An Hour Ago
CNBC Pro: This fund beat the S&P 500 without holding any Magnificent 7 stocks. Here’s what they’re buying right now
An outperforming fund manager that beat the S&P 500 for two years in a row has named cheap stocks that could ‘easily double’.
The fund returned 31% in 2023 compared to 24% for the S&P 500. It also outperformed in 2022 with 1.8% total return when the U.S. benchmark nearly fell into a bear market.
CNBC Pro subscribers can read more here.
— Ganesh Rao
An Hour Ago
CNBC Pro: ‘Exciting idea’: Fund manager loves this pharma stock – and analysts see more upside ahead
Healthcare companies have gained traction in the past year, with investors piling into likes of weight-loss drug manufacturers Eli Lilly and Novo Nordisk.
One firm in the wider ecosystem that’s perhaps lesser known stands out to fund manager Freddie Lait, however.
“[It’s a] great example of the sort of things we’re looking for – if I’m honest, it’s a business I’ve been watching for about 10 years,” the chief investment officer at Latitude Investment Management told CNBC Pro Talks on Feb. 21.
CNBC Pro subscribers can read more here.
— Amala Balakrishner
3 Hours Ago
Stocks close lower Wednesday
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., February 28, 2024.
Brendan Mcdermid | Reuters
U.S. stocks ended Wednesday’s trading session in the red.
The Dow Jones Industrial Average shed around 23 points, or 0.06%.
The S&P 500 and Nasdaq Composite dropped 0.17% and 0.55%, respectively.
— Hakyung Kim
3 Hours Ago
Market breather is overdue—but that’s not to worry about, according to BMO Capital Markets
Technical corrections almost always happen during the second year of bull markets, but that’s normal and healthy, according to BMO Capital Markets.
“We believe the almost unimpeded rally off the October 2023 low and elevated valuation levels necessitate some near-term caution, if history is any sort of guide,” chief investment strategist Brian Belski wrote in a Tuesday note, saying a breather is overdue. “Fortunately, the somewhat unexpected strength and resilience in earnings is likely to sustain stock prices since this is a trend we expect to continue throughout the year based on our above-consensus EPS target ($250).”
Belski advised investors to “not be too concerned” if the market sees some weakness in the upcoming months, and instead use potentially weaker periods as an opportunity to increase their exposure to some favored spots in their portfolios.
The S&P 500 is up 6.2% so far this year, but has lost 0.5% week-to-date.
— Pia Singh
5 Hours Ago
Bitcoin hits $64, 000 level
In this photo illustration, a visual representation of the digital cryptocurrency Bitcoin is displayed in front of a Bitcoin course’s graph on February 13, 2024.
Chesnot | Getty Images
Bitcoin reached a fresh high of $64,000 Wednesday before turning lower, according to Coin Metrics. This marks the cryptocurrency’s highest level since Nov. 15, 2021, when it rose as much as $66,333.33.
It was last trading at $61,097.00.
— Hakyung Kim