2024-10-12

Berkshire slashes Bank of America stake to under 10%

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024.  David A. Grogen | CNBC Warren Buffett’s Berkshire Hathaway has reduced its stake in Bank of America to below 10% amid a selling spree that started in mid-July. In a Thursday night filing with the U.S. Securities and Exchange…

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2024-10-11

Banks aren’t in the clear just yet

Federal Reserve Board Chairman Jerome Powell holds a press conference following a two-day meeting of the Federal Open Market Committee on interest rate policy in Washington, U.S., September 18, 2024. REUTERS/Tom Brenner Tom Brenner | Reuters Falling interest rates are usually good news for banks, especially when the cuts aren’t a harbinger of recession. That’s because lower rates will…

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2024-10-11

Inflation rate at 2.4%, topping expectations

The pace of price increases over the past year was higher than forecast in September while jobless claims posted an unexpected jump following Hurricane Helene and the Boeing strike, the Labor Department reported Thursday. The consumer price index, a broad gauge measuring the costs of goods and services across the U.S. economy, increased a seasonally adjusted 0.2% for the…

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2024-10-10

Automaker expects 2025 earnings to be similar to 2024

New GMC trucks are displayed on the sales lot at Hanlees Hilltop GMC in Richmond, California, July 2, 2024. Justin Sullivan | Getty Images DETROIT — General Motors expects its 2025 adjusted earnings to be in a “similar range” to the company’s results this year, CFO Paul Jacobson said Tuesday during the company’s investor day. The Detroit automaker’s targeted…

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2024-10-09

Prices fall as recent rally takes a breather

Crude oil futures fell more than 4% on Tuesday as the rally spurred by heightened geopolitical risk paused while the market waits for Israel to strike back against Iran. “Oil can keep ascending only for so long, purely based on perceptions and not actual supply disruption,” Tamas Varga, an analyst at oil broker PVM, said in a Tuesday note….

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2024-10-08

10-year Treasury yield rebounds back above 4%

The 10-year Treasury yield, a benchmark for mortgages and car loans, jumped back above 4% on Monday amid stronger labor market readings and despite the start of a Federal Reserve rate-cutting campaign last month. The 10-year yield was up more than 4 basis points to 4.024%, its highest since early August and a big turnaround from its 2024 low…

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2024-10-06

Jim Cramer says strong September jobs report is good for stocks

The stronger-than-expected September jobs report is good news for Main Street and Wall Street, CNBC’s Jim Cramer said Friday. Job gains of 254,000 in the month — paired with solid hourly earnings gains — suggest the U.S. economy is in a solid spot despite lingering slowdown fears, Cramer said. That kind of backdrop should lend support to corporate earnings…

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2024-10-06

Here’s where the jobs are for September 2024 — in one chart

The September jobs report was surprisingly strong, and the details show that growth came from many different areas of the economy. The biggest contributions came from leisure and hospitality, with 78,000 new positions, and health care and social assistance, at 71,700. If private education was added to the health-care group, as some economists do, that category would have been…

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2024-10-06

Job creation roared higher as payrolls surged by 254,000

The U.S. economy added far more jobs than expected in September, pointing to a vital employment picture as the unemployment rate edged lower, the Labor Department reported Friday. Nonfarm payrolls surged by 254,000 for the month, up from a revised 159,000 in August and better than the 150,000 Dow Jones consensus forecast. The unemployment rate fell to 4.1%, down…

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2024-10-05

10-year Treasury yield soars after jobs report blows past expectations

U.S. Treasury yields jumped Friday as investors digested a better-than-expected September jobs report. The 10-year Treasury yield rose around 12 basis points to 3.971%. The yield on the 2-year Treasury was 21 basis points higher at 3.924%. Yields and prices have an inverted relationship. One basis point equals 0.01%. Nonfarm payrolls grew by 254,000 in September, significantly exceeding the…

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