46 minutes ago
CNBC Pro: Global stocks are soaring. Analysts love these names – they offer upside potential of over 80%
It’s not just US stocks that have soared this year.
Some global indices have followed these gains and gone up.
Analysts are still bullish on some parts of the US market, but some expect international markets to fare better this year.
CNBC Pro searched for global names with significant upside potential after stocks in the MSCI World, the S&P 500 and the Vanguard FTSE All-World ex-US Index Fund.
The resulting stocks have buy ratings from over 65% of the analysts covering them and an average price target of at least 30%.
CNBC Pro subscribers can read more here.
– Wheat Tan
46 minutes ago
CNBC Pro: Alibaba and Beyond: Morgan Stanley names 5 global stocks with at least 50% upside potential
Morgan Stanley expects five of its top stocks in Asia to rise more than 50% over the next 12 months.
The Wall Street bank is bullish on a number of Asian stocks as the broad MSCI Asia Pacific stock index entered a new bull market, rising 25% from last October’s low.
Alibaba is the investment bank of choice in China’s internet sector.
CNBC Pro subscribers can read more about the remaining 4 stocks here.
– Ganesh Rao
Fri Jun 16, 2023 4:23 pm EDT
Stocks close lower, S&P 500 holds on to best week since March
Stocks closed lower on Friday, with the S&P 500 posting its best week since March.
The 30-stock Dow Jones Industrial Average fell 108.94 points, or 0.3%, to close at 34,299.12. The tech-heavy Nasdaq Composite slipped 0.7% to end the session at 13,689.57, while the S&P 500 fell 0.4% to close at 4,409.59. Friday’s decline in the S&P 500 and Nasdaq Composite broke their six-day winning streak.
See grafic…
S&P 500 index.
Fri Jun 16, 2023 10:11 am EDT
Inflation outlook falls sharply in key consumer survey
Consumer inflation expectations plummeted in June, bolstering the Federal Reserve’s fight against rising prices.
The closely-watched University of Michigan consumer survey showed that one-year expectations fell to 3.3%, down from 4.2% the previous month. This is the lowest level since March 2021.
The poll’s headline reading came in at 63.9, better than the Dow Jones estimate of 60.2 and higher than May’s 59.2.
-Jeff Cox
Fri Jun 16, 2023 at 9:50 am EDT
Fed Chair Barkin is comfortable with further rate hikes unless inflation improves
Richmond Federal Reserve Chairman Thomas Barkin said on Friday that he was fine with raising interest rates if inflation stopped falling further.
“I would like to reiterate that 2% inflation is our target and that I am still trying to be won over by the plausible story that slowing demand will bring inflation back towards that target relatively quickly. If the coming data doesn’t support that story, then I am.” “I’m comfortable doing more,” Barkin said in prepared remarks for a speech in Maryland.
“I’m aware that there is a risk of a deeper slowdown as a result, but the experience of the 1970s shows a clear lesson: if you cut inflation too soon, inflation will come back stronger and require the Fed to do even more ,” he added. “It’s not a risk I want to take.”
Barkin is a non-voting member this year on the Federal Open Market Committee, which sets interest rates.
– Jeff Cox
Fri Jun 16, 2023 7:47 am EDT
The Fed’s Waller says the inflation battle will continue
Federal Reserve Governor Christopher Waller vowed on Friday that the central bank would not back down in its efforts to bring down inflation.
“The Fed’s job is to use monetary policy to fulfill its dual mandate, and right now that means raising rates to fight inflation,” Waller said in prepared remarks for a speech in Oslo, Norway .
Addressing the banking crisis in March, he dismissed the notion that the Fed’s aggressive rate hikes were a cause.
“It’s the job of bank bosses to manage interest rate risk, and almost all bank bosses have done just that. I am not in favor of changing monetary policy stance because of fears that some banks’ management is inefficient,” he said.
– Jeff Cox
Fri Jun 16, 2023 4:19 am EDT
Two-year Treasury yields rise as investors assess interest rate outlook
US Treasury yields rose on Friday as investors pondered the future path of interest rates and awaited comment from Federal Reserve officials for details on possible further rate hikes. In a forecast released alongside the central bank’s decision to keep interest rates on hold earlier this week, it had hinted that interest rates could rise further this year.
At 4:16 am ET, the 10-year Treasury bond was trading over two basis points higher at 3.7516%. The two-year government bond yield rose more than four basis points to 4.6948%.
— Sophie Kiderlin