support the struggling property sector

Chinese authorities on Friday pledged new support for state-owned enterprises to enable them to buy unsold apartments.

Canada Goose jumps 16% after the company reports growth surge in China

Shares of Canada Goose soared 16% on Thursday after the apparel company reported better-than-expected revenue and earnings for its fiscal fourth quarter.

Chinese EV maker Xpeng aims to deliver its first flying car in 2026

Xpeng AeroHT, introduced the Land Aircraft Carrier, a large truck with a detachable flying two-seater passenger electric drone inside.

Shares of Cartier owner Richemont climb on record full-year sales, new CEO

Shares of Swiss luxury group Richemont climbed as much as 6.3% Friday after it reported record full-year sales even as Asia-Pacific spending waned.

Steve Jobs' former intern reflects on working for the tech mogul: 'I worked 20 yards away from him every day'

Steve Jobs' former intern is now a tech CEO who sold his company to Google. He attributes much of his success to his time working at NeXT.

China is a 'critical' global supplier, full decoupling may be impossible, survey shows

Chinese companies are growing more optimistic about a rise in trade exports as firms show no signs of fully decoupling from China, according to Allianz Trade.Β 

HSBC falls 3% amid reports that top shareholder Ping An is looking to trim its stake

Ping An last year had supported a shareholder motion to spin off HSBC's Asia business and establish fixed dividends. The motion was eventually defeated.
Before yesterdayTop News & Analysis

China consumption slows as retail sales and investment data disappoint

China reported data Friday that pointed to slower growth on the consumer side while industrial activity remained robust.

Cramer says these 10 stocks helped the Dow briefly crack 40,000

CNBC's Jim Cramer listed ten stocks that helped the Dow Jones Industrial Average briefly top 40,000 on Thursday, a new high for the index.

The Dow's road to 40,000 in one chart

The move comes as investors cheer the prospects of AI boosting corporate profits and the Federal Reserve possibly cutting rates later this year.

No walk-ins allowed: What to know when touring the world’s best wine regions

Appointments are often needed in Europe, but in "New World" regions winemakers employ an open-door approach, allowing visitors to drop in at leisure.

Modi's strongman rule raises questions about India's 'democratic decline' as he seeks a third term

India has witnessed signs of democratic backsliding that has become apparent during the Modi era, observers and critics say.

Cramer picks two 'winning' footwear stocks in a β€˜nightmare’ athletic apparel market

CNBC's Jim Cramer on Thursday picked two footwear stocks he thinks are headed for success: On Holding and Deckers Outdoor.

Reddit soars after announcing OpenAI deal that allows use of its data for training AI models

OpenAI and Reddit announced a partnership that will allow the ChatGPT maker to train its artificial intelligence models on Reddit content.

Former Facebook and Nike diversity manager gets 5 years in prison for $5 million fraud

Barbara Furlow-Smiles, a Georgia resident who was a diversity manager for Facebook and Nike, was ordered to pay restitution for her theft scheme.

FDA approves Amgen's treatment for most deadly form of lung cancerΒ 

The FDA cleared the Amgen drug, called Imdelltra, as a treatment for patients with advanced small-cell lung cancer.

Boeing supplier Spirit AeroSystems lays off workers, citing lower plane delivery rates

Spirit AeroSystems makes fuselages at the plant for Boeing's bestselling 737 Max plane, deliveries of which have slowed in the wake of a door panel blowout.

After Adobe collapse, Figma deal allows employees to sell shares at $12.5 billion valuation

Figma on Thursday announced a tender offer that will allow current and former employees to sell shares at a valuation of $12.5 billion.

The NBA is picking its TV partners β€” and a deal hinges on Warner Bros. Discovery's next move

Warner Bros. Discovery's latest talks with the NBA could turn into a legal battle if the league decides to sign an agreement with NBCUniversal, sources said.

Here are some options to reduce taxes on your savings interest this year

Here's how to reduce income taxes on your savings interest amid rate uncertainty from the Federal Reserve.

