Latest News

See the latest news and get GPT analysis of articles

Nvidia Tumbles After Reports of Chip Delay 2024-08-05 14:32:14+00:00 - Nvidia shares tumbled more than 10 percent in early trading on Monday after reports that the company would delay shipments of its newest artificial intelligence chip, but the stock later rebounded as investors’ concerns about the costs of the delay faded. The Information, a tech news outlet, reported on Friday that Nvidia would be shipping its latest graphics processing unit, or GPU, which make it possible to create A.I. systems, three months later than planned. Nvidia said in a statement that production for the chip, which is called Blackwell, was on track for later this year and added that customer orders and interest were high. Stacy Rasgon, an analyst with Bernstein who follows Nvidia, said there was no need to panic because cloud computing companies such as Microsoft and Amazon were continuing to increase their spending on A.I. data centers. That expansion means that Nvidia chips will be in demand, he said. “Nvidia’s competitive window is so large right now that we don’t think a three-month delay will cause significant share shifts,” Mr. Rasgon said.

Newmont Stock: Stake a Claim in the World’s Largest Gold Miner 2024-08-05 14:12:00+00:00 - Newmont Today NEM Newmont $47.03 -1.48 (-3.05%) 52-Week Range $29.42 ▼ $50.72 Dividend Yield 2.13% Price Target $50.00 Add to Watchlist Newmont Co. NYSE: NEM is the world’s largest gold mining company. The company engages in the exploration, development, and production of not only gold but also copper, silvers, zinc, lead, lithium, coal, nickel, and aggregates. The company is also pursuing oil and gas development. Newmont is the world’s largest gold producer, as measured by prospects, assets, and people actively operating mines in nine countries. The diversity of its mined products allows for a cushion of safety even when gold prices sink. Newmont operates in the basic materials sector and competes with miners like Barrick Gold Co. NYSE: GOLD, Kinross Gold Co. NYSE: KGC, and Rio Tinto Group NYSE: RIO. Get Newmont alerts: Sign Up Newmont is a One-Stop Shop for Precious Metals Newmont has a diverse portfolio of assets. Its primary assets are its Tier-1 gold mines, which are considered the richest in the industry in terms of size, production costs, and reserves. The company continues to invest in exploration to discover new gold deposits and expand its resource base. The company also mines copper, silver, lead, and zinc. Rising Gold and Precious Metals Prices Mean More Profits Newmont reported the average realized gold price in Q2 2024 was $2,347 per troy ounce. Gold hit $2,486 on August 2, 2024. The company realized an average copper price of $4.47, silver of $26.20, lead at $1.05, and zinc at $1.31 in the quarter. As commodity prices rise, Newmont's realized average price rises and margins improve. However, the gains may not be fully reflected in its share price. Newmont's all-in-sustainable costs (AISC) are around $1,000 per ounce. AISC includes all costs relating to maintaining existing production levels, general and administrative costs, direct operating costs, and exploration expenses. As gold prices rise, margins continue to improve, especially since Newmont expects AISC to decline moving forward. Production is Expected to Ramp Up in the Second Half of 2024 Like Barrick Gold, Newmont experienced a production drop in Q2 2024, but rising gold and commodities prices juiced up margins. The company, like Barrick Gold, expects production to ramp up in the second half of 2024. While Barrick's production slumped due to scheduled maintenance issues, Newmont suspended operations at its Cerro Negro mine in early April 2024 due to fatalities which were further impacted by adverse weather in heavy rainfalls at its Lihir mine. Production fell to 1.68 million ounces and 477,000 gold equivalent ounces (GEOs) from silver, copper, lead, and zinc. NEM Stock is Attempting an Ascending Triangle Breakout The daily candlestick chart for NEM illustrates an ascending triangle pattern. The pattern is comprised of the flat-top upper trendline resistance at $49.60, which is the immovable object. The rising lower trendline is the unstoppable force. As the channel gets tighter as NEM moves towards the apex, shares will either break out through the upper trendline resistance or break down under the rising lower trendline. The daily relative strength index (RSI) peaked at the 70-band and has fallen to the 61-band. Pullback support levels are at $47.65, $44.77, $41.68, and $39.98. Newmont Revenues Surge 64% YoY Newmont reported Q2 2024 EPS of 72 cents, beating consensus estimates by 10 cents. Revenues surged 64.1% YoY to $4.4 billion, beating $4.13 billion consensus estimates. Gold production decreased 4% YoY to 1.68 million ounces stemming from the suspension of operations at Cerro Negro following the tragic fatalities of two workers on April 9, 2024. Operations resumed on May 24, 2024. The company expects to achieve $2 billion in gross divestiture proceeds. Newmont CEO Tim Palmer commented, "Newmont delivered a solid second quarter, producing 2.1 million gold equivalent ounces and generating $594 million in free cash flow. We continued to advance our divestiture program and, to date, have announced $527 million in proceeds this year. With this momentum, we completed $250 million in share repurchases and repaid $250 million in debt.” Newmont analyst ratings and price targets are at MarketBeat. There are 16 analyst ratings on NEM stock, comprised of two Strong Buys, eight Buys, and six Holds. The stock has a 3.07% upside to the consensus price target of $50.00 per share. Before you consider Newmont, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Newmont wasn't on the list. While Newmont currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

