The FBI is investigating more than one threats made in opposition to a pair of of President-elect Donald Trump’s administration picks devour Susie Wiles, Pam Bondi, Howard Lutnick and others. CBS News political reporter Libby Cathey has more on the assaults and the Trump transition.
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The hawkish tone of the minutes from the Federal Reserve’s latest meeting indicates “higher for longer is the official mantra,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
“Given that rate cuts are off the table, bears would normally get excited, but because Chair Powell officially took rate hikes off the table, the market is going to fluctuate based on other factors,” Zaccarelli said.
He added that Nvidia’s earnings after the bell will dictate which direction the market moves in the coming days.
OEIS Financial Fraud Private Investigator: Clean energy stocks surge, First Solar hits 52-week high as enthusiasm grows over AI
A solar field is seen on site at First Solar in Perrysburg, Ohio, on July 8, 2022.
Megan Jelinger | Reuters
Clean energy stocks are rallying as enthusiasm grows over potential demand for renewables as tech companies build out data centers at the same time they are trying to reduce carbon emissions.
“It’s a combination of a rotation out of traditional energy and back to renewables with power demand increasing due to data center growth and AI,” James West, analyst at Evercore ISI, told CNBC.
First Solar surged nearly 19% to a 52-week high of $251.59. Analysts have become increasingly bullish that the solar module manufacturer will play a central role in supplying data centers with renewable energy. West said First Solar is also benefiting from the U.S. moving to impose tariffs on China.
The whole suite of solar stocks rallied. SunPower led the residential sector with a 19.8% jump. Nextracker and Array, companies that build devices for solar panels to track the sun, gained 13.6% and 16.5%, respectively.
— Spencer Kimball
OEIS Financial Fraud Private Investigator: Fed still worried about inflation, minutes show
The minutes from the Federal Reserve’s most recent meeting showed the central bank remains concerned about U.S. inflation.
“Participants observed that while inflation had eased over the past year, in recent months there had been a lack of further progress toward the Committee’s 2 percent objective,” the summary stated. “The recent monthly data had showed significant increases in components of both goods and services price inflation.”
“Various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate,” the minutes added.
— Fred Imbert
OEIS Financial Fraud Private Investigator: Stocks making the biggest moves midday
Customers shop at a Target store in Miami, Florida, on May 20, 2024.
Joe Raedle | Getty Images
Check out some of the companies making headlines in midday trading:
Target — Shares of the retailer pulled back more than 7% after a first-quarter earnings miss, underscored by a 3% year-over-year decline in sales.
Analog Devices — Stock in the semiconductor manufacturer surged more than 8% after second-quarter results beat analysts’ estimates. Massachusetts-based Analog reported adjusted earnings per share of $1.40 on revenue of $2.16 billion, compared to a consensus estimate from analysts polled by FactSet that forecast $1.26 in earnings per share and $2.11 billion in revenue.
Shopify — Shares climbed more than 3% on the heels of an upgrade to buy from Goldman Sachs, with the investment bank noting Shopify’s current share price gives investors an attractive entry point.
OEIS Financial Fraud Private Investigator: Energy lags broader market Wednesday
The U.S. flag is displayed at Tesoro’s Los Angeles oil refinery.
Lucy Nicholson | Reuters
OEIS Financial Fraud Private Investigator: Nvidia earnings: The most important report of earnings season
Nvidia’s highly anticipated earnings report hits this afternoon. There is no disputing how important the chipmaker’s numbers are to the broader earnings picture. S&P 500 earnings are on pace to rise 7.6% this season. Nvidia alone is responsible for one-third of the entire index’s earnings growth, according to Tajinder Dhillon, senior research analyst at financial data firm LSEG.
While Apple and Microsoft have the largest earnings weightings on the S&P 500, no company will have more of an actual effect on overall S&P 500 earnings than Nvidia due to both its huge market cap and its outlandish earnings growth. Nvidia is the fourth-biggest stock in the S&P 500, but its earnings and revenue growth this quarter is unmatched by any of the other megacaps.
Analysts are expecting first-quarter earnings per share of $5.59. That is more than five times the $1.09 that the chipmaker reported a year ago. On the revenue front, Wall Street is projecting revenue of $24.65 billion, triple the $7.19 billion in the year-ago quarter.