Eli Lilly falls on a rival's obesity study β€” plus, we're removing 3 stocks from our watchlist

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

Trump lawyer yells at Michael Cohen in cross-examination over call about Stormy Daniels

Donald Trump is charged in the case with falsifying business records related to a hush money payment Michael Cohen made to porn star Stormy Daniels.

Wife of Sen. Robert Menendez has breast cancer, he reveals during corruption trial

Sen. Robert Menendez shared the health information about his wife after his attorney cast blame on her in his corruption trial in Manhattan federal court.

Here are the perks Trump's top donors would receive during the Republican National Convention

Donald Trump's top donors are set to be rewarded with perks if they raise or give a certain amount of money in support of the former president.

Walmart says more diners are buying its groceries as fast food gets pricey

Customers across incomes are looking for cheaper meals, Walmart's chief financial officer said.

The salary you need to be considered middle class in every U.S. stateβ€”it's close to $200,000 in 2 of them

In several states, a six-figure income qualifies as 'middle class,' per GoBankingRate's analysis. Here are the middle-class income ranges for every state.

Supreme Court Justice Clarence Thomas pressed on questions over friend's $267,000 RV loan

Supreme Court Justice Clarence Thomas has not made clear if he repaid a friend's loan to buy an RV, raising questions about potential tax violations.

17-year-old got into 2 Ivy League schoolsβ€”her financial aid package helped her decide where to go

Angelyn Ansah was surprised to earn admission into two Ivy League universities. One school's timely financial aid offer helped solidify her college decision.

Why Jim Cramer says Costco is the 'stock to buy off of' Walmart's big quarterly beat

The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.

Biden slams Trump as he touts record-high Dow crossing 40,000

President Joe Biden and Donald Trump are in the midst of a messaging fight over who has handled the economy better. The Dow hitting 40,000 could help Biden.

Here's the deflation breakdown for April 2024 β€” in one chart

Deflation is the opposite of inflation: It's when prices decline. That has largely occurred for goods such as furniture, appliances and cars in the past year.

Investing in Space: Boeing inches closer to Starliner launch

Boeing's Starliner spacecraft is finally at the pad and on the eve of carrying astronauts. It's a debut that is imminent, yet feels bizarrely inconsequential.

The church of Warren Buffett: Why thousands of investors flock to Omaha to be near the investing genius

Tens of thousands of investors attended the Berkshire Hathaway shareholders meeting in Omaha, Nebraska this year. I went to see what they were all doing there.

Supreme Court rules Consumer Financial Protection Bureau funding structure is legal

The Supreme Court decision protects the CFPB from the potentially crippling risk that Republicans in Congress will block annual funding for the agency.

United Airlines says FAA cleared it to start adding new aircraft, routes after safety review

United Airlines said in March that the FAA was stepping up its review of the airline after a series of safety incidents.

Refinancing student debt is risky amid Biden forgiveness push. Borrowers 'forever lose access' to safety nets, advocates say

As protections and relief options for federal student loan borrowers grow, refinancing your debt may be a risky move, consumer advocates say.

Roche says weight loss drug shows promising results in early trial

The weekly injection helped patients with obesity lose 18.8% of their weight relative to those who received a placebo, after 24 weeksΒ in the phase one trial.

Jim Cramer's top 10 things to watch in the stock market Thursday

Wall Street is set for a low-key open Thursday after the S&P 500, Nasdaq and Dow all closed at record highs.

Markets underestimate geopolitical risk as raft of elections looms, ECB's De Guindos says

The European Central Bank's Financial Stability Report said that interest rate expectations have created the "potential for outsized market reactions."

Auto incentives are back β€” but high interest rates weaken deals for buyers

Incentives are coming back to the auto market, but interest rates remain high, corroding the benefits for buyers. Here are three things shoppers can do.

We're trimming an up-and-down cybersecurity stock that's rallying into earnings next week

The sale comes ahead of the cybersecurity company's fiscal third quarter results next week.

Under Armour is laying off workers as retailer says North America sales will plunge this year

Sales in Under Armour's largest market in North America are falling as inflation-weary consumers pull back on new clothes and shoes.