PulteGroup is Buying Back $1.5 Billion in Stock During a Crash 2024-08-05 14:00:00+00:00 - Most investors see the art of risk management as cutting out their positions during a market downturn, as drawdowns typically get larger and larger when the bearish momentum gets underway. However, there is another school of thought for those in the market familiar with the companies they hold, so any drawdown or market discount is seen as an opportunity rather than a risk. PulteGroup Today PHM PulteGroup $123.36 -4.31 (-3.38%) 52-Week Range $68.80 ▼ $135.62 Dividend Yield 0.65% P/E Ratio 9.88 Price Target $133.14 Add to Watchlist This is why investors should watch recent stock buyback announcements during market swings, especially to the downside. If company management (the real insiders) are allocating significant capital to buy their own stock, they fall into the latter school of thought, which commands buying more of the stock an investor is familiar with when presented with a reasonable discount. Among the many companies buying back stock, PulteGroup Inc. NYSE: PHM is a notable one for investors, especially as Warren Buffett has expressed his interest in the home-building industry since 2023. Today’s indicators suggest that Oracle has been right again. Still, they also indicate additional upside to be had despite the bearish sentiment from some Wall Street analysts. Get Zillow Group alerts: Sign Up PulteGroup Stock Set to Soar with the New Real Estate Cycle While today's real estate sector doesn't look that bullish to many, with United States building permits seeing a 7% contraction on the year and a 3.5% decline on the month. Adding to the downturn is the lowest mortgage market index since 1996 approximately. However, this also means that the bottom could be in soon for the industry, and markets have given investors enough evidence of this being a fact. The Vanguard Real Estate ETF NYSEARCA: VNQ is now trading near a new 52-week high today, showing bullish price action to be the first forward-looking indicator for better sentiment ahead. Pushing this sentiment higher is the current housing shortage across the United States, which, according to this report from Zillow Group Inc. NASDAQ: Z, suggests that the nation is short about 4.5 million homes. This shortage calls for new inventory to be offered into the market quickly. This would also help the Federal Reserve's agenda to lower inflation, as rent inflation is now the main concern for consumers. More inventory could lead to lower prices. This is where PulteGroup comes into play. Wall Street's Take on PulteGroup Stock Today Recently, analysts at Citigroup quoted a bearish outlook for homebuilding stocks like PulteGroup and D.R. Horton Inc. NYSE: DHI, citing a sluggish housing market. These views might have been wrong, as most go against Warren Buffett’s portfolio. PulteGroup MarketRank™ Stock Analysis Overall MarketRank™ 4.25 out of 5 Analyst Rating Moderate Buy Upside/Downside 7.8% Upside Short Interest Healthy Dividend Strength Weak Sustainability -3.10 News Sentiment 0.73 Insider Trading N/A Projected Earnings Growth 5.37% See Full Details Today, others on Wall Street have reiterated the reality that lies ahead for PulteGroup. J.P. Morgan Chase slapped a price target of $152 a share for the homebuilding stock, daring it to rally by as much as 19% from where it trades today. This price target would not only be a double-digit upside opportunity but also a new all-time high for the company’s price. Accepting the bullish evidence surrounding PulteGroup stock, up to $2.2 billion of institutional capital made its way into the company over the past 12 months. Among these buyers, Raymond James & Associates saw fit to boost their stake in PulteGroup stock by 7.6% as of July 2024, bringing their net investment up to $35.9 million today. Investors need more than just technical factors to justify potential additions to their watchlists. Here is some fundamental evidence to support the decision. Strong Quarterly Results Justify Buybacks for PulteGroup Stock Looking into recent financial momentum, investors can find additional bullish evidence inside PulteGroup’s second quarter 2024 earnings press release. Leading the announcement with a 19% jump in earnings per share (EPS) to $3.83 places today’s Wall Street forecasts on the conservative end of the spectrum. Expecting only 5.4% EPS growth for the next 12 months is significantly below the company’s historical performance. Besides, PulteGroup still has a backlog of up to 12,982 homes to be built, with a value of over $8.1 billion, which will eventually translate into revenue and earnings. All told, management is now confident that the stock could reach a new high, which is why they are allocating up to $1.5 billion into a new share buyback program, especially during a time when the S&P 500 is down over 3% in one week, and weakening economic data from the ISM manufacturing PMI index is scaring off some from the stock market. PulteGroup, Inc. (PHM) Price Chart for Monday, August, 5, 2024 Before you consider Zillow Group, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Zillow Group wasn't on the list. While Zillow Group currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here

Warning signs of US recession may be bad news for Kamala Harris 2024-08-05 13:30:00+00:00 - Donald Trump’s message to US voters has been consistent as he seeks to win a second term in the White House: the economy under Joe Biden has been a disaster. Until recently the hard data has not supported Trump’s argument. The US has been comfortably the fastest-growing of the G7 leading industrial nations since the Covid pandemic. Unemployment has been low by historic standards. America’s self-sufficiency in energy meant it suffered a less severe inflation shock than Europe after Russia’s invasion of Ukraine. Yet the former US president now has some evidence to back up his case. The latest set of US jobs figures, released last week, showed the labour market cooling fast. Payroll growth in July slowed to 114,000 – about half the average of 215,000 in the previous 12 months and well below economists’ expectations. The unemployment rate rose from 4.1% to 4.3%. That set alarm bells ringing. Financial markets have been betting heavily on the US economy being able to shrug off the impact of higher interest rates. The latest GDP figures – showing annual growth of close to 3% – supported that view. But the cracks in the labour market prompted fears that the economy might now be heading for a hard landing. The 12% drop in Japan’s Nikkei index was in large part driven by concerns that the world’s biggest economy might be cooling fast. The Federal Reserve has a rule of thumb measure – known as the Sahm rule – for gauging whether the US economy is in recession. Named after the economist Claudia Sahm, this states that when the three-month moving average of the US unemployment rate is 0.5 percentage points or more above its low over the prior 12 months, the economy is in the early months of recession. Last week’s jobless report from the Bureau of Labour Statistics showed the Sahm rule was on the brink of being triggered. As the consultancy Capital Economics pointed out, the rule will be met next month unless the unemployment rate falls back. Historically, the Sahm rule has been a good predictor of looming US recessions, and it has been quoted widely in recent days by those arguing that the Federal Reserve has left it too long to cut interest rates. There has been speculation that, having fallen “behind the curve”, the Fed may not even wait until its next scheduled meeting next month, and may announce an emergency cut in the coming days. Some economists warn against putting too much store by the Sahm rule. Dhaval Joshi, an analyst at BCA Research, said: “A decoupling between robust growth in the economy and steadily rising unemployment is unprecedented in our lifetimes. Through the past 60 years, whenever the US unemployment rate has increased by 0.5% in a year, taking it to the cusp of recession, GDP growth has also been on the cusp of recession. That is, until now.” Joshi said unemployment was rising not because of widespread layoffs but because labour supply had been increasing faster than labour demand. The stock market looked more vulnerable to a recession than the real economy. Tech stocks, in particular those exposed to the artificial intelligence boom, have been among the heaviest fallers. “Right now, if we should fear a US recession, the question is: a recession in what? As in 2000-01, the biggest risk is a severe recession in the frothy parts of the stock market,” said Joshi. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion But it is not just rising unemployment. There are other warning signs for Kamala Harris as she seeks to fend off Trump’s attacks on the current administration’s economic record. The performance of the delivery company UPS is often seen as a gauge of how well the US economy is doing. Last month it failed to meet analysts’ estimates and pared back its growth forecasts for the rest of 2024. With the presidential election only three months away, the economy is not about to plunge into immediate recession. But signs that households are reining in their spending is bad news for the Democrat presidential hopeful.