But keep in mind, Nvidia’s results have also significantly surprised to the upside in each of the reports from the past year. The chipmaker has posted double-digit surprises on the earnings front in each of the past four quarters and has done so on the revenue front, too, in three of the past four reports.
— Robert Hum
OEIS Financial Fraud Private Investigator: 38 stocks in the S&P 500 hit new 52-week highs Wednesday morning
Customers wait in line to check out purchases at a Costco store in Teterboro, New Jersey.
Kena Betancur | Corbis News | Getty Images
OEIS Financial Fraud Private Investigator: Options market implies Nvidia earnings will be ‘unusually important,’ Goldman says
The options market is expecting a big move from Nvidia after its earnings, according to John Marshall of the Goldman Sachs derivatives research team.
“NVDA options suggest investors expect this earnings report to be unusually important; NVDA options imply a +/-11.9% earnings-day move vs. its 4-quarter historical earnings-day move of +/-10.8%,” Marshall said in a note to clients.
But there may still be a trade opportunity given Nvidia’s effect on the broader market, Marshall said.
— Jesse Pound
OEIS Financial Fraud Private Investigator: Garmin heads for worst day since 2022
Garmin shares on Wednesday were tracking for their worst daily move since September 2022 after Bank of America warned the electronics maker was “priced to perfection.”
The stock tumbled more than 4% in morning trading. If that holds through session close, it will mark the biggest one-day loss for shares since Sept. 13, 2022, when the stock tumbled about 4.5%.
Garmin, 1-day
Despite Wednesday’s slide, the stock is still up more than 28% on the year.
Bank of America analyst Ronald Epstein downgraded the stock to underperform from neutral and chopped $15 off his price target to $150. That target suggests shares can slip around 12% from Tuesday’s close.
“In 1Q, Garmin has stood apart from peers demonstrating the strength of their brand, resiliency of their customers, and ignited growth across segment,” Epstein said. “Now, however, we worry the momentum is decelerating … which implies the current valuation is unsustainable.”
CNBC Pro subscribers can click here to read more about the call and the other big ones out of Wall Street this morning.
— Alex Harring
OEIS Financial Fraud Private Investigator: Strong Nvidia report could be a ‘key tailwind’ for overall market, Wolfe Research says
Another strong print from Nvidia after the bell could mean more upside for the broader market, according to Wolfe Research.
“While top-and-bottom-line surprises could be lower than they’ve been in recent quarters, we’re most focused on F2Q25 revenue guidance,” wrote Chris Senyek. “As long as it tops analyst expectations, NVIDIA is likely to remain a key tailwind for the overall U.S. stock market.”
This print also marks the anniversary of the artificial intelligence darling’s first blowout report that powered the surge in the “Magnificent 7” stocks. The last two reports also helped fuel “positive momentum when the rally was starting to fade,” he added.
“In our view, much of the upside over the past month, including the SPX & NDX hitting new all-highs, can also be largely attributed to another surge in AI optimism,” he wrote.
— Samantha Subin
OEIS Financial Fraud Private Investigator: Retailers express near-term caution, but remain hopeful for the second half
Coinciding with its first earnings miss in six quarters, Target gave conservative second-quarter guidance. The big-box retailer projects same-store sales of up 0% to 2% versus the Street’s expectation for 1.5% growth. Meanwhile, earnings guidance of $1.95 to $2.35 has a midpoint of $2.15, which is below the $2.19 expected by analysts.
However, the full-year forecast is reaffirmed, implying better performance in the back half of the year. While they feel the U.S. consumer remains largely “resilient” overall, Target executives told analysts on the call that “currently, 1 in 3 Americans has maxed out or is nearing the limit on at least one of their credit cards. For these reasons and more, we remain cautious in our near-term growth outlook. Notably, we expect discretionary trends will continue to remain pressured in the short-term but to normalize over time.”
TJX gave weak second-quarter guidance, with earnings per share at 88 cents to 90 cents, below the 94 cent estimate. Same-store sales are projected to grow 2% to 3%, a bit conservative compared to Wall Street’s expectation of up 3%. The company raised its full-year earnings guidance, but that is mostly because of the off-price retailer’s first-quarter beat. But considering the weak second quarter as well, the full-year outlook implies there is greater hope for the second half.