Gold, silver and platinum's red-hot rally still has further to go, strategists say

Gold, silver and platinum prices have been on a tear so far this year. Strategists say it's not over yet.

Oil prices rise as crude inventories fall and U.S. inflation eases

West Texas Intermediate and Brent are flat for the week. The contracts have lost 4% and 5.8%, respectively, for the month.

Some data in the market-moving CPI report was released early by the Labor Department

Information about Wednesday's critical consumer price index release circulated early on the Bureau of Labor Statistics website.

Wayfair to open its first large store, as physical locations make a comeback

What "retail apocalypse"? Wayfair and other digitally native companies are turning to physical stores for growth as e-commerce profits become more challenging.

Meta slapped with child safety probe under sweeping EU tech law

Facebook parent company Meta on Thursday was hit with a major investigation from the EU into risks of its platforms to minors.

How much money the U.S. spends on war

American military spending reached $916 billion in 2023, which accounts for more than a third of the world's total military expenditure.

In-N-Out Burger is one of the 10 best-led companies in America, says new reportβ€”a workplace culture expert isn't surprised

In a new ranking of U.S. company leadership, In-N-Out Burger is listed alongside computer chip makers and artificial intelligence businesses. Here's why.

Microsoft’s carbon emissions have risen 30% since 2020 due to data center expansion

The expansion of data centers poses a challenge to tech companies that have set ambitious timelines to eliminate their carbon footprints.

U.S. inflation data fuels bets of Fed rate cuts as early as September β€” but analysts aren’t convinced

Traders appear increasingly confident that the U.S. Federal Reserve could start cutting interest rates as early as September.

Siemens shares slide over 5.5% on profit drop, slowing automation division

German technology giant Siemens on Thursday reported a a decline in earnings in the first three months of 2024 and said its automation division had slowed.

China announces 15-day visa-free stay in select provinces for cruise travelers to boost tourism

Travelers can now stay in China up to 15 days visa-free when entering via cruises, theΒ government announced Wednesday, as part of efforts to woo tourists.

Microsoft offers relocation to hundreds of China-based AI staff amid U.S.-China tech tensions

Microsoft has reportedly asked employees at its China-based cloud-computing and artificial-intelligence operations to consider relocation outside of China.

India 'very favorable' for IPOs, Peak XV says, as economy and investor sentiment stay strong

India offers a "very favorable" environment for companies to list, said Peak XV Partners.

Walmart surges to all-time high as earnings beat on high-income shopper, e-commerce gains

Walmart, the nation's largest retailer and private employer, is often seen as a bellwether for the U.S. economy and saw sales jump 6% in the quarter.

'Biggest barrier' to Saudi-Israeli normalization is the two-state solution, says ex-CIA director

"A solid path, a solid commitment to a two-state solution from Israel" is the biggest hurdle to Israel and Saudi's normalization plans, said former CIA director David Petraeus.

Taylor Swift's Eras Tour could give the UK economy a $1.2 billion boost

Barclays says Taylor Swift fans are expected to spend over $1,000 on average to see the singer on the U.K. leg of her Eras Tour.

Chinese EV startup Nio is changing its global strategy with U.S., EU tariffs on the horizon

Chinese electric car startup Nio is adjusting its approach to global markets in light of geopolitical developments, CEO William Li said Thursday.

Slovakia's prime minister in stable but 'very serious' condition after assassination attempt

Slovakia's Prime Minister Robert Fico is expected to survive an assassination attempt following surgery, according to the country's deputy prime minister.

As Putin and Xi meet, the power dynamics between Russia and China keep the West guessing

Analysts say the relationship is nuanced, deeper than a "marriage of convenience," and complex on a number of fronts.

Putin tells Xi that Russia-China relations are a 'stabilizing' force for the world

Putin's visit to China comes at the invitation of Xi and will be the Russian leader's first foreign trip sinceΒ he began his fifth term in officeΒ last week.

China’s Shenzhen metropolis sees fastest growth in millionaires globally

In 2023 alone, Shenzhen saw a 10% growth in millionaires, while Beijing and Shanghai recorded a decline of around 5% amid an exodus of high-net-worth individuals from China.Β 

China is still an important market even if investors diversify from it now, says Peak XV

China will still be an important market in the years to come, said Peak XV, despite firms diversifying away from the country amid geopolitical concerns.