Exclusive-Snickers maker Mars explores acquisition of Kellanova, sources say 2024-08-05 06:29:00+00:00 - By Anirban Sen (Reuters) -Family-owned packaged food giant Mars, whose candy brands include M&M's and Snickers, is exploring a potential acquisition of Kellanova, maker of snacks such as Cheez-It and Pringles, according to people familiar with the matter. A deal would be one of the biggest ever in the packaged food sector, given Kellanova's market value of about $27 billion including debt, and test the appetite of regulators to allow consolidation in the sector. Shares of Kellanova are up about 20% since it split from WK Kellogg Co last October, but are still trading at a discount to some of its peers, such as Hershey and Mondelez International, making it a potential acquisition target. There is no certainty that Kellanova will pursue a deal with Mars, the sources said. Another suitor could also approach Kellanova, and it's possible that no deal with any party is reached, the sources added, requesting anonymity because the matter is confidential. Kellanova declined to comment, while spokespeople for Mars did not immediately respond to requests for comment. Dealmaking in the packaged food sector has been robust as companies seek scale to weather the impact of price inflation and weight-loss drugs weighing on demand. Last year, J.M. Smucker acquired Twinkies maker Hostess Brands for $5.6 billion, in a deal that united two major American snack makers. But many of the deals have been smaller than the mega merger between Heinz and Kraft clinched almost a decade ago, as U.S. antitrust regulators have become more concerned about such transactions leading to higher prices and fewer choices for consumers. Food prices have risen 25% between 2019 and 2023, faster than other consumer goods and services, according to recent statistics from U.S. Department of Agriculture. The Federal Trade Commission and the state of Colorado have sued to block grocery store operator Kroger's $25 billion proposed acquisition of Albertsons, citing concerns the deal would hike prices for millions of Americans. A deal for Kellanova would be the biggest ever for Mars, dwarfing its $9.1 billion takeover of veterinary hospital operator VCA in 2017. The McLean, Virginia-based company has been seeking to diversify its business through acquisitions. It is owned by its founder Frank C. Mars’ descendants and generates about $47 billion in annual sales. It operates under three divisions; Mars Petcare, Mars Snacking, and Mars Food & Nutrition. Kellanova makes its products in 21 countries and markets them in more than 180 countries. Its separation from WK Kellogg last year left Kellanova with snacks, such as Pop-Tarts and Rice Krispies Treats, frozen breakfast foods, such as Morningstar Farms and Eggo, and an international cereal division. Story continues WK Kellogg, which has a market value of $1.5 billion, kept the cereal business in North America, including Kellogg's, Froot Loops, Frosted Flakes and Rice Krispies cereals, under a licensing agreement it inked with Kellanova. Reuters reported in May that investment firm TOMS Capital Investment Management had taken a stake in Kellanova and was discussing with the company how it can improve shareholder returns. The details of the discussions between TOMS and Kellanova could not be learned. (Reporting by Anirban Sen in New York; Additional reporting by Abigail Summerville in New York; Editing by Diane Craft and Daniel Wallis)

Berkshire Hathaway's Massive $277M Cash Hoard Rekindles Tesla Investment Chatter: Fund Manager Says 'Two Worlds Seldom Collide' 2024-08-05 04:00:00+00:00 - Berkshire Hathaway's Massive $277M Cash Hoard Rekindles Tesla Investment Chatter: Fund Manager Says 'Two Worlds Seldom Collide' Warren Buffett-led Berkshire Hathaway, Inc.‘s (NYSE:BRK) (NYSE:BRK) second-quarter 10-Q report filed with the SEC showed that the investment holding company’s cash position swelled to $277 million. The cash buildup sent social media into a tizzy, with some Tesla, Inc. (NASDAQ:TSLA) fans fervently hoping that the investment guru would divert some of it into the electric-vehicle maker’s stock. What Happened: “Buffett is a value investor. $TSLA is a growth stock,” said The Future Fund LLC Managing Partner Gary Black in a post on X. Black, who is a Tesla bull, was referring to Buffett’s investment rationale of picking up quality stocks trading at bargains, which is the premise behind value investing. Don’t Miss: Growth stocks, on the other hand, are expected to generate above-market returns and these stocks trade at elevated price-earnings multiples. Their high valuations are justified only by the returns they can generate in the future. Despite Tesla stock’s secular decline seen since late 2022, it still trades at an elevated forward P/E multiple of 84.75, according to the Yahoo Finance database. Source: Benzinga Pro data See Also: America's construction sites are desperate for Robots — here’s how to invest in a house-printing startup who’s making them and be a part of a $16 trillion industry. Never The Twain Shall Meet: “The two worlds seldom collide,” said Black in the post, referring to Buffett’s ideology and Tesla’s stock characteristic. Clarifying further, the fund manager said Buffett first bought Apple, Inc. (NASDAQ:AAPL) stock when it traded at less than 12 times earnings and BYD Co. Ltd (OTC:BYDDY) (OTC:BYDDY) stock when it was trading at less than 10 times earnings. Tesla “isn’t his type [of] stock,” said Black. Incidentally, Tesla CEO Elon Musk has in the past resented that Buffett and his trusted late lieutenant Charlie Munger had overlooked Tesla as an investment option. Musk has mentioned an unsuccessful meeting with Munger in 2009 regarding a potential Tesla investment. Every time Berkshire’s massive cash position is being discussed on social media, the world’s richest man has indirectly nudged Buffett to take a stake in Tesla. Buffett, while giving Tesla a snub, has admired Musk. “Elon is a brilliant, brilliant guy and I would say that he might score over a 100%,” Buffett said at one Berkshire shareholder meeting. “He dreams about things and his dream have got a foundation.” Story continues Tesla ended Friday’s session down 4.24% at $207.67, according to Benzinga Pro data. Read Next: "ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now! Get the latest stock analysis from Benzinga? This article Berkshire Hathaway's Massive $277M Cash Hoard Rekindles Tesla Investment Chatter: Fund Manager Says 'Two Worlds Seldom Collide' originally appeared on Benzinga.com © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