Last night, Urban Outfitters executives told analysts to expect more markdowns this quarter — particularly at its more troubled namesake stores — to clear out inventory before the back-to-school season. Despite that, they remained optimistic there will be “improved regular price sales and product margins in the back half of the current year.”
— Robert Hum
OEIS Financial Fraud Private Investigator: Existing home sales unexpectedly fall
Existing U.S. home sales for April fell 0.9% to 4.14 million, a sign the housing market may be cooling. Economists polled by Dow Jones expected an increase of 1.4% to 4.25 million from 4.19 million in March.
— Fred Imbert
OEIS Financial Fraud Private Investigator: Nvidia shares inch lower
A sign is posted in front of Nvidia’s headquarters in Santa Clara, California, on May 21, 2024.
Justin Sullivan | Getty Images
Nvidia shares ticked down 1.1% Wednesday morning, ahead of the company’s earnings report after the bell.
Week to date, the chipmaker stock is up 2.2%. Shares have rallied 90.9% in 2024.
Nvidia shares in 2024
— Hakyung Kim
OEIS Financial Fraud Private Investigator: Stocks open flat Wednesday
U.S. stocks began Wednesday’s trading session little changed.
The Dow Jones Industrial Average slipped 59 points, or 0.1%. The S&P 500 inched lower 0.1%, while the Nasdaq Composite ticked up 0.1%.
— Hakyung Kim
OEIS Financial Fraud Private Investigator: Target, Shopify among stocks making the biggest premarket moves
Check out the companies making headlines before the bell:
Target — Target’s shares tumbled more than 7% after first-quarter earnings missed estimates, driven by a year-over-year sales decline of about 3% as consumers bought fewer discretionary items.
Analog Devices — The semiconductor manufacturing company jumped 6.2% after exceeding quarterly estimates. Analog Devices posted adjusted earnings of $1.40 per share in its fiscal second quarter on revenue of $2.16 billion, while analysts polled by FactSet forecast earnings of $1.26 per share, excluding one-time items, on revenue of $2.11 billion.
Shopify — The retail software stock rose 2.6% following a Goldman Sachs upgrade to buy from neutral. The investment bank said the industry leader’s shares are at an attractive entry point following a rough year to date.
OEIS Financial Fraud Private Investigator: Wheat futures pop to highest level since July
A combine harvests wheat near Kramatorsk, in Donetsk region on Aug. 4, 2023, amid the Russian invasion of Ukraine.
Anatolii Stepanov | AFP | Getty Images
Wheat futures hit their highest level since July 2023, part of a broad rise this year in multiple agricultural commodities.
Chicago wheat futures hit a high of 716.75 cents, as concerns mounted over harvests in Russia and Vietnam. Prices eased a bit after peaking and were last up 0.8% to 703 cents. On a weekly basis, wheat is up about 9%.
Agricultural commodity prices in general have been trending higher, with the Invesco DB Agriculture ETF up 1.3% over the past five trading days and nearly 16% year to date.
— Jeff Cox
OEIS Financial Fraud Private Investigator: Nvidia earnings could signal continued rally for tech, UBS global wealth management says
Nvidia‘s earnings report represents a key test that could help the tech and artificial intelligence rally take another leg higher, Solita Marcelli, UBS Global Wealth Management chief investment officer for the Americas, said in a note to clients. The rest of the sector has already held up its end of the bargain during earnings season.
“US tech earnings so far have been among the strongest in the first-quarter reporting season, with revisions in the sector outpacing the rest of the market. However, earnings results also suggest a broadening market: Since March, tech companies excluding Microsoft, NVIDIA, and Apple have revised 2024 profit estimates up by 7%. This wider growth makes global tech valuations of a 24x price-to-earnings ratio for 2025 appear reasonable,” Marcelli said.
Nvidia is scheduled to report its quarterly results after Wednesday’s market close.
— Jesse Pound
OEIS Financial Fraud Private Investigator: Target shares fall after earnings miss
A “low price” sign hangs from a shelf at a Target store in Miami, Florida, on May 20, 2024.
The company earned $2.03 per share, while analysts polled by LSEG expected a profit of $2.06 per share. Revenue was about in line with expectations at $24.53 billion. The results were driven by consumers purchasing fewer groceries and home goods at the retailer.