Cramer says an 'outrageously bullish' combination of stocks is leading the bull market

CNBC's Jim Cramer noted that industrial, utility and tech stocks are going up at the same time.

Palo Alto Networks is buying security assets from IBM to expand customer base

Palo Alto Networks is buying IBM's QRadar as part of a bigger partnership between the two companies.

Warren Buffett’s Berkshire Hathaway reveals insurer Chubb as confidential stock it’s been buying

His conglomerate Berkshire Hathaway has acquired nearly 26 million shares of Chubb for a stake worth $6.7 billion.

Cisco reports better-than-expected results even as revenue suffers steepest drop in 15 years

Cisco reported a 13% drop in revenue for the fiscal third quarter, the steepest decline since 2009. But results still topped estimates.

Alphabet closes at all-time high as Google rebounds from disastrous start to AI race

This week's show-and-tell at Google's annual I/O developers conference went a long way toward restoring investor confidence in the company's AI capabilities.

It will be even more expensive to borrow money for college this yearβ€”3 tips to cut down costs

Students taking out federal loans to pay for undergraduate college degrees will see a fixed interest rate of 6.53%. Use these tips to minimize your costs.

Netflix ad-supported tier has 40 million monthly users, nearly double previous count

Netflix's cheaper, ad-supported tier now has 40 million global monthly active users, nearly double the 23 million the company reported in January.

Dell surges 11% on optimism it has secured big AI server orders

"All-in, we are hearing about more AI server momentum at Dell than at any other OEM," wrote Morgan Stanley's Erik Woodring.

Danaher's rally shows how sticking with a troubled stock of a good company can pay off

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

High inflation harms older households β€” and two factors determine who is most at risk, research finds

Retirees and near retirees face unique dilemmas when it comes to trying to make their money last amid rising prices.

McDonald's $5 value meal is coming in June β€” and staying for just a month

The offering will include four items β€” a McChicken or McDouble, four piece chicken nuggets, fries and a drink.

Biden's EV tariffs may not be enough to stave off the threat of Chinese vehicles in the U.S.

Automotive and trade experts say the increased tariffs are a near-term protectionism act that may delay but not stop Chinese EVs from coming to the U.S.

Bitcoin is having its best day since March following cooler April inflation reading

Bitcoin jumped with stocks on Wednesday after the April consumer price index showed inflation eased from the previous month.

Biden administration extends key deadline for student loan forgiveness

Student loan borrowers hoping for a one-time payment count adjustment now have until June 30, after the U.S. Department of Education extended the deadline.

Justice Department charges MIT brothers with $25 million crypto theft that took 12 seconds

The brothers plotted the "first-of-its-kind" cryptocurrency fraud involving Ethereum blockchain over several months, the DOJ said.

39-year-old self-made millionaire: 7 frugal habits I will never give up, no matter how much money I have

Self-made millionaire and entrepreneur Bernadette Joy shares the seven "seemingly silly" but enduring frugal habits that she says helped her build wealth.

The S&P 500 hits a new record. Here's how we think investors should respond

The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.

Tesla's Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000

Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla's Model Y.

We're trimming a hot bank stock in a very overbought market β€” locking in hard fought profits

We're raising cash Wednesday into the stock market's post-consumer price index gains to stay disciplined.

Financial advisors don't need to fear artificial intelligence, Betterment’s Thomas Moore says

Betterment's Thomas Moore recently shared his thoughts on what advisors should know about automation now ahead of the CNBC FA Summit on May 22.

The top 10 most affordable colleges on the 'New Ivies' list from Forbesβ€”2 are private schools

These colleges offer students a top-notch education and they come at a steep discount compared to universities like Harvard and Penn, Forbes reports.

Here's the inflation breakdown for April 2024 β€” in one chart

The consumer price index rose 3.4% in April from a year earlier, marking a decrease from March, according to the Bureau of Labor Statistics.