2 Artificial Intelligence Stocks I'm Buying On the Dip 2024-08-05 04:00:00+00:00 - The artificial intelligence (AI) revolution has hit a speed bump. On June 25, 2024, Goldman Sachs released a thought-provoking research report titled "Gen AI: Too Much Spend, Too Little Benefit?" This analysis sent ripples through the tech sector, causing many AI-centric stocks to stumble. Goldman's report paints a sobering picture of AI's near-term economic impact. It suggests that building out AI infrastructure could cost a staggering $1 trillion. More concerningly, the report argues that AI's cost-saving potential may not justify this enormous price tag. It also raises concerns about looming energy constraints potentially limiting AI's ability to boost top-line growth outside the chipmaking industry. Image source: Getty Images. Investors, already jittery from a slowing economy and geopolitical tensions, seemed to take these arguments to heart. The result? A significant pullback in many of the market's most prominent AI players. A buying opportunity While Goldman's analysis raises valid points, I believe it may be overly focused on short-term hurdles. AI isn't going to revolutionize the world overnight, but its transformative potential is undeniable. We're witnessing the early stages of a technological shift that will reshape industries, boost productivity, and create entirely new business models. Consider this: AI is currently in its infancy. The advances we'll see in the next two to three years will likely make today's AI look primitive by comparison. I'm convinced we're on the cusp of seeing the emergence of true "killer apps" -- AI-powered innovations that drive widespread adoption and showcase the technology's game-changing capabilities. Moreover, once AI becomes deeply integrated into popular ecosystems like Apple's, we'll likely see a quantum leap in public awareness and appreciation of AI's potential. This near-term event could trigger a new wave of investment and innovation across the tech sector. With this long-term perspective in mind, I see the current dip in AI stocks as a compelling buying opportunity for patient investors. Two companies in particular stand out as attractive options for investors looking to capitalize on the AI revolution: Nvidia (NASDAQ: NVDA) and Amazon (NASDAQ: AMZN). Here's why. Nvidia: The AI Powerhouse Nvidia, the chipmaker at the heart of the AI boom, has seen its share price drop by nearly 15% since Goldman's report. This double-digit pullback presents an intriguing entry point for a company that's absolutely dominating the AI chip market. Nvidia's graphics processing units (GPUs) have become the de facto standard for AI processing, powering everything from autonomous vehicles to large language models. The company's recent financial results underscore this fact. In fiscal 2024, Nvidia reported a staggering 126% year-over-year jump in revenue and an equally impressive gross margin of 73%. What excites me most about Nvidia, though, is its relentless innovation. Its next AI GPU, Blackwell, showcases the company's commitment to pushing the boundaries of this game-changing tech. Given its outsize market share and focus on innovation, Nvidia is in a prime position to benefit from an AI-powered future. Amazon: AI woven into its DNA E-commerce and cloud computing giant Amazon has also felt the impact of Goldman's report, with its stock shedding 10% of its value. However, I see this as a chance to invest in a company that's integrating AI across its vast business empire. Amazon's AI strategy is multifaceted. In e-commerce, AI powers everything from product recommendations to inventory management and logistics optimization. Amazon Web Services (AWS) offers a comprehensive suite of AI and machine learning tools, enabling businesses of all sizes to harness the power of AI. While Amazon's recent growth hasn't been as explosive as Nvidia's, it's still noteworthy. Wall Street is expecting a 22% rise in sales over the course of 2024 and 2025 for the e-commerce titan. Consistent double-digit revenue growth is an impressive achievement, especially for a megacap company like Amazon. The bottom line is that Amazon's massive data resources and cloud infrastructure give it a significant edge in developing and deploying AI solutions at scale. Playing the long game The current market skepticism around AI, as reflected in Goldman's report, may be overlooking the technology's long-term transformative potential. Both Nvidia and Amazon are exceptionally well positioned to benefit from the ongoing AI revolution, regardless of short-term cost concerns or economic headwinds. Nvidia's innovation engine and market dominance in AI chips make it a cornerstone of the AI ecosystem. Amazon's diverse AI strategy, spanning e-commerce, cloud services, and consumer devices, provides multiple avenues for growth and value creation. So, despite the ongoing volatility in these names, I plan to start buying them aggressively over the next two years. However, if you want exposure to this theme without buying individual stocks, there are several exchange-traded funds (ETFs) available that focus on AI and machine learning. Most of these ETFs own a significant number of Nvidia and Amazon shares. Should you invest $1,000 in Nvidia right now? Before you buy stock in Nvidia, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $657,306!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of July 29, 2024 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. George Budwell has positions in Apple. The Motley Fool has positions in and recommends Amazon, Apple, Goldman Sachs Group, and Nvidia. The Motley Fool has a disclosure policy. 2 Artificial Intelligence Stocks I'm Buying On the Dip was originally published by The Motley Fool

51 Annual Dividend Increases! Put This Stock on Your Wish List Now. 2024-08-05 03:26:00+00:00 - With 50 consecutive annual dividend increases a company earns the title Dividend King. Nucor (NYSE: NUE) has increased its dividend each year for 51 consecutive years. That alone should make this company of interest to a lot of investors, but there's one more factor that you need to understand -- Nucor operates in the highly cyclical steel industry. Here's why that's so important right now. What does Nucor do? Nucor makes steel and manufactures products from steel. It uses electric arc furnaces, which are more flexible than blast furnaces, and can be more easily ramped up and down along with demand. That has historically allowed Nucor to have attractive operating margins through the economic cycle. Image source: Getty Images. This is notable because steel is an important industrial metal. It goes into everything from massive construction projects (think buildings, roads, and bridges) to cars and appliances. When times get tight, these long-lived, and highly expensive, investments often get put off. So demand for steel tends to be very cyclical, rising and falling along with economic activity. Although Nucor's steelmaking process does allow it to weather the steel market's ups and downs relatively well, it can't avoid those ups and downs. And when a recession hits, things can get pretty ugly pretty quickly. This is why it is so impressive that Nucor has managed to earn the highly elite Dividend King title. Long-term investors can take comfort knowing that Nucor has continued to support, and grow, its dividend even when times are tough. But there's another not-so-small issue to consider here. Timing is everything with Nucor Given the company's status as a Dividend King it shouldn't be at all surprising that Nucor is a highly respected company. It is the kind of company that you buy and hold for decades, watching happily as it continues to expand its business over time. The big push right now, for example, is to increase the percentage of high-margin steel products that it sells (such as steel doors that are used in warehouses and the racks needed for data centers). This increases profitability and gives the company a way to use its own steel. And yet you probably shouldn't buy Nucor when things are going well for the steel industry. That's when the stock price is likely to be most dear and the stock least attractive. Given the economic sensitivity, you'll probably be better off putting Nucor on your wish list for a time when the steel industry is struggling. You might want to add Nucor to your wish list right now. For starters, Nucor is coming off a couple of incredibly strong years. Second, the company is again dealing with material imports that have put downward pressure on steel prices. So there's a high bar and increasing industry headwinds, which is why second-quarter 2024 earnings came in $2.68 per share, down from $3.46 in the first quarter of the year and $5.81 in the second quarter of 2023. The company said investors should expect an even lower earnings figure in the third quarter of 2024 as steel prices continue to fall. Simply put, it looks like a downturn in the steel industry could be getting underway, exacerbated by a flood of imports. NUE Chart The stock is off nearly 20% from its recent high-water mark. But that's not as deep a drawdown as it might sound, given that 40% to 60% isn't uncommon here. However, the current price decline coupled with the earnings results hints that this Dividend King could be getting to the point where a long-term investor would be interested. Now is the time to do your homework on Nucor so you'll be prepared to step in and buy it when things look the most bleak. It takes guts to buy Nucor Cyclical stocks can be tough to own because their financial performance, and often their stock prices, can swing dramatically. But that's also an opportunity if you are willing to step in and buy when others are fearful. If you focus on the industry leaders, like Dividend King Nucor, you are likely to increase your chances of long-term investment success. It looks like Nucor should be on your wish list today given its weakening results and the increasing competition in the steel industry. Do the research now so you will have the wherewithal to buy when a deep stock price decline and terrible industry fundamentals are telling your gut to stay away. Should you invest $1,000 in Nucor right now? Before you buy stock in Nucor, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nucor wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $657,306!* Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of July 29, 2024 Reuben Gregg Brewer has positions in Nucor. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. 51 Annual Dividend Increases! Put This Stock on Your Wish List Now. was originally published by The Motley Fool