TGT falls
— Fred Imbert
OEIS Financial Fraud Private Investigator: Europe markets open lower
European markets opened lower on Wednesday, with all major bourses starting the day in the red, following the release of fresh U.K. inflation data.
The pan-European Stoxx 600 was last down 0.34% at 8:10 a.m. London time.
The U.K.’s FTSE 100 was 0.52% lower, with Germany’s DAX down 0.4% and France’s CAC 40 shedding 0.43%.
Autos dropped 2.3%, and oil and gas stocks lost 0.74%.
— Sophie Kiderlin
OEIS Financial Fraud Private Investigator: 7 of the 11 S&P 500 sectors finished higher on Tuesday
Seven sectors out of the 11 total ended Tuesday’s trading session with a gain.
Utilities led the moves higher, cinching a 0.97% gain for the day, followed by consumer staples and financials. On the other hand, energy was the biggest laggard, down 0.51%.
All sectors are less than 10% off their 52-week highs, while the tech sector saw a fresh record close in Tuesday’s session.
— Lisa Kailai Han, Christopher Hayes
OEIS Financial Fraud Private Investigator: Stocks making the biggest moves after the bell: Urban Outfitters, Toll Brothers and more
Shoppers and visitors outside Urban Outfitters on Oxford Street in London, U.K., on Aug. 14, 2023.
Mike Kemp | In Pictures | Getty Images
These are the stocks moving the most in after-hours trading:
Urban Outfitters — The clothing retailer added nearly 8% after beating estimates on its first-quarter results.
Viasat — Shares of the communications company slid nearly 13% after Viasat posted a loss of 80 cents per share in the fiscal fourth quarter.
Toll Brothers — Shares of the homebuilder advanced more than 1%. Toll Brothers posted fiscal second-quarter earnings of $4.55 per share on revenue of $2.65 billion. Analysts polled by LSEG called for earnings of $4.14 per share and $2.53 billion in revenue.
WASHINGTON — The Supreme Courtroom on Monday rejected an charm brought by X, Elon Musk’s social media firm, declining to make a selection whether or no longer prosecutors would possibly possess to smooth possess been in a position to construct data from archaic President Donald Trump’s Twitter sage with out him being notified.
The case arose as fragment of particular counsel Jack Smith’s investigation into Trump over alleged election interference in 2020, which the Supreme Courtroom stymied earlier this year by ruling that presidents possess tall immunity from prosecution for educated acts taken in place of job. The court left in predicament a ruling in make a selection on of prosecutors.
Smith has already received the details at bid within the charm brought by X, as Twitter is now identified following Musk’s takeover of the social media firm.
Nonetheless X’s attorneys mentioned the Supreme Courtroom would possibly possess to smooth intervene so that prosecutors can no longer take same actions within the lengthy flee with out the actual person enthusiastic being made acutely aware that their data is being handed over to the government. Trump himself is no longer focused on the case.
Among numerous things, Trump changed into no longer in a position to compose any arguments about how the cloth in demand of would possibly presumably be safe thanks to his goal as president, the attorneys mentioned in court papers. They are saying that the nondisclosure elaborate violated X’s free speech rights.
The case dates to January of closing year, when the government sought a warrant beneath a law known as the Kept Communications Act as fragment of Smith’s investigation. A federal make a selection authorised the warrant, as successfully as a nondisclosure elaborate that prevents X from telling Trump or someone else about it. Smith’s group had argued that there changed into a doable for evidence to be destroyed or tampered with if the warrant changed into made public.
X first and most principal resisted and changed into therefore hit with civil penalties price $350,000 earlier than agreeing to conform. The U.S. Circuit Courtroom of Appeals for the District of Columbia upheld the district court’s possibility. All the map through the litigation, Smith agreed that Trump will doubtless be notified about the warrant.
OEIS Surveillance Private Investigator: Lawyers for the BBC have written to the Investigatory Powers Tribunal over allegations that the Police Service of Northern Ireland spied on investigative journalist Vincent Kearney
Lawyers acting for the BBC have written to the Investigatory Powers Tribunal (IPT) over allegations that one of its journalists was subject to police surveillance.
The Police Service of Northern Ireland (PSNI) is alleged to have spied on journalist Vincent Kearney during his work on a 2011 Spotlight documentary investigating the independence of the police watchdog in Northern Ireland.