β€˜We have to do what we have to do’: Israel’s Netanyahu stands firm on Rafah offensive despite U.S. tensions

Israeli Prime Minister Benjamin Netanyahu acknowledged tensions with historical ally the U.S. over the military operation in Rafah in the Gaza Strip.

Instagram co-founder Mike Krieger joins Amazon-backed Anthropic

Instagram co-founder Mike Krieger is joining Anthropic as the chief product officer. Anthropic is one of the hottest artificial intelligence startups.

Uber announces shuttle rides, features for caregivers and Costco perks

Uber on Wednesday announced several new product updates like Uber Shuttle, Costco perks and a feature that lets caregivers book rides for loved ones.

A half-million school buses across US could become EV battery powerhouse feeding energy back onto the grid

Zum and Oakland schools will send power from EV school bus batteries back to the grid, marking a major effort to scale the energy supply stored in vehicles.

Netflix to stream Christmas Day NFL games for three years

Netflix is taking its most significant step yet into live sports with a deal to stream NFL games on Christmas Day.

529 college savings plans 'are better now than they've ever been,' expert says. Here are key changes for 2024

As of 2024, there are more benefits to college savings plans, including the flexibility to roll unused money into aΒ Roth IRAΒ free of tax penalties.

These are the 10 best-led companies in the country, according to Glassdoorβ€”they have more than just 'a great CEO'

The businesses on Glassdoor's inaugural 50 Best-Led Companies ranking share a specific trait, says economist Daniel Zhao: transparent leadership.

Slovak PM Fico in β€˜life-threatening’ condition after being shot; EU leaders decry 'brutal attack'

Slovakia's populist Prime Minister Robert Fico on Wednesday was shot multiple times in an assassination attempt that has sent shockwaves across the continent.

Biden and Trump agree to debates on June 27 and Sept. 10

President Joe Biden previously said he was open to debating his Republican challenger, former President Donald Trump.

Palo Alto nears a key test that could break it out of Wall Street's penalty box

In separate research notes, Barclays and Morgan Stanley shared three reasons that a rebound is underway for Palo Alto.

Sen. Menendez's wife kept him 'sidelined' about money woes, defense lawyer tells jurors in corruption trial

Sen. Robert Menendez, a New Jersey Democrat, and his wife are charged with accepting bribes of cash, gold bars and other items in exchange for official acts.

CPI report shows inflation easing in April, with consumer prices still rising 3.4% from a year ago

The consumer price index was expected to increase 3.4% from a year ago, according to the Dow Jones consensus estimate.

Amazon's appearance at Upfronts highlights push beyond digital ads and into traditional media

Amazon made its debut Upfronts pitch to advertisers, putting it on stage with major media networks.

Singapore’s Lawrence Wong sworn in as new prime minister β€” the first leadership change in 20 years

Lawrence Wong takes takes over as prime minister from his predecessor Lee Hsien Loong, who has led the nation state for the last 20 years.

Sony-backed computing startup heads for rare IPO in sidelined London stock market

Raspberry Pi, which makes tiny single-board computers, said in a filing that it is considering an initial public offering on the London Stock Exchange.

Walgreens to offer its own cheaper version of opioid overdose reversal drug naloxone

Walgreens said it will sell a two-dose pack of its naloxone for $34.99, around $10 cheaper than the over-the-counter Narcan nasal spray.

GameStop, AMC tumble as meme stock rally fizzles after just two days

GameStop and AMC shares fell as the meme stock trading frenzy showed signs of fizzling early on its third day.

Mortgage demand from homebuyers drops even as interest rates pull back to April lows

Total mortgage application volume increased just 0.5% from one week earlier, according to the Mortgage Bankers Association's seasonally adjusted index.

CEO: I asked ChatGPT to read my journal from my late 20s and flag my top 10 weaknesses: It was 'alarmingly accurate'

Letting ChatGPT analyze the words of his younger self "helped me see what I've learned and understand why I'm happier now than I was then," says Ravin Gandhi.