Despite the stock crash, the AI-fueled bubble will soon regain momentum, economist says 2024-08-05 03:13:00+00:00 - The stock market suffered a brutal bloodbath last week as recession concerns shot up, but Capital Economics predicted the artificial intelligence boom will continue to lead the way higher. The surprisingly weak July jobs report on Friday and the sharp deterioration in the Institute for Supply Management’s manufacturing index on Thursday sank stocks. For the week, the S&P 500 lost 2.5%, the Nasdaq fell 3.6%, and the Russell 2000, which previously soared on a rotation into small caps, tumbled nearly 7%. Meanwhile, economic growth concerns have raised expectations for more aggressive easing cycle from the Federal Reserve, with Wall Street seeing rates eventually plunging by 200 basis points or more. In a note on Friday, Capital Economics senior markets economist Diana Iovanel said the stock rally should resume. "Renewed fears of a US recession have increased the chances of additional rate cuts from the Fed," she wrote. "But we don’t think that the US economy will stand in the way of an equity rally for much longer." Stock valuations are nowhere near indicating an "economic cataclysm," and credit spreads are still close to record lows, she added. Capital Economics sees the Fed cutting rates at each meeting from September until next July. Iovanel said a recession is unlikely and growth will even reaccelerate after a soft patch in the second half of this year. "So we don’t expect risk sentiment to deteriorate much further," she said. "The upshot is that we doubt the economy will stand much in the way of the AI-fueled bubble picking up steam again soon." Indeed, recent earnings reports from Microsoft, Meta and Google indicate they spent a combined $40.5 billion on the infrastructure, land, and chips that power their AI services during the second quarter. And each company indicated that those numbers will only get bigger next year. Such spending will likely end up at AI chip suppliers like Nvidia, which has seen astronomical increases in revenue and its stock price in the last few years. Others on Wall Street have called for investors not to overreact to the sudden weakening in jobs. Claudia Sahm, a former Fed economist who developed the “Sahm Rule” recession indicator, told Fortune on Friday that she’s not concerned right now that the U.S. is in a recession, pointing out that household income is still growing while consumer spending and business investment remain resilient. Still, recent trends in the labor market have looked weak at best, said Sahm, who is now chief economist at investment firm New Century Advisors. Story continues “It’s been very accurate over time, so that shouldn’t be dismissed,” she added, noting that “recessions can build slowly, and then come quickly.” This story was originally featured on Fortune.com

Elon Musk says Fed foolish not to have cut interest rates 2024-08-05 03:09:00+00:00 - (Reuters) - Billionaire Elon Musk said on Sunday the Federal Reserve needs to cut interest rates and that it was foolish for the U.S. central bank not to have done so already. Musk's comment, which was made in response to a post on the social media site X, followed a run of weak data last week that has sparked worries the Fed may have left interest rates elevated for too long, resulting in damage to the economy. Policymakers left the Fed's benchmark overnight interest rate unchanged in the 5.25%-5.50% range last week, but opened the door to a rate cut at their Sept. 17-18 meeting. Traders are betting a cut is almost certain to happen at that meeting. Fed Chair Jerome Powell said on Wednesday the central bank could cut rates next month if the U.S. economy follows its expected path, putting the central bank near the end of more than a two-year battle against inflation but square in the middle of the nation's presidential election campaign. (Reporting by Gursimran Kaur in Bengaluru; Editing by Paul Simao)

Bond Traders Bet Big on the Fed Launching Into Rescue Mode 2024-08-05 03:00:00+00:00 - (Bloomberg) -- Bond traders are piling into bets that the US economy is on the verge of slowing so quickly that the Federal Reserve will need to start easing monetary policy aggressively to head off a recession. Most Read from Bloomberg Previous worries about the risk of elevated inflation have virtually disappeared, swiftly giving way to speculation that growth will stall unless the central bank starts pulling interest rates down from a more than two-decade high. That is fueling one of the biggest bond-market rallies since fears of a banking crisis flared in March 2023. The advance has been so strong that the policy sensitive two-year Treasury yield tumbled last week by half a percentage point to less than 3.9%. It hasn’t been that far below the Fed’s benchmark rate — now around 5.3% — since the global financial crisis or the aftermath of the dot-com crash. “The market concern is that the Fed is lagging and that we are morphing from a soft landing to a hard landing,” said Tracy Chen, a portfolio manager at Brandywine Global Investment Management. “Treasuries are a good buy here because I do think the economy will continue to slow.” Bond traders have repeatedly misjudged where interest rates have been headed since the end of the pandemic, however, at times overshooting in both directions and caught off guard when the economy bucked recession calls or inflation defied expectations. At the end of 2023, bond prices also surged on conviction that the Fed was poised to start easing policy, only to give back those gains when the economy kept exhibiting surprising strength. So there’s a chance that the latest move is another such swing too far. “The market is overshooting and getting ahead of itself like we saw late last year,” said Kevin Flanagan, head of fixed income strategy at WisdomTree. “You need validation from more data.” But sentiment has shifted sharply after a string of data showed a softening job market and cooling in segments of the economy. On Friday, the Labor Department reported that employers created just 114,000 jobs in July, far short of what economists were forecasting, and the unemployment rate unexpectedly rose. After the Fed on Wednesday again held rates steady, the data fanned worries that the central bank has been too slow to react — just as it was in raising interest rates once inflation lingered well after the economy reopened from the pandemic. That’s been reinforced by the fact that central banks in Canada and Europe have already started easing policy. Story continues Fears of a slowing economy and Fed delays have contributed to a sharp selloff in US stocks last week, with sentiment further dented over the weekend after Berkshire Hathaway Inc. slashed its stake in Apple Inc. by almost 50% as part of a massive second-quarter selling spree. “There’s been an absolutely enormous move in the 2-year yield in the past 10 days or so. It’s hard to price a so-called safe-haven asset, it’s much harder to price riskier assets - stocks,” said Steve Sosnick, chief strategist at Interactive Brokers LLC. “And Warren Buffett’s decision to lighten up his Apple position doesn’t help things from a sentiment perspective.” Deeper Cuts Economists across Wall Street have started anticipating a more aggressive pace of Fed easing, with those at Citigroup Inc. and JPMorgan Chase & Co. predicting half-percentage-point moves at the September and November meetings. Futures traders are pricing in roughly the equivalent of five quarter-point cuts through the end of the year, indicating expectations for unusually large half-point moves over the course of its last three meetings. Downward moves of that scale haven’t been enacted since the pandemic or the credit crisis. The Treasury rally drove the benchmark 10-year yield — a key baseline for borrowing costs across markets — to about 3.8%, the lowest since December. The advance was supported by the slide in the stock market on the heels of some weak earnings reports from companies like Intel Corp., which announced it is cutting thousands of jobs. What Bloomberg Strategists say... “Locking in yield is clearly a priority for bond investors as more evidence of jobs deterioration means rate cuts are coming, potentially fast and furiously in the next several months. Friday’s jobs report has given bond markets pause about that framing and intensified worries the Fed is now making a policy mistake.” —Edward Harrison, strategist. Read more on MLIV Kathryn Kaminski, chief research strategist and portfolio manager at quant fund AlphaSimplex Group, said there appears to be room for bonds to continue to gain, given the downturn in the stock market and a push by investors snap up bonds before yields fall even more. She said the firm’s trend-following signals turned them bullish on bonds this month after previously being bearish. “People wanting to lock in rates creates a lot of buying pressure and there’s also risk-off going on,” said Kaminski. “The 10-year yield could go down to closer to 3% if we do get these Fed rate cuts by the end of the year.” What to Watch Economic data: Aug. 5: S&P Global US services and composite PMIs; ISM services index Aug. 6: Trade balance Aug. 7: MBA mortgage applications; consumer credit Aug. 8: Initial jobless claims; wholesale trade sales and inventories Fed calendar: Aug. 5: San Francisco Fed President Mary Daly Aug. 8: Richmond Fed President Thomas Barkin Auction calendar: Aug. 5: 13-, 26-week bills; Aug. 6: 52-week bills; 42-day CMB; three-year notes Aug. 7: 17-week bills; 10-year notes Aug. 8: 4-, 8-week bills --With assistance from Stephen Kirkland. Most Read from Bloomberg Businessweek ©2024 Bloomberg L.P.

