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35 Mins Ago
CNBC Pro: Growth investor is underweight the Magnificent Seven, but likes one tech giant
The “Magnificent Seven” stocks — Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla — have proved popular this year, but one growth investor says he is underweight the group.
“The Magnificent has done well and are poised to continue to do well because they have [a] fortress-like balance sheets and they’re highly profitable. They used the past two years post Covid to get more efficient, but they also have tremendous opportunities ahead in terms of artificial intelligence,” Jonathan Curtis told CNBC’s “” on Friday.
However, he said investors needed to be a “little bit more curious and more cautious” on the tech mega-caps — and revealed his favorite with “tremendous growth potential.”
CNBC Pro subscribers can read more here.
— Amala Balakrishner
35 Mins Ago
CNBC Pro: Citi is bullish about one part of the semiconductor industry. Here are its top stock picks
An upturn in a corner of the semiconductor industry began in the second half of this year, according to Citi.
The jump in September’s monthly semiconductor sales beat Citi’s estimates. It was up 13% month on month to $49.6 billion, higher than the bank’s estimates of $46.9 billion, the bank said.
CNBC takes a look at five of its top stock picks.
Subscribers can read more here.
— Weizhen Tan
Fri, Nov 3 2023 8:36 AM EDT
U.S. jobs grow at slower-than-expected pace in October
The Labor Department said Friday that the U.S. economy added 150,000 in October. That’s slightly below a Dow Jones forecast of 170,000.
Average hourly earnings, a closely watched data point in the report for inflation trends, rose 0.2% last month. That’s also a smaller-than-expected increase. The unemployment, meanwhile, climbed to 3.9% versus a forecast of 3.8%.
— Fred Imbert
Fri, Nov 3 2023 11:17 AM EDT
Goldman Sachs chief economist says jobs data reaffirms outlook that Fed is done hiking interest rates
Friday’s jobs report coming in below expectations bolsters the argument that the Federal Reserve is done raising interest rates, said Goldman Sachs chief economist Jan Hatzius.
“I thought it was broadly weaker than what we expected,” Hatzius said of the report on CNBC’s “Squawk on the Street.” But, “I don’t think it was weak in a very concerning way.”
Hatzius said the print supported the argument of those expecting that the central bank was done increasing interest rates in the current monetary policy cycle following its meeting earlier in the week. While he said Goldman isn’t expecting the Fed to cut rates until the fourth quarter of next year, he said the central bank could starting pulling them down if the economy weakens more sharply before then.
“It was a softer report that I think underscores the message that the market took out of the FOMC meeting this week — namely, that the Fed is very likely done hiking,” he said, using the acronym for the Federal Open Market Committee.
— Alex Harring
Fri, Nov 3 2023 1:47 PM EDT
Long-term Treasury ETF extends November rally
The iShares 20+ Year Treasury Bond ETF (TLT) is on track for its third straight positive day as Treasury yields decline.
The TLT was up 1.2% in afternoon trading, meaning that the fund was already up more than 5% in November, which kicked off with Wednesday’s Fed meeting.
TLT saw heavy inflows and trading activity in October, as some investors appeared to be betting on a rebound for the fund after yields rose above 5%.
— Jesse Pound
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