Jamie Dimon urges the U.S. to deal with its deficit sooner rather than later

JPMorgan Chase CEO Jamie Dimon on Wednesday urged the U.S. government to reduce its fiscal deficit sooner rather than later.

Here's everything to expect from Wednesday's key report on inflation

The Labor Department's Bureau of Labor Statistics will provide the consumer price index data Wednesday at 8:30 a.m. ET.

Baidu’s robotaxi unit expects to turn profitable next year

The projection comes as Elon Musk has emphasized his plans to build up Tesla's robotaxi efforts amid a decline in revenue.Β 

Copper futures hit record high as data center build-up, EV growth fuels demand

Copper futures on the NYMEX hit a record $XXX per pound, according to data from FactSet. The metal has gained more than 25% so far this year.

Putin wants 3 things from Xi as he seeks to deepen Russia-China ties, analyst says

Russian PresidentΒ Vladimir Putin's meeting with Chinese leader Xi Jinping in China this week is the latest sign of the deepening strategic ties between both sides. Β Β 

Trump's Boeing 757 clipped parked plane after landing at Florida airport Sunday, FAA says

Former President Donald Trump frequently flies on the Boeing 757 aircraft involved in the collision at West Palm Beach International Airport in Florida.

China’s international students under pressure as economic uncertainty looms

A growing number of overseas Chinese students are running into financial difficulties due to the declining wealth of their families back home.

China's economy reveals pockets of softness. Here's what to watch ahead of Friday's data

As China's economy moves into the second quarter of the year, a few indicators are raising expectations for monetary policy easing.

Google I/O wrap-up: Gemini AI updates, new search features and more

Google talked about updates to Gemini, its AI models, its Tensor TPU and more during Google I/O 2024. Here's a recap.

AMC's meme stock windfall may help it pay down a massive debt load

The last time these retail investors rallied around AMC, it avoided bankruptcy. Now, it has a chance to put a dent in its substantial debt load.

OpenAI co-founder Ilya Sutskever says he will leave the startup

OpenAI co-founder Ilya Sutskever said Tuesday that he's leaving the Microsoft-backed startup.

House Democrat presses oil CEOs for details of Trump's fundraising dinner at Mar-a-Lago

In letters to nine oil CEOs, the House Oversight Committee's top Democrat asked for details of any pledges Trump made as he asked them for campaign donations.

Cramer warns against 'meme stock mania,' says to sell GameStop and AMC

AMC and GameStop soared after "Roaring Kitty," the man who helped bring on 2021's enormous short squeeze, posted online for the first time in about three years.

Why bitcoin hasn't joined the latest meme stock craze this week

Bitcoin isn't running alongside meme stocks as it did three years ago.

Justice Department says Boeing breached 2021 agreement that shielded it from criminal charges over 737 Max crashes

The Justice Department said Boeing violated a 2021 deferred prosecution agreement that protected it from criminal charges over the two fatal 737 Max crashes.

Reddit shares close near record after two-day rally driven by meme stocks

Reddit shares popped Tuesday after retail traders kicked off a meme stock buying frenzy.

Tesla is sued over air pollution from factory operations in Fremont, California

A California nonprofit has sued Tesla over what it calls the company's "ongoing failure to comply with the Clean Air Act" at its Fremont assembly plant.

TikTok creators sue U.S. government, say divestiture law violates First Amendment

Eight TikTok creators are suing the U.S. government to block the divest-or-ban law, arguing that it violates the First Amendment.

Disney+ will stream Caitlin Clark's WNBA debut in the platform's first live sports event

The WNBA regular season opens tonight with NCAA star Caitlin Clark making her debut. The game will be the first-ever live sports event streamed on Disney+.

Another subdued day for stocks. Here's our latest thinking on 4 portfolio names including a 'coiled spring'

Every weekday, the Investing Club releases the Homestretch; an actionable afternoon update just in time for the last hour of trading.

Healthy Returns: 1 in 8 adults have taken Ozempic or other GLP-1s, survey says

Many Americans are using GLP-1s despite shortages, a survey says. Meanwhile, Google DeepMind's new AI model can predict the structure of molecules.