Elon Musk PAC being investigated by Michigan secretary of state for potential violations 2024-08-04 21:10:00+00:00 - Elon Musk, CEO of SpaceX and Tesla, applauds as Israeli Prime Minister Benjamin Netanyahu addresses a joint meeting of Congress at the U.S. Capitol in Washington, U.S., July 24, 2024. A political action committee backed by billionaire Elon Musk is being investigated by the Michigan secretary of state's office amid efforts to collect voter data. Musk, the CEO of Tesla and SpaceX, has said he created and helped fund the America PAC, which is supporting former President Donald Trump. Musk has a net worth of over $225 billion, according to Forbes. The committee has been acquiring detailed voter information from those living in Michigan and other battleground states after people submit their personal data through a section on the PAC's website that says "register to vote." After clicking on the "register to vote" tab on America PAC's website, users in states like Michigan can submit a ZIP code, address and phone number. People with a Michigan address are brought to a page that says "thank you" and asks users to "complete the form below" to help wrap up the voter registration process. As of Sunday afternoon, though, there was no other form to complete below the words "thank you." "Every citizen should know exactly how their personal information is being used by PACs, especially if an entity is claiming it will help people register to vote in Michigan or any other state," a spokeswoman for the Michigan secretary of state's office said in a statement to CNBC. "While the America PAC is a federal political action committee, the Department is reviewing their activities to determine if there have been any violations of state law. We will refer potential violations to the Michigan Attorney General's office as appropriate," the spokeswoman added. CNBC first reported on the group's efforts and how the site does not directly register people to vote for those with an address in a swing state. A person with direct knowledge of the PAC's operations told CNBC that, at one point since the group registered with the Federal Election Commission in May, the links on the website were functioning properly — but admits now they're not. The group is planning to launch a new website in the coming weeks, this person explained. The person declined to be named in order to speak freely about private matters. A spokesman for the America PAC declined to comment. Musk did not return emails seeking comment. Jocelyn Benson, a Democrat, is Michigan's secretary of state and the lead election official in the state. She has been a vocal opponent of election-related misinformation and taken on such statements made by former President Donald Trump. The Republican National Committee has sued Benson and other Michigan Democrats at least twice this year, according to legal records.

Nvidia chips used to power advanced AI are finding their way to the Chinese military despite US blockade 2024-08-04 20:51:09+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview A network of smugglers is helping the Chinese military obtain powerful microchips made by Nvidia, an American company, all under the nose of a US national security blockade meant to curb China's AI development. The United States is competing with China to dominate the AI industry. In an effort to maintain its global dominance, the Biden administration plans to expand its ban on exports of semiconductor manufacturing equipment to include Israel, Taiwan, Singapore, and Malaysia. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The United States also worries that advanced artificial intelligence could be used to modernize foreign militaries, which could threaten American security worldwide. Nvidia's chips are fueling the global AI boom, elevating the company to one of the most profitable in the world. The United States only allows Nvidia to sell a less-powerful version of its chip in China. Advertisement However, an investigation by The New York Times found that a network of companies is finding ways around the blockade, obtaining and selling Nvidia's most advanced chips to state-affiliated groups in China. Representatives from 11 companies inside China told the Times they "sold or transported banned Nvidia chips." The outlet also found dozens of websites offering the chips online inside the country. A review of procurement documents from the Center for Advanced Defense Studies, a Washington-based nonprofit, showed that more than a dozen state-affiliated entities have purchased black-market Nvidia chips. Related stories The US government has flagged some of those entities as having aided the Chinese military. One of the entities — a university affiliated with the Chinese Academy of Sciences — was even using AI powered by Nvidia chips to study nuclear weapons, the Times reported. One Chinese entrepreneur told the Times that his company had shipped a batch of 2,000 servers with "the most advanced" Nvidia chips to China in April. The sale was worth $103 million, he told the outlet. He said the chips weren't hard to obtain and that he regularly acquired banned chips from three to four suppliers, which he sells to repeat customers in China. Advertisement Nvidia says it is following US restrictions but that it can't control its entire supply chain. "We comply with all US export controls and expect our customers to do the same," Clarissa Eyu, a spokesman for Nvidia, told Business Insider. "Our pre-owned products are available through many secondhand channels. Although we cannot track products after they are sold, if we determine that any customer is violating US export controls, we will take appropriate action."

Georgia was fading from the presidential battleground map. But Kamala Harris has put the state back in play. 2024-08-04 20:04:17+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Access your favorite topics in a personalized feed while you're on the go. download the app Thanks for signing up! Go to newsletter preferences Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Last week, both Vice President Kamala Harris and former President Donald Trump held rallies at the same Georgia State University venue in downtown Atlanta just days apart. Harris's event on Tuesday burst at the seams with jubilant Democrats thrilled over her new role as the face of the party and its presumptive 2024 presidential nominee. Meanwhile, Trump's Saturday rally, which attracted the MAGA faithful, tried to blunt Harris' ascension in a race that the former president less than a month ago thought would be against the more politically-vulnerable President Joe Biden. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The new landscape comes at a critical time for both campaigns in Georgia, the onetime Republican presidential stronghold that has since taken on a shade of purple after backing Biden in 2020 and electing Democrats to the Senate in both 2021 and 2022. Advertisement Whereas many Republicans were beginning to see Georgia for the taking due to Biden's sagging numbers, Harris has given Democrats a jolt of energy in the state. And now, neither side can take this Southern battleground for granted. Harris has strength with young voters and minorities Biden in 2020 swept nearly every swing state, boosted by his electoral advantage with young voters and minorities. In Georgia, Biden's strong support among these groups, especially with Black voters, helped him win the state by less than one percentage point that year. But more recently, Biden struggled to rally that base. He was often mired in the low-to-mid 40s in most Georgia polls. Advertisement A big part of that slippage was because Trump was winning over an atypical number of Black voters for a GOP presidential candidate, and a chunk of young voters were opting instead for third-party candidates like independent Robert F. Kennedy Jr. But Harris has reversed that trend, giving her momentum that had eluded Biden in Georgia this year. Related stories A recent Emerson College/The Hill survey showed Trump with a narrow two-point lead (48% to 46%) over Harris in the Peach State. And the latest Bloomberg News/Morning Consult poll taken in Georgia showed Harris and Trump tied at 47% support each among registered voters. Harris can expand her suburban support Trump's allies had long prepared for a rematch with Biden, using a playbook centered on sweeping GOP voters and winning over independents and undecided voters on the economy. Advertisement It could have been particularly effective in Atlanta's suburbs, especially in outer suburban communities where Republicans still dominate in non-federal statewide races. But Harris' ascent has thrown those plans into disarray. Even though Harris is a key part of the Biden administration, she has a chance to reintroduce herself to an electorate that didn't want a 2020 rematch. Her focus on issues like upholding the Constitution and protecting reproductive rights puts her squarely where a lot of suburban residents are ideologically. Trump weighed down suburban Republicans across the country in 2016, and in 2018 and 2020 his brand of Republicanism continued to push many suburbs — including those in the Atlanta area — further from their old GOP leanings. Advertisement Former President Donald Trump has continued to air grievances about the 2020 election results. Joe Raedle/Getty Images Trump underperformed in many inner suburban Atlanta communities during the March GOP presidential primary, with former UN ambassador Nikki Haley earning thousands of votes even after she had left the race. A sizable number of these anti-Trump GOP voters could eventually migrate to Harris and give her added support in a region where she'll also need to perform strongly with Democrats to overcome Trump's rural strength. Trump still hasn't let 2020 go Elections are about the future. And if Trump holds on to 2020 instead of uniting Georgia Republicans, Harris will likely benefit. During Trump's rally on Saturday, he once again lashed out at Republican Gov. Brian Kemp and Secretary of State Brad Raffensperger, leaning into the bitterness of the 2020 election that tore apart the GOP. Advertisement Trump has long argued, without evidence, that he was the true victor in Georgia that year. But neither Kemp nor Raffensperger would aid Trump in overturning the state's presidential results, and most Republicans have sought to move beyond the ex-president's grievances on the issue. But not Trump. "He's a bad guy, he's a disloyal guy, and he's a very average governor," Trump told rally attendees of Kemp on Saturday. "In my opinion, they want us to lose," the former president said of Kemp and Raffensperger. Advertisement After Trump in a Truth Social post mentioned Kemp's wife, Marty, by saying he didn't want the Georgia first lady's endorsement, the governor told the ex-president on X to "leave my family out of it." In 2022, Trump tried to dispatch Kemp and Raffensperger in GOP primaries to no avail, as they defeated MAGA-aligned challengers. This year, a divided Republican Party headed into November would seriously imperil the party's chances at flipping the state as the Harris campaign pours time and resources into Georgia. If Trump can't even appear in Georgia alongside the state's popular sitting GOP governor, it could affect organizing and turnout — as Kemp's get-out-the-vote operation was critical in his reelection victory against Democrat Stacey Abrams in 2022.

