50 Mins Ago
Japan services PPI clocks smaller year-on-year increase in January
People commuting to work in the morning cross a pedestrian crossing in Tokyo on February 15, 2024.
Kazuhiro Nogi | AFP | Getty Images
Japan’s services producer price index clocked a smaller year-over-year increase in January, according to official data.
The services PPI rose 2.1% in January from the previous year. The reading was smaller than a 2.4% increase recorded in December.
Japan’s services PPI, however, fell 0.5% in January from December.
Markets in Japan opened higher on Monday, with the Nikkei 225 index hitting a fresh record high and was last trading 0.48% higher. The broader Topix index added 0.64%.
— Shreyashi Sanyal
An Hour Ago
CNBC Pro: The ‘best’ investment right now: Fund manager picks stocks with almost 15% total returns
Investors seeking to protect their portfolio from the risk of inflation re-emerging in 2024 can pick up 3 “long-term defensive” stocks with good “inflation-linked” earnings, according to Freddie Lait, chief investment officer at Latitude Investment Management.
Lait, once a Goldman Sachs analyst, believes these stocks can grow 10-15% a year while acting as a hedge against inflation.
CNBC Pro subscribers can read more here.
— Ganesh Rao
An Hour Ago
CNBC Pro: Is it too late to buy Nvidia shares? Here’s what Wall Street says
The buzz around Nvidia shows no sign of abating, with the chip giant posting another quarter of multi-billion dollar revenue upside.
The company, which had already rocketed over 200% in 2023, rose 13% higher on the back of its earnings report. This year alone, it has risen around 58%, with Nvidia last closing around $785 on Thursday.
But just how far can Nvidia go? Here’s what analysts are saying. CNBC Pro also scoured through reports this week to list the latest price targets given to Nvidia by major Wall Street banks.
CNBC Pro subscribers can read more here.
— Weizhen Tan
Fri, Feb 23 2024 4:09 PM EST
S&P 500 is little changed Friday, but ends the week higher
Here’s how the major indexes closed on Friday:
— Pia Singh
Fri, Feb 23 2024 3:35 PM EST
Jamie Dimon sells $150 million of JPMorgan Chase stock
JPMorgan Chase & Co CEO Jamie Dimon arrives for a Senate Banking, Housing, and Urban Affairs Committee hearing on Capitol Hill September 22, 2022 in Washington, DC.
Drew Angerer | Getty Images
JPMorgan Chase CEO Jamie Dimon sold about 800,000 shares of the bank on Thursday, generating about $150 million, according to a securities filing and VerityData.
The move appeared to be part of 10b5 plan for corporate executives to sell their stock.
Dimon still owns about 7.7 million shares of JPMorgan, according to VerityData.
— Jesse Pound
Fri, Feb 23 2024 3:28 PM EST
Investors should ‘buy the dip’ in big tech, wealth manager says
AI-adjacent big tech stocks have propelled the equity market to new highs, but there could still be more room ahead for gains.
In fact, UBS Private Wealth Management’s Greg Marcus believes that investors should take advantage of market volatility to buy into big tech.
“There will likely be pullbacks and volatility over the next few months and we are supportive of the buy the dip mentality when it comes to big tech,” he said.
Besides being beneficiaries of the artificial intelligence theme, Marcus also pointed out that many big tech firms have strong balance sheets and earnings growth potential, characteristics that can weather a higher interest rate environment.
However, the wealth manager also underscored that the market rally is likely to broaden in 2024.
“While we expect a continued resilience in tech stocks, we also expect a less dramatic, albeit still heavy, focus on the Magnificent 7,” he said.
— Lisa Kailai Han