GameStop, AMC attracting a fraction of retail trader interest seen during 2021's meme mania

Mom-and-pop traders snapped up shares after the man credited with starting the meme stock mania resurfaced online, though at a lesser extent than seen in 2021.

Walmart is laying off, relocating hundreds of corporate workers across the country. Read the memo

The move follows the closures of the company's health clinics and comes ahead of its earnings report on Thursday.

Google rolls out its most powerful AI models as competition from OpenAI heats up

Google on Tuesday announced new additions to its AI model following a flashy rollout a day earlier from OpenAI.

Education Dept. announces highest federal student loan interest rate in more than a decade

The U.S. Department of Education announced Tuesday the interest rates on federal student loans for the 2024-2025 academic year.

GameStop, AMC rallies like 'watching a sitcom on repeat,' expert says. Here are the risks to monitor

It can be tempting to follow the clamor for "meme stocks." But experts warn that the prospects for big gains can also mean a risk of large losses.

We're adding to this battleground position based on some new data out of China

Estee Lauder's low stock price may not reflect any improvement in the environment.

Credit card delinquencies rise as more Gen Z cardholders are maxed out, New York Fed research shows

While credit card balances edged down in the first quarter, more borrowers still fell behind on their card payments, the Federal Reserve Bank of New York found.

It's no surprise to see Amazon shares lower after cloud CEO shakeup

The Investing Club holds its "Morning Meeting" every weekday at 10:20 a.m. ET.

Young workers are flocking to these fast-growing job marketsβ€”they're not on the coasts

Recent college grads are flocking to Sun Belt states for high-paying jobs, ample opportunity and low costs of living.

Fed Chair Powell says inflation has been higher than thought, expects rates to hold steady

Speaking to the Foreign Bankers' Association, the central bank leader noted that the rapid disinflation that happened in 2023 has slowed considerably this year.

People on Novo Nordisk's Wegovy maintain weight loss for up to four years, study says

The results shed light on the long-term effects of Wegovy, and could boost Novo Nordisk's case to insurers and governments to cover the costly drug.

Fat Brands confidentially files to IPO its Twin Peaks and Smokey Bones restaurant chains

Fat Brands and its chair Andy Wiederhorn were criminally indicted for an alleged $47 million bogus loan scheme.

Amazon Web Services CEO Adam Selipsky to step down

The departure of Adam Selipsky, CEO of Amazon's cloud computing business, is the latest high-profile executive exit from the company led by Andy Jassy.

Comcast offers subscribers Peacock, Netflix and Apple TV+ bundle

The announcement comes as major media players, like Disney and Warner Bros. Discovery, increasingly join forces to boost subscriptions for streaming services.

Watch Fed Chair Jerome Powell speak live to bankers group in Amsterdam

Federal Reserve Chair Jerome Powell speaks Tuesday to the annual general meeting of the Foreign Bankers' Association in Amsterdam.

Jim Cramer's top 10 things to watch in the stock market Tuesday

U.S. stock futures are lower after wholesale prices in April rose more than Wall Street expected.

Georgia passes 'Russia-style' law on foreign influence despite U.S. warnings and mass protests

Georgian lawmakers on Tuesday passed a highly controversial "Kremlin-style" law on foreign influence, despite massive protests in the country.

Wholesale prices rose 0.5% in April, more than expected

The producer price index was expected to increase 0.3% in April, according to the Dow Jones consensus estimate.

Trump lawyer calls out Michael Cohen TikTok insults in hush money trial cross-examination

Michael Cohen told jurors key details about the alleged awareness and involvement of Donald Trump in hush money payments to a porn star and a Playboy model.

What to expect for Tesla's Supercharger network now that the team is dismantled

Tesla's Superchargers dominate EV charging in North America. But CEO Elon Musk just laid off the entire Supercharging team and now its future is uncertain.

AMC completes $250 million stock sale during meme rally, shares jump 30%

AMC shares soared following news of the sale and was paused for volatility at one point.

Stellantis to rapidly grow exports of Chinese EVs to Europe, other countries

The announcement comes amid increasing geopolitical tensions surrounding China-made electric vehicles in the U.S., Europe and other regions.