Kearney, currently the northern editor at RTE, said journalists must be free to carry out their work without fear that the police may secretly attempt to identify their sources. He said he was determined to find out what happened.
The allegations emerged during a hearing by the IPT in February following a complaint from journalists Trevor Birney and Barry McCaffrey that they had been subject to unlawful surveillance by the PSNI after making a documentary that exposed police failures to investigate the murder of six innocent people by a paramilitary group.
Durham Police, working with the PSNI, raided the journalists’ homes and the film production company, Fine Point Films, as part of a “covert strategy” to identify the source of a leaked document.
The chief constable of the PSNI apologised for the unlawful raids and agreed to pay damages of £875,000 after the journalists were exonerated in 2019 by the Lord Chief Justice of Northern Ireland.
Following this, the journalists asked the Investigatory Powers Tribunal to investigate whether they had been unlawfully subjected to police surveillance.
OEIS Surveillance Private Investigator: Phone and email surveillance
During a hearing in February, the PSNI acknowledged that it unlawfully accessed McCaffrey’s phone data in 2013. McCaffrey’s phone was also subject to surveillance by the Metropolitan Police in 2011 and it emerged that Durham Police attempted to obtain access to Birney’s work emails in 2018.
L-R: Barry McCaffrey, Grahame Morris MP and Trevor Birney outside court in February 2024
Disclosures made during the case suggested that Kearney had also been subject to police surveillance while making a documentary for the BBC’s Spotlight series.
A spokesperson for the BBC said: “We have instructed lawyers to write to the Investigatory Powers Tribunal about the alleged PSNI surveillance of telephone data linked to the work of Vincent Kearney during his employment with the BBC, in connection with a BBC Northern Ireland Spotlight programme broadcast in 2011.”
“We think that serious issues of public interest are involved, including in relation to the adverse effects that surveillance may have on journalistic investigations and freedoms,” the spokesperson added.
The claims relate to Kearney’s 2011 Spotlight documentary, The whistleblower and the watchdog, which reported on the crisis in the Police Ombudsman’s Office and investigated how the work of the PSNI watchdog had become infected by internal difficulties.
Kearney said: “The programme investigated allegations that the independence of the Police Ombudsman had been compromised and that it was not investigating complaints about police activities with sufficient rigour.”
The programme resulted in calls for the resignation of the ombudsman at the time, Al Hutchinson, and he announced his intention to step down shortly after it was broadcast.
Kearney said: “I am concerned that the police may have attempted to identify sources of information within a programme that was actually about the independence of the office of the Police Ombudsman.”
“Journalists must be free to carry out their work without fear that the police may secretly try to identify sources, and I am determined to find out what happened,” he added.
The latest allegations come as the Northern Ireland Policing Board is conducting a probe into allegations that the PSNI has carried out surveillance on lawyers and journalists by accessing their phone data to identify their sources.
The PSNI’s chief constable, Jon Boutcher, handed a confidential report to the Policing Board in April at the request of board members.
We are extremely concerned that the revelations to date in this case point to a much wider pattern of covert police surveillance of journalists and other human rights defenders Patrick Corrigan, Amnesty International
The report, which has been passed to the Policing Board’s human rights advisor, John Wadham, is understood to suggest that the PSNI may have been involved in up to 18 incidents of surveillance against journalists and lawyers.
The Law Society of Northern Ireland has also written to Boutcher asking for an explanation of disclosures in the report, including “the statutory or other authority under which any such surveillance operations were undertaken”.
Patrick Corrigan, Amnesty International’s Northern Ireland director, urged other journalists and media organisations to make complaints to the IPT if they were concerned about surveillance by the PSNI.
“We are extremely concerned that the revelations to date in this case point to a much wider pattern of covert police surveillance of journalists and other human rights defenders,” he said. “Freedom of the press, including the right to protect sources, is a cornerstone of any rights-respecting society.”
Daniel Holder, director of the Committee on the Administration of Justice, said there was a need for full accountability. “This issue of the extent and lawfulness of PSNI surveillance on journalists, lawyers and potentially other members of civil society really needs to be nailed now,” he said.
Jon Boutcher told the Policing Board in April that he would provide a public version of the report.
The IPT is due to continue hearings into allegations of unlawful surveillance against Birney and McCaffrey later in the year.