Americans are ‘getting whacked’ by too many laws and regulations, Justice Gorsuch says in a new book 2024-08-04 19:12:04+00:00 - WASHINGTON (AP) — Ordinary Americans are “getting whacked” by too many laws and regulations, Supreme Court Justice Neil Gorsuch says in a new book that underscores his skepticism of federal agencies and the power they wield. “Too little law and we’re not safe, and our liberties aren’t protected,” Gorsuch told The Associated Press in an interview in his Supreme Court office. “But too much law and you actually impair those same things.” “Over Ruled: The Human Toll of Too Much Law” is being published Tuesday by Harper, an imprint of HarperCollins Publishers. Gorsuch has received a $500,000 advance for the book, according to his annual financial disclosure reports. In the interview, Gorsuch refused to be drawn into discussions about term limits or an enforceable code of ethics for the justices, both recently proposed by President Joe Biden at a time of diminished public trust in the court. Justice Elena Kagan, speaking a couple of days before Biden, separately said the court’s ethics code, adopted by the justices last November, should have a means of enforcement. But Gorsuch did talk about the importance of judicial independence. “I’m not saying that there aren’t ways to improve what we have. I’m simply saying that we’ve been given something very special. It’s the envy of the world, the United States judiciary,” he said. The 56-year-old justice was the first of three Supreme Court nominees of then-President Donald Trump, and they have combined to entrench a conservative majority that has overturned Roe v. Wade, ended affirmative action in college admissions, expanded gun rights and clipped environmental regulations aimed at climate change, as well as air and water pollution more generally. A month ago, the Supreme Court completed a term in which Gorsuch and the court’s five other conservative justices delivered sharp rebukes to the administrative state in three major cases, including the decision that overturned the 40-year-old Chevron decision that had made it more likely that courts would sustain regulations. The court’s three liberal justices dissented each time. Gorsuch also was in the majority in ruling that former presidents have broad immunity from criminal prosecution in a decision that indefinitely delayed the election interference case against Trump. What’s more, the justices made it harder to use a federal obstruction charge against people who were part of the mob that violently attacked the Capitol on Jan. 6, 2021, in an effort to overturn Trump’s defeat by Biden in the 2020 election. Gorsuch defended the immunity ruling as necessary to prevent presidents from being hampered while in office by threats of prosecution once they leave. The court had to wrestle with an unprecedented situation, he said. “Here we have, for the first time in our history, one presidential administration bringing criminal charges against a prior president. It’s a grave question, right? Grave implications,” Gorsuch said. But in the book, co-authored by a former law clerk, Janie Nitze, Gorusch largely sets those big issues aside and turns his focus to a fisherman, a magician, Amish farmers, immigrants, a hair braider and others who risked jail time, large fines, deportation and other hardships over unyielding rules. In 18 years as a judge, including the past seven on the Supreme Court, Gorsuch said, “There were just so many cases that came to me in which I saw ordinary Americans, just everyday, regular people trying to go about their lives, not trying to hurt anybody or do anything wrong and just getting whacked, unexpectedly, by some legal rule they didn’t know about.” The problem, he said, is that there has been an explosion of laws and regulations, at both the federal and state levels. The sheer volume of Congress’ output for the past decade is overwhelming, he said, averaging 344 pieces of legislation totaling 2 million to 3 million words a year. One vignette involves John Yates, a Florida fisherman who was convicted of getting rid of some undersized grouper under a federal law originally aimed at the accounting industry and the destruction of evidence in the Enron scandal. Yates’ case went all the way to the Supreme Court, where he won by a single vote. “I wanted to tell the story of people whose lives were affected,” Gorsuch said. The book expands on a theme that has run through Gorsuch’s opinions over the years, from his criticism of the Chevron decision back when he served on a federal appeals court in Denver to his statement in May 2023 in which he called emergency measures taken during the COVID-19 crisis that killed more than 1 million Americans perhaps “the greatest intrusions on civil liberties in the peacetime history of this country.” While Gorsuch has voted with the other conservative justices in most of the court’s momentous cases, he also has joined with the liberals in notable cases, including those in which he wrote the opinion in 2020 that expanded protections against workplace discrimination to LGBTQ people. Gorsuch also has sided with the liberal justices in all the court’s cases involving Native Americans since he joined the court. Immigration, especially when people fighting deportation have complained they were given inadequate notice about hearings, is another area where he has typically broken with his conservative colleagues. Gorsuch recently returned from a summer teaching gig in Porto, Portugal, for the George Mason University law school. Last year, he spent two weeks in Lisbon, Portugal, with the same program for which he was paid nearly $30,000, plus meals, lodging and travel. He will travel to the Ronald Reagan Presidential Library in Simi Valley, California, later this week to talk about the new book. The day he met with AP, he said, was the first time in weeks that he put on a tie. He wore a dark blue suit, cowboy boots and a Western-style belt. He seemed at ease, offering chocolate chip cookies and coffee to visitors and joking with a reporter who talked about an upcoming trip to the New Jersey shore. “Go fly some flags up there,” Gorsuch said, a reference to the controversy over flags, similar to those carried by Jan. 6 rioters, that were flown at homes owned by Justice Samuel Alito and his wife. Gorsuch is not the only justice rolling out a book this summer. Justice Ketanji Brown Jackson’s memoir, “Lovely One,” will be published next month.