Alibaba shares fall 6% after the Chinese tech giant posts 86% drop in profit

Alibaba posted a beat on revenue in its fiscal fourth quarter ended in March, but the Chinese e-commerce giant's net profit plunged.

How the Fed’s quest for transparency made markets more volatile

Markets often respond to Fed comments with big price swings, and recent research shows they are particularly reactive to Fed Chair Jerome Powell.

Why OpenAI is the first company to be No. 1 on the CNBC Disruptor 50 list two years in a row

OpenAI repeats as the No. 1 company on the 2024 CNBC Disruptor 50 list as AI redefines the way VCs, startups and market giants invest, interact and compete.

These are the 2024 CNBC Disruptor 50 companies: See the full list of startups riding the AI wave

CNBC reveals the 2024 Disruptor 50 list, AI-driven startups moving beyond the 'better, faster, cheaper' mantra that defined Silicon Valley's past.

β€˜Frankly stupid’: Fund manager weighs in on reignited meme stock frenzy as GameStop soars

Cole Smead, CEO of Smead Capital Management, told CNBC that it was "frankly stupid" that day traders were piling once again into GameStop and other meme stocks.

GameStop jumps for a second day, but ends session well off highs as meme enthusiasm starts to fade

The meme stock rally kicked off by "Roaring Kitty" continued for a second day as shares from GameStop, AMC, Blackberry and Koss soared.

Home Depot misses on revenue, as high interest rates hurt sales

Home Depot reported first-quarter earnings as it tries to grow sales with home professionals in a tough housing market.

Diamond giant De Beers faces spin-off amid wider restructuring as Anglo American takeover pressure mounts

Anglo American shares fell over 3% early Tuesday after it announced plans to spin off its highly prized De Beers diamond business.

Tencent posts fastest profit growth in 3 years as online ads, business services offset slower gaming

Tencent saw slightly better performance in its core gaming business as well as improved profitability in its advertising and business services division.

Biden raises tariffs on $18 billion of Chinese imports: EVs, solar panels, batteries and more

Biden Cabinet members like Janet Yellen, Gina Raimondo and Antony Blinken have all raised concerns about Chinese trade practices.

U.S. orders Chinese-backed crypto miner to sell land near nuclear missile base

The White House has issued an order forcing a Chinese-backed cryptocurrency mining company to sell land near a Wyoming-based nuclear missile base.Β 

Sony reports 7% drop in annual profit as PlayStation 5 sales miss trimmed target

Sony on Tuesday reported a 7% drop in annual profits in the fiscal year 2023, logging its first drop in annual profits since 2020.

Uber to acquire Foodpanda's Taiwan business for $950 million, creating a potential monopoly

Uber Technologies is buying the Taiwan business of Delivery Hero-owned Foodpanda for $950 million in cash, as Foodpanda doubles down on other markets.

China drives EV boom this year amid strong demand for hybrid vehicles

EV shipments, including fully battery-powered vehicles and hybrids, were up 18% in the first three months of 2024 compared with the same periodΒ last year.Β 

Forget U.S. stocks β€” UBS says Europe's are a better bet. Here's why

In a bold "U-turn," UBS says European stocks are now more attractive than their U.S. counterparts.

Malaysia won't use interest rates to prop up the ringgit, says central bank deputy chief

Bank Negara's Adnan Zaylani Mohamad Zahid said the country's monetary policy decisions will be determined by economic growth and the inflation outlook.

AI boom to keep supply of high-end memory chips tight this year, analysts warn

SK Hynix and Micron – the world's largest memory chip suppliers – are out of high-bandwidth memory chips for 2024, while the stock for 2025 is also almost sold out.

China and India still rely heavily on coal, climate targets remain 'very difficult' to achieve

China and India have not reduced coal generation for electricity, making it harder for Asia's largest carbon emitters to reach their climate targets.Β Β 

'Wealth can be pretty isolating': Problems that rich people face, according to therapists

Can money buy happiness? Contrary to what some may think, a million-dollar paycheck does not necessarily come with a problem free pass.Β 
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