Wall Street hits new highs, Fed Waller says interest rates will be cut in months | Wilnesh News

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Wall Street hits new highs
this S&P 500 Index and Nasdaq Index rise to Refresh all-time high as an investor Waiting for earnings From AI chip maker Nvidia after the close on Wednesday. this Dow Jones Industrial Average It closed up 0.17% at 39,872.99 points. Nvidia shares rose 0.6%, with options traders reacting to its profits sending pricing swings as high as 9%. Treasury bond yield fall down and oil price drifting reduce.

How many months until interest rate cut?
Fed Governor Christopher waller says He sees no need for further rate hikes but needs convincing before backing any rate cuts. “I would need to see a few more months of good inflation data before I feel comfortable supporting an accommodative monetary policy stance,” Waller said, according to CME Group’s Fed Watch Tools, the first rate cut could come as early as September.

Gasoline reserves released
The Biden administration will Release 1 million barrels Gasoline is being drawn from reserves to lower prices at the pump ahead of the July 4 holiday. OPEC production cuts and concerns that a war between Israel and Hamas could engulf the entire Middle East sent U.S. gasoline futures soaring 19%. Energy Secretary Jennifer Granholm said, “By strategically releasing this reserve between Memorial Day and July 4th, we will ensure that energy is delivered to the tri-state (region) and Northeast when hard-working Americans need it most. Provide adequate supplies.

Pixar layoffs
Pixar Animation Studios to lay off employees Approximately 175 employees, or approximately 14% of employees, parent company spokesperson walt disney told CNBC. CEO Bob Iger wants Pixar to focus on box-office distribution rather than short-form series on Disney+. Since 2019, Pixar and Walt Disney Animation have struggled to surpass $480 million in global box office. Toy Story 4″ is $1.07.

Singapore Airlines: 1 dead, 30 injured
Singapore Airlines passenger plane crashes, killing 1 person and injuring 30 others severe turbulence and was forced to land in Thailand. Singapore Airlines said the flight from London to Singapore encountered “sudden severe turbulence” about 10 hours into the flight. The Boeing 777-300ER aircraft was carrying 211 passengers and 18 crew members.

(PRO) Stubborn Bear
With the S&P 500 up more than 11% so far this year, Wall Street strategists have been revising their previously downbeat outlook on the benchmark. Against this backdrop, CNBC’s Jesse Pond explores why J.P. Morgan Marko Kolanovic maintains negative outlook for stocks.

Few CEOs are strong-willed, visionary or bold enough to redefine their industries. Steve Jobs revolutionized mobile phones with the iPhone, and Elon Musk challenged the dominance of gas-guzzling Detroit with electric cars. Jamie Dimon,CEO JPMorganhas done the same with the oft-criticized gray banking industry.

Dimon seems like an unusual addition to this list of innovators. Yet he took a bank that was ranked eighth on Wall Street in 2006 and within five years propelled it to the top, leapfrogging giants such as Goldman Sachs, Deutsche Bank and Citigroup.

Dimon’s inclusion here isn’t just due to his bank’s impressive growth, however. Like his peers, he’s not afraid to go up against big institutional investors. This was evident at the recent investor day, with headlines surrounding his potential retire The next five years.

When asked when the bank would buy back its own stock, Dimon’s answer was unequivocal: “I want to be very clear, okay? We’re not buying back a lot of stock at these prices.”

He continued: “Repurchasing a financial company’s stock for well more than twice its tangible book value is a mistake. We won’t do it.” CNBC’s Hugh Son Covered this exchange More insights into the stock buyback debate are detailed.

Unlike the CEO of a company like this apple, letterand YuanDimon, who has been pressured to use his huge cash reserves for stock buybacks, has resisted the trend. Stock buybacks primarily benefit large investors by increasing the value of their shares.

Given Dimon’s estimate, he could have easily agreed $2.2 billion net worth, largely related to his bank stakes. Critics may argue that it’s easy for him to give up additional wealth, considering he’ll be paid a massive $36 million in 2023.

Yet there’s no denying that Dimon has successfully weathered nearly two decades of banking crises, recessions and a volatile political climate. He built JPMorgan Chase into the largest bank in the United States by assets, with a market value of nearly $600 billion, and at the age of 68, he is still going strong.

—CNBC’s Jeff Cox, Hakyung Kim, Alex Harring, Sophie Kinderlin, Leslie Josephs, Hugh Son, Spencer Kimball and Sarah Whitton contributed to this report.