Meta is often looking for product managers. Here's what you can do to land the job. 2024-08-04 18:43:48+00:00 - Meta released a guide for how to land a product manager job at the company. Meta interviewers want to see a candidate's product sense, leadership, and creativity. Tech companies release guides like this because product manager talent is scarce, one expert said. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement If you are a product manager trying to get a job at Meta, you're in luck: The company published a thorough guide on what to expect in an interview and how to succeed. The guide says the first phase of the interview is an initial screening to assess the candidate's product sense and analytical thinking. Then, if a candidate makes it to the next round, they'll do a "full loop" interview that will consider their leadership skills and ambitions. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Trump says he has 'no choice' but to support electric vehicles because Elon Musk 'endorsed me very strongly' 2024-08-04 18:35:10+00:00 - Trump said at a rally on Saturday that he supports electric vehicles because Elon Musk endorsed him. However, he also criticized EV infrastructure and Biden's EV mandates. Musk has publicly backed Trump recently but denied a rumored $45 million donation. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Former President Donald Trump said he had "no choice" but to support electric vehicles after Tesla CEO Elon Musk "endorsed" him. Trump then went on to criticize the EV industry at length. Musk has long been a champion of the pivot to electric vehicles. His company, Tesla, has largely led the way in developing the industry, which for a time made Musk a darling of the climate-conscious left. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Fears of further market turmoil deepen after US economic data spooked investors 2024-08-04 18:03:00+00:00 - Global investors are bracing for further turmoil, after fears that the powerhouse US economy could be drifting towards recession sent stock markets tumbling at the end of last week. Investors in Europe, Asia and New York were spooked by US data that include worse-than-expected job numbers on Thursday, prompting concern that the world’s largest economy is in worse shape than previously thought. The data, coupled with disappointing results from tech firms Amazon, Alphabet and Intel, led to share sell-offs at the end of last week, while Middle Eastern stocks also fell on Sunday amid persistent tension in the region. Analysts fear that any further signs of fragility in large economies could herald fresh volatility. A slowdown in Germany last month prompted analysts to warn of a recession, while a rise in interest rates by Japan’s central bank sent shares on the Nikkei index down 2,216 points, or nearly 6%, on Friday. In the last month, the prospect of a recession in some of the world’s biggest economies has sent the cost of a barrel of Brent crude falling from almost $88 to below $78. Closely watched economic data due this week in the US includes figures for the services sector on Monday and the unemployment claimant count on Thursday. Elsewhere, the UK is among several big economies, including China and Japan, to release service sector data on Monday. Chris Weston, of the US online stockbroker Pepperstone, said global markets were “at a truly important juncture”. He added: “What really matters now is whether money managers and traders feel sentiment has become too pessimistic, or if this deleveraging and risk aversion manifests into even higher volatility and drawdown. “To answer this pertinent question the market needs to see the outcome of the data to offer increased confidence to price the risk of recession, and how that may feed into earnings expectations, consumer behaviours and business decisions.” Markets got the jitters last week after US jobs data for July showed a worse-than-expected slowdown, with 114,000 jobs created rather than the predicted 175,000. The unemployment rate increased to a three-year high of 4.3%, while US manufacturing activity also slumped, falling to an eight-month low in July as new orders tailed off. The figures stoked anxiety that the world’s largest economy is vulnerable to a recession and may need to cut rates faster than expected to spur demand, rather than unwinding them in a more orderly fashion. “We’re witnessing the fallout from the curse of high expectations,” said James St Aubin, chief investment officer at Ocean Park Asset Management. “So much had been invested around the scenario of a soft landing, that anything that even suggests something different is difficult.” Art Hogan, chief market strategist at B. Riley Wealth, was more relaxed about the prospect of a rout. He said: “This isn’t a Category 3 hurricane, but we are seeing how markets react to signs that the economy is normalising after turning hot in the first half of this year.” He added: “Markets can find themselves overreacting and investors [latch] on to anything as an excuse to take profits.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion So far this year, investors have grown accustomed to cooling inflation and gradually slowing employment, which appeared to be setting the scene for the Fed to begin trimming interest rates gradually. That optimism had driven big gains in stocks: the S&P 500 is up by 12% this year, despite recent losses, while the tech-focused Nasdaq has gained nearly 12%. But on Friday, the Nasdaq lost 2.4% to finish in correction territory – 10% off its record high, while Japanese equities recorded their worst day since the Covid-19 pandemic, with the Nikkei 225 index down 5.8%. In London, the FTSE100 blue-chip share index lost more than 120 points at one stage, down by 1.5%. Europe’s main stock indices also declined on Friday, with European technology stocks falling to their lowest level in more than six months. France’s CAC 40 hit its lowest level since last November, down more than 1%, while Germany’s DAX lost 2%. In the US, Uber, Airbnb, Hilton International and Coca-Cola are among the big firms posting financial results this week. European bellwether stocks such as the Italian insurer Generali and Deutsche Telekom, will also report this week. While shares slid, gold hit a new record on Friday as investors flocked to safe-haven assets. The US dollar weakened, lifting the pound by 0.5% to $1.28, and the euro by 1.2% to $1.092.

Far-right riots continue to sweep the UK following fatal stabbings at a children's dance class 2024-08-04 17:39:47+00:00 - More than 140 people have been arrested in the UK since Saturday night following widespread riots. Protests erupted after the fatal stabbings of three young girls in northwest England earlier this week. Police say "disinformation" is driving much of the violence. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement More than 140 people have been arrested in the UK since Saturday night as rioting and violence swept the nation. Police officers battled demonstrators as they set cars on fire, hurled bottles, yelled anti-immigration chants, and clashed with anti-racism protesters. On Sunday, rioters also attacked a hotel in South Yorkshire that has been used to house asylum seekers, the BBC reported. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .

Zelenskyy posts video of Ukraine's new F-16s, says it's 'already using them' 2024-08-04 17:36:14+00:00 - Ukraine's F-16s are finally taking flight, marking a new era in its war against Russia. President Zelenskyy touted the aircraft and the pilots flying them on Sunday. Experts say the aircraft will likely operate mostly within Ukrainian airspace to avoid losses. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Almost since the war began, Ukraine has worked to acquire F-16s from its allies and train pilots to fly them. Now, they're finally taking flight. Ukrainian President Volodymyr Zelenskyy shared a video on X showing the new F-16s taking off, calling the moment a "new phase of development for the Air Force" in Ukraine. "We have done a lot to transition the Ukrainian Air Force to a new aviation standard — Western combat aviation. From the beginning of this war, we have been talking with our partners about the need to close the Ukrainian sky from Russian missiles and aircraft," the Ukrainian president wrote, thanking Denmark, the Netherlands, and the United States for the long-awaited aircraft that are now "a reality in our sky." This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .